Sarepta Therapeuticals shares down 5% after company misses Q1 expectations
Sarepta Therapeutics Inc. shares fell nearly 5% late Thursday after the biopharma company reported a wider-than-expected adjusted first-quarter loss and sales also missed targets. Sarepta said it lost $35.4 million, or 55 cents a share, in the quarter, versus earnings of $84.1 million, or $1.50 a share, in the year-ago period. Adjusted for one-time items, Sarepta lost $17.9 million, or 28 cents a share, compared with a net loss of $31.4 million, or 57 cents a share, a year ago. Sales rose to $64.6 million in the quarter, compared with $16.3 million a year ago, mostly thanks to the success in the U.S. of one of its drugs to treat a type of muscular dystrophy. Analysts polled by FactSet had expected an adjusted loss of 24 cents a share on sales of $65.3 billion. Sarepta shares ended the regular session down 0.3%.
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