Earnings roundup: GW Pharmaceuticals awaiting big CBD drug sales as it reports losses

GW Pharmaceuticals, the drugmaker behind the only federally approved CBD product, is still losing money, though it says it’s happy with early sales of its seizure control drug Epidiolex.

Last summer, Epidiolex became the first cannabis-derived treatment approved by the U.S. Food and Drug Administration, prompting the U.S. Drug Enforcement Administration to reschedule CBD under certain circumstances. Sales began in November.

GW Pharma (Nasdaq: GWPH) reported that Epidiolex sales were $4.7 million in November and December, with 4,500 patients coming from about 500 physicians.

In January, the company says that Epidiolex prescriptions rose 150%.

The company still lost $71.9 million last quarter, or 20 cents per share, with revenue of $6.7 million – well below analyst predictions of $11.4 million.

The company lost $61.8 million on sales of $4 million in the same period a year ago.

Also this week:

  • Elixinol Global, which makes CBD supplements and hemp foods and trades on the Australian Stock Exchange as EXL, reported this week that it had total revenue last year of 37.1 million Australian dollars ($26.5 million), up from A$16.8 million in 2017.
  • Green Growth Brands, which sells hemp-derived CBD personal-care products in U.S. shoe stores and mall kiosks and trades on the Canadian Securities Exchange as GGB, reported this week that its revenue last quarter was $3.1 million with a net loss of $13.2 million. The Ohio company told investors it is continuing its hostile takeover bid of Aphria.

 

Subscribe to our Newsletter

Leave a Reply

Your email address will not be published. Required fields are marked *