Edison Issues Outlook on GW Pharmaceuticals (GWPH)

Wednesday, April 5, 2017 Drug News
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LONDON, April 5, 2017 /PRNewswire/ --

Positive data from the two Phase III trials in Lennox-Gastaut

syndrome (LGS) patients, coupled with the previously announced positive Dravet syndrome Phase III, seem to indicate that Epidiolex (cannabidiol or CBD) works across different seizure disorders. This increases our confidence in the Phase III programs
for tuberous sclerosis complex (TSC) and infantile spasms (IS). A single NDA filing for both LGS and Dravet is expected mid-2017 with a launch in mid-2018.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

Our valuation is $3.43bn or $136.08 per ADS, up from $2.16bn or $98.84 per ADS previously, mainly after increasing the probability of success for LGS from 70% to 90% and for TSC from 60% to 80%, and including the infantile spasms (IS) indication, which we believe has a 60% chance of success. This was mitigated somewhat by our more conservative view of 2018 revenues due to the expected mid-year launch (its fiscal year-end is 30 September) and the capital raise in July, although we project that is the last one prior to profitability, which we expect in 2019. Also, we have removed GWP42004 for type 2 diabetes, Sativex for cerebral palsy and GWP42003 for schizophrenia from our model.  

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

http://www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

 

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  

LinkedIn: http://www.linkedin.com/company/edison-investment-research Twitter: http://www.twitter.com/Edison_Inv_Res YouTube: http://www.youtube.com/edisonitv Google+: https://plus.google.com/105425025202328783163/posts

For more information please contact: Maxim Jacobs, Edison Investment Research, +1-646-653-7027 Nathaniel Calloway, Edison Investment Research, +1-646-653-7036, [email protected] 

SOURCE Edison Investment Research



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