Clinuvel Pharmaceuticals Ltd

CUV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$68.00	Pdd	Rwfmgjrl

Clinuvel Earnings: Shares Undervalued as Revenue Growth Accelerates

Shane Ponraj

Aug 29, 2024

No-moat Clinuvel's fiscal 2024 underlying EBIT rose 6% to AUD 44 million, in line with our forecast. Sales grew 13% to AUD 88 million on increased demand for Scenesse, with growth accelerating to 14% in the second half versus 10% in the first. Expense growth outpaced the top line due to increased marketing and headcount, with underlying EBIT margin declining 280 basis points to 49%. However, second-half profitability slightly improved on the previous corresponding period.

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