GW Pharmaceuticals (NASDAQ: GWPH) reported a narrower net loss for the fourth quarter of 2019 as net sales rose sharply, with strong contributions from the company’s flagship product Epidiolex. The top-line also beat the market’s prediction. The company said it is on track to launch Eiodiolex in Europe in the first quarter.
Net loss narrowed to $24.95 million or $0.07 per share in the fourth quarter from $71.91 million or $0.20 per share in the year-ago quarter. Analysts were looking for a wider loss.
The improvement in bottom-line performance reflects a sharp increase in revenues to $109.08 million, which surpassed analysts’ expectations. Net sales of Epidiolex, the company’s flagship product, came in at 104.5 million.
GW Pharma recorded operating cash flow of minus $123.5 million during the three-month period and ended the quarter with cash balance of $536.9 million.
Epidiolex, the cannabidiol-based drug that was launched in the US early last year, later secured regulatory approval in Europe. Currently, the formulation is tested for additional indications in conditions like Tuberous Sclerosis Complex and Rett Syndrom.
“We expect 2020 to be an important year for our growing and developing product pipeline beyond Epidiolex as we build on our world leadership in cannabinoid science. We are focused on advancing nabiximols in the US in several indications and clinical programs with other potential products whilst continuing to bring Epidiolex to more patients in the US and Europe,” said CEO Justin Gover.
Looking ahead, the company looks to broaden the prescriber base for Epidiolex this year, entering the long-term care segment and expanding payer coverage. It is on track to launch the drug in Europe in the first quarter, followed by launches in France and Italy.
Shares of GW Pharmaceuticals closed Tuesday’s regular session lower and dropped further during the extended trading session. The stock had a positive start to 2020 and gained 14% since the beginning of the year.
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