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GW Pharmaceuticals: Interim Results


5/17/2011 11:01:16 AM

Porton Down, UK, 17 May 2011: GW Pharmaceuticals plc (AIM: GWP, “GW” or “the Group”), the specialty pharmaceutical company focused on cannabinoid science, announces its interim results for the six months ended 31 March 2011.

COMMERCIAL HIGHLIGHTS

- Licence agreement signed with Novartis to commercialise Sativex® in Australasia, Asia (excluding Japan/China), Middle East (excluding Israel) and Africa

- Sativex European Mutual Recognition Procedure successfully concludes with recommendation for approval in all six countries involved - Germany, Italy, Denmark, Sweden, Austria and Czech Republic. Launches expected in 2011 in Germany, Denmark and Sweden

- Sativex granted national reimbursement status in Spain and launched in March 2011

- Sativex regulatory submission filed in Australia. Further submissions planned in 2011

R&D HIGHLIGHTS

- Sativex Phase III cancer pain programme underway, fully funded by US partner, Otsuka

- Two Phase IIa clinical trials of novel cannabinoid medicine in diabetes/metabolic disease underway

- Positive pre-clinical data in epilepsy, glioma, breast cancer and other conditions continue to be generated as part of Otsuka research collaboration

FINANCIAL HIGHLIGHTS

- Net profit before tax of £3.1m (H1 2010: £2.7m loss)

- Total revenue increased 45% to £16.6m (H1 2010: £11.4m), including milestone receipts of £5.1m (H1 2010: £nil) and increased Sativex sales of £1.9m (H1 2010: £0.9m)

- Cash and short term deposits at 31 March 2011 increased to £28.3m (H1 2010: £20.4m)

Dr Geoffrey Guy, GW’s Chairman, said, “GW has delivered another robust set of financial results, with substantially increased revenues yielding a profit for the period and a strong cash position. With Sativex now launched in the UK and Spain, an increasing number of additional European approvals and launches for Sativex now expected and the recent agreement with Novartis to commercialise Sativex across a broad region of the world, Sativex should provide GW with a platform for significant growth in the coming years.

“In parallel we have embarked on a substantial Phase III programme for Sativex in cancer pain, a major market opportunity, a Phase II clinical programme for a novel cannabinoid medicine in diabetes and we continue to generate highly promising data in our earlier stage pipeline. With regular Sativex launches now taking place, GW has entered a new phase in the evolution of the company and we believe that our prospects for commercial success with Sativex together with a highly promising and maturing pipeline provide confidence for the remainder of 2011 and beyond.”

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 Mo Noonan 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.

Enquiries:

GW Pharmaceuticals plc (17/05/11) + 44 20 7831 3113

Dr Geoffrey Guy, Executive Chairman (Thereafter) + 44 1980 557000

Justin Gover, Managing Director

Financial Dynamics + 44 20 7831 3113

Ben Atwell / John Dineen

Peel Hunt LLP +44 (0)20 7418 8900

James Steel / Vijay Barathan

Mo Noonan

Senior Manager

Financial Dynamics

Holborn Gate, 26 Southampton Buildings

London, WC2A 1PB

D +44 (0)20 7269 7116

M +44 (0)7876 444 977

www.fd.com



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