GW Pharmaceuticals (NASDAQ: GWPH) reported third-quarter 2020 financial results before the regular trading hours on Tuesday. The company, which specializes in cannabinoid prescription medicines, reported a 51% spike in Q3 revenue to $137.1 million, surpassing the Wall Street consensus. Net earnings narrowed to 0.03 per share, stronger than the target that analysts had projected.
GWPH shares gained 19% during market hours. The stock has increased 4% since the beginning of this year.
Epidiolex accounted for a lion’s share of the total revenues, contributing $132.6 million in Q3.
CEO Justin Gover said, “We have also now commenced the pivotal Phase 3 program for nabiximols in the treatment of multiple sclerosis spasticity, which provides multiple opportunities for an NDA submission, including as early as next year. Beyond nabiximols, we are advancing several clinical-stage pipeline candidates, including the recent start of a Phase 2 trial in schizophrenia.”
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