Recce Pharmaceuticals (ASX: RCE)

Currency in AUD

Last close As at 25/03/2023


−0.03 (−5.08%)

Market capitalisation


Recce Pharmaceuticals is an Australian company developing its novel, broad-spectrum synthetic polymer anti-infective drugs for the treatment of several infectious diseases, including sepsis (Phase II-ready), burn wound infections (Phase I/II) and urinary tract infections.

Latest Insights



Equity Analyst

Pooya Hemami

Analyst - Healthcare

Key Management

  • James Graham


  • Dr John Prendergast


Balance Sheet

Forecast net debt (A$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.4) (13.8) (39.8)
Relative 0.8 (12.2) (36.3)
52 week high/low A$1.0/A$0.6


Recce Pharmaceuticals is developing a novel class of broad-spectrum synthetic anti-infective drugs to which, so far, all tested bacteria have been unable to develop resistance. This could be a very desirable trait given widespread concerns about antimicrobial resistance (AMR). The lead indication for Recce’s synthetic polymer antibiotic, Recce 327 (R327), is sepsis, a substantial area of unmet need with significant mortality and high costs of care. A Phase Ib/IIa multiple-dose study of an intravenous (IV) R327 formulation in healthy subjects is planned to start in H1 CY23. The company is also assessing other infection indications, such as complicated urinary tract infections (UTIs). A topical (spray-on) formulation of R327 is also being assessed in human trials for burn wound infections, and a new study for diabetic foot infections is expected to start shortly. We value Recce at A$497m, or A$2.79/share.

Y/E Dec Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 1.9 (13.3) (13.5) (8.70) N/A N/A
2022A 3.1 (10.9) (11.0) (6.31) N/A N/A
2023E 6.2 (17.1) (17.5) (9.86) N/A N/A
2024E 5.9 (41.4) (42.0) (23.48) N/A N/A

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