Announcement • Jul 28
Clinuvel Pharmaceuticals Ltd Provides Update On SCENESSE In Vitiligo Clinuvel Pharmaceuticals Ltd. had provided an update on the clinical and regulatory path for its drug SCENESSE (afamelanotide) used with adjuvant narrowband ultraviolet B (NB-UVB) phototherapy to treat vitiligo patients of darker skin colour. The use of SCENESSE and adjuvant NB-UVB has been demonstrated - pre-clinically and clinically - to be well tolerated. Clinuvel is completing its first late-stage study of SCENESSE in vitiligo (CUV105), which has enrolled 210 patients globally. It is anticipated that the topline results of the CUV105 study will be ready for release in December 2026. The CUV105 study is evaluating the ability of SCENESSE with adjunct NB-UVB to repigment vitiligo patients with darker skin types (Fitzpatrick III-VI) over a 20-week treatment period, using the validated Vitiligo Area Scoring Index (VASI) tool and photographic evidence to assess the effectiveness of treatment. Enrolled patients receive either SCENESSE and adjunct NB-UVB or NB-UVB monotherapy, the current standard of care for extensive depigmentation. The primary endpoint focuses on the proportion of patients achieving a total body surface area response of 50% (T-VASI50), with the secondary endpoint of facial repigmentation of 75% improvement (F-VASI75), comparing the active and monotherapy groups. Central analyses of photographic evidence of change in pigmentation from baseline (CFB) is being used as an objective part of the overall objective evaluation of efficacy. The CUV105 study will be followed by the pivotal (registration) CUV107 study. The European Medicines Agency (EMA) reviewed the CUV107 protocol in April 2026 and advised on its design; it was agreed that Clinuvel would include 300 vitiligo patients with darker skin types (Fitzpatrick IV-VI). CUV107 is anticipated to start in November 2026, with a 12-month recruitment period planned. The study aims to analyse the treatment effect (repigmentation), stability of repigmentation and safety in darker skinned patient populations (Fitzpatrick IV-VI). Initial clinical results and observations have demonstrated the potential of SCENESSE and adjuvant NB-UVB to repigment the skin (except hands and feet) of vitiligo patients. Ahead of completion of the CUV105 study, physicians have published 12 case reports, which have shown noticeable repigmentation at 20 weeks following SCENESSE therapy. In the earlier Phase II CUV102 study, repigmentation that occurred during the treatment phase was largely maintained during the six-month non-treatment follow up phase. SCENESSE is not currently approved for vitiligo anywhere in the world, but the drug is marketed for erythropoietic protoporphyria. SCENESSE (afamelanotide) is approved in the U.S.A., Europe, Canada, Israel and Australia for the prevention of phototoxicity in adult patients with erythropoietic protoporphyria. Announcement • Jul 23
Clinuvel Pharmaceuticals Limited to Reduce Global Workforce by Approximately 10%-20% Clinuvel Pharmaceuticals Limited announced a strategic reorganisation of its operations and workforce, effective January 1, 2027. Workforce Reduction: the Company is reducing its global workforce by approximately 10%-20% and relocating select functions to the U.S. This reflects a necessary realignment of operating expenditure with current revenue generation and near-term clinical and commercial priorities. Announcement • Jul 13
Clinuvel Pharmaceuticals Limited Receives Health Canada Notice of Compliance for Scenesse for Prevention of Phototoxicity in Adult Patients with Erythropoietic Protoporphyria Clinuvel Pharmaceuticals Limited’s novel drug SCENESSE (afamelanotide) has been granted a Notice of Compliance (NOC) by Health Canada for the prevention of phototoxicity in adult patients with erythropoietic protoporphyria (EPP). The NOC acknowledges the compliance of the SCENESSE new drug submission with Section C.08.002 and C.08.005 of the Canadian Food and Drug Regulations and grants Clinuvel Pharmaceuticals Limited the right to market SCENESSE in Canada. SCENESSE is the only treatment for EPP to have received marketing authorisation – recognising the drug’s clinical benefit, safety and quality – from any regulatory body worldwide. The Canadian approval follows marketing authorisations in Europe (2014), the U.S.A. (2019) and Australia (2020). Clinuvel Pharmaceuticals Limited has built a network of Specialty Centers across North America to treat EPP patients following the drug’s approval by the U.S. Food and Drug Administration in 2019. Five Centers are already trained and accredited in Canada and have treated EPP patients with SCENESSE under special access arrangements. EPP is a rare metabolic disorder which causes debilitating phototoxic reactions and burns following brief exposure to visible light, particularly sunlight. It is estimated to affect 5,000-10,000 individuals globally, including approximately 1 in 140,000 individuals in Canada. SCENESSE contains 16mg of the peptide afamelanotide, an analogue of a naturally occurring hormone which stimulates the production of melanin in skin. The drug provides a photoprotective effect, preventing the penetration of light through skin as well as acting as a strong antioxidant. Over 21,000 doses of SCENESSE have been administered to EPP patients worldwide, with the longest treated patients receiving up to 20 years of continuous therapy under expert care. SCENESSE (afamelanotide), is approved for commercial distribution in Europe, the U.S.A., Canada, and Australia as the world’s first systemic photoprotective drug for the prevention of phototoxicity (anaphylactoid reactions and burns) in adult patients with erythropoietic protoporphyria (EPP). The drug has been administered over 21,000 times to EPP patients across clinical trials, compassionate and special access programs, and marketing authorizations. SCENESSE is only prescribed and administered by trained and accredited Specialty Centers (North America) and EPP Expert Centres (Europe), with the subcutaneous implantation occurring in an outpatient setting. SCENESSE has maintained a positive safety profile for up to two decades in EPP patients. Most commonly reported adverse events in clinical trials were headaches, nausea, implant site reactions, oropharyngeal pain, cough, fatigue, skin hyperpigmentation, dizziness, melanocytic nevus, respiratory tract infection, somnolence, non-acute porphyria and skin irritation. Price Target Changed • May 25
Price target decreased by 7.0% to AU$22.91 Down from AU$24.64, the current price target is an average from 7 analysts. New target price is 152% above last closing price of AU$9.10. Stock is down 15% over the past year. The company is forecast to post earnings per share of AU$0.71 for next year compared to AU$0.72 last year. Announcement • Apr 24
Clinuvel Pharmaceuticals Limited Receives Final European Scientific Advice for Pivotal Phase III Vitiligo Study Clinuvel Pharmaceuticals Limited announced that the European Medicines Agency has provided final scientific advice on the design of the planned pivotal Phase III CUV107 study and anticipated evaluation of evidence of Clinuvel’s drug SCENESSE (afamelanotide) as a systemic vitiligo treatment. Following over 12 months of interaction, two formal submissions and a Discussion Meeting with the European Medicines Agency’s Scientific Advice Working Party, the Committee for Medicinal Products for Human Use has issued Scientific Advice on Clinuvel’s program evaluating SCENESSE as a systemic therapy for adults and adolescents with non-segmental vitiligo. The European Medicines Agency proposed to evaluate the efficacy of SCENESSE in vitiligo based on a regulatory approach of “totality of evidence”, with T-VASI50 the primary endpoint while patient reported outcomes and clinical data from the other vitiligo studies with SCENESSE will be evaluated for final analyses of efficacy and safety. Given the importance of patients’ perceptions of visible change in pigmentation, the European Medicines Agency emphasised that the assessment by vitiligo patients themselves would play an important role in the final evaluation when vitiligo data from CUV107 and previous studies would be submitted for marketing authorisation. Photographic evidence of change from baseline will be used to assess primary and secondary endpoints, T-VASI50 and F-VASI75, with an array of other related secondary objectives. Five patient and physician surveys are integrated in the study to record Patient Reported Outcomes. The European Medicines Agency advised that patients of darker skin colours (Fitzpatrick IV-V-VI) would benefit from systemic treatment first, since the visibility of disease – due to the contrast between unaffected skin and vitiligo lesions – is most pronounced in these patient groups. Scientific Advice provided by the European Medicines Agency is non-binding but good practice and documented in the final European Public Assessment Report issued at the conclusion of a marketing authorisation evaluation. Clinuvel will use T-VASI50 - the proportion of patients who achieve 50% or more repigmentation of the total body excluding hands and feet during the study – as the primary endpoint; this will be indicative but not determinative for efficacy. F-VASI75 - the proportion of patients who achieve 75% or more repigmentation of head and neck (excluding lips) and excluding hands and feet during the study – is being used as a secondary endpoint; this will be indicative but not determinative for efficacy. Vitiligo is believed to be a multifactorial disorder with immune components in some cases resulting in progressive loss of pigment (melanin) of the skin and associated with a severe impact on quality of life. It affects an estimated 0.5%-2% of the general population, with no approved therapies for patients with extensive depigmentation (affecting >10% of total body surface area). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$9.61, the stock trades at a forward P/E ratio of 13x. Average trailing P/E is 28x in the Biotechs industry globally. Total loss to shareholders of 52% over the past three years. Reported Earnings • Mar 02
First half 2026 earnings: EPS and revenues miss analyst expectations First half 2026 results: EPS: AU$0.21 (down from AU$0.28 in 1H 2025). Revenue: AU$36.9m (up 3.6% from 1H 2025). Net income: AU$10.4m (down 26% from 1H 2025). Profit margin: 28% (down from 40% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 19
Clinuvel Pharmaceuticals Limited to Report First Half, 2026 Results on Feb 26, 2026 Clinuvel Pharmaceuticals Limited announced that they will report first half, 2026 results on Feb 26, 2026 Price Target Changed • Oct 03
Price target decreased by 8.3% to AU$22.38 Down from AU$24.42, the current price target is an average from 7 analysts. New target price is 79% above last closing price of AU$12.48. Stock is down 11% over the past year. The company is forecast to post earnings per share of AU$0.74 for next year compared to AU$0.72 last year. Announcement • Sep 03
Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 17, 2025 Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 17, 2025. Declared Dividend • Aug 30
Dividend of AU$0.05 announced Dividend of AU$0.05 is the same as last year. Ex-date: 4th September 2025 Payment date: 19th September 2025 Dividend yield will be 0.5%, which is lower than the industry average of 2.8%. Payout Ratios Payout ratio: 7%. Cash payout ratio: 6%. Announcement • Aug 29
Clinuvel Pharmaceuticals Limited announces Annual dividend, payable on September 19, 2025 Clinuvel Pharmaceuticals Limited announced Annual dividend of AUD 0.0500 per share payable on September 19, 2025, ex-date on September 04, 2025 and record date on September 05, 2025. Reported Earnings • Aug 29
Full year 2025 earnings released: EPS: AU$0.72 (vs AU$0.71 in FY 2024) Full year 2025 results: EPS: AU$0.72 (up from AU$0.71 in FY 2024). Revenue: AU$95.0m (up 7.8% from FY 2024). Net income: AU$36.2m (up 1.5% from FY 2024). Profit margin: 38% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$13.55, the stock trades at a forward P/E ratio of 17x. Average trailing P/E is 28x in the Biotechs industry globally. Total loss to shareholders of 32% over the past three years. Announcement • Aug 21
Clinuvel Pharmaceuticals Limited to Report Fiscal Year 2025 Results on Aug 28, 2025 Clinuvel Pharmaceuticals Limited announced that they will report fiscal year 2025 results on Aug 28, 2025 Announcement • Jun 13
Clinuvel Pharmaceuticals Limited Announces Philippe Wolgen Return to the Business Full Time as Managing Director Clinuvel Pharmaceuticals Limited announced that Dr. Philippe Wolgen has returned to the business full time in his role as Managing Director and will focus in the short-term on advancing specific product development and corporate projects. Lachlan Hay will continue in the role of Acting Chief Executive Officer until the end of September 2025. Announcement • May 07
CLINUVEL Recruitment 200 Patients in Phase III Vitiligo Trial CUV105 CLINUVEL has met its recruitment target in its phase III trial (CUV105) of SCENESSE®? (afamelanotide 16mg) in vitiligo, with more than 200 patients enrolled. The last patient to enter the study is scheduled to complete screening in May 2025. First results from the study are expected in the second half of 2026. SCENESSE®? is being evaluated as a systemic repigmentation therapy for vitiligo patients, with a clinical focus on adolescent (12 years and above) and adult patients with darker skin types (Fitzpatrick III-VI). CUV105 is a randomised multi-centre Phase III trial being conducted in 37 study sites across three continents. Four previously released case studies - patients with skin type IV and varying disease duration - demonstrated repigmentation of vitiliginous lesions on the face or back after four weeks of commencing treatment with afamelanotide, and that some patients experience additional spontaneous repigmentation following the conclusion of the treatment protocol. A fifth case study shared, demonstrates repigmentation of lesions on the arms and legs in a skin type V patient with a 20-year history of the vitiligo. All case study patients have reported satisfaction with the treatment results and that afamelanotide was well tolerated with adjunct NB-UVB. Above: the fifth case study to be released from CUV105, a 46-year-old male with skin type V treated with seven SCENESSE®? implants and 40 NB-UVB sessions. Price Target Changed • Apr 16
Price target decreased by 12% to AU$24.63 Down from AU$27.89, the current price target is an average from 6 analysts. New target price is 129% above last closing price of AU$10.76. Stock is down 29% over the past year. The company is forecast to post earnings per share of AU$0.79 for next year compared to AU$0.72 last year. Announcement • Feb 20
Clinuvel Pharmaceuticals Limited to Report First Half, 2025 Results on Feb 27, 2025 Clinuvel Pharmaceuticals Limited announced that they will report first half, 2025 results on Feb 27, 2025 Announcement • Oct 01
CLINUVEL Files Canadian New Drug Submission for SCENESSE® in EPP CLINUVEL has filed a New Drug Submission (NDS) to Health Canada, seeking approval for its novel photoprotective therapy SCENESSE® (afamelanotide) for the prevention of phototoxicity in adult patients with erythropoietic protoporphyria (EPP). If approved, SCENESSE® would be the first treatment for Canadian EPP patients. Health Canada review process: Health Canada’s Health Products and Food Branch (HPFB) reviews and approves medications for use in Canada, assessing the safety and efficacy of the products in the proposed indication, as well as the drug’s quality. Following a formal dossier validation period, the HPFB may complete the review of a new drug candidate within 300 days. Canadian Special Access Program ongoing: In 2023 CLINUVEL announced that the first Canadian EPP patient had received treatment with SCENESSE® under Canada’s Special Access Program (SAP). The SAP allows individual physicians to facilitate access to treatment for patients who have serious or life-threatening conditions and lack therapeutic alternatives. Patient treatment under the SAP continued without interruption prior to Health Canada’s review of the NDS. All Canadian patients treated under the SAP have received insurance coverage to support their treatment access. Two Canadian Specialty Centers have been trained and accredited to treat EPP patients with SCENESSE®. Further potential Canadian treatment centres have been identified to enable prompt treatment access pending regulatory and pricing approvals. To date, CLINUVEL has trained and accredited 85 Specialty Centers across North America. EPP affects approximately 1:140,000 individuals, with an estimated 280 EPP patients in Canada. SCENESSE® in EPP: systemic photoprotection: EPP is a rare genetic disorder which causes phototoxicity, debilitating reactions and burns following light exposure. CLINUVEL has spent nearly two decades developing SCENESSE® as the first treatment for EPP. The drug, administered as a controlled-release injectable implant every 60 days, stimulates the production of melanin in skin, protecting skin cells from visible and ultraviolet light (photoprotection) and acting as a strong antioxidant. Clinical and long-term post-marketing studies of SCENESSE® have shown that it can prevent and reduce the severity of phototoxic reactions, as well as improving patients’ quality of life. The drug has been approved for adults by the European Medicines Agency, US Food and Drug Administration (FDA), and regulatory authorities in Australia and Israel. To date, over 16,000 doses of SCENESSE® have been administered to EPP patients worldwide. Announcement • Sep 13
Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 16, 2024 Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 16, 2024. Location: the events centre at collins square, tower 2, level 5, 727 collins street, vic 3008, melbourne Australia Declared Dividend • Aug 31
Dividend of AU$0.05 announced Shareholders will receive a dividend of AU$0.05. Ex-date: 5th September 2024 Payment date: 20th September 2024 Dividend yield will be 0.3%, which is lower than the industry average of 2.8%. Payout Ratios Payout ratio: 7%. Cash payout ratio: 8%. Reported Earnings • Aug 29
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: AU$0.71 (up from AU$0.62 in FY 2023). Revenue: AU$96.1m (up 23% from FY 2023). Net income: AU$35.6m (up 16% from FY 2023). Profit margin: 37% (down from 39% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$15.41, the stock trades at a forward P/E ratio of 22x. Average trailing P/E is 27x in the Biotechs industry globally. Total loss to shareholders of 59% over the past three years. Announcement • Aug 19
Clinuvel Pharmaceuticals Limited to Report Fiscal Year 2024 Results on Aug 29, 2024 Clinuvel Pharmaceuticals Limited announced that they will report fiscal year 2024 results on Aug 29, 2024 Price Target Changed • Jul 05
Price target increased by 18% to AU$30.32 Up from AU$25.60, the current price target is an average from 6 analysts. New target price is 100% above last closing price of AU$15.17. Stock is down 15% over the past year. The company is forecast to post earnings per share of AU$0.67 for next year compared to AU$0.62 last year. Announcement • Jun 28
Clinuvel Pharmaceuticals Limited Announces Change of Company Secretary Clinuvel Pharmaceuticals Limited advised Mr. Peter Vaughan will be appointed Company Secretary, effective 28 June 2024 until 6 August 2024 when a permanent Company Secretary is expected to start employment, with Mr. Darren Keamy stepping down from the role on28 June 2024. Announcement • Jun 19
CLINUVEL Announces A Novel Clinical Program CLINUVEL announced a novel clinical program evaluating afamelanotide as a treatment in early-stage Parkinson’s Disease (PD or Parkinson’s) in fair-skinned patients. The program objectives are to determine whether afamelanotide – through melanocortin-1 receptor (MC1R) activation – is able to lower a-synuclein (a toxin) in blood levels in PD patients, and positively affect neurons of the midbrain. MC1R is known to be a key receptor in brain and skin cells. In large studies, it was found that fair-skinned patients have a higher risk of PD associated with a malfunctioning MC1R. Since afamelanotide is known to optimise the function of the MC1R, it is hypothesised that the drug treatment would have a positive effect in PD by lowering a-synuclein, as recently demonstrated in preclinical studies.²¯³ Afamelanotide is marketed in Europe and the USA as SCENESSE® for patients diagnosed with erythropoietic protoporphyria (EPP). Evidence for use of afamelanotide in Parkinson’s Disease: Worldwide, individuals born with red hair and fair skin are found to have a loss of function of MC1Rs – expressed on skin and brain cells – and to carry an increased risk of Parkinson’s and melanoma. In various Parkinson’s models it has been illustrated that an MC1R-binding drug – such as afamelanotide – enables cellular protection against a-synuclein, a toxic substance found in the neurons of PD patients. In preclinical models, the use of afamelanotide has been shown to improve neurodegenerative conditions. Following decades of human use, it has been well established that afamelanotide strongly binds to MC1R and optimises cellular functions (signalling) through pharmacological activation. The CUV901 study is the first human study evaluating the effect of afamelanotide in PD as a therapeutic option. Study design – CUV901: The Phase IIa CUV901 study will evaluate six fair-skinned patients with early symptoms of PD who are not yet receiving medicinal therapy. The first objectives of the open-label study are to focus on the safety of afamelanotide, while determining a-synuclein in blood, and assessing visual changes in the midbrain. Secondary endpoints are to assess cognitive functions. The study design has obtained ethics and regulatory approval. Patients between 40 and 85 years old will receive 11 doses of 0.08 mg per kilogram body weight of afamelanotide on each day of drug administration, over a study duration of 56 days. The first patients are expected to enroll before the end of 2024. Price Target Changed • Feb 27
Price target decreased by 7.4% to AU$25.01 Down from AU$27.01, the current price target is an average from 6 analysts. New target price is 86% above last closing price of AU$13.42. Stock is down 30% over the past year. The company is forecast to post earnings per share of AU$0.68 for next year compared to AU$0.62 last year. Reported Earnings • Feb 23
First half 2024 earnings released: EPS: AU$0.22 (vs AU$0.23 in 1H 2023) First half 2024 results: EPS: AU$0.22 (down from AU$0.23 in 1H 2023). Revenue: AU$32.8m (up 12% from 1H 2023). Net income: AU$10.9m (down 4.0% from 1H 2023). Profit margin: 33% (down from 39% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Clinuvel Pharmaceuticals Limited to Report First Half, 2024 Results on Feb 22, 2024 Clinuvel Pharmaceuticals Limited announced that they will report first half, 2024 results on Feb 22, 2024 Price Target Changed • Oct 19
Price target increased by 13% to AU$31.12 Up from AU$27.50, the current price target is an average from 4 analysts. New target price is 95% above last closing price of AU$15.93. Stock is down 12% over the past year. The company is forecast to post earnings per share of AU$0.70 for next year compared to AU$0.62 last year. Price Target Changed • Oct 05
Price target decreased by 7.2% to AU$27.50 Down from AU$29.64, the current price target is an average from 4 analysts. New target price is 95% above last closing price of AU$14.12. Stock is down 28% over the past year. The company is forecast to post earnings per share of AU$0.70 for next year compared to AU$0.62 last year. Announcement • Sep 29
Clinuvel Pharmaceuticals Limited Announces Board Changes Clinuvel Pharmaceuticals Limited announced that Non-Executive Director Sir Andrew Likierman, who has been a member of the Board of Directorssince April 2022, will resign from his position at the conclusion of the AGM to focus on his various academic and consultancy activities. Mr. Willem Blijdorp has announced he will step down as Chairperson of the Board of Directorswith effect from of 1 January 2024, pending his re-election as a Non-Executive Director at theCompany's AGM. The Board has commenced a review process, after which a new Chairpersonwill be announced. Announcement • Sep 13
Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 31, 2023 Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 31, 2023, at 10:00 AUS Eastern Standard Time. Announcement • Aug 30
Clinuvel Pharmaceuticals Limited Announces Dividend for the Full Year Ended June 30, 2023, Payable on September 20, 2023 Clinuvel Pharmaceuticals Limited announced ordinary fully paid dividend of AUD 0.05000000 per share for the full year ended June 30, 2023. Ex-date is September 5, 2023. Record date is September 6, 2023. Payment date is September 20, 2023. Reported Earnings • Aug 29
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: AU$0.62 (up from AU$0.42 in FY 2022). Revenue: AU$82.3m (up 24% from FY 2022). Net income: AU$30.6m (up 47% from FY 2022). Profit margin: 37% (up from 32% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Aug 28
Clinuvel Pharmaceuticals Limited to Report Fiscal Year 2023 Results on Aug 29, 2023 Clinuvel Pharmaceuticals Limited announced that they will report fiscal year 2023 results on Aug 29, 2023 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to AU$19.25, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 23x in the Biotechs industry globally. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$21.31 per share. Buying Opportunity • Feb 25
Now 22% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be AU$29.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 77% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Reported Earnings • Feb 24
First half 2023 earnings released: EPS: AU$0.23 (vs AU$0.12 in 1H 2022) First half 2023 results: EPS: AU$0.23 (up from AU$0.12 in 1H 2022). Revenue: AU$30.7m (up 25% from 1H 2022). Net income: AU$11.4m (up 94% from 1H 2022). Profit margin: 37% (up from 24% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Feb 15
Clinuvel Pharmaceuticals Ltd Announces the Completion of Manufacture of the First cGMP Batch of PRÉNUMBRA® Instant Clinuvel Pharmaceuticals Ltd. announced the completion of manufacture of the first cGMP batch of PRÉNUMBRA® Instant, an immediate-release liquid injectable presentation of afamelanotide. The product will first be evaluated in patients who have suffered arterial ischaemic stroke (AIS). Pathway to market: The next stage is for manufacturing processes to be scaled up, followed by manufacturing validation work generating data for the regulatory dossiers to be submitted in the United States and European Union. Since data from preclinical studies and long-term clinical use of the SCENESSE® (afamelanotide 16mg) implant are available, a full development of PRÉNUMBRA® Instant is not required. Rapid validation of the specifications and batch release testing of PRÉNUMBRA® Instant is possible due to the extensive existing SCENESSE® dossier. The American and European pathway to marketing approval for PRÉNUMBRA Instant. PRÉNUMBRA® Instant, new dosage form CLINUVEL has completed the manufacture of clinical trial supplies of PRÉNUMBRA® Instant under Good Manufacturing Practice (cGMP) via an exclusive arrangement with a contract manufacturing organization. The use of the fast-releasing formulation of afamelanotide provides flexibility in acute care, allowing physicians to adapt the patient's dose according to individual needs. Specialized neurology centres have been selected and engaged as clinical trial sites for CLINUVEL's second study of afamelanotide in stroke patients (CUV803), which will be the first to prescribe the PRÉNUMBRA® Instant formulation. CUV803 will commence following regulatory and ethics consent. CLINUVEL's melanocortin portfolio: Having commercialised the first afamelanotide formulation - the 16mg SCENESSE® controlled-release implant - CLINUVEL has retained extensive expertise on the therapeutic potential of the drug, plus the broader melanocortin family. The development of melanocortins and their various formulations is part of the Company's strong focus, risk management, and diversification. Thereby, the red line running through R&D is to lead clinical development based on populations in highest need of treatment or care. Announcement • Feb 02
Clinuvel Pharmaceuticals Limited Announces First Positive Results from Study Evaluating the Protective Effects of Afamelanotide on Skin Exposed to Ultraviolet Radiation Clinuvel Pharmaceuticals Limited announced the first positive results from a study evaluating the protective effects of afamelanotide on skin exposed to ultraviolet (UV) radiation (CUV151). The study, conducted at Salford Royal Hospital, Manchester, showed that systemic treatment with afamelanotide decreased the UV-erythema dose-response following ultraviolet radiation (UVR), indicative of reducing the first signs of UV-induced DNA damage. Analyses of biopsies that were taken during the study, assessing the drug's influence on DNA repair capacity, are pending. Study design CUV151: The objective of the study was to assess the impact of afamelanotide on UV-induced DNA-damage and repair capacity in healthy volunteers with fair skin types (Fitzpatrick I-III)¹ by measuring: changes in UVR erythema dose response following treatment with afamelanotide; changes in minimal erythema dose (MED) following treatment with afamelanotide - an increased MED indicates a greater resistance to the mutagenic effects of UVR; the amount of DNA damage, and DNA damage repair following exposure to controlled doses of UVR. Manchester University is a renowned specialist centre which undertakes advanced clinical research in skin cancer, and its affiliate hospital (Salford Royal) was chosen for the study. Nine healthy adult volunteers were administered UVR by a solar simulator under controlled clinical conditions. Evaluation of the skin occurred before and after UVR. Results CUV151: From a safety perspective, afamelanotide was well tolerated with two patients reporting mild headache and one patient experiencing mild nausea. It was found that following UV irradiation, the UV-erythema (‘provoked sunburn damage’) dose response was reduced (p=0.018). The observed decrease of the UV dose-response indicates the reduction of DNA damage incurred following afamelanotide treatment. Consistent with earlier studies, skin melanin density increased following treatment with SCENESSE® (p<0.05). Relevance of the results: Scientific research has long focused on the identification of principal skin cancer risk factors, among which are DNA damage defects incurred due to solar radiation. Short exposure to UVR, and evidently a first sunburn, causes loss of DNA integrity through the formation of helical breaks, and the formation of single-strand dimers (cyclobutane pyrimidine dimers, CPDs), thereby increasing the risk of skin cancer(s). The scope of this study is limited to erythemal UVR and direct DNA damage. Following the use of solar-simulated UVR, reduction of UV dose-response, and increased melanisation shows the potential of systemically2 used afamelanotide to significantly reduce solar skin damage, erythema, and therefore first DNA lesions. These results in healthy subjects confirm the earlier results of study CUV156 in xeroderma pigmentosum (XP) patients, who suffer from the highest risk of developing skin cancers due to a defect in DNA-repair mechanisms (‘Afamelanotide Reduces DNA Photodamage in Xeroderma Pigmentosum’, 16 January 2023). The results in CUV156 showed a reduction in CPDs following dosing of afamelanotide. As seen in previous studies, in CUV151 it was confirmed that afamelanotide increases human skin pigmentation, which is strongly associated with photoprotection against systemic oxidative stress caused by solar radiation, and which may further reflect the drug's and melanin's antioxidative properties. Price Target Changed • Jan 26
Price target increased by 11% to AU$28.94 Up from AU$26.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of AU$27.75. Stock is up 32% over the past year. The company is forecast to post earnings per share of AU$0.67 for next year compared to AU$0.42 last year. Announcement • Jan 23
Clinuvel Pharmaceuticals Limited Announces Neuracthel Manufacturing Processes Advance Clinuvel Pharmaceuticals Limited announced an update on its commercial development of the analogue adrenocorticotropic hormone (ACTH), part of CLINUVEL's portfolio of melanocortin products. The Company will launch a range of ACTH products under the trade names NEURACTHEL® Instant and NEURACTHEL® Modified-release for patients with neurological, endocrinological, and degenerative disorders, with plans to file a regulatory drug master file (DMF) for ACTH in the second half of 2023. CLINUVEL is currently pursuing the development of three melanocortin-based pharmaceutical product lines globally: NEURACTHEL®, PRÉNUMBRA®, and SCENESSE®. Working closely with exclusive manufacturing partners, CLINUVEL completed method and process development work throughout H2 2022, including the establishment of critical process parameters serving the commercial product manufacturing. In the coming months work is planned for on production of the ACTH drug substance under current Good Manufacturing Practices (cGMP) standards at commercial scale, characterisation of the drug substance, and overall evaluation stability. Data from validation batches support the filing of a DMF with global regulatory authorities laying the foundation for the submission of marketing authorisation applications. Announcement • Jan 17
Clinuvel Pharmaceuticals Limited Shares the First Results of Phase II Study Evaluating Afamelanotide in Patients with Xeroderma Pigmentosum Clinuvel Pharmaceuticals Limited shared the first results of a phase II study (CUV156) evaluating afamelanotide in patients with xeroderma pigmentosum (XP), a genetic disease characterised by a defect in DNA skin repair (NER1 defect). Analyses showed a decrease in ultraviolet (UV) light-induced DNA skin damage following treatment. This study constitutes the first time globally that permission was granted to expose XPC patients to a novel systemic therapy. Despite living in fully shielded and isolated conditions, this population suffers from frequent skin cancer(s), resulting in a median life expectancy of 30 years. INTERIM RESULTS CUV156: The CUV156 study is conducted over ten weeks, with a six month follow up. Patients are administered six doses of afamelanotide as well as controlled UVB radiation on unexposed areas of the skin (buttocks), with DNA markers evaluated. UVB serves to evaluate tolerance (MED) to the point of inducing DNA skin lesions, cyclobutane pyrimidine dimers (CPDs), characteristic for photodamage. Skin biopsies are taken of UVB irradiated and non-irradiated anatomical sites before and after treatment and analysed through immunohistochemical staining (IHC; microscopic analyses). In the three patients, a reduction of CPDs was found, most specifically in the deeper layer of the skin (basal layer of epidermis). In two patients, the skin specimens showed an increase in p53 expression, indicating activation of natural defence mechanisms. P53 serves as a biological marker in man for suppressing tumour formation. In three patients, H2AX (a DNA marker5) showed an increase, indicative of the activation of cellular repair mechanisms of the skin. All three patients showed reduced erythema when increasing UVB dosing, whereby two showed an increase in MED, indicating the ability to tolerate higher UV doses without incurring `skin burns'. In all patients, an increase in melanin density (MD6) was seen, suggestive for the formation of skin pigmentation acting as a physical UV barrier. Overall, clinical assessment by the treating physicians was that afamelanotide provided effective systemic photoprotection in XPC patients. These first positive results justify further progression of the CUV156 study in XPC and the ongoing CUV152 study in XPV patients. CLINICAL RELEVANCE OF THE FIRST RESULTS: Due to inherited defects in the DNA repair process, the XP population is globally known to experience the highest risk of skin cancer development. A therapy providing systemic photoprotection, reducing photodamage, and assisting DNA skin repair nucleotide excision repair (NER) and base excision repair (BER) would be of high value to these patients. This therapeutic approach bears relevance for a wider population at higher risk of skin cancers. Melanocortin therapy would potentially benefit those affected by medical conditions, active in high-risk environments (reflective surfaces, high altitude, high UV intensity), or whose genetic make-up (those with non-pigmented skin, blue eyes, and fair hair colour) places them at higher risk of incurring solar damage. MODE OF ACTION AFAMELANOTIDE: Afamelanotide belongs to the family of proopiomelanocortins which exhibit a number of documented and published properties, such as the activation of melanin, the optimisation of cellular response (signalling) to UV skin damage, the assistance in DNA damage, the reduction of oxidative damage, reduction in oncosis (swelling), and decrease in inflammatory processes. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Non-Executive Director John Likierman was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 20
Clinuvel Pharmaceuticals Limited Announces Enrollment of First Patient in New Clinical Study CUV104 Clinuvel Pharmaceuticals Limited announced that the first patient has been enrolled in a new clinical study (CUV104), evaluating the safety and efficacy of afamelanotide as a monotherapy in vitiligo patients with darker skin complexions (Fitzpatrick Skin Types IV-VI). Afamelanotide AS Vitiligo Therapy: Vitiligo is a depigmentation disorder characterised by chronic and progressive loss of functional epidermal melanocytes (the melanin producing skin cells), which can lead to disfiguration and psychosocial distress. The precise cause of vitiligo remains unknown. There is no effective systemic treatment to date, however phototherapy is uniformly used by dermatologists worldwide. In July 2022, an immune modulating topical drug was approved by the FDA as the first commercial therapy in vitiligo. Afamelanotide has been shown to repigment skin faster and more extensively as combination with narrowband UVB (NB-UVB) phototherapy, and is now being evaluated for its ability to boost the pigmentary response as monotherapy. A successful approach will eliminate or reduce the need for concomitant therapies that require prolonged exposure to ultraviolet light and/or long-term local or systemic immunotherapies. CLINUVEL has announced an adaptive regulatory pathway for developing afamelanotide as the first systemic therapy for vitiligo patients, with late-stage studies to be conducted over the next 30 months. Pending regulatory discussions and clinical results, the use of afamelanotide as both a monotherapy and combination therapy with NB-UVB will be pursued. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to AU$23.14, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 20x in the Biotechs industry globally. Total loss to shareholders of 6.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$40.36 per share. Announcement • Sep 08
Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 26, 2022 Clinuvel Pharmaceuticals Limited, Annual General Meeting, Oct 26, 2022, at 10:00 AUS Eastern Standard Time. Reported Earnings • Aug 31
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: AU$0.42 (down from AU$0.50 in FY 2021). Revenue: AU$66.2m (up 37% from FY 2021). Net income: AU$20.9m (down 16% from FY 2021). Profit margin: 32% (down from 51% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 27%, compared to a 33% growth forecast for the Biotechs industry in Australia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 30
Clinuvel Pharmaceuticals Limited Announces Dividend for the Full Year Ended June 30, 2022, Payable on September 21, 2022 Clinuvel Pharmaceuticals Limited announced ordinary fully paid dividend of AUD 0.04000000 per share for the full year ended June 30, 2022. Ex-date is September 6, 2022. Record date is September 7, 2022. Payment date is September 21, 2022. Buying Opportunity • Aug 22
Now 20% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be AU$24.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 88% in 2 years. Earnings is forecast to grow by 48% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 17% share price gain to AU$18.20, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 20x in the Biotechs industry globally. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$23.68 per share. Announcement • Jul 28
CLINUVEL PHARMACEUTICALS LIMITED Intends to Evaluate its Drug Candidate PRÉNUMBRA Instant (Afamelanotide) as A Treatment for Patients Diagnosed with Arterial Ischaemic Stroke (AIS) in its Next Clinical Trial (CUV803) CLINUVEL PHARMACEUTICALS LIMITED announced that it intends to evaluate its drug candidate PRÉNUMBRA Instant (afamelanotide) as a treatment for patients diagnosed with arterial ischaemic stroke (AIS) in its next clinical trial (CUV803). AIS is the first clinical target for CLINUVEL's flexible PRÉNUMBRA formulations. PRÉNUMBRA® Instant is the second pharmaceutical product developed by CLINUVEL. The product is designed to allow physicians to administer a fast-acting, flexible dosage formulation of the active ingredient afamelanotide in acute care. Afamelanotide, a melanocortin drug, is shown to provide anti-oxidative, anti-oncotic and vaso-active effects. Stroke was selected as the first clinical target for PRÉNUMBRA® Instant, enabling physicians to personalise treatment in acute care. CLINUVEL's recent stroke study (CUV801) showed afamelanotide to be well tolerated in a standard dose, with the majority of patients experiencing a strong functional recovery. The CUV803 study will generate further data of afamelanotide at higher and more frequent dosing to understand the safety and clinical benefit of the new dosage form. CUV803 is expected to commence during the second half of 2022, pending regulatory and ethics approvals. Further clinical targets for PRÉNUMBRA Instant are under evaluation, including other disorders of the central nervous system (CNS). Working under an exclusive agreement the PRÉNUMBRA Instant presentation is manufactured according to current Good Manufacturing Practice (cGMP) guidelines for use in clinical trials. PRÉNUMBRA Instant contains the same active pharmaceutical ingredient as CLINUVEL's commercially available SCENESSE (afamelanotide 16mg) product. Ischaemic strokes account for around 85% of the estimated 15 million suffered worldwide each year. Stroke is the leading cause of serious, long-term disability in the United States. Estimates vary, but approximately 80% of stroke patients who report to hospitals are ineligible for either intravenous thrombolysis (IVT; drug therapy to dissolve a brain clot) or endovascular thrombectomy (EVT; interventional surgery to physically remove a brain clot). Considering the staggering prevalence of stroke, the burden of post-stroke recovery and ongoing disability is of primary public health importance. Recent Insider Transactions • Jun 15
Non-Executive Director recently sold AU$356k worth of stock On the 7th of June, Brenda Shanahan sold around 22k shares on-market at roughly AU$15.88 per share. In the last 3 months, there was an even bigger sale from another insider worth AU$1.1m. Insiders have been net sellers, collectively disposing of AU$5.9m more than they bought in the last 12 months. Announcement • May 10
CLINUVEL Progresses CUV104 Vitiligo Study CLINUVEL announced that it will start treatment of vitiligo patients with its drug afamelanotide under a new study protocol (CUV104). The Company has received positive review from the Institutional Review Board (IRB) to commence the CUV104 study, which will be conducted at a North-American vitiligo expert centre. Up to six adult vitiligo patients with darker skin complexions (Fitzpatrick Skin Types IV-VI) will be enrolled in the CUV104 study, evaluating patients' response to afamelanotide as a monotherapy over six months. Announcement • May 05
CLINUVEL Releases Positive Final Results of the Open Label Pilot Study (CUV801) in Arterial Ischemic Stroke CLINUVEL released positive final results of the open label pilot study (CUV801) in arterial ischemic strokereleased positive final results of the open label pilot study (CUV801) in arterial ischemic stroke (AIS), evaluating multiple doses of CLINUVEL’s drug afamelanotide in six adult patients. Afamelanotide was shown to be well tolerated, with five of the six patients showing considerable clinical and functional recovery up to 42 days after treatment.STUDY RESULTS CUV801: CUV801 is the first clinical study assessing afamelanotide as a treatment for a life-threatening brain injury. All six patients enrolled in the study carried an increased risk of stroke due to their history of cardiovascular disease, elevated blood pressure or diabetes type II, and all suffered a stroke (blood clot) in the left half of the brain. The study was conducted at the specialist stroke unit of the Alfred Hospital in Melbourne, Australia. Safety was the primary endpoint of the pilot study with afamelanotide administered up to four times over ten days following the stroke. This frequency of dosing seemed not to affect patient safety, with no drug-related adverse events reported during or after the study completion. One patient with a complex cardiovascular history passed away following a second stroke on day 5, which was assessed as unrelated to afamelanotide treatment. Treatment efficacy was measured using computer imaging to assess the volume of the area affected by the stroke, and validated clinical assessments of function, neurological impairment, and disability. Analyses of the brain scans (MRI-FLAIR2) performed at days 3 and 9 showed a reduction in size of the affected area in five of the six patients. Analyses of the NIHSS scores1 up to day 42 indicated that all five surviving patients showed an improvement in neurological functions and reduction in overall impairment (p=0.0625). Four out of five surviving patients showed an improvement of 4 points or more on the scale, regarded as significant, and all five patients reported a clinically meaningful reduction of 3 points. Two patients were symptom free at day 42. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Non-Executive Director John Likierman was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 04
Clinuvel Pharmaceuticals Ltd Appoints Andrew Likierman as New Non-Executive Director CLINUVEL PHARMACEUTICALS LTD announced the appointment of Professor Sir Andrew Likierman as a Non-Executive member of the Group's Board of Directors.Sir Andrew's long and accomplished career sees him alternating between public, private and academic positions. His wealth of experience and knowhow will complement CLINUVEL's Board in the next stage of the Company's expansion. Sir Andrew is Professor of Management Practice at the London Business School and was its Dean from 2009 to 2017. He is currently working on the role of judgement in management, with his work used extensively by many organisations.In the private sector, Sir Andrew served as non-executive Director of Times Newspaper Holdings Ltd, Monument Bank, Barclays Bank plc, quoted insurance Lloyds underwriter Beazley plc, Applied Intellectual Capital plc, and market research firm MORI Ltd. Announcement • Mar 30
Clinuvel Pharmaceuticals Limited Announces First XP-V Patient Treated in Third CUV DNA Repair Study Clinuvel Pharmaceuticals Limited announced that the first xeroderma pigmentosum variant (XP-V) patient has received afamelanotide treatment in the third active study in the Company's DNA Repair Program (CUV152). The CUV152 study seeks to confirm the ability of afamelanotide to protect DNA following ultraviolet- (UV) and light-induced damage. Up to six adult patients with either the XP-C complementation group or XP-V- treated at European XP expert centres - will receive up to six doses of afamelanotide during the pilot CUV152 study. XP is a rare life-threatening inherited disorder characterised by defects in the body's own system to repair damage due to UV light. XP-V patients' genetic defect means that as patients' DNA is damaged following exposure to UV and light, their cells replicate with an increased number of errors, leading to an increase in mutations and overall high rate of skin cancer. Afamelanotide belongs to a family of bioactive peptides and their analogues known as melanocortins which can reduce photoproducts caused by UV radiation and visible light. Afamelanotide protects skin from UV damage through the induction of eumelanin, the dark pigment, in skin. Eumelanin also provides antioxidative defence and has a neutralising effect on skin damage. Further research has shown the ability of melanocortins such as alpha-melanocyte stimulating hormone to assist skin cells in DNA repair mechanisms. Recent Insider Transactions • Mar 24
CEO, MD & Director recently sold AU$1.1m worth of stock On the 22nd of March, Philippe Wolgen sold around 56k shares on-market at roughly AU$20.36 per share. This was the largest sale by an insider in the last 3 months. Philippe has been a seller over the last 12 months, reducing personal holdings by AU$8.0m. Buying Opportunity • Mar 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be AU$25.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% per annum over the last 3 years. Earnings per share has grown by 16% per annum over the last 3 years. Reported Earnings • Feb 25
First half 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2022 results: EPS: AU$0.12 (down from AU$0.13 in 1H 2021). Revenue: AU$24.6m (up 56% from 1H 2021). Net income: AU$5.87m (down 9.5% from 1H 2021). Profit margin: 24% (down from 41% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 49%. Over the next year, revenue is forecast to grow 40%, compared to a 152% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 25
Price target decreased to AU$27.32 Down from AU$31.89, the current price target is an average from 2 analysts. New target price is 46% above last closing price of AU$18.66. Stock is down 17% over the past year. The company is forecast to post earnings per share of AU$0.39 for next year compared to AU$0.50 last year. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to AU$20.96, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 22x in the Biotechs industry globally. Total loss to shareholders of 2.6% over the past three years. Announcement • Jan 18
Clinuvel Pharmaceuticals Limited Completes Enrolment in CUV801 Stroke Study CLINUVEL announced that it has completed enrolment in its world-first study of afamelanotide as a treatment for arterial ischaemic stroke (AIS) patients. Afamelanotide treatment was well tolerated by all patients, with no adverse drug reactions reported. The Phase II afamelanotide study (CUV801) focuses on treating adult AIS patients, who are ineligible for current standard of care. All six AIS patients treated under the CUV801 protocol are being evaluated for up to six weeks at a specialist neurological hospital in Australia, with clinical assessments made to detect changes or improvement in neurological functions and activities of daily living. Validated clinical tools are being used to evaluate the extent of patients' disability. Scientific progress has demonstrated melanocortins, including afamelanotide, provide a positive effect on the central nervous system (CNS). Afamelanotide is known to offer neuroprotection and act as a potent anti-oxidative hormone. The drug possesses further therapeutic benefits, activating vessels, reducing fluid formation, protecting critical nerve and brain tissue, and restoring the blood brain barrier (BBB: a critical defence mechanism protecting the brain). The drug therapy is expected to improve the blood flow and increase the delivery of oxygen and nutrients to deprived brain tissue. Reported Earnings • Aug 27
Full year 2021 earnings released: EPS AU$0.50 (vs AU$0.31 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$48.0m (up 47% from FY 2020). Net income: AU$24.7m (up 64% from FY 2020). Profit margin: 52% (up from 46% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 26% share price gain to AU$34.49, the stock trades at a forward P/E ratio of 69x. Average forward P/E is 22x in the Biotechs industry globally. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$44.68 per share. Price Target Changed • Aug 27
Price target increased to AU$33.92 Up from AU$30.63, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of AU$34.49. Stock is up 64% over the past year. Recent Insider Transactions • Jul 07
CEO, MD & Director recently sold AU$3.7m worth of stock On the 30th of June, Philippe Wolgen sold around 123k shares on-market at roughly AU$30.56 per share. This was the largest sale by an insider in the last 3 months. Philippe has been a seller over the last 12 months, reducing personal holdings by AU$9.4m. Recent Insider Transactions • Jun 30
Non-Executive Director recently sold AU$692k worth of stock On the 24th of June, Brenda Shanahan sold around 25k shares on-market at roughly AU$27.67 per share. In the last 3 months, there was an even bigger sale from another insider worth AU$3.1m. Insiders have been net sellers, collectively disposing of AU$6.4m more than they bought in the last 12 months. Announcement • Jun 08
Clinuvel Pharmaceuticals Limited Announces First Stroke Patient Treated with Afamelanotide CLINUVEL's drug afamelanotide has been administered to a first patient diagnosed with an acute arterial ischaemic stroke (AIS) enrolled in a world's first clinical trial (CUV801). Due to a clot formed in the higher region of the left
middle cerebral artery (M2 or above), the patient suffered an acute stroke and was admitted to a specialist neurological hospital in Australia to receive treatment. In total, six adult AIS patients will be evaluated in the Phase II CUV801 study. The study focuses on the safety and therapeutic potential of afamelanotide in patients who are ineligible for standard stroke therapy. Scientific progress has demonstrated melanocortins, including afamelanotide, provide a positive effect on the central nervous system (CNS). Afamelanotide is known to offer neuroprotection and act as a potent anti- oxidative hormone. The drug possesses further therapeutic benefits, activating vessels, reducing fluid formation, protecting critical nerve and brain tissue, and restoring the blood brain barrier (BBB: a critical defence mechanism protecting the brain). The drug therapy is expected to affect the blood flow and oxygen to deprived brain tissue. The CUV801 study is evaluating the use of afamelanotide in six patients who suffered an acute stroke, with a main focus on safety monitoring following drug administration as they are admitted to hospital. Following multiple dosing, patients enrolled in the study are clinically assessed to detect changes or improvement in neurological functions and activities of daily living. Validated clinical tools, the Modified Rankin Scale and National Institutes of Health Stroke Scale, are used to evaluate the extent of patients' disability. Through a number of periodic magnetic resonance imaging (MRI) brain scans, the blood volume and flow to the affected regions of the brain are assessed, with a special attention to the core of the stroke (infarct) and penumbra. Recent Insider Transactions • Jun 04
CEO, MD & Director recently sold AU$3.1m worth of stock On the 31st of May, Philippe Wolgen sold around 103k shares on-market at roughly AU$30.45 per share. This was the largest sale by an insider in the last 3 months. Philippe has been a seller over the last 12 months, reducing personal holdings by AU$5.7m. 
