Sarepta Therapeutics, Inc. (NASDAQ:SRPT) Q1 2024 Earnings Call Transcript May 1, 2024
Sarepta Therapeutics, Inc. beats earnings expectations. Reported EPS is $0.37, expectations were $-0.11. Sarepta Therapeutics, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon and welcome to the Sarepta Therapeutics First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s program is being recorded. At this time, I’ll turn the call over to Mary Jenkins, Associate Director, Investor Relations and Corporate Communications. Please go ahead.
Mary Jenkins: Thank you, Victor, and thank you all for joining today’s call. Earlier this afternoon, we released our financial results for the first quarter 2024. The press release is available on our website at sarepta.com, and our 10-Q was filed with the Securities and Exchange Commission this afternoon. Joining us on the call today are Doug Ingram; Ian Estepan; Dallan Murray; and Dr. Louise Rodino-Klapac. I’d like to note that, during this call, we will be making a number of forward-looking statements. Please take a moment to review our slide on the webcast, which contains our forward-looking statements. These forward-looking statements involve risks and uncertainties, many of which are beyond Sarepta’s control. Actual results could materially differ from these forward-looking statements, and any such risks can materially and adversely affect the business, the results of operations, and trading prices for Sarepta’s common stock.
For a detailed description of applicable risks and uncertainties, we encourage you to review the company’s most recent annual quarterly report on Form 10-Q filed with the SEC, as well as the company’s other SEC filings. The company does not undertake any obligation to publicly update its forward-looking statement, including any financial projections provided today based on subsequent events or circumstances. And now I’ll turn the call over to our President and CEO, Doug Ingram, who will provide an overview of our recent progress. Doug?
Douglas Ingram: Well, thank you, Mary. Good afternoon, everyone, and thank you for joining Sarepta Therapeutics first quarter 2024 financial results conference call. Before I begin, let me provide you with an update. As you know, we have submitted a BLA supplement to expand the labeled population for our Duchenne gene therapy 11. We were recently informed by the FDA that they will provide us with a draft elevates label imminently and sooner than previously indicated. As we move into the late stage of our review, we will be going into a quiet period and as we have done in similar situations, we will not be taking questions on the call today. So with that, this afternoon, we announced another strong quarter of performance with total revenue of $413 million in net product revenue from our four approved therapies of approximately $360 million, growing at over 55% versus the same quarter last year.
In particular, ELEVIDYS net product revenue was nearly $134 million, modestly above fourth quarter revenue. As we signaled in our last earnings call, ELEVIDYS sales will flatten as we plan for label expansion. This is not all surprising as our current ELEVIDYS label is very narrow. Indeed, the labeled four and five-year-old age range is quite narrow on its face, but the addressable patient population is actually more narrow still than that. Let me explain. About half of Duchenne patients in this age group have not yet been diagnosed and are not yet available for treatment. And for those diagnosed, they are dissimilar to any other age group as they will have just learned of this devastating and life-altering disease, and they must get educated, find the right physician even before submitting a start form and beginning the process leading to treatment.
See also 17 Best Insurance Dividend Stocks To Invest In Right Now and 30 Wealthiest People in Canada.
To continue reading the Q&A session, please click here.