- GW Pharmaceuticals reported a loss of $8 million in their first quarter.
- This loss goes down as their smallest amount lost in the past three months and previous quarters.
- Epidiolex continues to be their main stream of revenue.
United Kingdom-based medical cannabinoid company GW Pharmaceuticals reportedly lost $8 million in their first quarter. This number is surprisingly up from the past three months, but the company fears that the COVID-19 pandemic could hurt future sales.
GW’s revenue at the end of the first quarter reached $120.6 million, as compared to $91 million and $109.1 million in the third and final quarter of last year, respectively.
However, the company does not feel that the coronavirus had a significant impact on their sales and reported revenue for the first quarter, but rather fear for the future of their sales.
“While we may benefit modestly in the near term from customers increasing their levels of stock in anticipation of any potential interruptions from the pandemic, over the longer term we may see a negative impact on product net sales from fewer patients visiting their healthcare provider to initiate, change or receive therapy,” the company stated.
Epidiolex, a cannabidiol prescription medication that was recently removed from the banned substances list, was the company’s primary source of revenue. Net sales from Epidiolex estimated to be around $116.1 million for GW’s first quarter, with a gross of $106.1 million across the United States.
GW continues their international trials, but has stopped enrolling new patients due to the pandemic.
“And we expect that COVID-19 precautions may directly or indirectly impact the timeline for some of our planned clinical trials and other research and development activities during the remainder of 2020.”
The company has been able to continuously supply products to patients and license partners during the COVID-19 pandemic, and does not expect for that to change.
GW ended 2019 with a total of $311.3 million in sales.