GW Pharma Rallies On Strong Q2 Epidiolex Sales, Says European Approval Expected In October

GW Pharmaceuticals PLC-ADR GWPH, the British manufacturer of the CBD drug Epidiolex, said Tuesday that the medication posted net sales of $68.4 million during the quarter and $101.9 million in the first half of 2019. 

GW Pharma posted $72 million in revenue in the quarter versus $3.3 million in the same period last year.

Epidiolex has been prescribed to more than 12,000 patients since its launch, the company said. Patients are now being recruited for a Phase 3 trial in Rett Syndrome. 

GW's second-quarter EPS of 21 cents was higher than a 25-cent loss in the same quarter last year, and sales of $72.038 million beat a $47.05-million Street estimate.

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European Commission approval of the drug is expected in early October, and Epidiolex is set for fourth-quarter launches in France, Germany and the U.K., according to GW Pharma. The drug is set to launch in Spain and Italy in 2020. 

GW is pleased by strong Epidiolex sales in the U.S., CEO Justin Gover said in a statement. 

"With the recent positive Phase 3 trial in Tuberous Sclerosis Complex, we expect to submit an sNDA by the end of 2019 with the goal of expanding the Epidiolex label and market opportunity to include both children and adult patients with TSC, a highly treatment-resistant condition."

The stock was rallying by 8.91% to $166 in after-hours trading Tuesday on the second-quarter results. 

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Photo courtesy of GW Pharma.