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Why Is Sarepta Therapeutics (SRPT) Down 1.2% Since Last Earnings Report?
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It has been about a month since the last earnings report for Sarepta Therapeutics (SRPT - Free Report) . Shares have lost about 1.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Sarepta Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Sarepta Beats Q4 Earnings and Sales Estimates
Sarepta reported a loss of $1.42 per share for the fourth quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.51 per share. The loss was also narrower than the year-ago loss of $2.40 per share.
The company reported adjusted earnings of 77 cents per share, down from $1.69 in the year-ago quarter. The adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expense and other items.
Sarepta recorded total revenues of $201.5 million, up 31.6% year over year. Revenues beat the Zacks Consensus Estimate of $189.2 million. The year-over-year increase in revenues was driven by additional sales following the launch of Amondys 45 in February 2021 and continued demand for Sarepta’s other two drugs — Exondys 51 and Vyondys 53.
Quarter in Details
The company derived product revenues of $178.7 million, up 45.8% year over year.
Sales of Exondys 51, Vyondys 53, and Amondys 45 during the third quarter were $119 million, $25 million and $35 million, respectively. In the second quarter of 2021, sales of Exondys 51, Vyondys 53, and Amondys 45 were $115.6 million, $26.7 million and $24.7 million, respectively.
The company recorded $22.7 million in collaboration revenues, primarily from its licensing agreement with Roche for commercialization rights of its gene therapy candidate, SRP-9001 as DMD therapy in ex-U.S. markets. Collaboration revenues were flat year over year.
Adjusted research and development (R&D) expenses totaled $175.5 million in the fourth quarter, down 8.3% year over year.
Adjusted selling, general & administrative (SG&A) expenses were $60.1 million, down 7.8% year over year.
Full-Year Results
Sarepta reported total revenues of $701.9 million in 2021, up 30% year over year. The company incurred a loss of $5.15 per share for the full year compared with a loss of $7.11 per share in the year-ago period. The adjusted loss in 2021 was $3.80 per share compared with an adjusted loss of $5.50 per share in 2020.
2022 Guidance
Sarepta issued guidance for 2022 revenues. The company expects total revenues in 2022 to be more than $880 million, indicating year-over-year growth of more than 25%. The company expects its net product revenues to be more than $800 million in 2022.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -16.22% due to these changes.
VGM Scores
At this time, Sarepta Therapeutics has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Sarepta Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is Sarepta Therapeutics (SRPT) Down 1.2% Since Last Earnings Report?
It has been about a month since the last earnings report for Sarepta Therapeutics (SRPT - Free Report) . Shares have lost about 1.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Sarepta Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Sarepta Beats Q4 Earnings and Sales Estimates
Sarepta reported a loss of $1.42 per share for the fourth quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.51 per share. The loss was also narrower than the year-ago loss of $2.40 per share.
The company reported adjusted earnings of 77 cents per share, down from $1.69 in the year-ago quarter. The adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expense and other items.
Sarepta recorded total revenues of $201.5 million, up 31.6% year over year. Revenues beat the Zacks Consensus Estimate of $189.2 million. The year-over-year increase in revenues was driven by additional sales following the launch of Amondys 45 in February 2021 and continued demand for Sarepta’s other two drugs — Exondys 51 and Vyondys 53.
Quarter in Details
The company derived product revenues of $178.7 million, up 45.8% year over year.
Sales of Exondys 51, Vyondys 53, and Amondys 45 during the third quarter were $119 million, $25 million and $35 million, respectively. In the second quarter of 2021, sales of Exondys 51, Vyondys 53, and Amondys 45 were $115.6 million, $26.7 million and $24.7 million, respectively.
The company recorded $22.7 million in collaboration revenues, primarily from its licensing agreement with Roche for commercialization rights of its gene therapy candidate, SRP-9001 as DMD therapy in ex-U.S. markets. Collaboration revenues were flat year over year.
Adjusted research and development (R&D) expenses totaled $175.5 million in the fourth quarter, down 8.3% year over year.
Adjusted selling, general & administrative (SG&A) expenses were $60.1 million, down 7.8% year over year.
Full-Year Results
Sarepta reported total revenues of $701.9 million in 2021, up 30% year over year. The company incurred a loss of $5.15 per share for the full year compared with a loss of $7.11 per share in the year-ago period. The adjusted loss in 2021 was $3.80 per share compared with an adjusted loss of $5.50 per share in 2020.
2022 Guidance
Sarepta issued guidance for 2022 revenues. The company expects total revenues in 2022 to be more than $880 million, indicating year-over-year growth of more than 25%. The company expects its net product revenues to be more than $800 million in 2022.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -16.22% due to these changes.
VGM Scores
At this time, Sarepta Therapeutics has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Sarepta Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.