GW Pharmaceuticals (GWPH +0.00%) released its preliminary fourth-quarter results for 2019 on Sunday. Sales for the quarter totaled $108 million, with $104 million of that coming from the company's popular cannabidiol (CBD)-based drug, Epidiolex. That was well above the $102.4 million that analysts were expecting for Q4. For the entire year, the company reported revenue of $309 million, and Epidiolex again made up the vast majority of that with net product sales totaling $296 million during the drug's first full year on the market. In 2018, GW reported just $13 million in revenue.
However, GW continues to try and push revenue growth for Epidiolex as it looks to ensure that patients have adequate access to the drug in the U.S. while it works with both government and commercial payors.
GW also noted that it had $536 million in cash and cash equivalents on hand as of Dec. 31, 2019. That's down from the $555 million that the company had as of Sep. 30, 2019.
The marijuana stock expects to release its full results for 2019 and Q4 on Feb. 25, 2020.
Image source: Getty Images.
Other drugs in the works
The company also plans to begin multiple clinical programs related to nabiximols (also known as Sativex), another cannabis-based drug, in the U.S. for possible treatment for multiple sclerosis, spinal cord injuries, and post-traumatic stress disorder.
GW Pharmaceuticals also took this opportunity to update investors on other items that it has in its pipeline for 2020. It noted that it is looking at using cannabidivarin (CBDV) to treat autism and that it expects to commence a phase 2b study involving a possible treatment option for schizophrenia.
