SRPT Stock Plunges 7% After-Hours As Elevidys Demand Slumps — CEO Still Sees Return To Growth

• SRPT’s Q1 revenue and earnings beat Wall Street expectations. 
• FDA-approved Elevidys came under scrutiny last year over concerns of acute liver failure and associated patient deaths.
• Sarepta CEO Doug Ingram, however, struck an optimistic tone, saying that the company’s commercial portfolio has “begun to stabilize” and that Elevidys “is positioned to return to growth.”

Shares of Sarepta Therapeutics Inc. (SRPT) fell 7% in after-hours trading on Wednesday after the company reported first-quarter 2026 results that beat Wall Street expectations on both revenue and earnings but highlighted ongoing softness in its flagship gene therapy Elevidys.

The Cambridge-based biotech posted total revenue of $730.8 million, down 2% year-over-year but topping consensus estimates of roughly $475.01 million. Adjusted earnings per share for the three months ended March came in at $3.16, compared to a loss of $3.42 reported in the corresponding quarter of 2025, and comfortably above an analyst estimate of $1.09 in earnings per share.

Net product revenue came in at $330.5 million, with Elevidys, Sarepta’s one-time gene therapy for Duchenne muscular dystrophy (DMD), generating $102 million in net product sales, down from the $375 million record in Q1 2025. The lowered Elevidys sales reflect the limitation of the drug’s addressable population to DMD patients who can walk following safety concerns flagged last year.  

Sarepta reiterated its full-year 2026 guidance for total net product revenue of $1.2 billion to $1.4 billion. Cash, cash equivalents, restricted cash and investments stood at $748.3 million at quarter-end.

Sarepta CEO Doug Ingram, however, struck an optimistic tone, saying that the company’s commercial portfolio has “begun to stabilize” and that Elevidys “is positioned to return to growth.”

FDA-approved Elevidys came under scrutiny last year over concerns of acute liver failure and associated patient deaths. While the company resumed shipments to patients who can walk after a temporary pause in shipments in July 2025, it is now working to address safety concerns in patients who cannot walk.

The company is currently undertaking studies to develop a regimen that makes the therapy safe and usable in non-ambulatory patients by pretreating them with the immunosuppressant medication sirolimus before administering Elevidys. Sirolimus is commonly used to prevent organ rejection in kidney transplant patients.

How Did SRPT Retail Traders React?

On Stocktwits, retail sentiment around SRPT stock jumped from ‘neutral’ to ‘extremely bullish’ territory over the past 24 hours, while message volume increased from ‘normal’ to ‘high’ levels.

A Stocktwits user opined that basic demand was never there for Elevidys.

Another user dismissed the “short-term price reactions” and said they are going to hold on to the stock for a “long, long time.”

SRPT stock has fallen by about 51% over the past 12 months. 

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