Sarepta Could More Than Double Its Addressable Market In A Few Years, But Eteplirsen Isn't The 'Be All End All'

Sarepta Therapeutics Inc (NASDAQ: SRPT) announced the commencement of dosing in the Phase III ESSENCE study of SRP-4045 and SRP-4053.

“If the trial is successful, it could mean more than doubling of Sarepta’s addressable population in the next few years,” Baird’s Brian P. Skorney said in a report. He reiterated an Outperform rating on the company, with a price target of $102.

Related Link: Sarepta Dosing First Patients In Phase 3 Trial Of Duchenne Muscular Dystrophy Drug

The study would be testing two separate exon-skipping agents with the same backbone as eteplirsen in exon 45/53 amenable patients. ESSENCE is a placebo-controlled study lasting over 96 weeks and has potential to confirm the benefit provided by eteplirsen, Skorney mentioned.

Eteplirsen Not The 'Be All’

“Now that the controversy of the last few years has come and gone, we want to emphasize that eteplirsen is not, and never has been, the “be all” for Sarepta,” Skorney commented. He stated that an eteplirsen approval on evidence of dystrophin production would be favorable for a class approval, and Sarepta is now a step closer to that potential outcome.

The analyst estimated a 50 percent chance of success on exons 45/53, with potential peak sales of more than $900 million in the US. He also estimated peak sales of Exondys 51 near $600 million.

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