GW Pharmaceuticals PLC (GWPH) shares tumbled 11.98% on Friday, trading at $116.11 in the current market.
GW Pharmaceuticals PLC (GWPH) shares slumped 12% Friday after the company swung to a loss in the second quarter, mainly hurt by the coronavirus pandemic.
U.K. based Company, GW Pharmaceuticals PLC is the only one to have the U.S. Food and Drug Administration (FDA) approval for a cannabis-based drug, Epidiolex, a treatment for severe forms of childhood epilepsy.
The healthcare company reported a loss of $8.8 million, or 2 cents a share, for the quarter, after income of $79.7 million in the year-earlier period. The revenue rose to $121.3 million from $72.0 million.
Chief Executive Justin Gover said in a statement,
“We were pleased with the strength of U.S. Epidiolex sales in the second quarter in spite of the COVID-19 pandemic,”
“The Epidiolex sales came to $117.7 million. 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,” he said.