Sarepta Therapeutics Quick Take – 2Q26 Earnings – Total Revenue Guidance Narrowed; Focus On 2H26 FSHD / DM1 Updates

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Sarepta Therapeutics

Quick Take – 2Q26 Earnings – Total Revenue Guidance

Narrowed; Focus On 2H26 FSHD / DM1 Updates

Neutral

SRPT, SRPT US

Price (05 Aug 26):$15.93

SMid Biotechnology

Sarepta reported 2Q earnings, and we wanted to pass on some quick thoughts.

Anupam Rama AC

(1-212) 622-0900

2Q Elevidys sales were in-line with consensus, while PMO sales were a

slight beat to in-line (driving overall topline beat). 2026 net product

guidance was narrowed and does not come as a surprise, given recent

trends.

Looking ahead, we see the FSHD / DM1 MAD updates in 2H26 as having

the potential to help sentiment on SRPT shares (we do see the updates as

on the radar, given encouraging SAD data earlier this year).

2Q26 total net product revenues of $329M BEAT company-compiled

consensus of $321M. 2026 net product revenue guidance was narrowed to

$1.2B-$1.3B (lower end of prior $1.2B-$1.4B guidance).

2Q26 Elevidys net product revenue of $98M was IN LINE with companycompiled consensus of $97M. We had not heard of a general buy-side bogey

into the print.

On the PMO franchise (Amondys 45, Exondys 51, and Vyondys 53), 2Q net

product revenue of $231M was a SLIGHT BEAT TO IN-LINE with companycompiled consensus of $228M (again, no general buy-side bogey).

For the ENDEAVOR cohort 8 trial (sirolimus protocol in non-ambulatory), full

enrollment is expected by YE26 (new) with 12-week data expected in 1Q27 (vs

by YE26 prior).

Phase 1/2 MAD data for SRP-1001 in FSHD and SRP-1003 in DM1 are both

anticipated in 2H26 (on track).

The PDUFA date for Amondys 45 / Vyondys 53 (seeking traditional approval)

is on track for 2/28/27.

Our Neutral rating on SRPT shares balances the potential of the commercial

franchise / pipeline with the need for more commercial momentum and more

de-risking data from the pipeline.

Joyce Zhou

(1-212) 622-7212

J.P. Morgan Securities LLC

The authors would like to thank Rati

Pinge, of the J.P. Morgan Global

Research Center, for contributions to

this report.