Sarepta Expects Prelim Gene Therapy Revenue To Be $131M In Q4, $200M For Fiscal Year
Portfolio Pulse from Vandana Singh
Sarepta Therapeutics Inc (NASDAQ:SRPT) reported preliminary FY23 net product revenue of $1.145 billion, with Q4 Elevidys revenue at $131.3 million and FY23 at $200.4 million, surpassing consensus. RNA-based PMOs revenue for Q4 and FY23 are expected at $234.3 million and $945.0 million, respectively. The company has $1.7 billion in cash and investments. Wedbush maintains an Outperform rating on SRPT with a price target of $224, citing significant patient demand for Elevidys and potential label expansion for Duchenne muscular dystrophy treatment. SRPT shares rose 9.77% to $112.64.
January 09, 2024 | 5:58 pm
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Sarepta Therapeutics reported strong preliminary FY23 revenue and exceeded expectations for Elevidys sales, with positive analyst outlook and a significant stock price increase.
The positive preliminary revenue report, particularly for Elevidys, indicates strong performance and market demand, which is likely to instill investor confidence and drive the stock price up in the short term. The Outperform rating and high price target from Wedbush further support the positive outlook, contributing to the recent stock price increase.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100