GW Pharmaceuticals had sales of $132.6 million (~€113 million) for its CBD-based drug Epidiolex in the third quarter of the year, driven mostly by U.S. sales. The UK-based company said it recorded quarterly sales of $121.6 million (~€103 million) in the U.S. and $11 million (~€9 million) in Germany and the UK, the other markets where the product is sold.
GW is slowly expanding its distribution of Epidiolex in Europe, with rollouts afoot in Spain, Italy and France.
Most sales in USA
Epidiolex, which has high levels of CBD (100 milligrams per milliliter), was the first cannabis-derived prescription drug to gain federal approval from the U.S. Food & Drug Administration. It has been found to be effective in patients who suffer Dravet Syndrome and Lennox-Gastaut Syndrome, two debilitating forms of epilepsy.
GW said Epidiolex sales in the United States accounted for 87% of the company’s overall Q3 revenue, with Sativex (Nabiximols), the company’s other cannabis-based drug brand bringing the remainder. Sativex, a mouth spray based on a 1:1 THC to CBD ratio, is used to treat Multiple Sclerosis and other spastic conditions. The product is approved for sale in 28 countries but has not been approved for the U.S.
9-month losses: $28 million
GW Pharma’s application to enter the Italian market caused an uproar last month when, in the process of adding it to the country’s list of medicines, officials issued a decree that gave all CBD narcotics status. That decree was later canceled after European and Italian trade groups protested.
GW Pharmaceuticals reported it lost $12.2 million (~€10.4 million) in Q3 2020, more than the $8.8 million (~€7.5 million) it lost in the previous quarter, and bringing total losses so far this year to $28 million (~€24 million). The company’s total 2020 revenues to date are $378 million (~€322 million), nearly double income of $202 million (~€172 million) for the same period in 2019.