Clinuvel (ASX:CUV) share price gains 5% on FY21 profit boost

The Clinuvel Pharmaceuticals Ltd (ASX: CUV) share price is gaining in early afternoon trade, up 4.76% to $29.70 per share at the time of writing.

Below we take a look at the ASX 200 biopharmaceutical company’s financial results for the year ending 30 June, 2021 (FY21).

Clinuvel share price gains on FY21 results

• Revenue and other income of $48.5 million, up from $33.9 million in FY20
• Net profit after tax (NPAT) increased to $24.7 million from $15.1 million in FY20
• Basic earnings per share (EPS) of 50 cents, up from 31 cents the prior year
• Declared a dividend of 2.5 cents per share (cps), unfranked, the same as in FY20

What happened during the reporting period for Clinuvel?

In FY21, Clinuvel recorded its fifth consecutive year of positive cashflow, revenues and profit.

With an eye on growth, total expenses of $22.7 million were maintained, roughly in line with FY20’s $22.4 million.

Over the course of the financial year, the company expanded its commercial distribution of its leading drug candidate SCENESSE in Europe and the United States. SCENESSE is intended to treat erythropoietic protoporphyria, a rare, genetic metabolic disorder.

Clinuvel also progressed with its research and development of other pharmaceuticals in its pipeline, being developed to treat a range of severe disorders.

There was also progress on the development of various non-prescription, dermatocosmetic products for people at high risk of exposure to ultraviolet (UV) and High Energy Visible (HEV) light.

The company had cash reserves of $82.7 million as at 30 June.

What did management say?

Commenting on the results, Clinuvel’s chief financial officer Darren Keamy said:

The result has been driven by strong patient demand in Europe and in the USA, despite a challenging operating environment.

The progress in the US in the first full year of commercial operations is ahead of our planning, with over 40 Specialty Centers trained and accredited to administer SCENESSE and over 60 national and state private insurers reimbursing EPP patients’ treatment.

Our US roll out, combined with ongoing demand in Europe, has helped deliver strong growth in revenues with only a relatively modest increase in overall expenses.

What’s next for Clinuvel?

Looking ahead, Clinuvel said it’s “committed to growing its commercial operations in Europe, the USA, Israel, and other countries”.

The company is continuing to develop both prescription and non-prescription products to treat a range of medical issues, focused on repairing DNA damage.

It said its new divisional structure supports its growth plans. The new structure consists of: Pharmaceuticals; Healthcare Solutions; Communications, Branding & Marketing; and Manufacturing. Clinuvel says the new divisional structure is “underpinned” by its Research, Development & Innovation Centre, located in Singapore.

The Clinuvel share price is up 26% over the past 12 months.

The post Clinuvel (ASX:CUV) share price gains 5% on FY21 profit boost appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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