GW Pharmaceuticals Reports Q3 Sales Beat, Stock Falls

GW Pharmaceuticals PLC- ADR GWPH shares are down after the company released its third-quarter earnings report Tuesday afternoon.

Third-quarter earnings came in at a loss of 4 cents per share, which may not compare to estimates that called for an 87-cent loss. Sales came in at $90.971 million, beating estimates by $5.06 million.

Net sales for the company's lead product, Epidiolex, came in at $86.1 million.

See Also: GW Pharma's CBD Seizure Drug Epidiolex Approved In Europe As Adjunctive Therapy

“In this first year of launch, we are pleased to report continued Epidiolex revenue growth in the US. Receptivity to the introduction of this breakthrough treatment continues to be highly encouraging as a result of positive physician and patient experiences as well as strong payer coverage,” CEO Justin Gover said. “We see significant opportunity for the short, medium and long term and believe that all the fundamentals are in place to make Epidiolex a very successful brand. We can expect to see additional momentum from Europe as well as the launch of the Tuberous Sclerosis indication during 2020.

"On top of this, GW is ideally placed to consolidate its leadership in cannabinoid science through advancing several mid and late stage pipeline programs in the months ahead.”

GW Pharmaceuticals shares fell more than 12% in after-hours trading. The stock closed the regular session at $134.75 per share.