Sarepta Therapeutics (SRPT) FY2022 results: revenue $933 million, up 32.9% on the year

Sarepta Therapeutics, Inc. (SRPT) reported revenue of $933 million for fiscal 2022, the year ended 31 December 2022, up 32.9% on the year before. Net income was -$703 million, and diluted earnings per share $-8.03. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$933 million

+32.9% on the year

FY2015FY2022

Operating margin

-57.5%

-65.5% a year earlier

FY2015FY2022

Net income

-$703 million

FY2015FY2022

Diluted EPS

-$8.03

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	933	702	540	+32.9%
Research and development	877	771	722	+13.7%
Selling, general and administrative	451	283	318	+59.7%
Operating income	-536	-460	-564
Operating margin	-57.5%	-65.5%	-104.5%
Interest expense	-53.2	63.5	59.9
Pre-tax income	-690	-419	-553
Income tax	13.5	-0.2	1.1
Net income	-703	-419	-554
Net margin	-75.4%	-59.7%	-102.6%
Diluted EPS	-$8.03	-$5.15	-$7.11

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-325	-443	107
Capital expenditure	30.8	38.5	82.2	-19.9%
Free cash flow	-356	-482	25.3
Free cash flow margin	-38.2%	-68.6%	4.7%
Cash from investing	-1,047	495	-122
Cash from financing	233	562	682	-58.6%
Depreciation and amortisation	41.9	38.0	26.9	+10.1%
Share-based compensation	233	114	108	+104.5%
Diluted shares, weighted	88m	81m	78m	+7.7%
Shares outstanding at period end	88m	87m	79m	+0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	385	928	762	-58.5%
Debt	1,544	1,097	992	+40.8%
Operating lease liabilities	57.6	41.5	80.4	+38.7%
Other liabilities	1,142	1,082	1,150	+5.5%
Total liabilities and equity	3,128	3,148	2,985	-0.6%
Fixed assets	180	191	190	-5.8%
Intangible assets	7.6	14.2	13.6	-46.8%
Investments	1,023	0.0	436
Cash and equivalents	967	2,116	1,503	-54.3%
Receivables	215	153	101	+40.3%
Inventory	204	186	232	+9.5%
Other assets	533	488	509	+9.3%
Total assets	3,128	3,148	2,985	-0.6%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.