Sarepta Therapeutics (SRPT) financial statements
Sarepta Therapeutics reported revenue of $1.9B in fiscal 2025, up 91.3% a year over 9 years.
Net income was -$713M and the operating margin -37.5%, against -4920.3% in 2016.
Free cash flow was -$307M, and the company returned $25M in net buybacks.
The diluted share count rose 106% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sarepta Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5M | $155M | $301M | $381M | $456M | $612M | $844M | $1.1B | $1.8B | $1.9B |
| Cost of revenue | $130,000 | — | — | — | — | — | — | — | — | $26M |
| Gross profit | $5M | — | — | — | — | — | — | — | — | — |
| Research and development | $188M | $167M | $402M | $561M | $722M | $771M | $877M | $877M | $805M | $1.5B |
| Selling, general and admin | $84M | $123M | $208M | $285M | $318M | $283M | $451M | $482M | $558M | $492M |
| Operating income | -$267M | -$172M | -$344M | -$706M | -$564M | -$460M | -$536M | -$268M | $218M | -$700M |
| Interest expense | $2M | $6M | $34M | $31M | $60M | $64M | -$53M | -$22M | -$18M | -$38M |
| Pre-tax income | -$267M | -$49M | -$363M | -$714M | -$553M | -$419M | -$690M | -$520M | $261M | -$702M |
| Income tax | — | $2M | -$692,000 | $1M | $1M | -$168,000 | $14M | $16M | $26M | $11M |
| Net income | -$267M | -$51M | -$362M | -$715M | -$554M | -$419M | -$703M | -$536M | $235M | -$713M |
| EPS (diluted) | -$5.49 | -$0.86 | -$5.46 | -$9.71 | -$7.11 | -$5.15 | -$8.03 | -$5.80 | $2.34 | -$7.13 |
| Diluted shares | 49M | 59M | 66M | 74M | 78M | 81M | 88M | 92M | 108M | 100M |
| Gross margin | 97.6% | — | — | — | — | — | — | — | — | — |
| Operating margin | -4920.3% | -111.0% | -114.1% | -185.3% | -123.8% | -75.1% | -63.5% | -23.4% | 12.2% | -37.5% |
| Net margin | -4930.2% | -32.8% | -120.2% | -187.8% | -121.6% | -68.4% | -83.4% | -46.8% | 13.2% | -38.3% |
Balance sheet
Fiscal years, from Sarepta Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $329M | $1.1B | $1.2B | $1.1B | $1.9B | $2.1B | $2.0B | $1.7B | $1.4B | $940M |
| Receivables | $5M | $29M | $49M | $91M | $101M | $153M | $215M | $400M | $602M | $398M |
| Inventory | $13M | $84M | $125M | $171M | $232M | $186M | $204M | $323M | $750M | $915M |
| Total current assets | $373M | $1.2B | $1.4B | $1.5B | $2.5B | $2.6B | $2.6B | $2.6B | $3.1B | $2.5B |
| Property, plant and equipment | $38M | $43M | $97M | $130M | $190M | $191M | $180M | $227M | $340M | $345M |
| Total assets | $424M | $1.3B | $1.6B | $1.8B | $3.0B | $3.1B | $3.1B | $3.3B | $4.0B | $3.3B |
| Total current liabilities | $75M | $88M | $174M | $265M | $416M | $453M | $620M | $654M | $732M | $1.1B |
| Total liabilities | $87M | $519M | $610M | $1.0B | $2.2B | $2.2B | $2.7B | $2.4B | $2.4B | $2.2B |
| Shareholders' equity | $337M | $789M | $1.0B | $818M | $762M | $928M | $385M | $859M | $1.5B | $1.1B |
| Net debt | -$122M | -$600M | -$371M | -$835M | -$1.5B | -$2.1B | -$967M | -$323M | -$1.1B | -$801M |
Cash flow
Fiscal years, from Sarepta Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$246M | -$232M | -$389M | -$456M | $107M | -$443M | -$325M | -$501M | -$206M | -$205M |
| Capital spending | $5M | $12M | $61M | $60M | $82M | $38M | $31M | $76M | $137M | $102M |
| Free cash flow | -$251M | -$244M | -$450M | -$516M | $25M | -$482M | -$356M | -$577M | -$343M | -$307M |
| Stock-based compensation | $30M | $30M | $50M | $79M | $108M | $114M | $233M | $183M | $184M | $123M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$25M |
| Net borrowing | -$3M | $30M | -$1M | $246M | $291M | $0 | $0 | — | — | — |
| Free cash flow margin | -4633.1% | -157.8% | -149.4% | -135.5% | 5.5% | -78.7% | -42.2% | -50.4% | -19.2% | -16.5% |
Questions
What was Sarepta Therapeutics's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Sarepta Therapeutics generate?
-$307M in fiscal 2025 (operating cash flow minus capital spending).
From Sarepta Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.