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

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United Kingdom-based GW Pharmaceuticals posted marginal revenue growth in the second quarter over the previous quarter, citing challenges stemming from the COVID-19 pandemic.

GW reported revenue of $121.3 million for the quarter ended June 30 – about the same as the previous period.

GW’s quarterly net loss rose slightly to $8.8 million.

By product, Epidiolex sales of $117.7 million accounted for most of the company’s revenue.

The United States was GW’s most important market, with Epidiolex sales reaching $111.1 million – or 92% of overall.

That’s a $5 million improvement over the first quarter.

In a conference call with analysts, executives said GW faced challenges stemming from medical centers being closed because of the coronavirus crisis.

“The vast majority of customer interactions at this time remain virtual,” Darren Cline, U.S. chief commercial officer, said during the call.

“We witnessed the shift to telemedicine by providers and a significant reduction in patient clinic and institution visits,” he said.

CEO Justin Gover said the company’s teams in both the U.S. and Europe maintained “active engagement by remote channels” with clinicians prescribing Epidiolex.

In May, executives had warned that the pandemic could impact sales if fewer patients visit their doctors – which is how the quarter unfolded.

In late July, Epidiolex received approval from the U.S. Food and Drug Administration to treat seizures associated with a third medical condition.

The new approval, granted in July to GW’s American subsidiary, Greenwich Biosciences, means the drug can be used in the United States to treat seizures associated with tuberous sclerosis complex.

GW Pharma trades on the Nasdaq as GWPH.