BUY
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Original-Research: CLINUVEL Pharmaceuticals - from Parmantier & Cie. GmbH
Classification of Parmantier & Cie. GmbH to CLINUVEL Pharmaceuticals
H1/25 with another record result - more speed + higher opportunities 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$28.1 cents. At the same time, the company is investing heavily in future growth and liquidity is increasing. We are adjusting our estimate and our target price from 19,27 to AU$ 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 US 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 business 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 this 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 its subsidiaries may hold positions of responsibility, such as directorships, in the companies mentioned in this report. The opinions expressed in this 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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2097406 07.03.2025 CET/CEST
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