Financial performance in fiscal 2018
In fiscal 2018, which ended on September 30, GW Pharmaceuticals (GWPH) reported total revenue of $12.74 million, a YoY (year-over-year) rise of 15.75%. According to the company’s fiscal 2018 fourth-quarter earnings conference call, this performance was partly attributable to the increased sales of Sativex.
Additionally, according to the company’s earnings conference call, it also recognized research and development fee revenue after the termination of its agreement with Otsuka Pharmaceuticals and subsequently reacquired the US rights for Sativex.
Wall Street analysts expect GW Pharmaceuticals to report non-GAAP (generally accepted accounting principles) diluted EPS of -$6.26 in fiscal 2019, a YoY rise of 40.69%. The company is also expected to report non-GAAP diluted EPS of $2.23 in 2020, reflecting a YoY rise of 135.55%. Analysts expect GW Pharmaceuticals’ 2021 non-GAAP diluted EPS to be $7.91, a YoY rise of 255.24%.
Analysts have also projected GW Pharmaceuticals’ non-GAAP diluted EPS to be close to -$2.46 in the first quarter of fiscal 2019, reflecting a YoY fall of 0.96%.
Analysts have based their projections for GW Pharmaceuticals on the assumption that its future fiscal years will end on September 30, but the company recently changed this.
According to its earnings call, GW Pharmaceuticals was planning to meet with the FDA in December. The company wants to determine the regulatory pathway that’s required for submitting a new drug application for the approval for Sativex in a multiple sclerosis spasticity indication.
According to the earnings call, GW Pharmaceuticals has already demonstrated favorable results from three Phase 3 trials evaluating Sativex in the above-mentioned indication. Sativex has been already launched in this indication in more than 25 ex-US markets.
In the next article, we’ll discuss expense projections for GW Pharmaceuticals for future quarters.