GW Pharmaceuticals plc (Nasdaq: GWPH) announced that the total revenue for the fourth quarter ending December 31, 2020, was $148.2 million versus $109.1 million for the quarter ended December 31, 2019. This beat the analyst estimates according to Yahoo Finance by $3.66 million. The net loss for the quarter ended December 31, 2020, was $29.1 million versus a net loss of $24.9 million for the quarter ended December 31, 2019. The fourth quarter GAAP EPS for GW Pharmaceuticals was -$0.08 which missed analyst estimates by two cents.
The total revenue for the full-year 2020 was $527.2 million, a 69% increase compared to $311.3 million for the prior-year period. The company said in a statement that cash and cash equivalents on December 31, 2020, were $486.8 million.
“We are very proud of our strong financial performance and operational progress in 2020, as Epidiolex sales increased by more than 70% during the year despite the challenges of COVID-19. We are well-positioned to build on our success and continue to deliver strong growth in 2021 in both the U.S. and Europe, where we continue to make progress preparing for several commercial launches that are expected later this year,” said Justin Gover, chief executive officer of GW. “We have commenced our Phase 3 clinical program for nabiximols in the treatment of multiple sclerosis spasticity, which provides multiple opportunities for an NDA submission. Beyond nabiximols, we are advancing a diverse and robust neuroscience pipeline with several preclinical and clinical-stage pipeline candidates as part of our commitment to patients and to developing innovative medicines that address significant unmet needs. We have strong momentum and a tremendous opportunity to continue to build on our global cannabinoid leadership position as we prepare to join Jazz Pharmaceuticals and transform the lives of even more patients and families.”
The company noted that total net product sales of Epidiolex were $144.1 million for the fourth quarter and $510.5 million for the year ended December 31, 2020.
GW Pharmaceuticals also outlined the company’s pipeline as follows:
- Schizophrenia (GWP42003)
- Phase 2b trial now actively recruiting
- CBD formulation Phase 2 study expected to commence in Q1 2021
- CBDV investigator-led 100 patient placebo-controlled trial in autism underway
- New botanical cannabinoid pipeline product (GW541)
- Phase 1 trial underway
- Potential targets within field of neuropsychiatry
- Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD program
- Phase 1b safety study in patients continues to recruit
- Orphan Drug and Fast Track Designations granted from FDA and EMA
- Novel cannabinoid molecule synthesis and preclinical development
- At least one program expected to enter Phase 1 in 2021
- Several other molecules have demonstrated preclinical efficacy and are advancing towards the clinic
- Schizophrenia (GWP42003)
On Feb. 3, 2021, Jazz Pharmaceuticals plc (Nasdaq: JAZZ) and GW announced that the companies had entered into an agreement for Jazz to acquire GW for $220.00 per American Depositary Share (ADS), in the form of $200.00 in cash and $20.00 in Jazz ordinary shares (subject to limitations on the maximum and a minimum number of Jazz ordinary shares issuable per ADS), for a total consideration of $7.2 billion. The transaction is subject to the approval of GW shareholders, sanction by the High Court of Justice of England and Wales and other customary closing conditions, including regulatory approvals. Subject to the satisfaction or waiver of the closing conditions, the transaction is expected to close in the second quarter of 2021.