Clinuvel Pharmaceuticals reports strong profit growth

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Clinuvel Pharmaceuticals, an Australian-based global biopharmaceutical company focused on developing and delivering treatments for patients with a range of severe genetic and systemic disorders, has announced a net profit before tax of $13.136 million for the financial year 2020.

The company achieved some major milestones in the year, including the approval and launch of SCENESSE (afamelanotide) in the US for adult erythropoietic protoporphyria.

The company reported a 5 per cent increase in revenue to $32.5 million.

The company said it expanded the number of staff in senior and support positions during 2020, with particular emphasis on widening its scientific, technological and commercial capabilities.

In invested $9.6 million on R&D and commercialisation costs, including clinical study costs, drug formulation research, manufacture and distribution, regulatory fees and research, development and commercialisation-specific overheads such as personnel. This was an increase of 40 per cent on the previous year.

“The Company has continued to meet its objectives to provide treatment despite the monumental societal changes which occurred in early 2020,” said chief financial officer, Darren Keamy.

“While many healthcare facilities came to a standstill and focussed on critically ill COVID-19 patients, we managed to continue the supply of SCENESSE to EPP centres both in Europe and the USA.

“Today’s results demonstrate not only an ability to maintain discipline in expenditure and cash management, but also a strength in managing our expenditure levels as a means to invest in future growth. In maintaining sufficient working capital to withstand adverse market conditions, and without further diluting shareholders or assuming debt, we have delivered a return on equity of 23 percent.

“The Board of Directors further recognise the supportive and long-term investors of CLINUVEL by declaring an annual dividend, a redistribution of profits consistent with FY2019. The financial results of 2020 demonstrate ongoing value creation, as we gradually expand the business, as well as CLINUVEL’s stability during unsettling global conditions,” added Mr Keamy.