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Sarepta (SRPT) Q4 Loss Widens Y/Y, Revenues Beat Estimates
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Sarepta Therapeutics, Inc. (SRPT - Free Report) incurred an adjusted loss of $1.84 per share for the fourth quarter of 2020, wider than the year-ago adjusted loss of $1.57 per share. The wider year-over-year loss can be primarily attributed to a significant rise in operating expenses.
Notably, the adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expense and other items. Including all these items, the company incurred a loss of $2.40 per share, narrower than loss of $3.16 in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of $2.00 per share.
Sarepta recorded total revenues of $145.1 million, up 45% year over year. Revenues beat the Zacks Consensus Estimate of $142.7 million.
Shares of Sarepta have declined 30.7% in the past year against the industry’s increase of 8.4%.
Quarter in Details
Sarepta’s commercial portfolio includes two drugs approved for treating Duchenne muscular dystrophy (“DMD”) — Exondys 51 and Vyondys 53. Last week, the company received FDA approval for its third DMD drug, Amondys 45 (casimersen), for treating patients amenable to skipping exon 45. The company stated that these three drugs together can treat nearly 30% of the total DMD patients in the United States.
The company derived product revenues of $122.6 million, up 22.5% year over year, reflecting higher demand for Exondys 51 and additional revenue from Vyondys 53 which was launched in December 2019.
The company recorded $22.5 million in collaboration revenues related to its licensing agreement with Roche for commercialization of its gene therapy candidate, SRP-9001 as DMD therapy in ex-U.S. markets.
Adjusted research and development (R&D) expenses totaled $180.8 million in the fourth quarter, up 33.5% year over year. The increase was primarily due to increased clinical and manufacturing activities related to its micro-dystrophin gene therapy program as well as other gene therapy programs.
Adjusted selling, general & administrative (SG&A) expenses were $65.2 million, down 0.9% year over year.
Full-Year Results
Sarepta reported revenues of $540.1 million in the fourth quarter 2020, up 41.8% year over year. The company incurred adjusted loss of $5.83 per share, wider than loss of $4.30 per share in the year-ago period.
Pipeline Update
In January, Sarepta announced top-line results from part 1 of Study 102 evaluating SRP-9001 for treating DMD. The study met the primary biological endpoint of micro-dystrophin protein expression. However, it failed to achieve statistical significance for primary functional endpoint. The company plans to initiate a new clinical study — Study 301, designed based on outcomes from Study 102. Part 2 of the Study 102 is ongoing. Moreover, Sarepta plans to announce data in the second quarter from the study evaluating commercially representative SRP-9001 material in DMD patients.
Meanwhile, the company reported encouraging data from one cohort of the phase II MOMENTUM study evaluating its next-generation PPMO technology candidate, SRP-5051, in DMD patients amenable to skipping exon 51, a similar patient population to the company’s lead drug, Exondys 51. The cohort evaluated 20 mg/kg dose of the candidate once a month. Data showed that the candidate achieved 1.6-fold increase in exon skipping and a 5-fold increase in the percentage of normal dystrophin compared to 30mg/kg weekly dose of Exondys 51. Data for Exondys 51 use for comparison were taken from previously completed PROMOVI study on the drug.
The company plans to report new long-term functional data from study SRP-9003-101 later this month at the 2021 MDA Clinical and Scientific Conference. The study is evaluating Sarepta’s another gene therapy candidate, SRP-9003, in patients with limb-girdle muscular dystrophy type 2E.
Sarepta Therapeutics, Inc. Price, Consensus and EPS Surprise
Moderna’s earnings per share estimates have moved up from $9.15 to $14.7 for 2021 in the past 60 days. The stock has risen 418.1% so far this year.
Lexicon’s loss per share estimates have narrowed from 66 cents to 17 cents for 2021 in the past 60 days. The company delivered an earnings surprise of 21.72%, on average, in the last four quarters. The stock has risen 154.1% in the past year.
Repligen earnings per share estimates have moved north from $2.03 to $2.19 for 2021 in the past 60 days. The company delivered an earnings surprise of 51.51%, on average, in the last four quarters. The stock has risen 140.1% in the past year.
Zacks Top 10 Stocks for 2021
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Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Sarepta (SRPT) Q4 Loss Widens Y/Y, Revenues Beat Estimates
Sarepta Therapeutics, Inc. (SRPT - Free Report) incurred an adjusted loss of $1.84 per share for the fourth quarter of 2020, wider than the year-ago adjusted loss of $1.57 per share. The wider year-over-year loss can be primarily attributed to a significant rise in operating expenses.
Notably, the adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expense and other items. Including all these items, the company incurred a loss of $2.40 per share, narrower than loss of $3.16 in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of $2.00 per share.
Sarepta recorded total revenues of $145.1 million, up 45% year over year. Revenues beat the Zacks Consensus Estimate of $142.7 million.
Shares of Sarepta have declined 30.7% in the past year against the industry’s increase of 8.4%.
Quarter in Details
Sarepta’s commercial portfolio includes two drugs approved for treating Duchenne muscular dystrophy (“DMD”) — Exondys 51 and Vyondys 53. Last week, the company received FDA approval for its third DMD drug, Amondys 45 (casimersen), for treating patients amenable to skipping exon 45. The company stated that these three drugs together can treat nearly 30% of the total DMD patients in the United States.
The company derived product revenues of $122.6 million, up 22.5% year over year, reflecting higher demand for Exondys 51 and additional revenue from Vyondys 53 which was launched in December 2019.
The company recorded $22.5 million in collaboration revenues related to its licensing agreement with Roche for commercialization of its gene therapy candidate, SRP-9001 as DMD therapy in ex-U.S. markets.
Adjusted research and development (R&D) expenses totaled $180.8 million in the fourth quarter, up 33.5% year over year. The increase was primarily due to increased clinical and manufacturing activities related to its micro-dystrophin gene therapy program as well as other gene therapy programs.
Adjusted selling, general & administrative (SG&A) expenses were $65.2 million, down 0.9% year over year.
Full-Year Results
Sarepta reported revenues of $540.1 million in the fourth quarter 2020, up 41.8% year over year. The company incurred adjusted loss of $5.83 per share, wider than loss of $4.30 per share in the year-ago period.
Pipeline Update
In January, Sarepta announced top-line results from part 1 of Study 102 evaluating SRP-9001 for treating DMD. The study met the primary biological endpoint of micro-dystrophin protein expression. However, it failed to achieve statistical significance for primary functional endpoint. The company plans to initiate a new clinical study — Study 301, designed based on outcomes from Study 102. Part 2 of the Study 102 is ongoing. Moreover, Sarepta plans to announce data in the second quarter from the study evaluating commercially representative SRP-9001 material in DMD patients.
Meanwhile, the company reported encouraging data from one cohort of the phase II MOMENTUM study evaluating its next-generation PPMO technology candidate, SRP-5051, in DMD patients amenable to skipping exon 51, a similar patient population to the company’s lead drug, Exondys 51. The cohort evaluated 20 mg/kg dose of the candidate once a month. Data showed that the candidate achieved 1.6-fold increase in exon skipping and a 5-fold increase in the percentage of normal dystrophin compared to 30mg/kg weekly dose of Exondys 51. Data for Exondys 51 use for comparison were taken from previously completed PROMOVI study on the drug.
The company plans to report new long-term functional data from study SRP-9003-101 later this month at the 2021 MDA Clinical and Scientific Conference. The study is evaluating Sarepta’s another gene therapy candidate, SRP-9003, in patients with limb-girdle muscular dystrophy type 2E.
Sarepta Therapeutics, Inc. Price, Consensus and EPS Surprise
Sarepta Therapeutics, Inc. price-consensus-eps-surprise-chart | Sarepta Therapeutics, Inc. Quote
Zacks Rank and Stocks to Consider
Sarepta currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the biotech/drug sector include Moderna, Inc. (MRNA - Free Report) , Lexicon Pharmaceuticals, Inc. (LXRX - Free Report) and Repligen Corporation (RGEN - Free Report) . While Moderna sports a Zacks Rank #1 (Strong Buy), Lexicon and Repligen carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Moderna’s earnings per share estimates have moved up from $9.15 to $14.7 for 2021 in the past 60 days. The stock has risen 418.1% so far this year.
Lexicon’s loss per share estimates have narrowed from 66 cents to 17 cents for 2021 in the past 60 days. The company delivered an earnings surprise of 21.72%, on average, in the last four quarters. The stock has risen 154.1% in the past year.
Repligen earnings per share estimates have moved north from $2.03 to $2.19 for 2021 in the past 60 days. The company delivered an earnings surprise of 51.51%, on average, in the last four quarters. The stock has risen 140.1% in the past year.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>