GW Pharma Rallies On Strong Q2 Epidiolex Sales, Says European Approval Expected In October

Natan Ponieman
0

GW Pharmaceuticals PLC-ADR (NASDAQ: GWPH), the British manufacturer of the CBD drug Epidiolex, said Tuesday that the medication posted net sales of $68.4 million during the quarter and $101.9 million in the first half of 2019.

GW Pharma posted $72 million in revenue in the quarter versus $3.3 million in the same period last year.

Epidiolex has been prescribed to more than 12,000 patients since its launch, the company said. Patients are now being recruited for a Phase 3 trial in Rett Syndrome.

GW's second-quarter EPS of 21 cents was higher than a 25-cent loss in the same quarter last year, and sales of $72.038 million beat a $47.05-million Street estimate.

Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 — click here to learn more!

View more earnings on GWPH

European Commission approval of the drug is expected in early October, and Epidiolex is set for fourth-quarter launches in France, Germany and the U.K., according to GW Pharma. The drug is set to launch in Spain and Italy in 2020.

GW is pleased by strong Epidiolex sales in the U.S., CEO Justin Gover said in a statement.

"With the recent positive Phase 3 trial in Tuberous Sclerosis Complex, we expect to submit an sNDA by the end of 2019 with the goal of expanding the Epidiolex label and market opportunity to include both children and adult patients with TSC, a highly treatment-resistant condition."

The stock was rallying by 8.91% to $166 in after-hours trading Tuesday on the second-quarter results.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

Photo courtesy of GW Pharma.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories