RedHill Biopharma


$196m market cap

$6.91 last close

RedHill Biopharma is a specialty pharma company with a broad R&D pipeline focusing on gastrointestinal and inflammatory diseases and also promotes several GI products in the US. The most advanced programs are TALICIA 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 (PDUFA date 2 November 2019); 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 trial to start in H219). RedHill promotes several GI products in the US (Donnatal, EnteraGam and Mytesi). The company raised $20m gross from its recent offering in December 2018.

Y/E Dec
Revenue (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 10.0 (36.5) (36.5) (12.88) N/A N/A
2020E 13.0 (35.7) (35.8) (12.60) 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 25/07/2019
Share price graph
Balance sheet
Forecast net cash (US$m) 19.7
Forecast gearing ratio (%) N/A
Price performance
Actual 8.0 (14.2) (30.8)
Relative* 4.9 (16.4) (34.5)
52-week high/low US$9.8/US$5.2
*% 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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