SRPT: RGNX Update Not Thesis-Changing, Though Does Bring Competition Back in Focus, and Reinforces Importance of Differentiating on siRNAs

研报英文原文证据摘录

SRPT: RGNX Update Not Thesis-Changing, Though Does Bring Competition Back in Focus, and Reinforces Importance of Differentiating on siRNAs

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Kevin Meli, Ph.D. (Senior Associate)

Nevin Varghese, Ph.D. (Analyst)

May 14, 2026

Sarepta Therapeutics, Inc.

RGNX Update Not Thesis-Changing, Though Does Bring Competition Back in Focus, and

Reinforces Importance of Differentiating on siRNAs

NASDAQ: SRPT | USD 18.84 | Sector Perform | Speculative Risk | Price Target USD 19.00

Sentiment: Neutral

This morning, competitor RGNX reported topline interim data from its pivotal study of DMD gene therapy RGX-202 (covered by

Luca Issi; see his take here).

Overall we believe expression and functional trends continue to support the rationale that RGX-202 will be a viable competitor to

Elevidys; at face value, microdystrophin expression looks potentially higher than what SRPT has shown, though acknowledge that

normalization by muscle content, specific patient age composition in the analyzed subsets, and other assay variables make cross-

trial comparisons more challenging. Nonetheless, today's data help establish RGX-202 as a potential alternative, in our view.

We think there could be some marginal relief in SRPT on the fact that RGNX may potentially slightly wait on their filing until new FDA

leadership is installed and they get clear alignment on their confirmatory study plans; it also seemed that FDA has recommended

a randomized study. As such, potential timelines and accelerated approval potential remain unknowns. That said, the company

did seem to still expect potential approval in the '27 timeframe, and provided some evidence of function/expression correlation