GW Pharmaceuticals (Nasdaq:GWPH) has posted better than expected results on the back of its cannabidiol-based medication Epidiolex.
The company expects its total net product sales to be approximately $108 million for Q4 last year and approximately $309 million for the year ended December 31, 2019. Epidiolex made up approximately $104 million and $296 million respectively.
Epidiolex is a very expensive product that was approved by the USA’s FDA in 2018. It was the first cannabis-derived medicine to be approved by the FDA
“Our fourth quarter and full year results for 2019 reflect an exceptional launch year for Epidiolex,” said Justin Gover, GW’s Chief Executive Officer. “We are proud of the positive impact this medicine has already had on thousands of patients and believe that this past year provides a compelling foundation for continued success in 2020.”
Among GW Pharma’s key priorities for this year is accelerating adoption across a broader prescriber base, and obtaining approval of the Tuberous Sclerosis Complex indication for Epidiolex in both the U.S. and Europe. Tuberous sclerosis complex (TSC) is an incurable genetic condition that involves benign tumor growths on the brain and other vital organs. Cannabidiol has been shown to reduce the frequency, intensity, and duration of seizures secondary to TSC.
Epidiolex is the name the medication is marketed under in the USA, while Epidyolex is used in the EU. GW Pharmaceuticals received marketing authorisation for Epidyolex for treating specific conditions in all 28 EU countries as well as Norway, Iceland and Liechtenstein in September last year. The total estimated Epidiolex sales figures mentioned above also include global sales of Epidyolex.
“Our goal in 2020 is not only to continue to drive Epidiolex growth but also to leverage our world leadership in cannabinoid science to advance our pipeline,” said Mr. Gover.
During this year, GW Pharma also intends pursuing opportunities for Nabiximols (aka Sativex) in the USA for the treatment/management of Multiple Sclerosis, spinal cord injury and Post-Traumatic Stress Disorder.
Nabiximols/Sativex is a medicine delivered via spray, with each spray containing a dose of 2.7 mg THC and 2.5 mg CBD. It was approved for use in the UK in 2010.
