RedHill Biopharma (RDHL) H2 23/24 earnings summary

Executive summary

• Achieved 23% year-over-year net revenue growth to $8.0M in 2024, driven by Talicia and UAE partnership; cash burn reduced by 74% to $9.4M.

• Completed global licensing deal (ex-North America) for RHB-102 with Hyloris, potential for $60M in milestones; won $8M+ legal judgment.

• Advanced R&D pipeline with Bayer-supported Phase 2 opaganib study in prostate cancer and planned Phase 2 RHB-204 study in MAP-positive Crohn's disease.

• Talicia expanded with UK MAA planned, UAE launch, and 25M covered lives; listed as first-line therapy in updated ACG Guideline.

Financial highlights

• Net revenues rose to $8.0M in 2024 from $6.5M in 2023; Talicia net revenues reached $9.0M, including $1.0M from UAE partnership.

• Gross profit increased to $4.9M from $3.1M year-over-year, reflecting higher revenues and lower inventory write-downs.

• Operating loss of $14.6M in 2024 vs. operating income of $12.6M in 2023, mainly due to absence of 2023's Movantik divestiture gains.

• Net loss of $8.3M in 2024 compared to net income of $23.9M in 2023; excluding Movantik-related items, performance improved due to cost cuts.

• Cash balance at year-end 2024 was $4.8M; net cash used in operations dropped to $9.4M from $35.8M in 2023.

Outlook and guidance

• Anticipates FDA guidance for RHB-204 Crohn's disease program in coming weeks; pursuing funding and partnerships.

• Talicia UK MAA submission planned mid-2025, with potential approval in 2025 and further global expansion.

• Ongoing U.S. government-supported R&D in Ebola, GI-ARS, and pandemic preparedness; advancing multiple late-stage programs.