Valuation: DCF-based valuation of £195m We value GW at £195m, or £1.46 per share, based on a DCF analysis. Sativex in MS spasticity contributes 53p per share, with cash adding another 13p. Thus, the current share price of 58p appears to discount any new Sativex indications, pipeline success, or potential licensing deals, which in our view represents a clear buying opportunity.
GW Sativex sales of £2.5m (2011: £4.4m) in line with guidance
so despite all the new approvals across the EU and futher sales dropped by £1.9 million . how does that work ? what am i missing here, whats this 'guidance'... total revenue only incrased slightly compared to 2011 and that seems mostly down to milestone payments (eg Almirall). Great news on the diabetes front though..
2013 Guidance: Sales As Sativex increases its market penetration and undergoes further launches, GW can expect to look forward to continued growth in in-market sales by our commercial partners.
GW's sales revenues are generated as sales of bulk product to licensing partners. As a result, and as previously indicated, the rate of GW's product sales growth in the next few years is likely to be influenced by a variety of factors, including the timing of new commercial launches, the timing of delivery of batches to partners, partner stock-holding policies, pricing and reimbursement discussions, and the rate of market uptake.
Having successfully achieved a large number of additional approvals in Europe during 2012, we expect further commercial launches in up to twelve European countries during 2013. These launches, together with sales from countries in which Sativex is already marketed, are expected to translate into growth in GW sales revenues in 2013.
R&D Spend As a result of GW's strategic decision to advance further pipeline product candidates into clinical development, we expect GW-funded R&D spend for the coming year to increase by 10-20% over 2012.
Milestones In early 2013, Sativex pricing approval in Italy is expected to result in a £0.25m milestone payment from Almirall. No other milestones from existing Sativex licence agreements are currently expected during the 2013 financial year.
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