GW Pharmaceuticals PLC (NASDAQ: GWPH) reported its fiscal fourth-quarter financial results before the markets opened on Monday. The company posted a net loss of $0.89 per share and $2.2 million in revenue. The consensus estimates from Thomson Reuters had called for a net loss of $1.58 per share and revenue of $3.6 million. In the same period of last year, it posted a $0.85 per share net loss and $8.46 million in revenue.
Operationally, Epidiolex (CBD) orphan epilepsy program in Dravet syndrome, Lennox-Gastaut syndrome, tuberous sclerosis complex and infantile spasms received positive results across its Phase 3 trials for these indications.
The program has also been expanded, with 98% of patients who complete Phase 3 trials have entered long-term extension. Over 1,000 patients are now on Epidiolex treatment. The withdrawal rate in long-term studies is approximately 20% as well.
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On the books, cash and cash equivalents totaled £374.4 million ($483.4 million) at the end of the quarter, compared to £234.9 million in the same period from last year.
Justin Gover, GW’s CEO, commented:
In 2016 GW has completed three positive Phase 3 trials for Epidiolex in patients with two different rare treatment resistant forms of childhood-onset epilepsy and we are making good progress towards an NDA submission. Our sights are now focused on Epidiolex approval and accelerating our preparations for a highly successful launch. Our goal is to provide the children and their families suffering from these highly treatment-resistant forms of childhood-onset epilepsy with a much needed new prescription option as quickly as possible.
Shares of GW Pharma traded up 2% early Monday to $114.59, with a consensus analyst price target of $146.00 and a 52-week trading range of $107.10 to $130.79.
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