GW stands for Gee Whizz as company heads for greater glory
Cambridge BioMedTech pioneer GW Pharmaceuticals, pioneering cannabis-based solutions, has had a blockbusting last year of trading and forecasts further progress for 2021.
Based on preliminary unaudited financial information, the UK business expects total net product sales to be approximately $148 million for the fourth quarter and approximately $526m for the year ended December 31.
Total net product sales of its pathfinding child epilepsy product Epidiolex are expected to be around $144m for the fourth quarter, comprising $129m in America and $15 million elsewhere.
Total net product sales of Epidiolex for the year ended December 31 are expected to be about $510m compared to $296m in 2019. Cash and cash equivalents at December 31 were around $486 million.
Justin Gover, GW’s CEO predicts a soaraway 2021 for the business. He said: “Epidiolex sales increased by over 70 per cent 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.
“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 .
“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 synthesise novel cannabinoid molecules and expect our first novel product candidate to enter the clinic in 2021.”