- RedHill Biopharma Ltd (NASDAQ: RDHL) plans announced a cost reduction plan expected to generate operational cost savings of approximately $50 million over the next 18 months.
- Most of these savings result from an approximately one-third reduction of the U.S. commercial team workforce, streamlined operational expenditure, including SG&A expenses, and refining the company's R&D strategy to rely mostly on external funding sources.
- Q1 FY22 net revenues reached $18.2 million, down from $20.5 million a year ago, attributable to typical cyclical trends in Movantik sales and increased gross to net deductions related mainly to increased formulary coverage.
- Gross margins improved from 50.2% to 55.9%
- The company reported a narrower operating loss of $(13.2) million compared to $(18.1) million a year ago.
- Net loss came in at $(17.1) million compared to $(22.8) million a year ago.
- Price Action: RDHL shares are up 2.02% at $0.78 during the market session on the last check Thursday.
Read at Benzinga