GW Pharmaceuticals provides upbeat total and Epidiolex sales outlooks; stock turns up

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GW Pharmaceuticals PLC provided an upbeat outlook for fourth-quarter sales, amid strength in sales of Epidiolex, the first cannabis-based drug to be approved by the Food and Drug Administration. The stock edged up 0.2% in premarket trading, reversing earlier losses. The company now expects total product sales of $148 million, above the FactSet consensus of $141.2 million, as Epidiolex sales are expected to be $144 million, which is above expectations of $137.4 million. The company said Epidiolex sales have increased by 70% in 2020, despite challenges associated with the COVID-19 pandemic. “Our goals in 2021 include driving further Epidiolex growth and advancing multiple US pivotal trials for nabiximols in the treatment of [multiple sclerosis] spasticity, with the first data readout expected this year,” said Chief Executive Justin Grover. The stock has run up 35.4% over the past three months through Friday, while the ETFMG Alternative Harvest ETF has soared 45.6% and the S&P 500 has gained 10.0%.
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