Gw Pharmaceuticals is the company behind Epidiolex, the first FDA approved epilepsy drug that is cannabis derived.
The company announced on Tuesday that sales of the drug had more than doubled compared to the previous quarter.
Shares were jumping over 11% on the news in after-hours trading.
Gw Pharmaceuticals reported second quarter financial results that revealed quarterly sales of $68.4 million for Epidiolex. Analysts on Wall Street had been waiting for sales of $40.9 million. In the first quarter the company had reported sales of $33.5 million.
“We are pleased to report a strong second quarter of sales of Epidiolex in the U.S., reflecting high demand by U.S. patients, increased prescribing by health care providers, and ongoing progress in payer-coverage determinations,” GW Pharma Chief Executive Justin Glover stated.
Since Epidiolex launched, GW Pharmaceuticals has said that over 12,000 patients received prescriptions for the medicine. Epidiolex has also been dispensed to 2,500 doctors.
Also for the second quarter, the pharmaceutical company reported net income of $79.8 million, or 21 cents a share. This is compared to a loss of $84 million, or 25 cents a share in the year ago period. Revenue was $72 million compared to $3.3 million in the year ago period.