GW Pharmaceuticals (NASDAQ: GWPH) beat revenue estimates and reported a narrower-than-expected loss for the third quarter of 2019. Despite the beat, the stock tumbled 12% in aftermarket hours on Tuesday.
Total revenue was $91 million compared to $2.4 million in the prior-year period. This was above estimates of $85.3 million.
Net loss was $13.8 million, or $0.04 per share, compared to a loss of $79.9 million, or $0.23 per share last year. Analysts had forecast a loss of $0.85 per share.
Epidiolex sales in the US totaled $86.1 million during the quarter. Over 15,000 patients have received Epidiolex prescriptions since launch. The company received the European Commission approval for Epidiolex in September and commercialization is underway in France and Germany.
GW Pharmaceuticals is exploring the use of Epidiolex in new indications such as Tuberous Sclerosis Complex and Rett Syndrome, and studies are underway in both these areas.
The company completed three positive Phase 3 trials in Europe for Sativex, which is indicated for the treatment of multiple sclerosis. The clinical program to augment existing data is expected to start in Q1 2020. GW is also planning a clinical program for additional indications for 2020-2021.
Cash and cash equivalents at September 30, 2019 were $554.7 million.