CLINUVEL Reports Tenth Consecutive Half Year Net Profit
KEY HIGHLIGHTS, HALF YEAR ENDED 31 DECEMBER 2020
|
Consolidated Entity |
Result |
Change from same period 2019 |
|---|---|---|
|
Total Revenues |
$15,743,000 |
Up 58% |
|
Total Expenses |
$9,621,000 |
Up 5% |
|
Net Profit before income tax |
$5,811,000 |
Up 852% |
|
Profit after income tax expense |
$6,487,000 |
Up 962% |
|
Basic Earnings per share |
$0.133 |
Up 956% |
|
Net Tangible Assets backing per share |
$1.481 |
Up 10% |
All figures reported in Australian dollars. Refer to the Appendix 4D Half Year Report released to the Australian Securities Exchange for details.
CLINUVEL today announced its tenth consecutive half year net profit, released in its Half Yearly Report for the six months ended 31 December 2020. The Company achieved revenues for the period of $15.743 million and posted a half year net profit before tax of $5.811 million.
“CLINUVEL’s long-term strategy and focus has been reaffirmed by today’s results,” CLINUVEL’s Chief Financial Officer, Mr Darren Keamy said. “Despite ongoing global economic uncertainty, our team has expanded distribution of our lead drug SCENESSE® in both the USA and Europe through our efficient business model and by exercising financial restraint and control.
“The Company is in a sound financial position to continue to grow and fund its expansion We are investing in our R&D and clinical programs and progressing our evolution into a diversified pharmaceutical company,” Mr Keamy said
COMMERCIAL AND CLINICAL PROGRESS AND GROWTH
CLINUVEL continues to strengthen its business despite the operating challenges of the pandemic and the world’s largest economic contraction since the Great Depression in 1929. During the December 2020 half year period, CLINUVEL increased access to its drug SCENESSE® (afamelanotide 16mg)1 for patients with the rare metabolic disorder, erythropoietic protoporphyria (EPP) in both Europe and the USA. SCENESSE® was also approved to be listed on the Australian Therapeutic Goods Register by the Therapeutic Goods Administration in October 2020.
CLINUVEL has expanded its clinical development plans for SCENESSE®, announcing two new clinical programs. The Company’s DNA Repair Program seeks to confirm the drug’s ability to repair ultraviolet-induced DNA damage in patients with the rare disorder xeroderma pigmentosum (XP) and healthy volunteers with fair skin. CLINUVEL is also evaluating SCENESSE® in patients with arterial ischaemic stroke (AIS) in the innovative CUV801 study, expected to commence shortly.
In October 2020 CLINUVEL released a Strategic Update, outlining its plans to translate the Company’s melanocortin technology from medicinal products to healthcare solutions for wider audiences. The expanded Group is structured with three divisions – Pharmaceuticals, Healthcare Solutions and Communications, Branding & Marketing – linked by the Research, Development & Innovation Centre at the VALLAURIX subsidiary in Singapore.