GW Pharmaceuticals plc (GWPH) reported preliminary, unaudited net product sales for the fourth quarter and full-year 2019 and key priorities for 2020. The cannabis-based biotech firm said that it expects total net product sales to be approximately $108 million for the fourth quarter and approximately $309 million for the year ending December 31, 2019.
The bulk of the fourth quarter sales for GW Pharmaceuticals comes from the epileptic drug Epidiolex, which are expected to be roughly $104 million for the fourth quarter and approximately $296 million for the full year. The company said that official results were expected to be posted on February 25th. Cash and cash equivalents on December 31, 2019, were approximately $536 million.
“Our fourth quarter and full year results for 2019 reflect an exceptional launch year for Epidiolex. 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,” said Justin Gover, GW’s Chief Executive Officer. “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. In particular, we see significant market opportunity for nabiximols in several indications in the US and will be progressing multiple late stage clinical programs in 2020.”
GW Pharmaceuticals said that looking ahead it would work towards broadening the prescriber base for Epidiolex and work with insurance companies to reduce restrictions to the drug.
Build on positive experiences from existing physicians to increase prescribing to appropriate patients. It will also submit and try to obtain approval of the Tuberous Sclerosis Complex indication in both the U.S. and Europe, which would significantly expand the target population. Launches are also planned for five major European countries (Germany, France, UK, Spain, and Italy).
The company also outlined the following items planned for the year:
- Commence Phase 2b study of a cannabidiol formulation for the treatment of schizophrenia
- Continue to explore CBDV in autism through a combination of open-label and investigator-led placebo controlled clinical trials with data from one or more of these programs in 2020
- Execute NHIE clinical program utilizing an intravenous formulation of cannabidiol