GW Pharma sees fiscal 2012/3 revenues decline, impacted by Sativex

UK-based GW Pharmaceuticals (AIM: GWP) which is focused on novel cannaboid therapeutics, has announced its fourth quarter and full-year results ending September 30, 2013, reporting a negative sales performance.

Total revenue for 2013 fell 17.5% to £27.3 million ($43.9 million). However, 2012 revenues included a £9.8 million milestone receipt compared to £0.3 million milestone income in 2013. Net loss after tax was £4.5 million compared to a profit after tax of £2.5 million in 2012, which primarily reflected the impact of the milestone payment received last year. The company’s Initial Public Offering (IPO) on the Nasdaq market in May raised a total of £19.8 million ($30.7 million).

Justin Gover, GW’s chief executive, said: “This was a transformative year for GW with the successful completion of an IPO on Nasdaq, progress with two Phase III programs for Sativex [its cannabinoid-based prescription medicine for the treatment of moderate to severe spasticity in multiple sclerosis (MS]) in the USA, and the emergence of a new exciting orphan development program in childhood epilepsy. We believe that the company is poised to meet a number of significant clinical, regulatory and commercial milestones for GW investors. These include Phase III data from our US- focused pivotal Sativex trials, further Sativex commercial launches and sales growth, progress of the new orphan epilepsy program in the US, and further advancement of several other cannabinoid pipeline candidates."