GW Pharmaceuticals NASDAQ:GWPH) stock was flat late in the day Tuesday as the company reported its latest quarterly earnings results, which saw its loss widen year-over-year, while revenue increased.
For its first three quarters of fiscal 2018, the pharmaceutical company brought in cash equivalents of £334.0 million ($440.2 million), which was larger than the cash equivalents of £241.2 million that it had as of September 30, 2017.
GW Pharmaceutical’s revenue for the first nine months of the fiscal year amounted to £10.7 million ($14.2 million), beating the £6.1 million it amassed for the nine months ended June 30, 2017.
For the first nine months of the year, the company posted a loss of £136.7 million ($180.2 million), which is much wider than the loss of £90.3 million it had at the same time a year ago.
“The recent FDA approval of Epidiolex represents a major medical advance for patients with Lennox-Gastaut Syndrome and Dravet syndrome,” said Justin Gover, GW’s CEO, in relation to one of its most exciting products in the pipeline. “We anticipate rescheduling to be completed within 90 days of FDA approval and for product launch to take place in the Fall.”
“In preparation for launch, we have now completed the hiring of our U.S. sales organization and are engaged with patient organizations, physicians and managed care organizations/payors.”
GWPH stock was unmoved after the bell following the company’s quarterly earnings results. The stock was down about 0.8% during regular trading hours Tuesday.