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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
Group.
The issuer is solely responsible for the content of this research. The
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invitation to conclude certain stock exchange transactions.

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
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60389 Frankfurt

E-mail: info@parmantiercie.com

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2298450 26.03.2026 CET/CEST

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