Medical marijuana company GW Pharmaceuticals (NASDAQ: GWPH) beat market expectations on revenue and earnings for the first quarter of 2019, sending shares climbing over 6% in after-market hours on Monday.
Total revenue amounted to $39.2 million compared to $3 million in the year-ago period.
Net loss for the quarter was $50.1 million, or $0.14 per share, compared to $69.5 million, or $0.20 per share in the prior year.
Epidiolex had net sales of $33.5 million in the US during the first quarter. Over 7,600 patients have received Epidiolex prescriptions since launch and the pharmacy distribution network now includes over 145 distribution points. The company plans to launch Epidiolex in five major European markets by the end of this year.
GW Pharma achieved positive results for Epidiolex in the Phase 3 trial in Tuberous Sclerosis Complex and expects the sNDA submission to take place in the fourth quarter of 2019. The company expects to start a pivotal Phase 3 trial in Rett Syndrome in the second quarter of 2019. The company also commenced an open label study in Rett syndrome and seizures for CBDV.
GW Pharma closed a transaction to sell the Rare Pediatric Disease Priority Review Voucher for $105 million on April 5, 2019. The sale will be reflected in the company’s second quarter 2019 results.
The UK-based firm enjoys both the status of a ‘red hot’ cannabis stock, as well as the general acceptance for a pharma company. In the trailing 52 weeks, the stock has gained 28%.
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