CLINUVEL reports increased revenue for six months to the end of December

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CLINUVEL (ASX:CUV) has reported a 10 per cent increase in revenues and a 1 per cent rise in underlying earnings before tax for the half year to 31 December 2023.

“Today’s results reflect the consistent and resilient nature of CLINUVEL’s business, based on strong ongoing demand for SCENESSE treatment by patients in Europe and the USA,” said chief financial officer Darren Keamy.

“We have invested heavily in people, property, and clinical programs over the last six months to ensure long-term returns, while increasing our cash and term deposit position by 11% over the period to provide a reinforced foundation.”

The company said that its increased revenues were driven by an increase in patients receiving SCENESSE for the first time in North America.

It said the period-on-period increase in expenses (28 per cent) reflects the expansion of activities across the group and includes a 10 per cent rise in employee head count.

The company has also invested in a new commercial office facility to support an expanding workforce.

Underlying earnings before tax grew to $14.8 million, up 1 per cent compared to the six months to December 2022.

“CLINUVEL has been able to achieve growth in underlying earnings whilst increasing expenditures to advance its accelerating diversification strategy. This is an excellent outcome,” said Mr Keamy.

“We strive to maintain an equilibrium between prudent fiscal management and expanding the Group’s commercial foundations by re-investing in our operations. We believe the right balance is being achieved, with constant review and adjustment as needed.”