Company Announcements

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.
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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.

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