GW Pharmaceuticals (NASDAQ: GWPH)topped revenue estimates for the second quarter of 2019, sending the stock climbing over 11% during aftermarket hours on Tuesday. The consensus estimate was for earnings of $1.34 per share on revenue of $47 million.
Total revenue was $72 million compared to $3.3 million in the same period last year.
The company reported a net income of $79.7 million, or $0.21 per share, compared to a net loss of $84 million, or $0.25 per share, in the prior-year quarter.
During the quarter, sales of Epidiolex totaled $68.4 million. Over 12,000 patients have received Epidiolex prescriptions since launch and over 2,500 physicians have generated dispensed prescriptions since launch.
With regards to the European launch of Epidiolex, GW Pharma anticipates approval in early October on positive CHMP opinion. The company expects to launch in France, Germany and the UK by the fourth quarter with launches in Spain and Italy to follow in 2020.
The company is working on the development of Sativex for the treatment of multiple sclerosis spasticity. GW Pharma has already completed over 10 placebo-controlled trials in other conditions.
The company also believes there is potential for CBDV in the fields of autism and epilepsy. The open label study in Rett syndrome and seizures are ongoing.
At June 30, 2019, GW Pharma had cash and cash equivalents of $583.7 million compared to $591.5 million as of December 31, 2018.
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