GW Pharmaceuticals Revenue Jumps Over 200% In First Quarter

GW Pharmaceuticals (GWPH) saw its stock slip in after-hours trading after the UK-based biotech company reported its first-quarter earnings and positive news out of Europe. First, revenue for the first quarter rose 203% to $7.7 million beating estimates by $5.4 million and topping last year’s revenue for the same period.

However, losses increased to $63.3 million or 47 million pounds, higher than last years 15.6 million pounds. The earnings per share for the quarter were -$2.44 a miss of 31 cents.

“With the Epidiolex regulatory applications accepted for review in both the US and Europe and an assigned mid-year FDA decision date, 2018 is expected to be an exciting year for our Company with an anticipated first U.S. approval and launch. The commercial teams are making great progress toward launching Epidiolex with full conviction,” stated Justin Gover, GW’s Chief Executive Officer. “We also continue to see a significant flow of clinical data from the Epidiolex program through both medical meetings such as the American Epilepsy Society and in publication including our recent Lennox-Gastaut syndrome results in The Lancet. Beyond Epidiolex, we expect to progress a number of important pipeline programs during 2018 that have the potential to offer additional value.”

The company also announced that the European Medicines Agency (EMA) has decided to accept for review a marketing application seeking approval for Epidiolex (cannabidiol) for the treatment of seizures associated with the rare forms of epilepsy called Lennox-Gastaut syndrome and Dravet syndrome. GW Pharma said that a final decision by the European Commission should be announced no later than the first quarter of next year. The U.S. NDA for the treatment of seizures associated with LGS and Dravet was accepted for priority review with the planned PDUFA goal date of June 27, 2018.

Earlier today, Cator Fitzgerald reiterated its buy rating on GW PHarmaceutical and a price target of $192. The stock has slipped from its 52-week high of $143 but has still had a huge move from its 52-week low of $92.

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 – 7 hours

Illinois’ Adult Use Market Continues to Flourish ⁦@GTIGrows⁩

@GreenMarketRpt – 1 day

We apologize for our slow reporting this week. We were affected by the storm that came through the Northeast and ar…

@GreenMarketRpt – 3 days

RT : Unlike other hemp-infused beverages that contain CBD, these products are made with hemp seed oil.

Back to Top

You have Successfully Subscribed!