Home Business Epidiolex maker GW Pharma turns in flat second quarter on pandemic impact

Epidiolex maker GW Pharma turns in flat second quarter on pandemic impact

United Kingdom-based GW Prescribed drugs posted marginal income development within the second quarter over the earlier quarter, citing challenges stemming from the COVID-19 pandemic.

GW reported income of $121.three million for the quarter ended June 30 – about the identical because the earlier interval.

GW’s quarterly internet loss rose barely to $8.Eight million.

By product, Epidiolex gross sales of $117.7 million accounted for many of the firm’s income.

America was GW’s most vital market, with Epidiolex gross sales reaching $111.1 million – or 92% of general.

That’s a $5 million enchancment over the primary quarter.

In a convention name with analysts, executives mentioned GW confronted challenges stemming from medical facilities being closed due to the coronavirus disaster.

“The overwhelming majority of buyer interactions presently stay digital,” Darren Cline, U.S. chief industrial officer, mentioned in the course of the name.

“We witnessed the shift to telemedicine by suppliers and a big discount in affected person clinic and establishment visits,” he mentioned.

CEO Justin Gover mentioned the corporate’s groups in each the U.S. and Europe maintained “lively engagement by distant channels” with clinicians prescribing Epidiolex.

In Might, executives had warned that the pandemic might influence gross sales if fewer sufferers go to their medical doctors – which is how the quarter unfolded.

In late July, Epidiolex obtained approval from the U.S. Meals and Drug Administration to deal with seizures related to a 3rd medical situation.

The brand new approval, granted in July to GW’s American subsidiary, Greenwich Biosciences, means the drug can be utilized in america to deal with seizures related to tuberous sclerosis complicated.

GW Pharma trades on the Nasdaq as GWPH.

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