British pharmaceutical company GW Pharmaceuticals establishes an increase in revenue for the September 30 quarter. The returns were mainly driven by the firm’s revolutionary CBD-based Epidiolex medicine sales in the U.S market.
Eighty percent of GW’s total revenue came from sales of Epidolex in the United States. The company’s total returns for the third quarter hit 137.1 million dollars, exceeding the previous quarter by about 16 percent.
From January through September, the company registered a total of 378.6 million dollars in revenue. This quarter’s net loss also rose to around 12 million dollars, up from 8.8 million in the previous quarter.
GW’s main business focus is the commercialization of plant-based medicinal cannabis products that adhere to approved pharmaceutical laws and ethics. The company also maintains clinical trials for safety and efficacy assurance of its products. Both approaches continue to contribute to GW’s steady revenue growth.
CEO Justin Gover told analysts that the company had prepared well in anticipation of its markets. He added that they have numerous NDA submission opportunities for nabiximols, their product for multiple sclerosis treatment.
While nabiximols has not yet debuted in the U.S market, it is available in some European countries under the name Sativex.
Epidiolex registered 11 million dollars in sales outside the U.S for its third quarter, with the firm reporting growth in a number of European countries.
The U.S. Food and Drug Administration (FDA) approved Epidiolex to treat seizures linked to Dravet syndrome. The medication is so far the only plant-based, cannabis-derived drug approved by the FDA for sale in the U.S.
According to Chris Tovey, GW Pharma’s Chief Operating Officer, they are presently finalizing arrangements with several European countries to launch Epidiolex. Some of the European countries GW has shown interest in include Spain, Italy, and France.