GW Pharmaceuticals (NASDAQ:GWPH) reported its latest quarterly earnings results, which were stronger than what analysts called for, while also increasing year-over-year, helping GWPH stock surge after hours Monday.
The Cambridge, United Kingdom-based business said that for its first quarter of its fiscal 2019, it brought in revenue of $39.2 million, which was a major improvement of more than 1200% over the $3 million it brought in during the same period in its fiscal 2018.
GW Pharmaceuticals also brought in a loss of $50.1 million for the period, or 14 cents per share, narrower than its year-ago loss of $69.5 million, or 20 cents per share. The company added that it had net sales of $33.5 million for Epidiolex during the period, which is a cannabis-based medication without THC, which is the psychoactive component of the plant.
The company added that it experienced positive results for its phase-three trial for its Epidiolex drug. The medication does have cannabidiol, or CBD, which is a compound that cannabis plants contain, designed to help those who suffer from epilepsy. The trial was performed on 224 patients in six countries.
GW Pharmaceuticals noted that this was the fifth consecutive positive trial for Epidiolex. The company said it will launch the drug in five major European markets by the end of the year.
GWPH stock is up 4.4% after hours today off the heels of a strong quarterly performance for the business. Shares had been surging 2.6% during regular trading hours today.