GW Pharmaceuticals plc (NASDAQ:GWPH) released Monday preliminary unaudited financial results.
Net sales for the company’s fourth-quarter are expected to be around $148 million. For the full year, GW anticipates net sales of $526 million while its total Epidolex preliminary net product sales reach around $510 million — compared to $296 million in 2019.
The company also revealed it held cash and cash equivalents of around $486 million at the end of the year.
Epidolex is the first FDA-approved CBD medicine for treating children with severe forms of epilepsy. It was first approved as a remedy for seizures related to Lennox-Gastaut syndrome and Dravet syndrome.
“Epidiolex sales increased by over 70% in 2020 despite the challenges of COVID-19, reflecting the positive impact this medicine has on patients as well as the performance of our commercial team,” GW CEO Justin Gover stated. “We remain encouraged by our patients’ experience on this product, as demonstrated by high persistence and refill rates. This, combined with our expansion of payer coverage and the recently approved Tuberous Sclerosis Complex indication, leads us to expect continued strong growth in 2021 in both the US and Europe.”
GW Pharma also highlighted its primary tasks for the current year, which include further commercialization of Epidolex, such as reaching various European countries and attaining authorization of the Tuberous Sclerosis Complex indication in Europe, adding extra use patents and obtaining a grant of the Epidolex “composition” patent.
Other objectives are concentrated on the development of Nabiximols in the US, such as further pivotal trial in MS spasticity.
What’s more, GW Pharma also plans to work on an ongoing Phase 2b study of cannabidiol formulation for treating schizophrenia and execute trails with both CBDV and CBD in autism.
“Our goals in 2021 include driving further Epidiolex growth and advancing multiple US pivotal trials for nabiximols in the treatment of MS spasticity, with the first data readout expected this year. In addition to our previously announced pipeline activities, we are leveraging our world leadership in cannabinoid science to design and synthesize novel cannabinoid molecules and expect our first novel product candidate to enter the clinic in 2021,” Gover added.
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