GW PHARMACEUTICALS PLC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2021 10-Q, filed May 3, 2021. Its latest SEC filing is a SC 13G/A from Feb 11, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Sells Epidiolex, a prescription cannabinoid treatment for seizures, to specialty pharmacies and distributors, and licenses Sativex for multiple-sclerosis spasticity to commercial partners.

How Did They Make Money?

GW sells Epidiolex to specialty pharmacies and distributors; they pay after receiving the product.

revenue

Segment	Share	Revenue	How money arrives
Product Net Sales Sold outright	100% FY2017: 92%		Sold outright
Other Revenue	0.1% FY2017: 7.8%

Who Were Their Customers?

GW sells Epidiolex directly to specialty pharmacies and specialty distributors in the United States; commercial partners have exclusive rights to commercialize Sativex in their territories.

Did Revenues Turn Into Profits?

No. It lost $58.1M in FY2020.

Operating income, FY2020

−10% of revenue

▼ −56% (Loss) vs FY2019 (−$118.4M, −38%)

Net income, FY2020

−11% of revenue

▲ +545% (Loss) vs FY2019 (−$9M, −3%)

Free cash flow, FY2020

−9% of revenue

▼ −72% (Loss) vs FY2019 (−$163.9M, −53%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q1 FY2021, the three months to Mar 31, 2021

Revenue: ▲ +26%; vs $120.6M in Q1 FY2020
Net income: ▲ +147% (Loss); vs −$8M in Q1 FY2020

Product Net Sales share of revenue vs 99.9% in Q1 FY2020

May 5, 2021 Jazz completed its acquisition of GW Pharmaceuticals GW became an indirect wholly owned subsidiary of Jazz.

Grew. Revenue grew 41.4x in 4 years, from $12.7M in FY2016 to $527.2M in FY2020, about 154% a year.

Revenue over time

Product Net Sales Other Revenue

$1B$500M$0

FY2016 FY2017 FY2018 FY2019 FY2020

Who Did They Compete With?

Competes with Zogenix, Ovid Therapeutics, Takeda Pharmaceutical, Marinus Pharmaceuticals, Zynerba Pharmaceuticals, and Stoke Therapeutics

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