Investment summary

GW Pharmaceuticals is an attractive lower-risk speciality pharma investment opportunity. Its evolution in the past year now allows it to be considered in three segments - Sativex Commercial, Sativex R&D and Pipeline R&D. Sativex Commercial is already profitable, reflecting GW’s transition to a commercial business following EU approvals and launches of Sativex in multiple sclerosis spasticity. The two R&D segments provide significant further upside and have both demonstrated recent progress with a number of clinical trials recently initiated or about to start.

Last updated on 13/12/2011

Industry outlook

GW Pharmaceuticals is a leader in the field of cannabinoids (>70 in cannabis). These have the potential to become novel pharmaceuticals treating a broad range of indications. We estimate that Sativex will achieve 5-10% market share in indications in which it has been approved (MS spasticity in various EU countries, Canada and NZ; neuropathic pain in MS in Canada only).

Last updated on 09/12/2011