Sarepta Therapeutics, Inc (SRPT) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $84.09 million, or $ 1.50 a share in the quarter, against a net loss of $59.77 million, or $1.31 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $32.96 million, or $0.60 a share from a loss of $52.55 million or $1.15 a share, a year ago. Revenues for the quarter were $16.34 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 98.46 percent.
Operating loss for the quarter was $39.24 million, compared with an operating loss of $59.70 million in the previous year period.
“The first quarter of 2017 showed significant progress across all areas of the business, including executing a strong launch for EXONDYS 51™ (eteplirsen), building our pipeline, working to expand globally, and forging strategic partnerships that support our goal to help as many DMD patients as possible,” said Edward Kaye, Sarepta’s chief executive officer. “Additionally, our pipeline is advancing on schedule, we have taken an important first step in building our European operations, and we look forward to entering the clinic later in the year with our gene therapy and PPMO programs. Moving through 2017, we remain focused on continuing the momentum of the EXONDYS 51 launch while building the foundation for long-term growth through re-investment in our R&D programs.”
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