Original-Research: CLINUVEL Pharmaceuticals (von Parmantier & Cie. GmbH): Buy

^

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

23.06.2025 / 12:41 CET/CEST

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

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.

---------------------------------------------------------------------------

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

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/32894.pdf

Contact for questions:

PARMANTIER & Cie. GmbH

info@parmantiercie.com

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2158970 23.06.2025 CET/CEST

°