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Original-Research: CLINUVEL Pharmaceuticals - from Parmantier & Cie. GmbH

07.03.2025 / 16:21 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Parmantier & Cie. GmbH to CLINUVEL Pharmaceutical

Company Name: CLINUVEL Pharmaceutical

ISIN: AU000000CUV3

Reason for the research: Update

Recommendation: BUY

from: 07.03.2025

Target price: 22 AU$

Target price on sight of: 12 month

Last rating change: no change

Analyst: Thomas Schiessle, Daniel Großjohann

H1/25 with another record result - more speed + higher opportunitie

CLINUVEL Pharmaceuticals Ltd (CLINUVEL or CUV for short) has delivered

convincing and record-high figures for H1/FY25, exceeding market

expectations in our view. High revenue growth and controlled cost

development have expanded H1/FY25-EPS by 27.4% to AU$28.1 cents. At the same

time, the company is investing heavily in future growth and liquidity i

increasing.

We are adjusting our estimate and our target price from 19,27 to AU$ 22,00.

We expect a strong newsflow (on EPP, CUV105, CUV107) and reiterate our BUY

recommendation.

The aim is to accelerate both development and revenue generation. Under the

new strategy - with a focus on the development of three advanced clinical

projects (vitiligo; ACTH, VP) - we believe the opportunity for a leap in

growth is increasing, triggered by the targeted SCENESSE approval® (possibly

in 2028) for the treatment of the large vitiligo patient group. The U

national market will play a decisive role.

The launch of „PhotoCosmetics“ (non-Rx; OTC) will be an important step

forward to establish a non-Rx revenue stream. In our opinion, CUV is leading

the emerging industry trend towards science-based cosmetic products. The

market launch of CYACÊLLE Radiant is now planned for later CY2025. Improved

visibility in the user groups is an explicit objective and includes the

capital market (supplemented by efficiency measures).

Despite the successes in the operating business and in focusing the busine

model, the Board of Directors is looking for a new CEO.

PCR valuation: Low valuation; Risks are product and competition related.

DISCLAIMER

LEGAL NOTICE

This research report („Investment Recommendation“) has been prepared by

Parmantier & Cie. Research, with the participation of Mr. Thomas Schiessle

and Daniel Großjohann, and is distributed exclusively by Parmantier & Cie.

Research. It is intended solely for the recipient and may not be shared with

other entities, even if they belong to the same group of companies, without

prior written consent. The report contains selected information and does not

claim to be exhaustive. The investment recommendation is based on publicly

available information („Information“) which is believed to be accurate and

complete. However, Parmantier & Cie. Research does not verify or guarantee

the accuracy or completeness of this Information. Possible errors or

omissions do not give rise to any liability on the part of Parmantier & Cie.

Research, which accepts no liability for direct, indirect or consequential

damages.

In particular, Parmantier & Cie. Research assumes no responsibility for the

accuracy of statements, forecasts or other content in this investment

recommendation that relate to the companies analyzed, their subsidiaries,

strategies, economic conditions, market and competitive positions,

regulatory frameworks and similar factors. Although care has been taken in

the preparation of this report, errors or omissions cannot be ruled out.

Parmantier & Cie. Research, including its shareholders and employees,

assumes no liability for the accuracy or completeness of the statements,

estimates or conclusions derived from the information provided in thi

investment recommendation.

Insofar as this investment recommendation is provided as part of an existing

contractual relationship (e.g. financial advisory services), the liability

of Parmantier & Cie. Research is limited to cases of gross negligence or

willful misconduct. In the event of a breach of material obligations,

liability shall extend to simple negligence, but shall in all cases be

limited to foreseeable and typical damages. This investment recommendation

constitutes neither an offer nor a solicitation to buy or sell securities.

Partners, directors or employees of Parmantier & Cie. Research or it

subsidiaries may hold positions of responsibility, such as directorships, in

the companies mentioned in this report. The opinions expressed in thi

investment recommendation are subject to change without notice and reflect

the personal views of the research analyst(s). Unless otherwise stated, no

part of the research analyst's compensation is directly or indirectly

related to the recommendations or opinions contained in this report. All

rights reserved.

You can download the research here: http://www.more-ir.de/d/31928.pdf

Contact for questions:

PARMANTIER & Cie. GmbH

info@parmantiercie.com

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