CLINUVEL reports sixth consecutive annual profit

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CLINUVEL (ASX:CUV) has announced its sixth consecutive annual net profit driven by a 38 per cent increase in revenue to $66.987 million.

The company reported profit after income tax expense of $20.876 million and profit before income tax expense of $34.321 million.

CLINUVEL is a specialty pharmaceutical group focused on developing and commercialising treatments for patients with genetic, metabolic, systemic, and life-threatening, acute disorders, as well as healthcare solutions for the general population.

“CLINUVEL’s commercial operations are scaling up to meet treatment demand worldwide, while the Group is pursuing R&D projects which aim to add value over the long-term,” said chief financial officer Darren Keamy.

“Our FY2022 results show a fundamentally strong business to date, allowing us to invest for future growth.

“Improved cash inflows this year have further bolstered the Company’s cash reserves enabling us to continue the implementation of a growth strategy in the face of difficult economic headwinds. The strong cash position has also allowed the Board to declare an increase in dividend this year, most of all recognising the loyalty and patience of long-term shareholders. We remain focused to translate our technology to the benefit of patients and specialised populations, particularly those at highest risk of light-induced damage and skin cancer,” added Mr Keamy.