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

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23.06.2025 / 12:41 CET/CEST
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Classification of Parmantier & Cie. GmbH to CLINUVEL Pharmaceuticals

     Company Name:                CLINUVEL Pharmaceuticals
     ISIN:                        AU000000CUV3

     Reason for the research:     Research Update
     Recommendation:              Buy
     from:                        23.06.2025
     Target price:                22.00 AU$
     Target price on sight of:    12 month
     Last rating change:          none
     Analyst:                     Thomas Schiessle, Daniel Großjohann

CEO Dr. Philippe Wolgen back on board - SCENESSE® for the treatment of
vitiligo in North America marks a quantum leap in the business model - M&A
in the USA as a catalyst.

The positive news flow from the past weeks clearly shows: Specific product
developments and corporate projects are progressing faster than planned. A
better visibility in user and doctor groups - as very successfully
demonstrated at the AAD annual congress in Orlando, Florida - is an explicit
goal and includes the capital market. The momentum is expected to increase
even further, as Dr. Wolgen (the largest individual shareholder with 6.8%)
is back on board after his full recovery and will particularly drive these
topics forward with full force (CN 13.06.25). Meanwhile, the COO Lachlan Hay
will relieve him of day-to-day operations as 'Acting' CEO until the end of
september 2025.
The new strategy communicated since the turn of the year - first with the
targeted North America approval in the indication of vitiligo, followed by
NEURACTHEL® - opens up the opportunity for a leap in growth, in our opinion.
The very important presence in the US country market is being expanded -
also through M&A - (104 out of 120 treatment centers are active) and is
ready for the treatment of EPP patients as well as eventually for the
treatment of vitiligo patients.
The work for the approval (~FY28) of SCENESSE® for the treatment of vitiligo
is progressing according to plan - with CUV104 (helpful NB-UVB required),
CUV105 (ongoing), CUV107. The agenda is also being processed quickly in
Europe, and there are plans to submit the application (CUV052) for the
extension of the approval (adolescents aged 15-17) before the end of this
year (CN 13.06.25).

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
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PARMANTIER & Cie. GmbH
info@parmantiercie.com

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2158970 23.06.2025 CET/CEST