Categories Cannabis, Earnings

GW Pharmaceuticals (GWPH) posts better-than-expected Q3 results

GW Pharmaceuticals (NASDAQ: GWPH) beat revenue estimates and reported a narrower-than-expected loss for the third quarter of 2019. Despite the beat, the stock tumbled 12% in aftermarket hours on Tuesday.

Total revenue was $91 million compared to $2.4 million in the prior-year period. This was above estimates of $85.3 million.

Photo Courtesy: Rex Medlen from Pixabay

Net loss was $13.8 million, or $0.04 per share, compared to a loss of $79.9 million, or $0.23 per share last year. Analysts had forecast a loss of $0.85 per share.

Epidiolex sales in the US totaled $86.1 million during the quarter. Over 15,000 patients have received Epidiolex prescriptions since launch. The company received the European Commission approval for Epidiolex in September and commercialization is underway in France and Germany.

Also read: GW Pharmaceuticals Q3 2019 Earnings Preview

GW Pharmaceuticals is exploring the use of Epidiolex in new indications such as Tuberous Sclerosis Complex and Rett Syndrome, and studies are underway in both these areas.

The company completed three positive Phase 3 trials in Europe for Sativex, which is indicated for the treatment of multiple sclerosis. The clinical program to augment existing data is expected to start in Q1 2020. GW is also planning a clinical program for additional indications for 2020-2021.  

Cash and cash equivalents at September 30, 2019 were $554.7 million.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

2 thoughts on “GW Pharmaceuticals (GWPH) posts better-than-expected Q3 results

Comments are closed.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top