GW Pharma (GWPH) Tops Q2 EPS by 61c, Revenues Beat

GW Pharma (NASDAQ: GWPH) reported Q2 EPS of ($0.02), $0.61 better than the analyst estimate of ($0.63). Revenue for the quarter came in at $121.3 million versus the consensus estimate of $120.31 million.

FINANCIAL RESULTS

• Total revenue for the quarter ended June 30, 2020 was $121.3 million compared to $72.0 million for the quarter ended June 30, 2019
• Net loss for the quarter ended June 30, 2020 was $8.8 million compared to net income of $79.7 million for the quarter ended June 30, 2019. The prior year quarter included net proceeds of $104.1 million from the sale of a Rare Pediatric Priority Review Voucher.
• Cash and cash equivalents at June 30, 2020 were $477.6 million

“We were pleased with the strength of U.S. Epidiolex sales in the second quarter in spite of the COVID-19 pandemic. Further, the recent approval and imminent launch of Epidiolex for the treatment of seizures associated with TSC provides a meaningful new opportunity to accelerate momentum through the second half of 2020 and beyond,” stated Justin Gover, GW’s CEO. “We also continue to be excited about the potential of our product pipeline, in particular nabiximols, for which we recently outlined our accelerated US development strategy in the treatment of spasticity in patients with MS and other conditions. We look forward to commencing the nabiximols Phase 3 program as well as multiple other pipeline clinical trials in the second half of the year.”

For earnings history and earnings-related data on GW Pharma (GWPH) click here.

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