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Sarepta Therapeutics, Inc. (SRPT - Free Report) reported a loss of 60 cents per share for the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.86 per share. The loss was also narrower than the year-ago loss of $2.50 per share.
The company incurred an adjusted loss of 19 cents per share, narrower than $1.42 in the year-ago quarter. The adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expense and other items.
Sarepta recorded total revenues of $189.4 million, up 31.6% year over year. Revenues beat the Zacks Consensus Estimate of $170.13 million. The increase in revenues was driven by additional sales following the launch of Amondys 45 in February 2021 and continued demand for Sarepta’s other two drugs — Exondys 51 and Vyondys 53. The company also raised its guidance for 2021 revenues, following the strong demand for its drugs.
Shares of Sarepta gained 2.5% in after-hours trading, presumably on increased revenue guidance and announcement of a pivotal study on SRP-9001. However, Sarepta’s shares have declined 48.4% so far this year compared with the industry’s decrease of 8.2%.
Image Source: Zacks Investment Research
Quarter in Details
Sarepta’s commercial portfolio includes three drugs approved for treating Duchenne muscular dystrophy (“DMD”) — Exondys 51, Vyondys 53 and Amondys 45. The company’s three drugs together can treat nearly 30% of the total DMD patients in the United States.
The company derived product revenues of $166.9 million, up 37.5% year over year.
The company recorded $22.5 million in collaboration revenues, primarily from its licensing agreement with Roche (RHHBY - Free Report) for commercialization rights of its gene therapy candidate, SRP-9001 as DMD therapy in ex-U.S. markets. Collaboration revenues were flat year over year.
Adjusted research and development (R&D) expenses totaled $115.1 million in the third quarter, down 28% year over year.
Adjusted selling, general & administrative (SG&A) expenses were $43.6 million, down 23.8% year over year.
2021 Guidance Raised
Sarepta raised its guidance for revenues in 2021, following the strong performance of its three DMD drugs in the first nine months of 2021. The company now expects product revenues to be in the range of $605-$615 million, indicating year-over-year growth of nearly 34% at the midpoint of the range. Previously, the company expected the same to be between $565 million and $575 million.
Pipeline Update
Last month, Sarepta initiated a pivotal study, EMBARK, which is evaluating the commercially representative material for its lead gene-therapy candidate, SRP-9001, in DMD patients. The study will enroll 120 patients aged four to seven from the United States and different countries in Europe and Asia. Enrollment in the study is expected in the first half of 2022.
The company also initiated part B of the MOMENTUM study evaluating its next-generation PPMO-based DMD candidate, SRP-5051, in the fourth quarter. Data from this part of the study may support the regulatory submission seeking accelerated approval of the candidate.
Sarepta Therapeutics, Inc. Price, Consensus and EPS Surprise
Earnings per share estimates for Vertex have moved up from $12.37 to $12.43 for 2021 and from $13.13 to $13.16 for 2022 in the past 60 days. The company delivered an earnings surprise of 8.00%, on average, in the last four quarters.
The bottom-line estimates for Amicus have narrowed from a loss of 79 cents to 78 cents for 2021 and from a loss of 40 cents to 25 cents for 2022 in the past 60 days.
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Sarepta (SRPT) Q3 Earnings Beat, 2021 Sales View Raised
Sarepta Therapeutics, Inc. (SRPT - Free Report) reported a loss of 60 cents per share for the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.86 per share. The loss was also narrower than the year-ago loss of $2.50 per share.
The company incurred an adjusted loss of 19 cents per share, narrower than $1.42 in the year-ago quarter. The adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expense and other items.
Sarepta recorded total revenues of $189.4 million, up 31.6% year over year. Revenues beat the Zacks Consensus Estimate of $170.13 million. The increase in revenues was driven by additional sales following the launch of Amondys 45 in February 2021 and continued demand for Sarepta’s other two drugs — Exondys 51 and Vyondys 53. The company also raised its guidance for 2021 revenues, following the strong demand for its drugs.
Shares of Sarepta gained 2.5% in after-hours trading, presumably on increased revenue guidance and announcement of a pivotal study on SRP-9001. However, Sarepta’s shares have declined 48.4% so far this year compared with the industry’s decrease of 8.2%.
Quarter in Details
Sarepta’s commercial portfolio includes three drugs approved for treating Duchenne muscular dystrophy (“DMD”) — Exondys 51, Vyondys 53 and Amondys 45. The company’s three drugs together can treat nearly 30% of the total DMD patients in the United States.
The company derived product revenues of $166.9 million, up 37.5% year over year.
The company recorded $22.5 million in collaboration revenues, primarily from its licensing agreement with Roche (RHHBY - Free Report) for commercialization rights of its gene therapy candidate, SRP-9001 as DMD therapy in ex-U.S. markets. Collaboration revenues were flat year over year.
Adjusted research and development (R&D) expenses totaled $115.1 million in the third quarter, down 28% year over year.
Adjusted selling, general & administrative (SG&A) expenses were $43.6 million, down 23.8% year over year.
2021 Guidance Raised
Sarepta raised its guidance for revenues in 2021, following the strong performance of its three DMD drugs in the first nine months of 2021. The company now expects product revenues to be in the range of $605-$615 million, indicating year-over-year growth of nearly 34% at the midpoint of the range. Previously, the company expected the same to be between $565 million and $575 million.
Pipeline Update
Last month, Sarepta initiated a pivotal study, EMBARK, which is evaluating the commercially representative material for its lead gene-therapy candidate, SRP-9001, in DMD patients. The study will enroll 120 patients aged four to seven from the United States and different countries in Europe and Asia. Enrollment in the study is expected in the first half of 2022.
The company also initiated part B of the MOMENTUM study evaluating its next-generation PPMO-based DMD candidate, SRP-5051, in the fourth quarter. Data from this part of the study may support the regulatory submission seeking accelerated approval of the candidate.
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 sector are Vertex Pharmaceuticals (VRTX - Free Report) and Amicus Therapeutics (FOLD - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings per share estimates for Vertex have moved up from $12.37 to $12.43 for 2021 and from $13.13 to $13.16 for 2022 in the past 60 days. The company delivered an earnings surprise of 8.00%, on average, in the last four quarters.
The bottom-line estimates for Amicus have narrowed from a loss of 79 cents to 78 cents for 2021 and from a loss of 40 cents to 25 cents for 2022 in the past 60 days.