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Jan. 11, 2021, 7:22 a.m. EST

GW Pharmaceuticals provides upbeat total and Epidiolex sales outlooks; stock turns up

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By Tomi Kilgore

GW Pharmaceuticals PLC /zigman2/quotes/209686240/composite GWPH +0.36% provided an upbeat outlook for fourth-quarter sales, amid strength in sales of Epidiolex, the first cannabis-based drug to be approved by the Food and Drug Administration. The stock edged up 0.2% in premarket trading, reversing earlier losses. The company now expects total product sales of $148 million, above the FactSet consensus of $141.2 million, as Epidiolex sales are expected to be $144 million, which is above expectations of $137.4 million. The company said Epidiolex sales have increased by 70% in 2020, despite challenges associated with the COVID-19 pandemic. "Our goals in 2021 include driving further Epidiolex growth and advancing multiple US pivotal trials for nabiximols in the treatment of [multiple sclerosis] spasticity, with the first data readout expected this year," said Chief Executive Justin Grover. The stock has run up 35.4% over the past three months through Friday, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.05% has soared 45.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% has gained 10.0%.

/zigman2/quotes/209686240/composite
US : U.S.: Nasdaq
$ 214.94
+0.77 +0.36%
Volume: 2.06M
March 5, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.71 billion
Rev. per Employee
$457,628
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 21.21
+0.01 +0.05%
Volume: 3.70M
March 5, 2021 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,841.94
+73.47 +1.95%
Volume: 3.33B
March 5, 2021 5:44p
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