Clinuvel Pharmaceuticals (ASX: CUV) aims to expand its business in Middle East, Europe

4 min read | December 29, 2023 04:32 PM AEDT | By Team Kalkine Media

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Clinuvel Pharmaceuticals (ASX: CUV) aims to expand its business in Middle East, Europe — Image source: Pixabay

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Highlights

Clinuvel is engaged in the commercialization and development of treatments for patients with acute disorders, metabolic, systematic, life threatening and genetic disorders

In FY23, the company registered 47.1% YoY rise in net profit after tax to AUD 30.6 million

Wolgen (Philippe Jacques) has the maximum stake in the company with a shareholding of nearly 6.83%

Clinuvel Pharmaceuticals Limited (ASX:CUV) is an international specialty pharmaceutical company which is focused on development and commercialization of treatments for patients with genetic, metabolic, systemic, and life-threatening, and acute disorders. The focus of CUV is on managing and expanding commercial distribution of its lead drug, SCENESSE®.

The financial year 2023 (FY23) marked the seventh consecutive annual profit for the company.

During FY23, the company registered a 24% YoY surge in total revenue to AUD 82.990 million and a 47% YoY increase in profit after tax to AUD 30.605 million. The revenue growth was driven by increase in demand for the SCENESSE®.

Top 10 shareholders of CUV

The top 10 shareholders of CUV have around 28.02% shareholding in the company. Wolgen (Philippe Jacques) and Ender 1, L.L.C., have the maximum stake in the firm with a shareholding of 6.83% and 5.17%, respectively.

Recent business update

Through an ASX-update dated 14 December 2023, the company released a shareholder letter. According to the update, Jeffrey Rosenfeld would assume the role of chairman on 1 January 2024. Furthermore, the update highlighted that it’s focus remains on critical areas such as risk management, financial performance, pharmaceutical development and governance.

Outlook

The company is focused on advancing its aim of becoming a sustainable, diversified and integrated pharmaceutical company. Moreover, the focus is on expanding the business in Middle East and Europe.

Other areas of focus include advancing pharmaceutical, increasing in-house manufacturing and OTC product development, and tapping opportunities.

Share performance of CUV

CUV shares closed 0.99% down at AUD 16.00 apiece on 29 December 2023. With this, CUV’s share price has dropped by 25.82% in the last 12 months and has increased by 8.77% in the last three months.

The 52-week high of CUV is AUD 28.72, recorded on 30 Jnauary2023, and the 52-week low is AUD 13.97, recorded on 4 October 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 29 December 2023. The reference data in this report has been partly sourced from EODHD/Others.

Disclaimer

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