Sarepta names new CEO after two Elevidys-linked deaths

Signals Inbox·July 27, 2026·Biopharma

Sarepta has hired former AbbVie president Michael Severino to lead a company still recovering from two deaths linked to Elevidys, FDA restrictions and a collapse in investor confidence. This is not a normal CEO handoff. Severino inherits a gene-therapy business that went from a potential multibillion-dollar blockbuster to one of biotech’s hardest turnaround jobs.

Q1What actually happened?

Sarepta officially appointed Michael Severino as CEO, effective July 28. He replaces Doug Ingram, who announced his retirement in February and will remain an adviser through the end of 2026. Severino previously ran gene-writing startup Tessera Therapeutics and, before that, served as vice chairman and president of AbbVie.

Q2Why is this more than a normal CEO change?

Because Severino is taking over after Sarepta’s biggest product went from blockbuster hope to crisis. Elevidys, a one-time Duchenne gene therapy priced at $3.2 million, was linked to the deaths of two non-walking patients following acute liver failure. The FDA later restricted its use, and sales dropped as doctors and families became more cautious.

Q3How badly was Sarepta hit?

Very badly. Sarepta shares traded above $158 after Elevidys won broader approval in June 2024. By the time Severino was appointed, they were around $16. In 2025, Sarepta also announced a 36% workforce cut affecting roughly 500 people and targeted about $400 million in annual cost savings. The company is now worth roughly what it was ten years ago.

Q4Why choose Michael Severino?

He has the exact mix Sarepta needs: science, regulation, large-scale drug development and commercialization. At AbbVie, he helped oversee major drugs including Skyrizi, Rinvoq and Venclexta. Sarepta does not just need someone who understands experimental medicine. It needs someone who knows how to rebuild a drug franchise after trust, sales and regulatory momentum have all been damaged.

Q5Is Elevidys still important?

Yes. Sarepta generated about $1.86 billion in total revenue during 2025, with nearly $900 million coming from Elevidys. That makes walking away almost impossible. But the therapy can no longer carry the same growth story alone. Severino must protect the remaining Duchenne business while proving Sarepta has credible products beyond Elevidys.

Q6What is the real signal?

Sarepta is moving from founder-like conviction to professional repair work. Ingram built the company around speed, rare-disease advocacy and aggressive gene-therapy bets. Severino now has to bring back regulatory trust, make the smaller pipeline matter and show that Sarepta can survive after its defining product lost its halo. The CEO search is over, but the turnaround has barely started.