RedHill Biopharma

US: RDHL

$170.5m market cap

$5.93 last close

RedHill Biopharma is a specialty pharma company focusing on gastrointestinal and inflammatory diseases and also promotes several GI products in the US. The most advanced programs are TALICIA (approved by the FDA) for H. pylori infection, RHB-104 for Crohn’s disease, BEKINDA for gastroenteritis and IBS-D, and RHB-204 for NTM.

Investment summary

RedHill has a broad R&D pipeline and is focusing on GI and inflammatory diseases. The most advanced assets are TALICIA (RHB-105) for Helicobacter pylori infection (approved by the FDA in November 2019, launch planned in Q120); RHB-104 for Crohn’s disease (positive top-line results from first Phase III announced July 2018); BEKINDA for both gastroenteritis (positive results from first Phase III announced June 2017) and IBS-D (positive final Phase II results announced January 2018); and RHB-204 for pulmonary non-tuberculous mycobacteria infections (pivotal Phase III study activities planned to start in mid-2020). RedHill promotes several GI products in the US (Donnatal, EnteraGam, Mytesi), most notably the recently launched Aemcolo, a minimally-absorbed antibiotic formulation approved by the FDA for travellers’ diarrhoea (TD).

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 4.0 (51.9) (45.5) (25.79) N/A N/A
2018A 8.4 (39.2) (38.8) (16.79) N/A N/A
2019E 7.0 (42.1) (42.1) (10.88) N/A N/A
2020E 20.3 (48.1) (48.2) (11.42) N/A N/A
Industry outlook

RedHill’s main focus on GI and inflammation include a range of conditions, which although can be treated with a variety of innovative and established products, there is still an unmet need in each of the diseases. In our view, carefully positioned, innovative solutions for the patients will attract attention.

Last updated on 23/01/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 51.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.1 (8.5) (12.8)
Relative* 0.0 (17.2) (29.8)
52-week high/low US$9.0/US$5.8
*% relative to local index
Key management
Dror Ben-Asher CEO
Micha Ben Chorin CFO
Gilead Raday Chief Operating Officer
Guy Goldberg Chief Commercial Officer

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