- Clinuvel Pharmaceutical’s (CUV) marked its decade of consecutive half-year profits with a 962 per cent leap in after-tax profits over its most recent six-month period
- The biopharmaceutical reported a net profit of $6.4 million and revenue of $15.6 million, representing a 58 per cent spike on the prior corresponding period
- The company attributed the growth predominantly to the distribution of its SCENSSE treatment, which prevents prevent phototoxicity in adult patients with erythropoietic protoporphyria (EPP)
- Expenditure was up 5 per cent over the interval as the company upped its research and development programme
- Clinuvel’s Chief Financial Officer said the company’s long term strategy and focus had been reaffirmed by the half-yearly results
- Clinuvel closed the day down a slight 1.20 per cent, trading at $19.80 per share
Clinuvel Pharmaceutical’s (CUV) marked its decade of consecutive half-year profits with a 962 per cent leap in after-tax profits over its most recent six-month period.
For the half year ended December 31, the biopharmaceutical reported a net profit of $6.4 million and revenue of $15.7 million, a 58 per cent increase on the prior corresponding period.
The jump in revenue was predominantly driven by the distribution of its SCENSSE drug, which is administered to prevent phototoxicity in adult patients with erythropoietic protoporphyria (EPP).
Clinuvel has also flagged plans to work towards gaining regulatory approval for SCENSSE in EPP patients in other markets worldwide.
The company said it had managed to deliver the impressive figures despite the economic downturn, pursuing operations in the European economic area and making progress in its commercial operations in the U.S.
CUV also managed to bolster its balance sheet, increasing its cash reserves by 9 per cent.
Expenditure was up 5 per cent for the interval, with the company allocating increased investment in its research and development programme.
Clinuvel’s Chief Financial Officer Darren Keamy said the company’s long term strategy and focus had been reaffirmed by the half-yearly results.
“Despite ongoing global economic uncertainty, our team has expanded distribution for our leading drug SCNESSE in both the U.S. and Europe,” he explained.
“We are investing in our research and development and clinical programmes and progressing our evolution into a diversified pharmaceutical company,” he concluded.
Clinuvel closed the day down a slight 1.20 per cent, trading at $19.80 per share.