Sarepta Therapeutics reported that Elevidys (gene therapy) net product revenue beat Wall Street expectations in its latest quarter, but sales continued to decline as the company navigates ongoing FDA limitations. Shares dropped more than 10% in the session following results, reflecting uncertainty about longer-term growth and competitive pressure. Sarepta recorded $331 million in overall net product revenue, including $102 million from Elevidys. The therapy’s trajectory follows a prior period of research setbacks and safety concerns that led to temporary market removal, with the FDA now limiting its use. The company’s strategy increasingly pivots to early-stage small interfering RNA (siRNA) programs, including Arrowhead-licensed candidates SRP-1001 and SRP-1003 for muscle deterioration genetic conditions. Sarepta reiterated it is financially positioned to fully fund its pipeline and said additional data are expected in the second half of the year.