Filing Flows › Sarepta Therapeutics (SRPT) › Q3 2025
Sarepta Therapeutics (SRPT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Sarepta Therapeutics (SRPT) reported revenue of $399M for the third quarter 2025 (Q3 2025), -15% from a year earlier and -35% from the quarter before. Operating margin was -25.9%, net loss $180M (45.1% of revenue).
Sarepta Therapeutics, Q3 2025: revenue $399M (-14% year over year), operating margin -25.9%, net loss $180M, operating cash flow −$14.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $399M | -35% | -15% |
| Operating profit | −$103M | -189% | — |
| Net earnings | −$180M | -191% | — |
| Operating cash flow | −$14.6M | -106% | — |
What changed
Revenue was $399.4M in Q3 2025, down 15% year over year and down 35% from the previous quarter. Pmo Products was the largest line at 60% of revenue. Elevidys lost $49.5M year over year (down 27%), 73% of the total change.
Gross margin was 54.9%, down 17.5 points from a year earlier. Operating costs exceeded revenue by $103.4M, an operating margin of -25.9%. Operating expenses grew 2% against a revenue fall of 15%. The quarter ended with a net loss of $179.9M, after a profit of $196.9M the previous quarter. Net interest and other expense of $90.7M was the main reason.
Operating cash flow was −$14.6M. Non-cash charges added back $18.4M of depreciation and amortization and $14.9M of share-based compensation. Working capital and other items added $132.0M. Capital expenditures of $22.9M exceeded it, leaving free cash flow of −$37.5M.
Questions
What was Sarepta Therapeutics' revenue in the third quarter 2025?
Sarepta Therapeutics (SRPT) reported revenue of $399M for the third quarter 2025 (Q3 2025), -15% from a year earlier and -35% from the quarter before.
Was Sarepta Therapeutics profitable in the third quarter 2025?
Operating loss was $103M (-25.9% of revenue) and net loss $180M.