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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 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 +2.61% has soared 45.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.21% has gained 10.0%.

/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 20.44
+0.52 +2.61%
Volume: 583,767
May 18, 2021 2:21p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,154.75
-8.54 -0.21%
Volume: 1.46B
May 18, 2021 2:22p
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