Sarepta reported an adjusted loss of $3.58 per share for Q4 2025, missing the expected $1.31 loss estimate. Revenue reached $442.9 million, exceeding forecasts but down 33% year-over-year due to a $273.8 million decline in Elevidys sales following suspension of shipments to non-ambulatory patients.

The stock plunged from $106.86 to $18.96 over the past year following patient fatalities, an FDA clinical hold, trial setbacks and a shipment pause. The company ended 2025 with nearly $1.0 billion in cash and projects profitability and positive cash flow for 2026 despite ongoing operational challenges.

CEO Douglas Ingram plans to retire by the end of 2026, and the company has commenced a search for his successor. Analysts warn that Elevidys could underperform with revenues below the $500 million annual floor, and competition from Dyne Therapeutics’ Exon 51 candidate may pressure future sales.