05:00 PM EDT, 07/16/2025 (MT Newswires) -- Sarepta Therapeutics ( SRPT ) said late Wednesday it's launching a restructuring plan that includes cutting expenses, delivering $400 million in annual cost savings, and implementing a 36% workforce reduction of about 500 employees.

The company said the plan is designed to keep access to its $600 million revolving credit facility and generate cash flow to manage liabilities, including repaying its 2027 convertible note.

In addition, Sarepta reported some executive appointments, including Ian Estepan as president and chief operating officer, and Ryan Wong as chief financial officer. It also posted preliminary net product revenue of $513 million in Q2.

The shares were up about 35% in after-hours activity.