Written by StockNews.com

GW Pharmaceuticals plc (GWPH) posted market-beating first quarter earnings results today and noted that it continues to make progress on submitting two leading treatments to regulators.

The U.K.-based medical marijuana giant reported Q1 EPS of ($0.06), which was $0.04 better than the two-analyst estimate of ($0.10). Revenues fell 32.4% from last year to $2.5 million, easily topping the $1.85 million Wall Street consensus view.

GW Pharma noted that NDA submission for both Dravet and LGS indications is expected in the middle of 2017. Preparations are also advancing for expected EU regulatory submission in the second half of 2017.

The company commented via press release:

“As we look forward to 2017, our primary focus is on completing the Epidiolex NDA, which we expect to submit to the FDA in the middle of this year. With three positive Phase 3 trials delivered in 2016, we remain confident in the prospects for Epidiolex’s approval and are accelerating our preparations for a highly successful launch…Beyond Epidiolex, the value of GW’s cannabinoid platform is further illustrated by promising new clinical data in the field of oncology and we continue to advance a number of additional clinical programs that will yield data this year.”

GWPH is engaged in discovering, developing, and commercializing cannabinoid prescription medicines using botanical extracts derived from the Cannabis plant. It operates through three segments: Commercial, Sativex Research and Development, and Pipeline Research and Development.

GW Pharmaceuticals plc shares rose $3.24 (+2.68%) in premarket trading Tuesday. Year-to-date, GWPH has gained 8.06%, versus a 2.42% rise in the benchmark S&P 500 index during the same period.

GWPH currently has a StockNews.com POWR Rating of B (Buy), and is ranked #25 of 134 stocks in the Medical – Pharmaceuticals category.