GW Pharmaceuticals Stock Slides on Q2 Earnings Miss
GW Pharmaceuticals PLC-ADR (NASDAQ:GWPH) stock fell late Tuesday as the company unveiled its latest quarterly earnings results, which missed analysts’ expectations.
The pharmaceutical company said that its second quarter of fiscal 2018 brought in adjusted earnings at a loss of $3.12 per share. Analysts were calling for adjusted earnings at a loss of $2.22 per share, according to the Zacks Consensus Estimate–the consensus projection was trending lower throughout the quarter.
GW Pharmaceuticals did manage to impress in its revenue figures as it raked in sales of $3.35 million, ahead of the Wall Street consensus estimate of $2 million, according to data compiled by Zacks. Total revenue increased by 64.2% compared to the year-ago quarter.
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“The positive outcome of the Epidiolex FDA Advisory Committee meeting was a momentous event for GW,”said CEO Justin Gover.. “The strength and consistency of the clinical data, together with the public presentations that featured very moving personal stories of the challenges associated with managing these difficult forms of epilepsy, led to a unanimous vote in support of approval.”
GW Pharmaceuticals is hoping that the epilepsy drug will garner regulatory approval as the Food and Drug Administration has a decision to make regarding its safety in June. Epidiolex would be rolled out during the second half of the year if the drug is approved by the FDA.
GWPH shares were down about 0.6% during regular trading hours and fell a further 0.7% after the bell Tuesday.
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