By William Sumner, Hemp Organization Journal Contributor
Final week, GW Pharmaceuticals (NASDAQ: GWPH) released its monetary outcomes for the second quarter, and the outcomes shocked analysts and investors alike. Year-more than-year, the company’s income for the quarter rose from $three.three million to $72 million, an improve of 20.8x.
Most of that income came from sales of the company’s flagship drug, cannabidiol ( CBD)-derived Epidiolex, which reached $68.four million for the quarter and $101.9 million for the initial half of the year, destroying even the most bullish of business predictions. In context, the Hemp Organization Journal’s estimate final year known as for 2019 Epidiolex sales to major out at $65 million (which GW Pharmaceuticals subsequently surpassed in a single quarter).
Provided these outcomes, quick-term expectations are getting heightened across the business concerning customer appetites for CBD verticals across the space.
Given that Epidiolex’s launch, around 12,000 sufferers have received prescriptions for the drug, and that quantity is anticipated to improve all through the subsequent couple of years. GW Pharmaceuticals is at the moment conducting clinical trials of Epidiolex in the therapy of tuberous sclerosis complicated (TSC) in each adult and juvenile sufferers.
With good outcomes from Phase three trials, the enterprise is anticipated to submit a supplemental new drug application (sNDA) by the finish of the year. If authorized, around 50,000 new U.S. sufferers could acquire Epidiolex prescriptions.
The enterprise may perhaps also add sales channels in the European industry. Possessing final month received a good opinion from the European Medicines Agency’s (EMA) Committee for Medicinal Merchandise for Human Use (CHMP) GW Pharmaceuticals expects complete EMA approval in October, clearing the way for Epidyolex (the European trademark) to hit European shelves in Q4-2019. With good outcomes for the second quarter, GW Pharmaceuticals has noticed a compact surge in its stock value. In the quick aftermath of releasing its monetary outcomes, the company’s stock rose around 11.two%, to $169.50 per share on August eight. Given that then points have leveled off somewhat, with the stock’s value falling back down to about $159.38, representing an general get of four.five%.
The results of Epidiolex and GW Pharmaceuticals will undoubtedly assistance ratchet up the stress on the U.S. Meals and Drug Administration (FDA) to challenge on a ruling on CBD.
With hundreds of CBD-primarily based solutions currently on the industry, there is clear customer demand for CBD, and with 1 enterprise currently generating hundreds of millions from a CBD-primarily based drug, there is a powerful monetary incentive to supply clarity on the challenge. A lot more FDA guidance is anticipated this fall.
William Sumner is a writer for the hemp and cannabis business. Hailing from Panama City, Florida, William covers several subjects such as hemp legislation, investment, and small business. William’s writing has appeared in publications such as Green Market place Report, Civilized, and MJINews. You can stick to William on Twitter: @W_Sumner.