Sarepta Therapeutics (NASDAQ:SRPT) reported mixed second-quarter results, beating earnings expectations but missing revenue forecasts and offering a weaker-than-anticipated outlook for fiscal year 2025. This led to a 3% intra-day drop today.

The biotechnology company posted adjusted earnings per share of $0.44, significantly surpassing the Street estimate of -$0.13. However, revenue for the quarter was $362.9 million, falling short of the consensus forecast of $394.39 million, despite a 51% year-over-year increase.

Sarepta's gene therapy, ELEVIDYS, which received expanded FDA approval during the quarter, generated $121.7 million in net product revenue. The company’s PMO products contributed $238.8 million.

Looking forward, Sarepta provided revenue guidance for fiscal year 2025 in the range of $2.9 billion to $3.1 billion, which is below the analyst expectations of $3.241 billion. The midpoint of this guidance represents a 3.7% shortfall compared to the Street estimate.