Original-Research: CLINUVEL Pharmaceuticals Limited (von Parmantier & Cie. Gm...

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Original-Research: CLINUVEL Pharmaceuticals Limited - from Parmantier & Cie.

GmbH

26.03.2026 / 12:45 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of Parmantier & Cie. GmbH to CLINUVEL Pharmaceuticals Limited

Company Name: CLINUVEL Pharmaceuticals Limited

ISIN: AU000000CUV3

Reason for the research: Update

Recommendation: Buy

from: 25.03.2026

Target price: 24.00 AUD

Target price on sight of: 12 month

Last rating change: None

Analyst: Thomas Schiessle, Daniel Großjohann

H1/FY 26 in investment mode - second revenue source: NEURACTHEL® - Nasdaq

uplisting to Level II in progress - expectation adjustment

CUV is becoming a multi-product company. In our opinion, a very good

opportunity to invest in CUV stock, especially since we expect positive news

flow. In the following years, a quantum leap in revenue and earnings is

foreseeable. The ongoing investment phase is associated with significantly

higher development-related expenses (H1/FY26: OPEX +22%) and

temporarily lower profit levels (H1/FY26 EPS: -26%). We are adjusting our

short-term estimate. Good news: Philippe Wolgen will continue as CEO.

The existing business with SCENESSE® for the treatment of erythropoietic

protoporphyria (EPP) continues to show revenue growth (H1/FY26: Revenues

+4%). The general conditions have recently improved. Potential alternative

EPP treatments - such as Bitopertin - will require longer development times

following a US FDA Complete Response Letter rejecting

its fast track approval.

NEURACTHEL® Instant (ACTH) will be the second - with a revenue potential of

US$ 150m. - potentially much larger revenue source. The production of

commercial quantities of the generic drug is starting, as

market approval is planned to begin in EU country markets in CY26. Work on

the approval (~FY 28) of SCENESSE® for the treatment of vitiligo - as

another and even larger revenue source - is progressing as planned (in

H2/26: CUV105 topline results; CUV107 start Ph III). The EMA approval

extension for SCENESSE® (EPP) for adolescent patients - as a positive news

flow - is still pending. Another positive news flow would be the planned

uplisting of the ADRs to Level II on Nasdaq. Additional investor groups at

the world's largest biotech exchange will be addressed in the future. At the

right time, because in March 2026 participation in the AAD Annual Meeting in

Denver is planned, with the presentation of CUV105 cases. The very important

presence in the US market is being consistently expanded. It will be used by

both EPP and vitiligo patients.

DISCLAIMER

LEGAL NOTICE

This research report ('investment recommendation') was prepared by

Parmantier & Cie. Research with the assistance of Mr Thomas Schiessle and Mr

Daniel Grossjohann. It is intended solely for the recipient and may not be

disclosed to other companies without prior written consent, even if they

belong to the same group of companies. The report contains selected

information and does not claim to be exhaustive. The investment

recommendation is based on publicly available information ('information')

that is believed to be accurate and complete. However, Parmantier & Cie.

Research does not verify or guarantee the accuracy or completeness of this

information. Parmantier & Cie. Research shall not be liable for any errors

or omissions and accepts no liability for direct, indirect or consequential

damages.

In particular, Parmantier & Cie. Research accepts no responsibility for the

accuracy of statements, forecasts or other content in this investment

recommendation relating to the companies analysed, their subsidiaries,

strategies, economic conditions, market and competitive positions,

regulatory conditions and similar factors. Although this report has been

prepared with care, errors or omissions cannot be ruled out. Parmantier &

Cie. Research, including its shareholders and employees, accepts no

liability for the accuracy or completeness of the statements, estimates or

conclusions derived from the information contained in this investment

recommendation.

Insofar as this investment recommendation is made within the framework of an

existing contractual relationship (e.g. financial advice), the liability of

Parmantier & Cie. Research is limited to cases of gross negligence or

intent. In the event of a breach of material obligations, liability is

limited to simple negligence, but in any case to foreseeable and typical

damage. This investment recommendation does not constitute an offer or a

solicitation to buy or sell securities.

Partners, directors or employees of Parmantier & Cie. Research or its

subsidiaries may hold positions of responsibility, such as directorships, in

the companies mentioned in this report. The opinions expressed in this

investment recommendation are subject to change without notice and reflect

the personal views of the research analyst(s). Unless otherwise stated, no

part of the research analyst's remuneration is directly or indirectly

related to the recommendations or opinions contained in this report. All

rights reserved.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=bce4da4a4621fdf18282fdd2eefaabfe

Contact for questions:

Parmantier & CIE. Research

Hungener Straße 6

60389 Frankfurt

E-mail: info@parmantiercie.com

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2298450 26.03.2026 CET/CEST

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