Filing Flows › Sarepta Therapeutics (SRPT) › Q2 2025
Sarepta Therapeutics (SRPT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Sarepta Therapeutics (SRPT) reported revenue of $611M for the second quarter 2025 (Q2 2025), +68% from a year earlier and -18% from the quarter before. Operating margin was 18.9%, net earnings $197M (32.2% of revenue).
Sarepta Therapeutics, Q2 2025: revenue $611M (+68% year over year), operating margin 18.9%, net earnings $197M, operating cash flow $261M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $611M | -18% | +68% |
| Gross profit | $361M | -24% | +14% |
| Operating profit | $116M | — | — |
| Net earnings | $197M | — | 30× |
| Operating cash flow | $261M | — | 17× |
| Free cash flow | $230M | — | — |
What changed
Revenue was $611.1M in Q2 2025, up 68% year over year and down 18% from the previous quarter. Elevidys was the largest line at 46% of revenue. Elevidys added $160.1M year over year (up 132%), 65% of the total change. Pmo Products declined 3%.
Gross margin was 59.0%, down 28.1 points from a year earlier. Operating profit was $115.6M, a 18.9% margin (up 19.1 points year over year). Operating expenses fell 23% while revenue rose 68%. Net earnings were $196.9M, up 2948% year over year. The effective tax rate was -28.2%. Non-operating items added $38.1M, 25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $261.3M (up 1649% year over year), 133% of net earnings. Non-cash charges added back $10.8M of depreciation and amortization and $37.0M of share-based compensation. Working capital and other items added $16.6M. Capital expenditures of $31.8M left free cash flow of $229.5M.
Questions
What was Sarepta Therapeutics' revenue in the second quarter 2025?
Sarepta Therapeutics (SRPT) reported revenue of $611M for the second quarter 2025 (Q2 2025), +68% from a year earlier and -18% from the quarter before.
Was Sarepta Therapeutics profitable in the second quarter 2025?
Operating profit was $116M (18.9% of revenue) and net earnings $197M.