SRPT: Takeaways from the Road: Elevidys Stabilizing, Though siRNA Pipeline Success Increasingly Important

研报英文原文证据摘录

SRPT: Takeaways from the Road: Elevidys Stabilizing, Though siRNA Pipeline Success Increasingly Important

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com

Nevin Varghese, Ph.D. (Analyst)

(212) 301-1609, nevin.varghese@rbccm.com

June 18, 2026

Sarepta Therapeutics, Inc. Sector Perform

Speculative RiskRESEARCH Takeaways from the Road: Elevidys Stabilizing, NASDAQ: SRPT; USD 16.96

Though siRNA Pipeline Success Increasingly Price Target USD 19.00

Important Scenario Analysis*

Our view: We hosted SRPT management on the road, touching on Downside Current Price Upside

Elevidys's commercial outlook, the regulatory path forward for Amondys/ Scenario Price Target Scenario

Vyondys, competitive dynamics, and expectations for the siRNA franchise. 5.00 16.96 19.00 30.00

Near-term stabilization of Elevidys and their $800-900M opex base 71% 12% 77%EQUITY provides reassuring visibility around cash flow positivity, and we sense high *Implied Total Returns

enthusiasm from mgmt - and the Street - around their siRNA programs, Key Statistics

though with medium-term competition likely to erode the $900M exon Shares O/S (MM): 99.1 Market Cap (MM): 1,681

skipper franchise (and LT, potentially their gene therapy), it seems Dividend: 0.00 Yield: 0.0%

increasingly important they generate clear FSHD/DM1 differentiating Avg. Daily Volume: 3,025,986

signals and label expansion + uptake inflection of Elevidys, to help offset RBC Estimates

potential earnings declines into the end of the decade. Stock has pulled FY Dec 2025A 2026E 2027E 2028E

back in recent weeks and could rebound on favorable 2H FSHD/DM1 data, Revenue 2,198.2 2,015.5 1,332.6 1,199.3