Sarepta Therapeutics beats Q2 bottom and topline estimates

Sarepta Therapeutics (NASDAQ: SRPT) reported a 29% rise in second quarter revenue, aided by the continuing increase in demand for EXONDYS 51 drug in the US. Non-GAAP net loss per share was $0.83 per share on revenue on sales of $94.7 million. The company beat bottom and topline consensus estimates.

Analysts had expected the commercial stage biopharma company to report a loss of $1.37 per share on revenue of $90.94 million for the second quarter. Sarepta stock rose about 3% in the extended trading hours.

On a GAAP basis, Sarepta reported a net loss of $276.4 million of $3.74 per share compared to a loss of $109.3 million or $1.67 per share in the second quarter of 2018. Non-GAAP net loss per share was $61.2 million, or $0.83 per share compared to a net loss of $28 million or $0.43 per share in the prior-year quarter.

“With respect to our most advanced gene therapy programs, we are in a privileged leadership position in 2019, both from our own execution and from the evolution of external programs,” said CEO Doug Ingram.

Related: Intercept Pharmaceuticals beats in Q2, keeps full-year outlook unchanged

“With respect to our gene therapy platform, we have completed the dosing of the 24 patients in our placebo-controlled micro-dystrophin trial as forecasted, made significant progress in the build out of our commercial micro-dystrophin process and manufacturing facility, advanced our gene therapy engine, and through internal development and partnering have added a number of new programs to our pipeline,” added Ingram.

It’s worth noting that when pharma giant Pfizer (NYSE: PFE) recently presented data from a study on its investigational gene therapy for Duchenne muscular dystrophy (DMD – an inherited disorder which affects muscles), two of the six patiernts had some serious side effects.

Sarepta stock, which ended down 0.87% at $142.26 today, had increased 30% since the beginning of this year and 17% in the trailing 12 months.

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