Strong CBD drug release powers GW Pharmaceuticals’ record revenue

Strong patient interest in the only federally approved CBD product in the United States helped drugmaker GW Pharmaceuticals record $72 million in revenue last quarter.

Epidiolex, a seizure control drug approved by the U.S. Food and Drug Administration, has seen brisk sales and new patient enrollments since the drug’s launch last November.

GW Pharma (Nasdaq: GWPH) reported that Epidiolex sales were $68.4 million for the quarter that ended in June. The London drugmaker said Epidiolex has been used by more than 12,000 patients coming from about 2,500 physicians since its launch.

Company executives cited “pent-up demand” for a regulated CBD treatment for Epidiolex’s strong start. Also, the company said it is seeing more adults than expected signing up to get the drug.

The company said Europe is its next big market.

Last week, the European Medicine Agency’s Committee for Medicinal Products for Human Use (CHMP) recommended approval of Epidiolex, and a final decision is expected this fall.

GW made $80 million last quarter, or 21 cents per share, with $72 million in revenue. A year ago, before Epidiolex launched, the company lost $84 million.

CEO Justin Gover warned investors that the novelty of a cannabis treatment won’t last forever and that patient and doctor interest will normalize in future quarters.

“That has to happen at some point in time,” he added.

Also this week:

• CV Sciences, a CBD specialist based in San Diego, reported revenue of $16.9 million for the quarter that ended in June, up 36% from the same period a year ago. The company cited broader availability is mass-market retailers and said its products are now in 4,591 stores. CV Sciences trades on the over-the-counter markets as CVSI and still is pursuing its long-delayed uplisting to the Nasdaq.