GWPH stock is gaining momentum on Monday after GW Pharmaceuticals (NASDAQ:GWPH) announced its preliminary unaudited product sales report for the fourth quarter.
Reports $108 Million in Revenue
The cannabis sector may have been in a bit of a flux in 2019, but GW Pharmaceuticals, which is involved in manufacturing CBD-based medicines, did not have such a bad time. The cannabis biotech firm announced its preliminary net sales for the fourth quarter and also for the full year of 2019.
The company went on to earmark its targets for 2020. GW revealed that it expects its net sales for Q4 2019 to be around $108 million, and for the full year ending December 31, 2019, the company expects net sales to be around $309 million.
In this regard, it is also important to point out that Epidiolex is the company’s most important product, and its epileptic medicine managed to make up the lion’s share of the sales as well. In Q4 2019, Epidiolex sales are expected to come in at $104 million, and the company expects the full-year sales for the product to be around $296 million.
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At the time of writing, GWPH stock is trading higher by 7.50% at $115.50.
GW Pharmaceuticals stated that the final results will be announced on February 25. It should be noted that these current figures are only preliminary numbers and are not actually audited.
GWPH stock has dropped by as much as 43% over the course of the past seven months. However, experts believe that such a drop in the stock price should not be a reason for a negative outlook in the stock. As a matter of fact, it should be remembered that GW is the only medical cannabis company to have had one of its products approved by the United States Food and Drug Administration.
In addition to that, the company has also managed to get coverage for Epidiolex by way of Medicare and Medicaid. Such a state of affairs is a definite positive for the company. GWPH stock investors could do well to keep an eye on the developments over the coming weeks.
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