GW Pharmaceuticals plc GWPH reported financial results for its fiscal fourth quarter 2018. Compared to analysts' consensus estimates, the company reported a better-than-expected net loss, but its top line missed the expectations.
What Happened
For the quarter ended Sept. 30, GW Pharmaceuticals posted a net loss of 23 cents per share, which was narrower than the consensus estimate of a loss of $2.46. Revenue of $2.42 million was substantially lower than the expected $5.48 million and slightly below the $2.45 million the company posted for the fourth quarter of fiscal 2017.
For the full year, GW Pharma reported a net loss of 88 cents per share, compared to a loss of 56 cents per share a year earlier. Revenue came in at $12.74 million, up 47.6 percent on the year.
Why It's Important
GW Pharmaceuticals has the only FDA-approved CBD drug, Epidiolex, which was approved for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome. Epidiolex was launched for sale in the U.S. on Nov. 1.
The company also has another cannabis-based drug, Sativex, which is approved for cancer pain and multiple sclerosis spasticity in the UK and certain other markets.
What's Next
The company's pipeline includes a number of candidates at various trial stages. Sativex is undergoing late-stage trials in the U.S. for Multiple Sclerosis spasticity and the company is expecting a meeting with the FDA regarding the drug in December. Epidiolex is expected to launch in Europe next year.
In 2019, analysts expect GW Pharmaceuticals to generate a revenue of $139.23 million.
After falling about 4.7 percent in Tuesday's session, GW Pharma shares were marginally higher in after-hours trading. The stock closed at $121.72.
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Additional Late-Stage Study Confirms Efficacy, Safety Of GW Pharma's Epidiolex
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