GW Pharmaceuticals Reports First Epidiolex Sales In Earnings, Stock Jumps

GW Pharmaceuticals plc (NASDAQ: GWPH) announced its financial results for the quarter ending December 31, 2018 reflecting the company’s first sales of its cannabis drug Epidiolex. The stock jumped almost 8% in after-hours trading as the biotech company beat analyst estimates.

Epidiolex Sales

Epidiolex is the first plant-derived cannabinoid pharmaceutical ever approved by FDA and first ever approved medicine in the U.S. for Dravet syndrome. Net sales began on November 1 and between that day and the end of the year, the company logged sales of $4.7 million. The company said there were approximately 4,500 new patient enrolment forms in the first two month selling period and over 500 physicians had generated dispensed prescriptions in the first two month selling period. Look ahead to 2019, prescriptions in January grew 150% sequentially over December.

Financial Results

GW Pharmaceuticals changed its fiscal year to begin on January 1, 2019. The revenue for the quarter was $6.7 million versus $4.0 million for the same time period in 2017.  The average estimate for revenues from Yahoo Finance was $5.35 million.  The net loss for the quarter jumped to $71.9 million versus last year’s$61.8 million for the same time period. The company also beat the analyst estimates for earnings by three cents with its loss of $0.20.

“We are pleased by the high level of physician and patient demand for Epidiolex, and by the number of payors that have already made favorable coverage determinations for the product. With US launch taking place part way through the quarter, the two month selling period at the end of 2018 was primarily aimed at setting the commercial wheels in motion for the 2019 launch year. As we move into the New Year, prescription growth trajectory has been highly encouraging and we believe that we are on track to deliver a successful market introduction of this important new treatment,” stated Justin Gover, GW’s Chief Executive Officer. “In addition to the US launch, we look forward to a positive regulatory decision in Europe in the next few months, results of a Phase 3 trial in Tuberous Sclerosis Complex, and a number of advances in the pipeline.”

 

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 18 hours

Singer ⁦@johnlegend⁩ Teams Up With ⁦@plusproductsthc⁩ For Launch $PLUS

@GreenMarketRpt – 2 days

$CL ⁦@crescolabs⁩ Buys Tryke For $282 Million, Picks Up ⁦@ReefDispensarie⁩ #reef…

Back to Top

You have Successfully Subscribed!