Sarepta Shoots Higher As Sales Of $300,000-a-year Drug Exceed Expectations

Sarepta Therapeutics Inc. shares shot more than 13% higher in late trading Wednesday after the company reported sales of its $300,000-a-year drug for Duchenne muscular dystrophy were better than expected. Sarepta announced second-quarter revenue of $35 million, easily beating the average analyst forecast of $22.5 million, according to a FactSet survey. The company brought in nearly as much in sales during the second quarter as it did in the previous six fiscal years, when it recorded $36 million in revenue amid a nearly decade-long effort to get FDA approval for eteplirsen, the first approved treatment for DMD. Sarepta also increased its forecast for full-year revenue, to a range of $125 million to $130 million from previous guidance of more than $95 million. Sarepta stock rose to about $38.80 in late trading, after closing with a 0.6% gain at $34.08; the stock is up more than 61% in the past year, as the S&P 500 index has gained 13.7%.