Sarepta Therapeutics Stock Is Surging After The Bell: What's Going On?
What To Know: After the market close on Wednesday, Sarepta Therapeutics introduced a strategic restructuring plan that involves focusing on high-value, high-impact programs and supporting long-term financials.
Sarepta said it initiated immediate changes to reduce operating expenses, including a 36% workforce reduction and a pipeline reprioritization.
The changes are expected to drive approximately $400 million in annual cost reductions and lower the company's average annual research and development expenses and selling, general and administrative expenses to between $800 million and $900 million starting in 2026. Sarepta anticipates $100 million in cost savings through the end of 2025.
'Faced with environmental changes, we have decided to act decisively, implementing a focused strategy to ensure Sarepta remains a vibrant, financially enduring, patient-centric organization dedicated to improving the lives of those with rare genetic diseases,' said Doug Ingram, CEO of Sarepta Therapeutics.
'These changes will ensure we remain a financially strong and profitable organization built on a sharpened and focused strategy.'
In connection with the announcement, Sarepta reported preliminary financial results for the second quarter. The company said it expects to report second-quarter net product revenue of $513 million.
Sarepta had $850 million of cash, cash equivalents, restricted cash and investments as of June 30.
The company also announced several new executive leadership changes, including the appointment of Ian Estepan as president and COO and Ryan Wong as CFO. Louise Rodino-Klapac was named president of R&D and technical operations, Rachael Potter was appointed as chief scientific officer and Patrick Moss was named chief commercial officer.
SRPT Price Action: Sarepta Therapeutics shares were up 38.08% at $25.38 in after-hours trading at the time of publication Wednesday, according to Benzinga Pro.
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This article Sarepta Therapeutics Stock Is Surging After The Bell: What's Going On? originally appeared on Benzinga.com
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