RedHill Biopharma Ltd (NASDAQ: RDHL) has reported FY2020 net revenue of approximately $64 million and gross profit of $27.5 million thanks to the commercialization of its Movantik and Talicia gastrointestinal drugs.
The company delivered 4Q revenue of around $21.5 million, an increase of $0.5 million compared to 3Q 2020, with a 12% increase in product delivery.
The firm said it is sitting on a solid cash position of $100 million as of March 4, 2021.
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RedHill has completed three full quarters of Movantik promotion following the drug’s acquisition from AstraZeneca. The firm said it had reversed the trend of declining new prescriptions prior to the acquisition, maintaining Movantik’s position as a segment-leading brand. Movantik recorded the second-highest monthly new prescription volume of 2020 in December, the company added.
As for Talicia, the company said it saw a 52% growth in new prescriptions during 4Q as compared to the previous quarter, achieving its highest weekly new prescription volume in December.
On the research front, RedHill spent around $16.5 million during the year on rapidly pushing forward two novel oral, coronavirus (COVID-19) therapeutics designed to be effective irrespective of mutations, as well as a Phase 3 study of RHB-204 for pulmonary NTM disease.
Dror Ben-Asher, RedHill’s CEO, told shareholders that 2020 was a year of “immense achievement.”
“While navigating the challenging conditions caused by the pandemic, we have delivered broad commercial growth culminating in a very strong end to 2020 for both Movantik and Talicia,” Ben-Asher said.
“At the same time, we have rapidly progressed two novel oral COVID-19 therapies to Phase 3 stage development, covering both hospitalized and non-hospitalized patients and have reported positive clinical and preclinical data, positioning RedHill at the forefront of novel COVID-19 therapeutics development worldwide. With strong momentum across both commercial and R&D operations, we expect 2021 to be a breakout year.”
Micha Ben Chorin, CFO at RedHill, added: “RedHill is delivering on a clear strategy designed to enable us to achieve fast growth and increased profit margin. We have been diligent in maintaining a solid balance sheet and we expect to achieve commercial operational breakeven by the end of this year.”
Tel Aviv- and Raleigh-based RedHill is a specialty biopharmaceutical company primarily focused on gastrointestinal and infectious diseases.
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