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.
“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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