SAN FRANCISCO—No sooner did the J.P. Morgan 44th Annual Healthcare Conference kick off when Sarepta Therapeutics (SRPT) saw its stock skid 11% after the company announced preliminary unaudited 2025 sales results that missed analyst forecasts for its marketed Elevidys® (delandistrogene moxeparvovec-rokl), which reignited the longtime issue of gene therapy safety following the deaths of three Duchenne muscular dystrophy (DMD) patients last year. Sarepta reported total net product revenue of $369.6 million for the fourth quarter, of which about one-third ($110.4 million) was generated by Elevidys, an adeno-associated virus (AAV) gene therapy and the only gene therapy to win FDA approval as a DMD treatment. That’s down 17% from $132 million in Q3. Sarepta Therapeutics CEO Douglas S. Ingram Elevidys sales also fell 8% short of an analyst consensus forecast of $120.5 million cited by Sami Corwin, PhD, a biotechnology-focused healthcare analyst with William Blair, 14% below Corwin’s own forecast of $128.8 million in Q4 net product revenue, and 15% south of the $130 million estimate of Joseph P. Schwartz, senior managing director, rare diseases, and a senior research analyst with Leerink Partners. Investors punished Sarepta with a selloff that sent the company’s shares sliding from $23.83 to $21.14. The stock bounced back somewhat over the following two days, to $22.80 at Wednesday’s close, before sliding again by Friday to $21.13 and an 11% decline for this past week. The stock selloff came despite Sarepta beating analyst forecasts on total net product revenue, which came in at $369.6 million for Q4…
