GW Pharmaceuticals Inc. reported revenue that topped the consensus estimates Tuesday, as the company’s marijuana-derived epilepsy drug continues to grow. GW Pharma GWPH, -5.21% shares fell more than 6% in the extended session. The company reported a fourth-quarter net loss of $24.9 million, which amounts to 7 cents a share, versus a loss of $71.9…
GW Pharmaceuticals Inc. reported earnings that topped the consensus approximates Tuesday, as the company’s marijuana-derived epilepsy drug continues to grow.
shares fell more than 6%in the extended session.
The business reported a fourth-quarter net loss of $249 million, which amounts to 7 cents a share, versus a loss of $719 million, or 20 cents a share, in the year-ago quarter.
Profits increased to $1091 million from $6.6 million a year ago and $93 million in the third quarter. GW Pharma stated that it sold $1045 million of Epidiolex in the fourth quarter. Epidiolex is a U.S. Food and Drug Administration-approved drug used to treat a number of types of epilepsy that is stemmed from cannabidiol, or CBD.
“2019 was an extraordinary and transformative year for GW, led by the successful launch of Epidiolex in the U.S. and approval in Europe,” President Justin Grover stated in a declaration. “We also anticipate 2020 to be an important year for our growing and developing product pipeline beyond Epidiolex as we develop on our world leadership in cannabinoid science.”
In the business’s profits teleconference Tuesday, executives said investors must anticipate Epidiolex sales to be roughly “constant” in the first quarter versus the fourth quarter.
” While we don’t have an excellent comparator as Q1 in 2015 was the first full quarter of our launch, we do anticipate that Epidiolex might experience the seasonality influences you see in numerous other medicines,” Chief Commercial Officer Darren Cline said in the call. “As we said in January at the JPMorgan Conference, as you model this upcoming quarter, we would expect [first-quarter] sales efficiency to be constant with that of [the fourth quarter].”
GW Pharma stated previously this month that it had actually submitted an application to broaden the label for Epidiolex to include the treatment of seizures connected with Tuberous Sclerosis Complex. In the conference call, the business stated it anticipates to submit a comparable application in Europe by the end of the very first quarter.
GW Pharma had pre-announced revenues in January, telling investors it expected fourth-quarter income of approximately $108 million, with $104 million getting here from sales of Epidiolex.
Analysts surveyed by FactSet had estimated incomes of 3 cents a share on profits of $1053 million. Sell-side experts designed first-quarter profits of $1104 million.
GW Pharma stock has actually fallen 22%in the past year, with the S&P 500 index.