Preliminary Results 2010
Preliminary Results 2010
23 November 2010
Porton Down, UK, 23 November 2010: GW Pharmaceuticals plc (AIM: GWP), the specialty pharmaceutical company focused on cannabinoid science, announces its preliminary results for the year ended 30 September 2010.
OPERATIONAL HIGHLIGHTS
- Sativex® receives first ever full regulatory approval for a cannabis derived medicine in the UK, Spain, Canada and New Zealand for the treatment of spasticity due to Multiple Sclerosis
- Sativex successfully launched in the UK with positive initial market response and clinician feedback
- Spanish pricing approval expected towards end of 2010 with launch due early 2011
- Sativex European Mutual Recognition Procedure filing submitted in July 2010, targeting approvals in additional European markets
- Regulatory submissions in other parts of the world planned for 2011
- Positive Sativex Phase IIb cancer pain data reported. Phase III cancer pain programme, fully funded by Otsuka, now underway (see separate announcement today)
- Phase II clinical programme of novel cannabinoid medicine in diabetes/metabolic disease commenced Q3 2010
- Otsuka research collaboration in cancer and Central Nervous System (CNS) disorders extended for a further three years with an additional minimum $12m in funding
FINANCIAL HIGHLIGHTS
- Net profit before tax increased to £4.6m (2009: £1.2m)
- Turnover increased 27% to £30.7m (2009: £24.1m), including Sativex sales up 64% to £2.8m (2009: £1.7m)
- Cash and short term deposits at 30 September 2010 increased to £25.2m (2009: £20.6m)
Dr Geoffrey Guy, GW’s Chairman, said, “This has been a landmark year for GW. We have reported a strong rise in revenues and profits, gained our first major approvals in Europe for Sativex, and advanced this innovative medicine into late stage development for the US market. At the same time we have enhanced our longer term prospects through the extension of our research collaboration with Otsuka and generation of exciting data in our earlier stage pipeline. We are very pleased with the UK launch of Sativex, which marks the beginning of the evolution of GW from a late stage development company to a commercial biopharmaceutical business, and we look forward to commercialising this product across many regions of the world as further approvals are obtained. With an approved lead product, exciting cannabinoid pipeline, strong partnerships, and a healthy financial position, we believe we are well positioned for growth and are excited about the company’s prospects for the future.”
An analyst presentation of the interim results is being held today at 9.30am at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. Please contact Juliet Edwards at Financial Dynamics on +44 20 7269 7125 for details. An audio webcast of the presentation will be available on GW’s website at www.gwpharm.com later this afternoon.
