Detailed financial statements for Sarepta Therapeutics, Inc. (SRPT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Sarepta Therapeutics, Inc. is a commercial-stage biopharmaceutical company dedicated to the discovery and advancement of genetic treatment modalities, including RNA-targeted therapeutics and gene therapies, specifically for rare diseases.
Analysis Summary
Sarepta Therapeutics, Inc. reported revenue of $2.20B in the most recent fiscal year, growing at a 5-year CAGR of 32.4%.
Trailing-twelve-month margins: gross margin 58.6%, operating margin -7.3%, net margin -6.9%.
At $18.99 (closing price, November 4, 2026), SRPT has negative trailing earnings (P/E not meaningful) and an ROE of -9.96%. Market capitalisation stands at $2.0B.
Balance sheet quality for SRPT: debt-to-equity ratio of 0.68, current ratio of 4.42 over the last 12 months, net debt of $100.1M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4M | $154.6M | $301.0M | $380.8M | $540.1M | $701.9M | $933.0M | $1.24B | $1.90B | $2.20B |
| Cost of Revenue | $130,000 | $7.4M | $34.2M | $56.6M | $63.4M | $97.0M | $140.0M | $150.3M | $319.1M | $881.5M |
| Gross Profit | $5.3M | $147.2M | $266.8M | $324.2M | $476.7M | $604.8M | $793.0M | $1.09B | $1.58B | $1.32B |
| Research & Development | $188.3M | $166.7M | $401.8M | $560.9M | $722.3M | $771.2M | $877.1M | $877.4M | $804.5M | $1.52B |
| Selling, General & Admin | $83.7M | $122.7M | $207.8M | $284.8M | $317.9M | $282.7M | $451.4M | $481.9M | $557.9M | $478.9M |
| Operating Expenses | $272.0M | $290.4M | $610.5M | $1.03B | $1.04B | $1.06B | $1.33B | $1.36B | $1.36B | $1.97B |
| Operating Income | -$266.7M | -$171.6M | -$343.6M | -$705.6M | -$564.2M | -$459.7M | -$536.2M | -$267.8M | $218.1M | -$657.8M |
| EBITDA | -$261.1M | -$34.8M | -$316.7M | -$658.7M | -$453.4M | -$317.4M | -$594.9M | -$453.7M | $316.9M | -$648.0M |
| Interest Expense | $1.9M | $5.8M | $33.7M | $30.7M | $59.9M | $63.5M | $53.2M | $22.0M | $18.4M | $9.7M |
| Pre-tax Income | -$267.3M | -$48.6M | -$362.6M | -$713.9M | -$553.1M | -$418.9M | -$690.0M | -$520.1M | $260.8M | -$702.2M |
| Income Tax | 0 | $2.1M | -$692,000 | $1.2M | $1.1M | -$168,000 | $13.5M | $15.9M | $25.5M | $11.2M |
| Net Income | -$267.3M | -$50.7M | -$361.9M | -$715.1M | -$554.1M | -$418.8M | -$703.5M | -$536.0M | $235.2M | -$713.4M |
| EPS | -$5.49 | -$0.86 | -$5.46 | -$9.71 | -$7.11 | -$5.15 | -$8.03 | -$5.80 | $2.47 | -$7.13 |
| EPS (Diluted) | -$5.49 | -$0.86 | -$5.46 | -$9.71 | -$7.11 | -$5.15 | -$8.03 | -$5.80 | $2.34 | -$7.13 |
| Shares Outstanding (Diluted) | 48.7 M | 58.8 M | 66.2 M | 73.6 M | 78.0 M | 81.3 M | 87.6 M | 92.4 M | 107.9 M | 104.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $399.4M | $442.9M | $730.8M | $401.3M |
| Gross Profit | $248.6M | $44.2M | $611.4M | $251.9M |
| Operating Income | -$103.4M | -$411.6M | $358.4M | $13.3M |
| EBITDA | -$168.0M | -$252.2M | $375.5M | $30.2M |
| Net Income | -$179.9M | -$282.8M | $331.0M | -$4.9M |
| EPS | -$1.80 | -$2.74 | $3.15 | -$0.05 |
| EPS (Diluted) | -$1.80 | -$3.93 | $2.88 | -$0.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $122.4M | $599.7M | $370.8M | $835.1M | $1.50B | $2.12B | $966.8M | $428.4M | $1.10B | $801.3M |
| Short-term Investments | $195.4M | $479.4M | $803.1M | $289.7M | $435.9M | 0 | $1.02B | $1.25B | $251.8M | $138.4M |
| Receivables | $5.2M | $29.5M | $49.0M | $93.9M | $138.6M | $172.7M | $261.6M | $437.0M | $649.7M | $519.6M |
| Inventory | $12.8M | $83.6M | $125.4M | $171.4M | $232.0M | $186.2M | $204.0M | $322.9M | $750.0M | $914.7M |
| Total Current Assets | $373.5M | $1.23B | $1.43B | $1.47B | $2.49B | $2.60B | $2.56B | $2.58B | $3.07B | $2.54B |
| Property, Plant & Equipment | $37.8M | $43.2M | $97.0M | $167.6M | $282.2M | $236.7M | $245.0M | $357.1M | $488.6M | $470.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $8.1M | $14.4M | $11.6M | $12.5M | $13.6M | $14.2M | $7.6M | $29.6M | $26.9M | $28.9M |
| Total Assets | $424.1M | $1.31B | $1.64B | $1.82B | $2.98B | $3.15B | $3.13B | $3.26B | $3.96B | $3.35B |
| Accounts Payable | $29.7M | $8.5M | $33.8M | $68.1M | $111.1M | $76.7M | $95.9M | $164.9M | $214.4M | $280.8M |
| Short-term Debt | $10.1M | $6.2M | 0 | $7.8M | $20.9M | 0 | 0 | $105.5M | 0 | 0 |
| Total Current Liabilities | $75.4M | $88.3M | $173.7M | $264.8M | $416.0M | $452.7M | $619.6M | $653.7M | $731.7M | $1.10B |
| Long-term Debt | $6.0M | $424.9M | $420.6M | $681.9M | $992.5M | $1.10B | $1.54B | $1.13B | $1.14B | $829.0M |
| Total Liabilities | $87.4M | $518.7M | $609.8M | $1.00B | $2.22B | $2.22B | $2.74B | $2.41B | $2.44B | $2.21B |
| Retained Earnings | -$1.17B | -$1.22B | -$1.58B | -$2.29B | -$2.85B | -$3.21B | -$3.91B | -$4.45B | -$4.21B | -$4.88B |
| Total Equity | $336.7M | $789.2M | $1.03B | $818.2M | $761.8M | $928.0M | $384.9M | $859.3M | $1.53B | $1.14B |
| Total Debt | $16.1M | $431.1M | $420.6M | $737.5M | $1.09B | $1.15B | $1.62B | $1.40B | $1.34B | $1.04B |
| Net Debt | -$301.7M | -$648.0M | -$753.4M | -$387.3M | -$844.8M | -$962.4M | -$372.0M | -$279.4M | -$11.7M | $100.1M |
| Working Capital | $298.1M | $1.14B | $1.25B | $1.20B | $2.07B | $2.15B | $1.94B | $1.93B | $2.34B | $1.44B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$267.3M | -$50.7M | -$361.9M | -$715.1M | -$554.1M | -$418.8M | -$703.5M | -$536.0M | $235.2M | -$713.4M |
| Depreciation & Amortization | $5.6M | $8.1M | $12.2M | $24.5M | $39.7M | $38.0M | $41.9M | $44.4M | $37.7M | $44.5M |
| Stock-based Compensation | $30.0M | $30.5M | $50.1M | $78.6M | $108.1M | $113.9M | $233.0M | $182.5M | $184.3M | $123.4M |
| Change in Working Capital | -$15.8M | -$97.5M | -$107.9M | -$66.9M | $554.1M | -$98.2M | -$39.5M | -$481.1M | -$716.6M | $78.0M |
| Operating Cash Flow | -$245.8M | -$232.0M | -$388.7M | -$456.5M | $107.5M | -$443.2M | -$325.3M | -$501.0M | -$205.8M | -$205.5M |
| Capital Expenditure | -$6.9M | -$21.2M | -$64.3M | -$59.6M | -$82.2M | -$38.5M | -$32.3M | -$87.3M | -$147.0M | -$102.0M |
| Acquisitions | $1.5M | -$9.2M | $3.2M | -$172.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$25.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$252.7M | -$253.2M | -$453.0M | -$516.1M | $25.3M | -$481.7M | -$357.6M | -$588.3M | -$352.7M | -$307.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2,751.6% | +94.7% | +26.5% | +41.8% | +30.0% | +32.9% | +33.3% | +53.0% | +15.6% | |
| Net Income Growth (YoY) | +81.0% | -614.0% | -97.6% | +22.5% | +24.4% | -68.0% | +23.8% | +143.9% | -403.3% | |
| EPS Growth (YoY) | +84.3% | -534.9% | -77.8% | +26.8% | +27.6% | -55.9% | +27.8% | +142.6% | -388.7% | |
| Shares Change (YoY) | +20.8% | +12.6% | +11.1% | +5.9% | +4.2% | +7.7% | +5.5% | +16.8% | -2.9% | |
| FCF Growth (YoY) | -0.2% | -78.9% | -13.9% | +104.9% | -2,006.5% | +25.8% | -64.5% | +40.0% | +12.8% | |
| Gross Margin | 97.6% | 95.2% | 88.6% | 85.1% | 88.3% | 86.2% | 85.0% | 87.9% | 83.2% | 59.9% |
| Operating Margin | -4,920.3% | -111.0% | -114.1% | -185.3% | -104.5% | -65.5% | -57.5% | -21.5% | 11.5% | -29.9% |
| EBITDA Margin | -4,816.8% | -22.5% | -105.2% | -173.0% | -83.9% | -45.2% | -63.8% | -36.5% | 16.7% | -29.5% |
| Net Margin | -4,930.2% | -32.8% | -120.2% | -187.8% | -102.6% | -59.7% | -75.4% | -43.1% | 12.4% | -32.5% |
| FCF Margin | -4,661.2% | -163.8% | -150.5% | -135.5% | 4.7% | -68.6% | -38.3% | -47.3% | -18.5% | -14.0% |
| Effective Tax Rate | -0.0% | -4.2% | 0.2% | -0.2% | -0.2% | 0.0% | -2.0% | -3.1% | 9.8% | -1.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$5.19 | -$4.30 | -$6.84 | -$7.01 | $0.32 | -$5.93 | -$4.08 | -$6.37 | -$3.27 | -$2.93 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 48.7 M | 58.8 M | 66.2 M | 73.6 M | 78.0 M | 81.3 M | 87.6 M | 92.4 M | 95.1 M | 104.8 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -9.96% |
| Return on Invested Capital | -5.33% |
| Return on Assets | -4.29% |
| Gross Margin | 58.56% |
| Operating Margin | -7.26% |
| Net Margin | -6.93% |
Financial Health
| Debt / Equity | 0.68 |
| Current Ratio | 4.42 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -0.90 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -5.00 | -64.70 | -19.99 | -13.29 | -23.98 | -17.49 | -16.14 | -16.63 | 49.23 | -3.02 |
| P/B | 3.97 | 4.15 | 7.00 | 11.61 | 17.45 | 7.89 | 29.47 | 10.37 | 7.57 | 1.98 |
| P/S | 246.33 | 21.17 | 24.02 | 24.94 | 24.61 | 10.43 | 12.16 | 7.17 | 6.08 | 1.03 |
| Gross Margin | 97.6% | 95.2% | 88.6% | 85.1% | 88.3% | 86.2% | 85.0% | 87.9% | 83.2% | 59.9% |
| Operating Margin | -4,920.3% | -111.0% | -114.1% | -185.3% | -104.5% | -65.5% | -57.5% | -21.5% | 11.5% | -29.9% |
| Net Margin | -4,930.2% | -32.8% | -120.2% | -187.8% | -102.6% | -59.7% | -75.4% | -43.1% | 12.4% | -32.5% |
Related companies: ALNY · IONS · PTCT · DYN
Explore sector: Healthcare · Biotechnology
More sections of SRPT: Overview · Valuation · Estimates · Technical · Ownership
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks