Sarepta Therapeutics reported preliminary Q4 2025 results showing Elevidys (delandistrogene moxeparvovec-rokl) sales of $110.4 million, a quarter-on-quarter decline that missed analyst forecasts and triggered an immediate share selloff. The company’s CEO publicly defended Elevidys during the J.P. Morgan conference while reiterating broader product revenue strength and year-end cash near $954 million. Investors focused on the combination of a high-profile safety backdrop — three DMD patient deaths reported last year — and the revenue miss, driving heightened scrutiny of commercial uptake for the only FDA‑approved AAV gene therapy for Duchenne muscular dystrophy. Market reaction and management commentary signal renewed attention on commercial execution, safety messaging, and investor expectations for the gene‑therapy market.