The consonant represented by bh is unique to this word, and its intended pronunciation is nowhere explained. This is a Dwarvish name, and the closest equivalent sound in Dwarvish would be the much more common kh, which is pronounced like the sound in the middle of English 'backhand'. Assuming that bh follows the same general pattern, it would be pronounced as in English words like 'abhor' or 'clubhouse'.

An alternative pronunciation is suggested by the use of dh in Elvish names to represent a fricative (in this case a 'dental fricative' like the th sound in the word 'father'). Following this comparison, bh would be a 'bilabial fricative', which isn't commonly used in English, but would represent something like an extended 'v' sound (as for example in the Irish name Siobhan, which is pronounced as (very approximately) 'sha'vawn').

If Sharbhund were an Elvish name, then a fricative sound would be a more than realistic possibility. Given that this is a Dwarvish name, however, the former approach (as in English 'abhor') seems rather more likely to have been Tolkien's intended pronunciation.

We have almost no resources to help translate the name Sharbhund, but it may be noted that the Elvish names for features that had earlier Dwarvish names did tend to mirror the meanings of those names (as, notably, for the Mountains of Moria), so we might assume that the name had some connection to the Elvish Amon Rûdh, 'Bald Hill'. We also have a note (in volume VII of The History of Middle-earth) in which Tolkien tentatively translated the Khuzdul element BND as ' "head" or something similar'. Neither of these points is remotely conclusive, but taken together they suggest an interpretation of Sharbhund as something like 'bald head'.