New York, Jan 12, 2026, 14:53 EST — Regular session.
- Sarepta shares dipped in afternoon trading following a preliminary revenue update linked to Elevidys
- Company pointed to a severe year-end flu season and postponed patient infusions
- Investors are turning to the late-February results for a clearer view of 2026
Sarepta Therapeutics shares dropped roughly 13% to $20.73 in Monday afternoon trading following a disappointing sales forecast for its Duchenne muscular dystrophy gene therapy, Elevidys, in the fourth quarter.
This matters because Elevidys has turned into the company’s key swing factor — and a closely watched one at that — for a stock that’s already been tossed around by safety concerns and shifts in treatment protocols over the past year.
The timing coincides with the J.P. Morgan Healthcare Conference, where investors usually demand clear guidance and early insights for the year ahead—not disclaimers.
Sarepta reported preliminary, unaudited net product revenue of $369.6 million for Q4 and $1.86 billion for the full year 2025. Elevidys accounted for $110.4 million in the quarter and $898.7 million over the year. 1
Elevidys CEO Doug Ingram attributed the hit to fourth-quarter revenue to a severe flu season at year-end, while Sarepta postponed six patient infusions to 2026. 1
The company reaffirmed its annual “sales floor” of $500 million for Elevidys but said it would delay providing detailed 2026 guidance until it assesses the effects of planned initiatives this year. 1
Sarepta reported that its PMO franchise, which includes older exon-skipping Duchenne drugs, pulled in $259.2 million in net product revenue for the fourth quarter and $965.6 million for the full year 2025. The company also closed 2025 with roughly $953.8 million in cash and investments. 1
RBC Capital Markets analyst Brian Abrahams said that if the six delayed infusions had proceeded, “in this best case sales would have been $124.8 million.” He added, however, that Elevidys sales would still have fallen short compared to the previous quarter. 2
Bloomberg News noted that Wall Street expected roughly $122 million in fourth-quarter Elevidys sales on average. The stock dropped as much as 15.2% earlier in the session. 3
Elevidys is an adeno-associated virus gene therapy for ambulatory Duchenne patients aged 4 and up. It’s not advised for certain patients with existing liver issues due to risks of acute serious liver injury and liver failure. 4
One risk for bulls is that the numbers are preliminary and unaudited, and the rescheduled infusions might just be a one-off timing shift, not a real demand signal. However, if issues with safety monitoring, site capacity, or timing continue, investors could see the shortfall as something more than mere calendar noise.
Sarepta said it plans to release final fourth-quarter and full-year 2025 results in late February 2026. That report will be the next major catalyst for Elevidys’ potential rebound early next year and could give clearer guidance from management for 2026. 1
