SRPTSarepta Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: $1.9B; 4.3% YoY
Operating margin: -37.5%; 408% YoY
EBITDA: −$655M; 356% YoY
Market cap: $2.0B
Employees: 10,000; $186K revenue each
Net debt / EBITDA: —; $276M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
67% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$186K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$417K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$612M	$844M	$1.1B	$1.8B	$1.9B	4.3%
Operating income	−$460M	−$536M	−$268M	$218M	−$700M	421%
Net income	−$419M	−$703M	−$536M	$235M	−$713M	403%
Operating cash flow	−$443M	−$325M	−$501M	−$206M	−$205M	0.1%
Capex	$38M	$31M	$76M	$137M	$102M	26%
Stock-based comp	$114M	$233M	$183M	$184M	$123M	33%
Buybacks	—	—	$0	$0	$25M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $417K · 2
Net: −$417K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	−$17M	13	125
FY2024	$2M	−$15M	71	94
FY2023	$2M	−$35M	57	94
FY2022	$125M	$163M	76	90
FY2021	$2M	−$305M	53	100