This stock is soaring on news that sales of its cannabis-derived epilepsy drug more than doubled:
GW Pharmaceuticals PLC reported Tuesday afternoon that sales of its cannabis-derived epilepsy drug more than doubled from the previous quarter, sending shares spiking more than 11% higher in after-hours trading.
GW Pharmaceuticals GWPH, +0.73% reported second-quarter sales of $68.4 million for Epidiolex, which uses cannabidiol, a compound present in cannabis plants to treat certain forms of epilepsy. Wall Street analysts had forecast Epidiolex sales of $40.9 million, after GW Pharma reported sales of $33.5 million in the first quarter.
“We are pleased to report a strong second quarter of sales of Epidiolex in the U.S., reflecting high demand by U.S. patients, increased prescribing by health care providers, and ongoing progress in payer-coverage determinations,” GW Pharma Chief Executive Justin Glover said in a statement.Since the drug’s launch, the company said more than 12,000 patients have received prescriptions for the medicine and it has been dispensed to 2,500 doctors.
Overall, the company reported second-quarter net income of $79.8 million, or 21 cents a share, compared with losses of $84 million, or 25 cents a share, in the year-ago period. The United Kingdom-based company’s net income benefited from a $104.1 million gain on the sale of one of its intangible assets. Revenue rose to $72 million from $3.3 million in the year-ago period.Analysts surveyed by FactSet had estimated overall earnings of a penny a share on revenue of $47 million.
Max A. Cherney Max A. Cherney is a MarketWatch reporter based in San Francisco. Follow him on Twitter @chernandburn.
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