By Connor Hart
Shares of Sarepta Therapeutics fell after the company cut its full-year outlook, citing significant pressures hurting the broader biotech market.
The stock tumbled 21%, to $36.75, in after-hours trading. Through Tuesday's close, shares have lost about two-thirds of their value in the past year.
The company after the bell said it now expects total net product revenues of $2.3 billion to $2.6 billion for the year, down from a prior forecast of $2.9 billion to $3.1 billion. The new outlook additionally reflects updated projections for Elevidys, Sarepta's gene-therapy treatment for Duchenne muscular dystrophy.
The cut came as Sarepta swung to a loss in the first quarter, hurt by higher research and development expenses tied to a recent global licensing and collaboration agreement with Arrowhead Pharmaceuticals.
The company logged a loss of $447.5 million, or $4.60 a share, compared with a profit of $36.1 million, or 37 cents a share, a year earlier. Analysts surveyed by FactSet expected a loss of $3.21 a share.
On an adjusted basis, Sarepta notched a loss of $3.42 a share, compared with analyst views for adjusted earnings of $2.52.
Total revenue jumped 80%, to $744.9 million, topping the $687.5 million that analysts projected.
Research and development expenses were $773.4 million in the recent quarter, up from $200.4 million a year earlier.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 06, 2025 18:39 ET (22:39 GMT)
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