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Nov. 3, 2020, 7:48 a.m. EST

GW Pharmaceuticals loss narrows more than expected and revenue beats; stock rallies

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By Tomi Kilgore

Shares of GW Pharmaceuticals PLC /zigman2/quotes/209686240/composite GWPH -0.10% rallied 4.7% in premarket trading Tuesday, after the biopharmaceutical company developing therapeutics from its cannabinoid product platform reported a narrower-than-expected loss on revenue that rose above forecasts. The company also said it initiated a Phase 3 trial of a multiple sclerosis treatment. The net loss narrowed to $12.2 million, or 3 cents a share, from $13.8 million, or 4 cents a share, in the year-ago period. The FactSet per-share loss consensus was 5 cents. Revenue hiked up 50.7% to $137.1 million, above the FactSet consensus of $127.4 million. Total net product sales of Epidiolex were $132.6 million, up 12.7% from sequential second-quarter sales of $117.7 million. "We are pleased to report strong revenue growth in the 3rd quarter despite the challenges presented by COVID-19," said Chief Executive Justin Gover. "Epidiolex meets a serious unmet need within the field of epilepsy and we expect the product to demonstrate continued strong growth in the months and years ahead." The stock has dropped 32.8% over the past three months through Monday, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -0.27% has lost 10.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.54% has ticked up 0.5%.

/zigman2/quotes/209686240/composite
US : U.S.: Nasdaq
$ 214.72
-0.22 -0.10%
Volume: 1.09M
March 8, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.74 billion
Rev. per Employee
$457,628
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 18.37
-0.05 -0.27%
Volume: 189,879
March 8, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,821.35
-20.59 -0.54%
Volume: 2.99B
March 8, 2021 5:05p
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