Revenue trajectory remains highly erratic, evidenced by a 162.6% year-over-year EPS expansion in 2026Q1 following a 32.7% revenue contraction in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.18B | 2.2B | 1.9B | 1.24B | 933.01M | 701.89M | 540.1M | 380.83M | 301.03M | 154.58M | 5.42M | 1.25M | 9.76M | 14.22M | 37.33M | 46.99M | 29.42M | 17.59M | 21.26M | 10.99M | 115.29K | 4.78M | 430.46K | 969.87K | 836.78K | 706.1K | 1.3M | 100K | 200K | 100K | 100K |
| Revenue Growth % | -2.2% | 15.58% | 52.97% | 33.26% | 32.93% | 29.96% | 41.82% | 26.51% | 94.74% | 2751.58% | 332.64% | -87.16% | -31.38% | -61.91% | -20.56% | 59.72% | 67.3% | -17.28% | 93.52% | 9428.23% | -97.59% | 1011.31% | -55.62% | 15.9% | 18.51% | -45.57% | 1197.34% | -50% | 100% | 0% | 0% |
| Cost of Goods Sold | 702.04M | 881.5M | 319.1M | 150.34M | 139.99M | 97.05M | 63.38M | 56.59M | 34.19M | 7.35M | 130K | 146.19M | 94.1M | 90.28M | 51.93M | 35.93M | 27.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -416.5K | 0 | -200K | -500K | -500K |
| COGS % of Revenue | - | 40.1% | 16.78% | 12.09% | 15% | 13.83% | 11.74% | 14.86% | 11.36% | 4.76% | 2.4% | 11667.52% | 964.47% | 634.95% | 139.12% | 76.46% | 93.33% | - | - | - | - | - | - | - | - | - | -32.1% | - | -100% | -500% | -500% |
| Gross Profit | 751.34M | 1.32B | 1.58B | 1.09B | 793.02M | 604.84M | 476.72M | 324.25M | 266.84M | 147.23M | 5.29M | -144.94M | -84.35M | -76.06M | -14.6M | 11.06M | 1.96M | 17.59M | 21.26M | 10.99M | 115.29K | 4.78M | 430.46K | 969.87K | 836.78K | 706.1K | 1.71M | 100K | 400K | 600K | 600K |
| Gross Margin % | 34.4% | 59.9% | 83.22% | 87.91% | 85% | 86.17% | 88.26% | 85.14% | 88.64% | 95.24% | 97.6% | -11567.52% | -864.47% | -534.95% | -39.12% | 23.54% | 6.67% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 132.1% | 100% | 200% | 600% | 600% |
| Gross Profit Growth % | - | -16.81% | 44.82% | 37.83% | 31.11% | 26.88% | 47.02% | 21.51% | 81.24% | 2682.67% | 103.65% | -71.84% | -10.89% | -420.85% | -232.01% | 463.86% | -88.84% | -17.28% | 93.52% | 9428.23% | -97.59% | 1011.31% | -55.62% | 15.9% | 18.51% | -58.8% | 1613.83% | -75% | -33.33% | 0% | 500% |
| Operating Expenses | 1.41B | 1.97B | 1.36B | 1.36B | 1.33B | 1.06B | 1.04B | 1.03B | 610.47M | 290.44M | 272.02M | 221.44M | 143.55M | 104.5M | 67.03M | 82.92M | 50.35M | 33.09M | 38.8M | 44.09M | 33.1M | 22.3M | 25.47M | 19.84M | 26.18M | 16.11M | 11.96M | 8.4M | 8.1M | 4.5M | 2.8M |
| OpEx % of Revenue | - | 89.82% | 71.76% | 109.45% | 142.47% | 151.67% | 192.72% | 270.41% | 202.79% | 187.89% | 5017.91% | 17672.55% | 1471.21% | 734.95% | 179.57% | 176.46% | 171.16% | 188.18% | 182.52% | 401.38% | 28708.52% | 466.16% | 5917.95% | 2045.99% | 3128.39% | 2281.36% | 921.51% | 8400% | 4050% | 4500% | 2800% |
| Selling, General & Admin | 467.04M | 478.94M | 557.87M | 481.87M | 451.42M | 282.66M | 317.88M | 284.81M | 207.76M | 122.68M | 83.75M | 75.04M | 49.31M | 31.59M | 14.63M | 16.05M | 14.38M | 8.7M | 9.8M | 9.33M | 7.75M | 5.18M | 4.74M | 4.56M | 3.76M | 3.36M | 2.27M | 1.7M | 1.6M | 1.3M | 600K |
| SG&A % of Revenue | - | 21.79% | 29.33% | 38.76% | 48.38% | 40.27% | 58.86% | 74.79% | 69.02% | 79.36% | 1544.9% | 5989.07% | 505.43% | 222.2% | 39.19% | 34.17% | 48.89% | 49.45% | 46.09% | 84.95% | 6724.51% | 108.33% | 1100.15% | 470.06% | 449.81% | 475.54% | 175% | 1700% | 800% | 1300% | 600% |
| Research & Development | 902.58M | 1.52B | 804.52M | 877.39M | 877.09M | 771.18M | 722.34M | 560.91M | 401.84M | 166.71M | 188.27M | 146.39M | 94.23M | 72.91M | 52.4M | 66.86M | 35.97M | 24.4M | 29M | 34.76M | 25.35M | 17.12M | 20.74M | 15.28M | 22.41M | 12.75M | 9.27M | 6.7M | 6.3M | 2.7M | 1.7M |
| R&D % of Revenue | - | 69.24% | 42.3% | 70.57% | 94.01% | 109.87% | 133.74% | 147.28% | 133.49% | 107.84% | 3473.01% | 11683.48% | 965.78% | 512.76% | 140.38% | 142.29% | 122.27% | 138.73% | 136.43% | 316.43% | 21984.01% | 357.83% | 4817.79% | 1575.93% | 2678.58% | 1805.82% | 714.41% | 6700% | 3150% | 2700% | 1700% |
| Other Operating Expenses | 2.67M | -26.5M | 2.4M | 1.56M | 714K | 10.71M | 662K | 184.09M | -656K | 1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 416.5K | 0 | 200K | 500K | 500K |
| Operating Income | -40.96M | -657.77M | 218.08M | -267.82M | -536.2M | -459.71M | -564.16M | -705.56M | -343.63M | -171.64M | -266.73M | -220.18M | -133.79M | -90.28M | -29.7M | -35.93M | -20.93M | -15.51M | -27.46M | -33.11M | -32.98M | -17.52M | -25.04M | -18.87M | -25.34M | -15.4M | -10.24M | -8.3M | -7.7M | -3.9M | -2.2M |
| Operating Margin % | -1.88% | -29.92% | 11.47% | -21.54% | -57.47% | -65.5% | -104.46% | -185.27% | -114.15% | -111.03% | -4920.31% | -17572.55% | -1371.21% | -634.95% | -79.57% | -76.46% | -71.16% | -88.18% | -129.16% | -301.38% | -28608.52% | -366.16% | -5817.95% | -1945.99% | -3028.39% | -2181.36% | -789.41% | -8300% | -3850% | -3900% | -2200% |
| Operating Income Growth % | - | -401.62% | 181.43% | 50.05% | -16.64% | 18.51% | 20.04% | -105.33% | -100.21% | 35.65% | -21.14% | -64.58% | -48.19% | -203.96% | 17.32% | -71.62% | -35% | 43.52% | 17.07% | -0.38% | -88.3% | 30.06% | -32.69% | 25.52% | -64.52% | -50.4% | -23.39% | -7.79% | -97.44% | -77.27% | 15.38% |
| EBITDA | -6.42M | -613.25M | 255.81M | -223.43M | -494.34M | -421.69M | -524.42M | -681.06M | -331.38M | -163.55M | -261.12M | -214.94M | -130.1M | -89.01M | -28.18M | -34.63M | -19.47M | -14.13M | -25.99M | -31.09M | -30.89M | -15.52M | -23.16M | -17.39M | -24.01M | -14.85M | -9.82M | -8M | -7.5M | -3.4M | -1.7M |
| EBITDA Margin % | -0.29% | -27.9% | 13.45% | -17.97% | -52.98% | -60.08% | -97.1% | -178.84% | -110.08% | -105.8% | -4816.81% | -17153.79% | -1333.39% | -625.97% | -75.49% | -73.69% | -66.18% | -80.34% | -122.25% | -283.05% | -26795.39% | -324.4% | -5379.35% | -1792.94% | -2869.05% | -2102.55% | -757.3% | -8000% | -3750% | -3400% | -1700% |
| EBITDA Growth % | 91.8% | -339.73% | 214.49% | 54.8% | -17.23% | 19.59% | 23% | -105.52% | -102.62% | 37.37% | -21.49% | -65.21% | -46.17% | -215.87% | 18.62% | -77.84% | -37.82% | 45.64% | 16.42% | -0.65% | -99.07% | 32.98% | -33.16% | 27.57% | -61.71% | -51.11% | -22.81% | -6.67% | -120.59% | -100% | 19.05% |
| D&A (Non-Cash Add-back) | 34.54M | 44.52M | 37.72M | 44.4M | 41.86M | 38.02M | 39.74M | 24.5M | 12.24M | 8.09M | 5.61M | 5.25M | 3.69M | 1.28M | 1.52M | 1.3M | 1.46M | 1.38M | 1.47M | 2.01M | 2.09M | 2M | 1.89M | 1.48M | 1.33M | 556.47K | 416.5K | 300K | 200K | 500K | 500K |
| EBIT | -285.07M | -692.49M | 279.17M | -498.09M | -636.72M | -355.42M | -493.12M | -683.21M | -328.9M | -42.83M | -266.73M | -218.66M | -133.79M | -90.28M | -29.7M | -35.93M | -20.93M | -15.51M | -17.54M | -33.11M | -32.98M | -17.52M | -25.04M | -18.87M | -25.34M | -15.4M | -10.24M | -8.3M | -7.8M | -3.9M | -2.2M |
| Net Interest Income | 3.54M | 9.84M | 53.38M | 63.96M | -25.52M | -63.01M | -56.98M | -23.43M | -26.9M | -3.99M | -1.39M | -475K | 779K | 326K | 354K | 587K | 259K | -454K | -344K | 0 | 1.91M | 840.5K | 0 | 491.1K | 0 | 0 | 1M | 0 | 0 | 0 | 0 |
| Interest Income | 23.9M | 19.57M | 71.77M | 85.97M | 27.72M | 511K | 2.97M | 7.24M | 6.81M | 1.81M | 507K | 890K | 779K | 0 | 354K | 677K | 0 | 0 | 0 | 0 | 1.91M | 840.5K | 0 | 491.1K | 0 | 0 | 1M | 0 | 0 | 0 | 0 |
| Interest Expense | 20.36M | 9.73M | 18.39M | 22.01M | 53.25M | 63.52M | 59.95M | 30.67M | 33.71M | 5.78M | 1.89M | 1.36M | 0 | 326K | 0 | 90K | 344K | 454K | 344K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 65.43M | -44.45M | 42.69M | -252.27M | -153.76M | 40.76M | 11.1M | -8.32M | -18.98M | 123.01M | -535K | 154K | -2M | -21.7M | -92.17M | 33.61M | -11.24M | -9.2M | -6.41M | 5.94M | 1.91M | 840.5K | 266.3K | 4.26M | -4.02M | 7.12M | 1M | -100K | -19M | 400K | 200K |
| Pretax Income | 24.47M | -702.23M | 260.77M | -520.1M | -689.96M | -418.95M | -553.07M | -713.88M | -362.61M | -48.63M | -267.26M | -220.03M | -135.79M | -111.98M | -121.29M | -2.32M | -23.95M | -24.7M | -23.95M | -28.15M | -31.07M | -16.68M | -24.78M | -14.62M | -29.36M | -8.28M | -9.24M | -8.4M | -26.7M | -3.5M | -2M |
| Pretax Margin % | 1.12% | -31.94% | 13.71% | -41.83% | -73.95% | -59.69% | -102.4% | -187.45% | -120.45% | -31.46% | -4930.18% | -17560.26% | -1391.71% | -787.57% | -324.91% | -4.93% | -81.42% | -140.49% | -112.67% | -256.27% | -26951.81% | -348.59% | -5756.08% | -1507.08% | -3508.56% | -1172.41% | -712.22% | -8400% | -13350% | -3500% | -2000% |
| Income Tax | -40.59M | 11.19M | 25.54M | 15.88M | 13.53M | -168K | 1.06M | 1.2M | -692K | 2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 11.24M | 9.65M | 6.41M | -5.94M | 0 | 0 | 0 | 0 | 0 | 11.52M | 0 | 0 | 0 | -300K | 100K |
| Effective Tax Rate % | -165.9% | -1.59% | 9.79% | -3.05% | -1.96% | 0.04% | -0.19% | -0.17% | 0.19% | -4.24% | 0% | 0% | 0% | 0% | 0% | 0% | -46.94% | -39.07% | -26.77% | 21.1% | 0% | 0% | 0% | 0% | 0% | -139.19% | 0% | 0% | 0% | 8.57% | -5% |
| Net Income | 65.06M | -713.41M | 235.24M | -535.98M | -703.49M | -418.78M | -554.13M | -715.08M | -361.92M | -50.69M | -267.26M | -220.03M | -135.79M | -111.98M | -121.29M | -2.32M | -32.18M | -25.16M | -23.95M | -27.17M | -31.07M | -16.68M | -24.78M | -14.62M | -29.36M | -26.93M | -9.24M | -8.3M | -26.7M | -3.6M | -2.1M |
| Net Margin % | 2.98% | -32.45% | 12.37% | -43.11% | -75.4% | -59.66% | -102.6% | -187.77% | -120.23% | -32.79% | -4930.18% | -17560.26% | -1391.71% | -787.57% | -324.91% | -4.93% | -109.37% | -143.07% | -112.67% | -247.31% | -26951.81% | -348.59% | -5756.08% | -1507.08% | -3508.56% | -3813.21% | -712.22% | -8300% | -13350% | -3600% | -2100% |
| Net Income Growth % | 126.19% | -403.27% | 143.89% | 23.81% | -67.99% | 24.43% | 22.51% | -97.58% | -614.01% | 81.03% | -21.47% | -62.04% | -21.26% | 7.67% | -5132.4% | 92.8% | -27.89% | -5.04% | 11.83% | 12.57% | -86.34% | 32.7% | -69.52% | 50.21% | -9.04% | -191.4% | -11.32% | 68.91% | -641.67% | -71.43% | 19.23% |
| Net Income (Continuing) | 65.06M | -713.41M | 235.24M | -535.98M | -703.49M | -418.78M | -554.13M | -715.08M | -361.92M | -50.69M | -267.26M | -220.03M | -135.79M | -111.98M | -121.29M | -2.32M | -32.18M | -25.16M | -23.95M | -27.17M | -31.07M | -16.68M | -24.78M | -14.62M | -29.36M | -26.93M | -9.24M | -8.3M | -26.7M | -3.6M | -2.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.53 | -7.13 | 2.34 | -5.80 | -8.03 | -5.15 | -7.11 | -9.71 | -5.46 | -0.86 | -5.49 | -5.20 | -3.39 | -3.31 | -5.14 | -0.11 | -1.74 | -1.62 | -2.07 | -3.02 | -3.54 | -2.24 | -4.13 | -2.94 | -6.86 | -7.21 | -2.96 | -3.71 | -13.57 | -2.14 | -1.50 |
| EPS Growth % | 64.44% | -404.7% | 140.34% | 27.77% | -55.92% | 27.57% | 26.78% | -77.84% | -534.88% | 84.34% | -5.58% | -53.39% | -2.42% | 35.6% | -4572.73% | 93.68% | -7.41% | 21.74% | 31.46% | 14.69% | -58.04% | 45.76% | -40.48% | 57.14% | 4.85% | -143.58% | 20.22% | 72.66% | -534.11% | -42.67% | 30.88% |
| EPS (Basic) | - | -7.13 | 2.47 | -5.80 | -8.03 | -5.15 | -7.11 | -9.71 | -5.46 | -0.86 | -5.49 | -5.20 | -3.39 | -3.31 | -5.14 | -0.11 | -1.74 | -1.62 | -2.07 | -3.02 | -3.54 | -2.24 | -4.13 | -2.94 | -6.86 | -7.21 | -2.96 | -3.71 | -13.57 | -2.14 | -1.50 |
| Diluted Shares Outstanding | 121.92M | 104.79M | 107.88M | 92.4M | 87.56M | 81.26M | 77.96M | 73.61M | 66.25M | 58.82M | 48.7M | 42.29M | 40.03M | 33.85M | 23.6M | 21.6M | 18.54M | 15.52M | 11.58M | 8.99M | 8.78M | 7.44M | 6M | 4.97M | 4.28M | 3.73M | 3.12M | 2.24M | 1.97M | 1.68M | 1.4M |
| Basic Shares Outstanding | 104.99M | 104.79M | 95.08M | 92.4M | 87.56M | 81.26M | 77.96M | 73.61M | 66.25M | 58.82M | 48.68M | 42.29M | 40.03M | 33.83M | 23.6M | 21.6M | 18.54M | 15.52M | 11.58M | 8.99M | 8.78M | 7.44M | 6M | 4.97M | 4.28M | 3.73M | 3.12M | 2.24M | 1.97M | 1.68M | 1.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Payer reimbursement and manufacturing
According to the provided quarterly income statements, SRPT's revenue trajectory exhibits significant volatility, with growth rates swinging from a 32.7% contraction in 2025Q4 to a 162.6% year-over-year EPS expansion in 2026Q1, reflecting the lumpy nature of gene therapy milestone payments and variable patient uptake.
The revenue profile appears increasingly dependent on the transactional nature of Elevidys, which contrasts with the historical stability of the PMO infusion business. Investors should monitor whether the recent label expansion can smooth these quarterly fluctuations into a more predictable growth cadence.
As reported in financial statements, SRPT's gross margin has experienced notable instability, plummeting to 10.0% in 2025Q4 from historical highs near 88%, suggesting that the company is grappling with significant cost-of-goods-sold pressures related to the complex manufacturing requirements of its gene therapy platform.
The sharp decline in margins indicates that the company's current production processes may not yet be optimized for scale. If these margin pressures persist, it may suggest that the high-value gene therapy model faces structural cost hurdles that could limit long-term profitability.
Based on the reported figures, SRPT's operating leverage is currently inconsistent, with operating margins fluctuating wildly between a 92.9% loss in 2025Q4 and a 49.0% profit in 2026Q1, highlighting the difficulty in aligning fixed R&D and SG&A expenses with lumpy revenue recognition.
The lack of a clear, linear relationship between gross profit and operating income suggests that management is still in a heavy investment phase. Future performance will likely depend on whether the company can achieve consistent operating scale without further inflating its overhead structure.
Data from the income statement indicates that R&D remains a primary cost driver, with quarterly expenditures peaking at $773.4M in 2025Q1, which significantly outpaces the company's ability to generate consistent operating income during periods of heavy clinical and commercial investment.
The high R&D burden reflects the ongoing necessity to support label expansions and next-generation pipeline development. Investors should evaluate whether this level of spending is sustainable or if it indicates a requirement for continued capital raises to maintain the current growth trajectory.
Analysis of the income statement suggests that the transition to a one-time gene therapy model may create a long-term revenue cliff, as the potential cannibalization of high-margin, recurring PMO infusions could undermine the company's terminal value despite current headline growth figures.
Short-term revenue spikes from Elevidys may mask the underlying risk of a shrinking recurring revenue base. If the patient population is limited by pre-existing immunity or logistical hurdles, the current valuation may be predicated on overly optimistic assumptions regarding long-term market penetration.
Quick answers to the most common questions about buying SRPT stock.
For fiscal year 2025, Sarepta Therapeutics, Inc. (SRPT) reported total revenue of $2.20B. This represents a 2198137.0% increase compared to $0.1M in 1996.
Sarepta Therapeutics, Inc. (SRPT) reported a net loss of $713.4M for the fiscal year ending 2025.
Sarepta Therapeutics, Inc. (SRPT) reported an operating income of $-657.8M, resulting in an operating profit margin of -29.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Sarepta Therapeutics, Inc. (SRPT) generated $1.32B in gross profit for the year, representing a gross profit margin of 59.9%. This demonstrates the company's core pricing power and production efficiency.