Sarepta's Elevidys sales beat forecasts but dip again, prompting stock slide and shift to RNA pipeline

Sarepta Therapeutics reported that its gene therapy Elevidys generated net product revenue that exceeded Wall Street estimates for the first quarter. However, sales continued to decline compared with the previous quarter, indicating the product is still stabilizing.

The company posted total net product revenue of $331 million, above analyst expectations, but its shares fell more than 10% after the results were released, trading around $20.60 per share.

Analysts said the ongoing sales weakness and competitive pressures suggest investors should look beyond Elevidys to Sarepta's early‑stage small interfering RNA programs, which have attracted interest but still need to demonstrate clear differentiation.

Sarepta's chief executive reaffirmed the company's financial strength and its ability to fully fund its research pipeline despite the short‑term sales challenges.