clinuvel pharmaceuticals (cuv) $a40

Includes Financials as of 06/2021Australia Edition Wednesday, February 02, 2022

DATA & ARCHIVE DOWNLOAD CENTERCUV: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA: • PRICE VOLUME - 5-YEAR HISTORY • FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2021] • PEER COMPARISON - STOCK IN PHARMACEUTICALS & BIOTECHNOLOGY SECTOR AND STOCK IN INDICES • PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 3CUV: LINKS IN HTML TO FURTHER INFORMATION: • PRICE VOLUME CHARTS IN HTML • USD vs AUD EXCHANGE RATE CHARTS IN HTML • 2021 Annual General Meeting - Poll Results

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Research Report: Clinuvel Pharmaceuticals (CUV) $A23.49

Clinuvel Pharmaceuticals (CUV: $A23.49) weakens below moving average price

Clinuvel Pharmaceuticals Limited, Australia's 4th largestPharmaceuticals & biotechnology company by market cap, hasdecreased 14.0c (0.6%) from its previous trading session to closeat $A23.49. Compared with the All Ordinaries Index which rose86.8 points (1.2%) in the day, the relative price change was -1.8%.

Today its volatility (highest price minus lowest price/lowest price)of 6.6% was 1.6 times its average daily volatility of 4.0%. The highfor the day was $A24.38 and low for the day was $A22.87.

The 200-day Moving Average Price (MAP) is $A28.69, down from$A28.72 on Tuesday. The price to MAP ratio is 0.82. In the pastmonth the MAP has exceeded the share price on 21/21 days; abearish signal.

There were 110,461 shares worth $A2.6 million traded today. Thevolume was 0.5 times the average daily trading volume of219,494 shares.

Fig 1: Past Quarter SnapshotBeginning ofQuarter (02Nov, 2021)

End-ofQuarter (02Feb, 2022)

Change

AUD %Price $A38.88 $A23.49 -15.39 -39.6

MarketCap

$A1.4 billion $A825.2 million -622 million -39.6

P/E 77.8 47.0

DividendYield %

0.1 0.1

Low During Quarter 20.52 on Thu 27 Jan, 2022

High During Quarter 40.75 on Thu 04 Nov, 2021

VWP 28.2

In this Report:Highlights: (Click tab for direct access) PageDATA & ARCHIVE DOWNLOAD CENTER 1

The Past Quarter Financials 4

Bullish Signals 4

Ongoing Bullish Parameters 5

Bearish Signals 11

Ongoing Bearish Parameters 12

Corporate Profile 15

Financials FY 2021 17

Dividend 19

Top Management 19

Board of Directors 21

Financials as Reported FY 2021, Past 7 Years 22

Peer Comparison & Ranking of CUV 25

Currency Synopsis: Australian Dollar (AUD) 29

Stock Identifiers 30

Index 31

Glossary 33

Note also:Section Headers and Figures are mapped as Bookmarks in the PDF menu

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Fig 2: CUV Stock Dashboard (traded in Australian Dollars, AUD)Sector Dividend yield: .95Sector P/E: 59.77

Exchange AUSTRALIACurrency 1.000 AUD = 0.711 USDFeb 02, 2022 $A23.49P/E (FY2021) 47EPS (FY2021) 50cDividend Yield (TTM) 0.1%DPS (TTM) 3cEPS Growth (FY2021 vs FY2020) 63.4%Ave Daily Volume 219,494 shares52-Week Range 19.62 - 44.67Sector Pharmaceuticals & BiotechnologyMarket Cap $A1 billion [$825 million]Shares Outstanding 49,410,338CUV in Indices All Ordinaries, S&P/ASX Small OrdinariesIndependent Sector Ranking by Dividend Yield (TTM) Stock Dividend yield: .11

88.4% Premium to sector avIndependent Sector Ranking by P/E Stock P/E: 46.98

21.4% Discount to sector av; good valuecompared with sector av

Fig 3: CLVLY ADR Dashboard (traded in USD)Home Exchange AustraliaCode CLVLY

ISIN US1887691038

CUSIP 188769103

Ratio 1 ADR equals 1 ordinary share

Type Sponsored

Exchange ADR

Feb 01, 2022 $17.06

EPS Growth (FY2021 vs FY2020) 63.4%

Ave Daily Volume 7,802 ADRs

52-Week Range 15.34 - 31.41

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Fig 4: Primary Exchange and Other Listings: Trading Currency and Volume(Excl ADR)Exchange Ticker Currency Last ADVT Vol % of Total Today's VIASX CUV AUD 23.49 125,026 96.8 0.9

OTC Pink CLVLF USD 16.68 1,067 1.8 1.9

Frankfurt UR9 EUR 15.22 20,189 1.5 0.1

Total 100.00

1 AUD [Australian Dollar]= 0.711 USD; 1 AUD [Australian Dollar]= 0.6327 EURADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

Fig 5: LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]Clinuvel Pharmaceuticals is ranked number 4 out of 93 listedpharmaceuticals & biotechnology companies in the Australiawith a market capitalization of $A1.2 billion.In the pharmaceuticals & biotechnology companies it has the10th highest total assets and 7th highest revenues.Within its sector it has a relatively moderate Price/Sales of 24.2.

It has a strong relative ROE of 25.0% and ROA of 22.8%. Finally, itsearnings growth in the past 12 months has been a comparativelyhigh 63.4%.Stocks are scored on a set of parameters reflecting fundamentalanalytical tools involving valuation, size and financialperformance. They are ranked according to the average valuesof those parameters. The highest ranking is 5 and the lowestranking is 1.

Fig 6: Short-Term Technical Ranking: 3 out of 5 [5 is best]Significantly its price of $A23.49 is at a discount of 18% to its 200-day moving average price of $A28.69. Its 52-week range hasbeen $A44.67 to $A19.62; it is trading at a discount of 47.4 % to its52-week high and a premium of 19.8 % to its 52-week low.AUD1,000 invested exactly one year ago is now worth $A1,063 ofwhich $A62 is a capital gain and 73c is dividend reinvested.Recommended stop loss: $A21.73

Stocks are scored on a set of technical parameters reflectingprice performance, overbought/ oversold levels and tradingvolumes. They are ranked according to the bullish/bearish valuesof those parameters. The highest ranking is 5 and the lowestranking is 1.

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The Past Quarter: Financials

Fig 7: CUV Financials Summary: EPS up 63.4% to 50.0c in FY2021Net profit was up 64.3% from $10.6 million in FY2020 to $17.4 million in FY2021.Earnings Per Share (EPS) was up 63.4% from 30.60c in FY2020 to 50.0c in FY2021.

Year ended Jun FY2021 FY2020 FY2019Sales ($ M) 33.8 22.9 21.9

Pretax ($ M) 18.1 8.1 12.8

Net ($ M) 17.4 10.6 12.8

EPS (AUD) 0.5 0.306 0.38

Bullish Signals

PAST WEEK: WEAK MOMENTUM UP - CUV advances 12.1% on volume 0.9times averageClinuvel Pharmaceuticals (CUV) outperformed the All Ordinaries Index in 3 out of 5 days. The price ranged between a low of$A20.96 on Thursday Jan 27 and a high of $A23.63 on Tuesday Feb 01.

Date Clinuvel Pharmaceuticals Close [AUD] Change% RPC % * Comment

Thu Jan 27 Accelerates decline, down 11% in 2 days 20.96 -6.0 -3.7 Week-low of 20.96;Steepest Fall

Fri Jan 28 In top 3% performers of All Ordinaries Index 22.81 8.8 7.3 Top Rise; VI*=1.5

Mon Jan 31 Up 9.8% in 2 days 23.02 0.9 1.0 Price rise on rising relativestrength

Tue Feb 01 Keeps rising, up 13% in 3 days 23.63 2.6 2.4 Week-high of 23.63

Wed Feb 02 Weakens below moving average price 23.49 -0.6 -1.8 Price/MAP50 below 1 andfalling

* RPC - Relative Price Change is % price change of stock less % change of the All Ordinaries Index.[Volume Index (VI); 1 is average]

Fig 8: Rank in the top 16% by Price Performance in the Australian marketDescription Value Rank1-week Price Change % 12.1 In Top 16%

Other Bullish SignalsReturn on Equity of 25.0% versus sector average of 15.0% and market average of 6.5%.•Total Liabilities/EBITDA of 0.4 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.•Return on Assets of 22.8% versus sector average of 7.5% and market average of 1.2%.•

Source: Annual/Quarterly Report

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Return on Capital Employed of 25.7% versus sector average of 12.1% and market average of 2.7%.•As per the Du Pont analysis, Return on Equity is high at 25.0%. This is computed as net profit margin of 51.5% times asset turnover[sales/assets] of 0.44 times leverage factor [total assets/shareholders' equity] of 1.1.Also, this has improved from 20.9% last year.

•

ROE (%) Profit Margin (%) Asset Turnover Leverage factorCurrent Year 25.0 51.5 0.44 1.1

Previous Year 20.9 46.2 0.4 1.1

Ongoing Bullish Parameters

Fig 9: EPS growth [FY2021 vs FY2020] of 63.4%FY EPS (c) Growth %2021 50.0 63.4

2020 30.6 -19.5

Fig 10: Rank in the top 16% by Size in the Australian marketDescription Value RankAve daily Turnover $A2.6 million In Top 12%

MCap $825 million In Top 16%

Fig 11: Rank in the top 22% by Performance in the Australian marketDescription Value RankNet Profit Margin % 51.5 In Top 22%

Fig 12: Rank in the top 16% by Productivity in the Australian marketDescription Value RankReturn on Assets [ROA] % 22.8 In Top 7%

Return on Equity [ROE] % 25.0 In Top 15%

Return on Capital Employed [ROCE] % 25.7 In Top 16%

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Fig 13: Present Value of AUD1000 Invested in the Past [1 Yr, 3 Yrs]; The BestPeriods with PVAUD1000 > 1,062PVAUD1,000 1 yr ago 3 yrs agoCUV.ASX $A1,063 $A1,107

Pharmaceuticals & Biotechnology sector $A916 $A1,481

All Ordinaries Index $A1,053 $A1,247

Fig 14: Moving Annual Return of 6.3% in the past yearMoving Annual Return was 6.3% in the past year. Based on adynamic start date of 5 years ago, the real rate of return hasaveraged 34.2%. The Moving Annual Return has been positive in4 of the last 5 years.

CUV Close(AUD)

Dividends

(AUD)

CapitalGain /

(Loss) %

%Yiel

dAnnual

Return %

Feb 02 23.49 0.03 6.2 0.1 6.3

1 Yr ago 22.11 0.03 (20.0) 0.1 (19.9)

2 Yrs ago 27.65 0.03 29.9 0.1 30.0

3 Yrs ago 21.29 0.02 140.1 0.2 140.4

4 Yrs ago 8.87 14.2 14.2

Close 5 years ago $A7.76

Quotes from Legends: Annual Return

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Fig 15: MCap: 5-Year Increase of $A789 million (212%)In the past 5 years Market Capitalization has increased by$A788.9 million (212%) from $A371.8 million to $A1.2 billion. Basedon a dynamic start date of 5 years ago, there have beendeclines in MCap in 2 out of 5 years.

Price MCap (AUDM)

MCap ($M)

Last $A23.49 1,160.6 825.2

1 Year ago $A22.11 1,093.5 834

2 Years ago $A27.65 1,368.7 926.6

3 Years ago $A21.29 1,021.8 742

4 Years ago $A8.87 424.8 341.6

5 Years ago $A7.76 371.8 281.8

Fig 16: Created Market Value [CMV] past 5 yrs of $A702 millionMarket Capitalization has increased by $A776.9 million from$A383.7 million to $A1.2 billion in the last 5 years. This increasecomprises cumulative retained earnings (RETE) of $A74.9million and Created Market Value of $A702 million. TheCreated Market Value multiple, defined by the change inMCap for every AUD1 of retained earnings is exemplary at$A10.37.

•

Fig 17: Annualised Period-based Total Shareholder Returns [TSR %]: TheBest Periods with TSR > 6.2%TSR % 1 yr 5 yrs 10 yrsCUV.ASX 6.3 24.9 30.9

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Fig 18: P/E/G < 1The price earnings ratio of 47.0 divided by trailing twelve monthseps growth of 63.4% corresponds to an attractive P/E/G of 0.7times; being less than the value benchmark of 1.0.EPS Growth (%) 63.4P/E/G 0.74

P/E 46.98

Quotes from Legends: P/E/G < 1

Fig 19: Improved EBIT MarginsEBIT margin is positive and has increased from 35.4% to 53.6% inthe past year.FY EBIT Margins (%)2021 53.6

2020 35.4

2019 58.3

2018 50.8

2017 41.9

Quotes from Legends: EBIT Margin

Fig 20: Increased Volume, up 941% in 5 yearsIn the past five years, Average Daily Volume of Trading (ADVT)has increased 941.4% to 219,494 shares.Avg. Daily Volume Traded 12 months ended Feb 02, thousandsharesYear ADVT2022 219.5

2021 177.4

2020 219.5

2019 53.3

2018 21.1

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Fig 21: Increased VWAP, up 312% in 5 yearsIn the past five years Volume Weighted Average Price (VWAP)has increased by 312.3% to $A30.98. .Past five years, 12 months ended Feb 02 (AUD)Year High Price VWAP Low Price2022 44.67 30.98 19.62

2021 27.89 21.13 12.9

2020 45.79 30.12 20.94

2019 24.03 15.52 7.87

2018 9.4 7.51 5.89

Fig 22: Increased share turnover, up 2,297% in 5 yearsIn the past five years, average daily share turnover has increased2297.0% to $A3.8 million. This suggests increased liquidity.Past five years, 12 months ended Feb 02 (AUD million)Year Average Daily Turnover2022 3.8

2021 3.8

2020 6.6

2019 0.83

2018 0.16

Fig 23: Revenue, EPS, and EBITDARevenue growth rate is positive and has seen consecutive rises in recent years. [compared with previous year, all figures in %]•

FY Revenue Growth EPS Growth EBITDA Growth2021 47 63 123

2020 5 -19 -36

Fig 24: Satisfies three criteria of Benjamin Graham"Total debt less than tangible book value"; total debt of AUD258,236 (US$193,552) is less than tangible book value of AUD97.3million (US$73 million).-"Current ratio of two or more"; current assets are 11.8 times current liabilities.

•

"Earnings growth over the most recent ten years of 7% compounded - that is a doubling of earnings in a five-year period"; theearnings per share have more than doubled in the last 5 years.

•

"Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-endearnings";there has been only 1 decline in earnings in the last 5 years.

•

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Fig 25: Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]Positive net income.•Positive operating cashflow.•Return on Assets improvement [from 18.5% to 22.8%].•Improvement in current ratio from 9.1 to 11.8.•Improvement in asset turnover [growth in revenue of 47.3% exceeded growth in assets of 33.1%].•

But does not meet the following 4 criteria of Joseph Piotroski:Good quality of earnings [operating cashflow exceeds net income].•Improvement in long-term debt to total assets.•Total shares on issue unchanged (or reduction in total shares on issue).•Improvement in gross margin.•

Fig 26: Growth in Annual Revenue & Net IncomePrevious Corresponding Period (PCP) Revenue up 47.3% from$A32.6 million in FY2020 to $A48 million in FY2021.Previous Corresponding Period (PCP) Net Profit up 64.3% from$A15.1 million in FY2020 to $A24.7 million in FY2021.

Fig 27: Rank in the All Ordinaries Index [out of 374 stocks]Description Value RankReturn on Equity % 25.0 40

* 1 year ago AUD 1 = USD 0.76; Feb 02, 2022: AUD 1 = USD 0.71

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Bearish Signals

Fig 28: Rank in the bottom 11% by Relative Valuation in the AustralianmarketDescription Value RankPrice to Book Value 11.9 In Bottom 11%

Price/Earnings 47 In Bottom 10%

Price to Sales 24.2 In Bottom 1%

Dividend Yield % 0.1% In Bottom 1%

Fig 29: Rank in the bottom 10% by Price Performance in the AustralianmarketDescription Value Rank1-month Price Change % -18.8 In Bottom 10%

Short SellingIn the Australian Short Selling market of 1187 stocks, short selling (on ASX and CHI-X) as a % of issued shares ranked 75th and withinthe top quartile of stocks, a bearish indicator.The current short volume is 2.0 times its own historical average of 0.04%. It soared 64.5% from the previous day, soared 37.2% from aweek ago and soared 525.9% from a month ago, a significant bearish indicator.

DowntrendBeta < 1 combined with price fall. The Beta of the stock is 1.0.

Price/Moving Average Price of 0.82 and negative MACD:The Price/MAP 200 for Clinuvel Pharmaceuticals is 0.82. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200for the All Ordinaries Index of 0.97, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of$A27.20 is lower than the 200-day MAP of $A28.69, a third bearish indicator. The 200-day MAP has decreased to $A28.69, afourth bearish indicator.

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The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 23.8 minusthe 26-day EMA of 25.24 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling,another bearish signal.

•

The price to 50-day EMAP ratio is 0.9, a bearish indicator. In the past 200 days this ratio has been under 0.9 20 times suggestingfurther downside. The 50-day EMAP has decreased to $A27.38. A decrease is another bearish indicator.

•

Past Quarter:The Worst 3 weeks in the past quarterIn the past quarter the steepest fall of 9.4% took place in the week beginning Monday November 08.

Mon-Fri Change % All Ordinaries Index Change % RPC % Vol Ind [1 is avg]Nov 08-12 -9.4 -0.2 -9.2 0.7

Nov 01-05 -8.1 1.8 -9.9 2.3

Jan 10-14 -6.8 -0.7 -6 0.9

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Trailing Relative Strength (6 months) at 34 percentile:The stock has a 6-month relative strength of 34 in the Australian market of 1,741 stocks and 14 units which means it hasunderperformed 66% of the market.

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Overvaluation

Earnings Yield of 2.1% < Australian ave of 3% > Bond Yieldof 1.9%:

Earnings yield of 2.1% is less attractive compared with theAustralian average earning yield of 3%.

•

The earnings yield of 2.1% is 1.1 times the 10-year bond yieldof 1.9%.

•

(All figures in %)

Earnings Yield 2.1Australian avg 3

Dividend Yield 0.1

Bond Yield 1.9

MCap/Total Assets:Tobin's Q Ratio, defined as MCap divided by Total Assets, is 10.7. Compared with the rest of the market the stock is overvaluedand ranks in the bottom 4% of stocks by value of Q Ratio.

•

Ongoing Bearish Parameters

Fig 30: Present Value of AUD1000 Invested in the Past 3 Months; The WorstPeriod with PVAUD1000 < 605PVAUD1,000 3 mo agoCUV.ASX $A604

Pharmaceuticals & Biotechnology sector $A891

All Ordinaries Index $A969

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Fig 31: Past quarter: price fall of 39.6%3-Month price change of -39.6% for Clinuvel Pharmaceuticals underperformed the change of -4.5% in the All Ordinaries Index for arelative price change of -35.1%.

Price Change % QuarterClinuvel Pharmaceuticals -39.6

Pharmaceuticals & Biotechnology sector -10.9

All Ordinaries Index -4.5

Fig 32: Total Shares on Issue: 5-Year Increase of 9.1%In the past 5 years total shares on issue have increased by 4.1million (9.1%) from 45.3 million to 49.4 million. Buybacks haveaveraged 56,793 shares [0.1%] per financial year. Based on adynamic start date of 5 years ago, there has been only 1 declinein issued capital over the last 5 years. An increase in total shareson issue is an unfavourable indicator in Joseph Piotroski's 9indicators.

Year End (Jun30) Total Shares on Issue

2021 49,410,338

2020 49,260,026

2019 49,600,786

2018 47,742,803

2017 47,670,194

2016 45,286,317

Fig 33: Annualised Period-based Total Shareholder Returns [TSR %]: TheWorst Period with TSR < 3.5%TSR % 3 yrsCUV.ASX 3.4

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Fig 34: Price < Moving Avg PriceIn the last 30 days the 200-day Moving Avg Price has exceededthe share price on 22/22 days; a bearish signal.

Quotes from Legends: Moving Average Price

Fig 35: Turnover Period Below Average

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Fig 36: Rank in the All Ordinaries Index [out of 374 stocks]Description Value RankMCap ($ M) 825.2 198

Total Assets ($ M) 77.2 320

Revenue ($ M) 34.1 269

Net Profit ($ M) 17.6 203

Net Profit Margin % 51.5 64

Price to Book 11.9 229

Price Earnings 47.0 215

Yield % 0.1 250

PV$1000 (1Year) $* 986 220

% Change YTD -13.7 309

* 1 year ago AUD 1 = USD 0.76; Feb 02, 2022: AUD 1 = USD 0.71

Corporate Profile

Fig 37: ActivitiesClinuvel Pharmaceuticals Limited (CUV) is a biopharmaceutical company focused on developing drugs for the treatment of arangeof severe skin disorders. CUV's lead compound is SCENESSE (afamelanotide), a drug targeting erythropoieticprotoporphyria(EPP). It is Australia's 4th largest Pharmaceuticals & biotechnology company by market capitalisation.

In FY 2021, the top earner of Revenue was Commercial sales of goods [88.8%] followed by Sales reimbursements [11.2%] at Rank 2 .In FY 2021, revenue growth was highest in Commercial sales of goods [62%] . In FY 2021, the top regional earner of Revenue wasEuropean Economic Area and USA [89.1%] followed by Switzerland, Others [10.9%] at Rank 2 . In FY 2021, revenue growth washighest in European Economic Area and USA [61.6%] .

Fig 38: Segment InformationAUD AUD

Description 2021-06-30 % of Total 2020-06-30 % of Total Growth(%)Commercial sales of goods 42,603 88.8 26,306 80.8 62

Sales reimbursements 5,373 11.2 6,259 19.2 -14.2

Total 47,976 100 32,565 100 47.3

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Top Segments by Revenue and rankIn FY 2021, the top earner of Revenue was Commercial sales of goods [88.8%] followed by Sales reimbursements [11.2%] at Rank 2 .

Top Segments by Revenue growth and rankIn FY 2021, revenue growth was highest in Commercial sales of goods [62%] .

Regional InformationAUD AUD

Description 2021-06-30 % of Total 2020-06-30 % of Total Growth(%)European Economic Areaand USA

42,742 89.1 26,443 81.2 61.6

Switzerland, Others 5,234 10.9 6,122 18.8 -14.5

Total 47,976 100 32,565 100 47.3

Top Revenue Segments by Region and rankIn FY 2021, the top regional earner of Revenue was European Economic Area and USA [89.1%] followed by Switzerland, Others[10.9%] at Rank 2 .

Top Regional Segments by Revenue growth and rankIn FY 2021, revenue growth was highest in European Economic Area and USA [61.6%] .

Fig 39: Contact DetailsWebsite http://www.clinuvel.comPhysical Address Level 06, 15 Queen Street, MELBOURNE, VIC, AUSTRALIA, 3000

Phone 61 3 9660 4900

Fax 61 3 9660 4999

Email [email protected]

Fig 40: Industry & SectorClassification Level Name of SectorBusiness Sector Pharmaceuticals & Medical Research

Industry Group Pharmaceuticals

Industry Pharmaceuticals

Economic Sector Healthcare

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Financials FY 2021

Fig 41: Financials, FY 2021 [year-ended 30 June 2021 ]Clinuvel Pharmaceuticals Net Profit up 64%Release Date: August 30, 2021Clinuvel Pharmaceuticals (ASX:CUV) reported net profit for the year-ended 30 June 2021 [FY2021] of $A24.7m, up 64.3% from$A15.1m in the previous year [FY2020]. Earnings per share (EPS) were up 63.4% from 31.0c in FY2020 to 50.0c in FY2021.

Major changes compared with previous year (FY2021 vs FY2020):

Favourable Changes:Net profit up 64.3% from $A15.1m ($10.4m) to $A24.7m ($18.5m)•Total revenue up 47.3% from $A32.6m ($22.4m) to $A48.0m ($36.0m)•EBIT Margin up from 35.4% to 53.6%•EBIT to total assets up from 14.2% to 23.7%•Profit before tax to Revenues up from 35.4% to 53.6%•Current ratio up 29.8% from 9.1 to 11.8•Working capital to total assets up from 82.0% to 86.7%•Total current assets to Total Assets up from 92.2% to 94.7%•Current Debtors to Total Assets up from 8.1% to 14.8%•Total Liabilities to EBITDA of 0.4 compares favourably with the Joseph Piotroski benchmark of <5. This ratio has improved by53.7% from the previous year's ratio of 0.8.

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Total Liabilities to Operating Cash Flow of 0.5 compares favourably with the Joseph Piotroski benchmark of <4. This ratio hasimproved by 23.9% from the previous year's ratio of 0.7.

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Net tangible assets per share up 35.7% from $A1.4 (US96.2c) to $A1.9 ($1.4)•

Unfavourable Changes:Total non-current assets to Total Assets down from 7.8% to 5.3%•Future income tax benefit to Total Assets down from 4.7% to 2.7%•

Note:Total revenue to total assets steady at 0.4•Current Inventory to Total Assets up from 1.6% to 2.9%•

Fig 42: Annual growth in Revenue, Net Profit and EPSYear-ended 30 June [FY/2021] 30 June [FY/2020]Revenue, AUD Million 48.0 32.6

Revenue, $ Million 36.0 24.4

Growth in Revenue % 47.3 4.9

Net Profit, AUD Million 24.7 15.1

Net Profit, $ Million 18.5 11.3

Growth in Net Profit % 64.3 -17.0

EPS, c 50.0 30.6

Growth in EPS % 63.4 -19.5


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Fig 43: Year-on-year comparison of Performance Ratios [FY2021 vs FY2020]June 30 FY2021 FY2020 Change (%)Return on Equity (%) 25 20.9 Up 19.6

Return on Assets (%) 22.8 18.5 Up 23.2

Total debt to net tangible assets (%) (Steady % from 0.3 to 0.3) 0.3 0.3 Steady

Total Liabilities to EBITDA 0.4 0.8 Down 53.7

Total Liabilities to Operating Cash Flow 0.5 0.7 Down 23.9

Current Ratio 11.8 9.1 Up 29.8

Common Size Ratios by Assets %Total current assets to Total Assets 94.7 92.2 Up 2.7

Current Debtors to Total Assets 14.8 8.1 Up 82.5

Total non-current assets to Total Assets 5.3 7.8 Down 32.3

Current Inventory to Total Assets 2.9 1.6 Up 83.6

Future income tax benefit to Total Assets 2.7 4.7 Down 42.2

Common Size Ratios by Revenues %Profit before tax to Revenues 53.6 35.4 Up 51.2

Tax expenses to Revenues 2.1 (10.8) Up 119.5

Currency Conversion (June 30, 2021): $1 = $A1.33Currency Conversion (June 30, 2020): $1 = $A1.45

Three-year record of growth and performance:In the last 3 years EBITDA averaged $A18,456,094 ($13,833,120.5) and Net Profit averaged $A19,304,535.3 ($14,469,040).

Description Annual ($AM) Annual ($ M) 3-year Avg

($A)3-year Avg

($)3-year CAGR

%Total Revenue 48 36

EBITDA 25.7 19.3 18,456,094 13,833,120.5 25.7

Operating Profit 25.7 19.3 18,456,094 13,833,120.5 25.7

Net Profit 24.7 18.5 19,304,535.3 14,469,040 23.2

Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCEIn 2021 Net Profit Margin of 51.5% was below its 3-year Avg of 52.1% (All Figures in %)

Description 2021 3-year AvgEBITDA Margin 53.6 49.1

Operating Profit Margin 53.6 49.1

Net Profit Margin 51.5 52.1

Return on Equity 25 25.9

Return on Assets 22.8 23.4

Return on Capital Employed 25.7 24.4


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Dividend

Fig 44: Dividend HistoryIn the past 4 years annual dividends have increased by 0.5c from2.0c to 2.5c. Based on a start date of 4 years ago, there hasbeen no decline in dividends over the last 4 years.Date Paid Value (c) Type02 Sep 2021 2.5 Final

Tr 12 Months 2.5

2020 - 2021 2.5

2019 - 2020 2.5

2018 - 2019 2

Fig 45: Annual Dividends - Past 4years (AUD Cents)

Quotes from Legends: Dividends Trailing Twelve Months

Top Management

Fig 46: Top ManagementName Designation Since AppointmentPhilippe Wolgen Chief Executive Officer, Managing Director 17 Yrs

Darren Keamy Chief Financial Officer, Company Secretary 17 Yrs

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Fig 47: Profiles of Top Management

Philippe Wolgen (CEO & Managing Director)Qualifications: MBA, MDShares in CLINUVEL: 2,579,722Conditional Performance Rights over shares in CLINUVEL: 924,974Dr Wolgen was appointed as Managing Director of CLINUVEL in November 2005 to lead the corporate turnaround of the company.Under his leadership CLINUVEL reformulated the lead product SCENESSE(Registered) (afamelanotide 16mg), identified its medicalapplication, and ultimately obtained European marketing SCENESSE(Registered) is the first melanocortin drug to have completed aclinical trial program and obtain marketing authorisation in a major market.

Shareholder Value:Creation of shareholder value in Clinuvel Pharmaceuticals:Month of appointment: December 2005In the last 10 years the average annualized return to shareholders was 30.9%. The present value of AUD1,000 (PV1000) invested 10years ago is now $A14,739, a gain of $A13,739.

Darren Keamy (CFO & Company Secretary)Qualifications: BComm, CPAMr Keamy, a Certified Practicing Accountant, joined CLINUVEL PHARMACEUTICALS LTD in November 2005 and became ChiefFinancial Officer of the Company in 2006. He has previously worked in key management accounting and commercial roles inAmcor Limited over a period of nine years and has experience working in Europe in financial regulation and control within thebanking and retail pharmaceutical industries. Mr Keamy is currently completing a Graduate Diploma in Applied CorporateGovernance with the Governance Institute of Australia

Shareholder Value:Creation of shareholder value in Clinuvel Pharmaceuticals:Year of appointment: 2005In the last 10 years the average annualized return to shareholders was 30.9%. The present value of AUD1,000 (PV1000) invested 10years ago is now $A14,739, a gain of $A13,739.

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Board of Directors

Fig 48: Board Of DirectorsName Designation Since AppointmentSusan Smith Non-Executive Director 2 Yrs, 4 Mos

Brenda M. Shanahan Non-Executive Director 15 Yrs

Karen Agersborg Non-Executive Independent Director

Jeffrey Rosenfeld Non-Executive Independent Director

Fig 49: Profiles of Board of Directors

Susan Smith (Non-Executive Director)

Brenda M. Shanahan (Non-Executive Director)Qualifications: BComm, FAICD, ASIAShares in CLINUVEL: 153,969Conditional Performance Rights over shares in CLINUVEL: 50,000Mrs Shanahan is an established member of the Australian finance community who has also spent more than two decades workingand investing in medical R&D and commercialisation. She is currently a non-executive director of DMP Asset Management,Challenger Limited (ASX: CGF, since 2011) and Bell Financial Group (ASX: BFG, since 2012), a director of the Kimberly Foundation ofAustralia Ltd, and Chair of both the St Vincent's Medical Research Institute and the Aikenhead Centre for Medical Discovery inMelbourne.Previously Mrs Shanahan was a member of the Australian Stock Exchange and an executive director of a stockbroking firm, a fundmanagement company and an actuarial company. She was also Chair of Challenger Listed Investments Ltd, the reporting entity forfour ASX listed firms (CKT, CIF, CDI and CWT). Mrs Shanahan joined CLINUVEL in 2007, and was Non-Executive Chair of the Board fromlate 2007 until July 2010. Her depth of experience across global markets and medical research provides significant value to thecurrent Board and Company.

Shareholder Value:Creation of shareholder value in Clinuvel Pharmaceuticals:Year of appointment: 2007In the last 10 years the average annualized return to shareholders was 30.9%. The present value of AUD1,000 (PV1000) invested 10years ago is now $A14,739, a gain of $A13,739.

Jeffrey Rosenfeld (Non-Executive Independent Director)

Karen Agersborg (Non-Executive Independent Director)

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Fig 50: Resignations in the past 4 yearsName Designation Date of ResignationStanley R. McLiesh Non-Executive Chairman 30 November 2019

Elie Ishag Non-Executive Director 06 October 2017

Financials as Reported FY 2021, Past 7 Years

Fig 51: Financials as reported (FY 2021 [year-ended 30 June 2021 ])RESULTS OF OPERATIONS AND FINANCIAL CONDITION(In $A , except shares outstanding)

Fig 52: INCOME STATEMENT AS REPORTEDDescription $A $AJun 30 2021 2020 Change %Total revenues 47,975,583 32,565,423 Up 47.3

Interest income 342,203 562,928 Down 39.2

Other income 132,813 781,319 Down 83.0

Total expenses -22,737,955 -22,368,859 Deterioration 1.7

Profit before income tax expense (benefit) 25,712,644 11,540,811 Up 122.8

Income tax expense (benefit) 984,397 -3,510,388 Recovery

Profit after income tax expense (benefit) 24,728,247 15,051,199 Up 64.3

Net profit for the year 24,728,247 15,051,199 Up 64.3

Other comprehensive incomeItems that may be re-classified subsequently to profit or lossExchange differences of foreign exchange translation offoreign operations

-575,253 592,857 Deterioration

Other comprehensive income/(loss) for the period net ofincome tax

-575,253 592,857 Deterioration

Total comprehensive income for the period 24,152,994 15,644,056 Up 54.4

Basic earnings per share - cents per share 50.0c 30.60c Up 63.4

Diluted earnings per share - cents per share 48.40c 29.80c Up 62.4

Weighted average number of ordinary shares used in basic 49,410,338 49,260,026 Up 0.3

Weighted average number of ordinary shares used in diluted 51,131,070 50,458,922 Up 1.3


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Fig 53: BALANCE SHEET AS REPORTEDDescription $A $AJun 30 2021 2020 Change %Current assetsCash and cash equivalents 82,690,982 66,746,521 Up 23.9

Trade and other receivables 16,088,527 6,612,684 Up 143.3

Inventories 3,186,670 1,287,914 Up 147.4

Other assets 882,034 508,818 Up 73.3

Total current assets 102,848,213 75,155,937 Up 36.8

Non-current assetsProperty plant and equipment - net 1,384,422 1,075,441 Up 28.7

Right-Of-Use assets - net 1,218,721 1,313,937 Down 7.2

Intangible asset - net 185,030 185,030 Steady

Deferred tax assets - net 2,931,188 3,811,500 Down 23.1

Total non-current assets 5,719,361 6,385,908 Down 10.4

Total assets 108,567,574 81,541,845 Up 33.1

Current liabilitiesTrade and other payables 4,751,138 4,771,581 Down 0.4

Lease liabilities 258,236 212,331 Up 21.6

Provisions 3,697,579 3,278,175 Up 12.8

Total current liabilities 8,706,953 8,262,087 Up 5.4

Non-current liabilitiesLease liabilities 1,045,236 1,107,224 Down 5.6

Provisions 77,951 105,727 Down 26.3

Total non-current liabilities 1,123,187 1,212,951 Down 7.4

Total liabilities 9,830,140 9,475,038 Up 3.7

Net assets 98,737,434 72,066,807 Up 37.0

EquityContributed equity 151,849,375 151,849,375 Steady

Reserves 5,017,827 1,850,375 Up 171.2

Accumulated losses -58,129,768 -81,632,943 Improved 28.8

Total equity 98,737,434 72,066,807 Up 37.0


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Fig 54: CASH FLOW AS REPORTEDDescription $A $AJun 30 2021 2020 Change %Cash flows from operating activitiesReceipts from customers 38,723,858 29,287,833 Up 32.2

Payments to suppliers and employees -20,031,810 -16,281,001 Deterioration 23.0

Interest received 390,970 636,631 Down 38.6

GST and VAT refunds 79,684 423,370 Down 81.2

Government grants 99,359 121,535 Down 18.2

Net cash provided by operating activities 19,262,061 14,188,368 Up 35.8

Cash flows from investing activitiesPayments for property plant and equipment -854,325 -888,826 Improved 3.9

Net cash used in investing activities -854,325 -888,826 Improved 3.9

Cash flows from financing activitiesDividends paid -1,235,266 -1,224,021 Deterioration 0.9

Payment of lease liabilities -200,280 -243,341 Improved 17.7

Payment of interest -44,405 -18,501 Deterioration 140.0

Net cash used in financing activities -1,479,951 -1,485,863 Improved 0.4

Net increase in cash held 16,927,785 11,813,679 Up 43.3

Cash and cash equivalents at beginning of the year 66,746,521 54,268,758 Up 23.0

Effects of exchange rate changes on foreign currency held -983,324 664,084 Deterioration

Cash and cash equivalents at end of the year 82,690,982 66,746,521 Up 23.9

Fig 55: Financials Past 7 YearsDescription (June 30) 2021 2020 2019 2018 2017 2016 2015Income StatementRevenue per share 0.94 0.65 0.63 1.93 0.34 0.15 0.09

Other Revenue 796,531 470,273

Tax 984,397 (3.5 M) 19,333 281,779

Net profit (M) 24.7 15.1 18.1 13.2 7.2 (3.2) (10.4)

EPS 0.5 0.31 0.38 0.28 0.15 (0.07) (0.24)

Balance SheetEquity Share Capital (M) 98.7 72.1 57.2 39.4 25.4 17.8 11.2

Retained Earnings (M) (58.1) (81.6) (95.5) (112.7) (125.8) (133.1) (129.9)

Total Debt 258,236 212,331 730,386

Total Assets (M) 108.6 81.5 62.3 42.9 28.6 20.1 13.6

Current Asset (M) 102.8 75.2 61.2 42.3 28.5 20 13.6

Fixed Asset 1.4 M 1.1 M 337,851 168,739 137,341 164,670 69,369

Working Capital (M) 94.1 66.9 56.2 38.8 25.3 17.7 11.1

Cash Flow


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Operating Cash Flow (M) 19.3 14.2 18.5 11.7 9.9 (5) (4.5)

Investing Cash Flow (854,325) (888,826) (257,616) (75,123) (67,479) (98,051) (10,697)

Financing Cash Flow (1.5 M) (1.5 M) (1 M) 85,082 8.4 M 222,700

Net Cash Flow 16.9 M 11.8 M 17.2 M 9.9 M 3.3 M (4.3 M)

Peer Comparison & Ranking of CUV

Fig 56: PEER COMPARISON: CUV IN INDICESClinuvel Pharmaceuticals is a constituent of the following indices.

Its market capitalisation is $825 million and accounts for 0.6% of the combined MCap of the S&P/ASX 200 Health Care Index.Index Name MCap of Index ($ b) CUV MCap as % of IndexS&P/ASX 200 Health Care Index 149 0.6

S&P/ASX Small Ordinaries Index 267 0.3

All Ordinaries Index 1,126 0.1

S&P/ASX All Australian 200 1,614 0.1

S&P/ASX 300 Index 1,792 0.05

Fig 57: GLOBAL PEER COMPARISON: CUV - SIZE (all figures in $)In its Global Peer Group of 9 companies CUV is ranked CUV is ranked fifth (5) by MCap, sixth (6) by Net Profit, eighth (8) by TotalAssets and ninth (9) by Revenue.

Name (Code) MCap Revenue Net Profit Total AssetsRank of CUV 5 9 6 8

Clinuvel Pharmaceuticals (CUV) 825.2M 33.9M 17.5M 76.7M

Harbin Gloria Pharmaceuticals (002437) 880.2M 480.3M 62.9M 710M

QITIAN Technology (300061) 878M 193.9M 8.2M 562.8M

Marico Bangladesh (MARICO) 864.8M 131.9M 36.3M 67.6M

Alliance Pharma (APH) 825.5M 174.4M 10.8M 683.7M

Caplin Point Laboratories (CAPLIPOINT) 809.4M 145.4M 32.5M 182.8M

Huaren Pharmaceutical (300110) 796.4M 254.1M 14.9M 537M

Fuan Pharmaceutical (300194) 795.8M 372.3M 32.9M 939M

Boiron (BOI) 777.8M 575.6M 29.4M 876.3M


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GLOBAL PEER COMPARISON: CUV - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, CUV is ranked

+ 7 out of 9 by Dividend Yield (%) [0.1]+ 6 out of 9 by Price/Earnings per share [47.3]+ 8 out of 9 by Price/Sales per share [24.3]+ 7 out of 9 by Price/Book value per share [12.0]

Name (Code)CurrencyCode

LastPrice

Div Yld(%) P/E P/S P/Book

Rank of CUV by value 7 6 8 7

Clinuvel Pharmaceuticals (CUV) AUD 23.5 0.1 47.3 24.3 12.0

Harbin Gloria Pharmaceuticals (002437) CNY 2.5 14.0 1.8 5.2

QITIAN Technology (300061) CNY 8.5 9.0

Marico Bangladesh (MARICO) BDT 2,352.5 3.8 23.8 6.5

Alliance Pharma (APH) GBX 114.2 1.4 76.1 4.7

Caplin Point Laboratories (CAPLIPOINT) INR 798.4 0.4 21.8 5.1 5.0

Huaren Pharmaceutical (300110) CNY 4.3 0.3 53.6 3.1 2.8

Fuan Pharmaceutical (300194) CNY 4.3 1.2 24.2 2.1 2.3

Boiron (BOI) EUR 39.5 2.4 39.5 1.4 1.8

USD 1=

Fig 58: 1.406524 Australian Dollar (AUD); 6.363 Chinese Yuan (CNY); 74.822Indian Rupees (INR); 0.89 Euro (EUR)Global Peer Group - PricePerformance

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Fig 59: Global Peer Group - Total Shareholder Returns [TSR in $]

Fig 60: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKINGClinuvel Pharmaceuticals vs Australian Market

Out of 1,741 stocks and 14 units in the Australian Market, Clinuvel Pharmaceuticals is ranked Eighty-second(82) by EBITDA Margin%,114th(114) by Total Debt/Equity, 128th(128) by P/Earnings/ Growth and 260th(260) by Market Cap in $.

Australian Avg CUV CUV RankEBITDA Margin% 10.98 53.6 82

Total Debt/Equity (the lower the better) 0.6x 0.003x 114

P/Earnings/ Growth 0.7x 128

Market Cap $ 1.2 B 825.2 M 260

Net Profit $ 28.8 M 17.6 M 320

Yield (%) 4.7 0.1 486

P/Earnings 32.9x 46.98x 488

Discount to 52-Wk High (%) 7.7 47.4 542

Revenue $ 376.4 M 34.1 M 569

Premium to 52-Wk Low (%) 8.4 19.8 579

P/Sales 2.5x 24.2x 883

Price/Net Tangible Assets 3.03x 11.9x 1207

Negative values are shown in brackets.

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Fig 61: Stock in Index and Stock in SectorDescription CUV All Ordinaries

Index% of All

Ordinaries IndexPharmaceuticals &

biotechnology sector% of Pharmaceuticals &

biotechnology sectorNet Profit $ 17.6 M 58.3 B 0.03 1.7 B 1.0

Revenue $ 34.1 M 392.3 B 0.01 11.7 B 0.3

Total Assets $ 77.2 M 2,347.4 B 0.003 22.7 B 0.3

MCap $ 825.2 M 1,125.8 B 0.1 102.1 B 0.8

Fig 62: Relative Valuation Indicators: Stock vs Index and Stock vs SectorDescription CUV All Ordinaries Index Avg. Pharmaceuticals & biotechnology sector

Avg.Price/Earnings 47.0 18.7 59.8

P/Earnings/Growth 0.74 -0.53 10.65

Yield (%) 0.11 4.27 0.95

Price/Net Tangible Assets 11.92 3.19 17.9

Fig 63: MARKET SHAREClinuvel Pharmaceuticals vs Pharmaceuticals & Biotechnology sector [Pharmaceuticals & Biotechnology sector Total in Brackets]Net Profit of $A24.7 million [1.0% of aggregate sector net profit of $A2.4 billion; up from 0.7% in the previous year.]

Fig 64: GLOBAL RANK [out of 47,781 stocks] AND RANK OF CLINUVELPHARMACEUTICALS IN THE ASIA PACIFIC REGION [out of 2,105 stocks]Description Value Global Rank In APAC RegionMCap ($) 825.2M 10,644 274

Total Assets ($) 76.7M 26,794 712

Revenue ($) 33.9M 25,512 646

Net Profit ($) 17.5M 12,038 345

Return on Equity % 25.0 2,413 140

Net Profit Margin % 51.5 1,806 159

Price to Book 12.0 32,398 1,464

Price/Earnings 47.3 19,005 627

Yield % 0.1 21,451 558

PV1000 (1Year) $* 986 23,816 821

$* Change (1Year) % 0.5 23,220 778

* 1 year ago AUD 1 = $ 0.76Feb 02, 2022: AUD 1 equals $ 0.71

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Fig 65: RANK OF CLINUVEL PHARMACEUTICALS IN THE ALL ORDINARIESINDEX [out of 353 stocks], IN THE AUSTRALIAN MARKET [out of 1954 stocks]AND IN THE PHARMACEUTICALS & BIOTECHNOLOGY SECTOR [out of 90stocks]Description Value In All Ordinaries Index In Australian Market In Pharmaceuticals &

biotechnology sectorMCap ($A) 1.2B 185 250 4

Total Assets ($A) 108.6M 318 641 10

Revenue ($A) 48M 274 580 7

Net Profit ($A) 24.7M 206 307 4

Return on Equity % 25.0 39 130 5

Net Profit Margin % 51.5 64 145 1

Price to Book 11.9 225 1,391 59

Price/Earnings 47.0 212 561 9

Yield % 0.1 235 496 5

PV1000 (1Year) AUD 1,063 216 808 24

Currency Synopsis: Australian Dollar (AUD)

Fig 66: % Change of AUD vs Currency Basket Period-BasedIn the past year the Australian Dollar fell 7.7% against the US Dollar; in the past three years the Australian Dollar fell 2.7% against theUS Dollar.

Last Country 1-day % 1-week% 1-Year % 3-Yrs %

AUD1=0.707USD United States Of America 0.7 -1.1 -7.7 -2.7

AUD1=4.494CNY China 0.7 -0.6 -9.1 -7.7

AUD1=81.192JPY Japan 0.2 1.3 2.7

AUD1=0.628EUR European Union -0.5 -0.5 -0.6

AUD1=851.343KRW South Korea 0.2 -0.5 -0.5 5.3

AUD1=0.954SGD Singapore 0.3 -0.6 -6.3 -2.5

AUD1=1.072NZD New Zealand 0.4 0.3 0.8 1.9

AUD1=0.525GBP United Kingdom 0.5 -0.9 -5.8 -5.1

AUD1=5.508HKD Hong Kong 0.7 -0.9 -7.2 -3.4

AUD1=0.654CHF Switzerland 0.1 -4.3 -9.4

AUD1=0.897CAD Canada 0.4 -0.7 -8.3 -6.0

AUD1=6.587SEK Sweden -0.3 -0.6 2.9 0.5

AUD1=6.279NOK Norway -2.3 -4.2 2.4

AUD1=14.561MXN Mexico -0.2 -1.1 -6.5 4.8

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Stock Identifiers

ISIN: AU000000CUV3PermID: 4295856451CUSIP: Q2516X144RIC: CUV.AX

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INDEX (Click tab for direct access)Section 1 Clinuvel Pharmaceuticals (CUV) 1

Fig 2: CUV Stock Dashboard (traded in Australian Dollars, AUD) 2Fig 3: CLVLY ADR Dashboard (traded in USD) 2Fig 4: Primary Exchange and Other Listings: Trading Currency and Volume (Excl ADR) 3Fig 5: LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] 3Fig 6: Short-Term Technical Ranking: 3 out of 5 [5 is best] 3

Section 2 The Past Quarter: Financials 4Fig 7: CUV Financials Summary: EPS up 63.4% to 50.0c in FY2021 4

Section 3 Bullish Signals 4PAST WEEK: WEAK MOMENTUM UP - CUV advances 12.1% on volume 0.9 times average 4Fig 8: Rank in the top 16% by Price Performance in the Australian market 4Other Bullish Signals 4

Section 4 Ongoing Bullish Parameters 5Fig 9: EPS growth [FY2021 vs FY2020] of 63.4% 5Fig 10: Rank in the top 16% by Size in the Australian market 5Fig 11: Rank in the top 22% by Performance in the Australian market 5Fig 12: Rank in the top 16% by Productivity in the Australian market 5Fig 13: Present Value of AUD1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PVAUD1000 > 1,062 6Fig 14: Moving Annual Return of 6.3% in the past year 6Fig 15: MCap: 5-Year Increase of $A789 million (212%) 7Fig 16: Created Market Value [CMV] past 5 yrs of $A702 million 7Fig 17: Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 6.2% 7Fig 18: P/E/G < 1 8Fig 19: Improved EBIT Margins 8Fig 20: Increased Volume, up 941% in 5 years 8Fig 21: Increased VWAP, up 312% in 5 years 9Fig 22: Increased share turnover, up 2,297% in 5 years 9Fig 23: Revenue, EPS, and EBITDA 9Fig 24: Satisfies three criteria of Benjamin Graham 9Fig 25: Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5] 10Fig 26: Growth in Annual Revenue & Net Income 10Fig 27: Rank in the All Ordinaries Index [out of 374 stocks] 10

Section 5 Bearish Signals 11Fig 28: Rank in the bottom 11% by Relative Valuation in the Australian market 11Fig 29: Rank in the bottom 10% by Price Performance in the Australian market 11Short Selling 11Downtrend 11Overvaluation 12

Section 6 Ongoing Bearish Parameters 12Fig 30: Present Value of AUD1000 Invested in the Past 3 Months; The Worst Period with PVAUD1000 < 605 12Fig 31: Past quarter: price fall of 39.6% 13Fig 32: Total Shares on Issue: 5-Year Increase of 9.1% 13Fig 33: Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < 3.5% 13Fig 34: Price < Moving Avg Price 14Fig 35: Turnover Period Below Average 14Fig 36: Rank in the All Ordinaries Index [out of 374 stocks] 15

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Section 7 Corporate Profile 15Fig 37: Activities 15Fig 38: Segment Information 15Fig 39: Contact Details 16Fig 40: Industry & Sector 16

Section 8 Financials FY 2021 17Fig 41: Financials, FY 2021 [year-ended 30 June 2021 ] 17Fig 42: Annual growth in Revenue, Net Profit and EPS 17Fig 43: Year-on-year comparison of Performance Ratios [FY2021 vs FY2020] 18

Section 9 Dividend 19Fig 44: Dividend History 19Fig 45: Annual Dividends - Past 4 years (AUD Cents) 19

Section 10 Top Management 19Fig 46: Top Management 19Fig 47: Profiles of Top Management 20Philippe Wolgen (CEO & Managing Director) 20Darren Keamy (CFO & Company Secretary) 20

Section 11 Board of Directors 21Fig 48: Board Of Directors 21Fig 49: Profiles of Board of Directors 21Susan Smith (Non-Executive Director) 21Brenda M. Shanahan (Non-Executive Director) 21Jeffrey Rosenfeld (Non-Executive Independent Director) 21Karen Agersborg (Non-Executive Independent Director) 21Fig 50: Resignations in the past 4 years 22

Section 12 Financials as Reported FY 2021, Past 7 Years 22Fig 51: Financials as reported (FY 2021 [year-ended 30 June 2021 ]) 22Fig 52: INCOME STATEMENT AS REPORTED 22Fig 53: BALANCE SHEET AS REPORTED 23Fig 54: CASH FLOW AS REPORTED 24Fig 55: Financials Past 7 Years 24

Section 13 Peer Comparison & Ranking of CUV 25Fig 56: PEER COMPARISON: CUV IN INDICES 25Fig 57: GLOBAL PEER COMPARISON: CUV - SIZE (all figures in $) 25Fig 58: 1.406524 Australian Dollar (AUD); 6.363 Chinese Yuan (CNY); 74.822 Indian Rupees (INR); 0.89 Euro (EUR)GlobalPeer Group - Price Performance 26Fig 59: Global Peer Group - Total Shareholder Returns [TSR in $] 27Fig 60: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING 27Fig 61: Stock in Index and Stock in Sector 28Fig 62: Relative Valuation Indicators: Stock vs Index and Stock vs Sector 28Fig 63: MARKET SHARE 28Fig 64: GLOBAL RANK [out of 47,781 stocks] AND RANK OF CLINUVEL PHARMACEUTICALS IN THE ASIA PACIFIC REGION[out of 2,105 stocks] 28Fig 65: RANK OF CLINUVEL PHARMACEUTICALS IN THE ALL ORDINARIES INDEX [out of 353 stocks], IN THE AUSTRALIANMARKET [out of 1954 stocks] AND IN THE PHARMACEUTICALS & BIOTECHNOLOGY SECTOR [out of 90 stocks] 29

Section 14 Currency Synopsis: Australian Dollar (AUD) 29Fig 66: % Change of AUD vs Currency Basket Period-Based 29

Section 15 Stock Identifiers 30

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GlossaryADVT:Average Daily Volume of shares TradedAnnual Return (Fig 14):Dividends Paid In a 12-Month Period/Price at the Beginning of the Period+ Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)Capital Gain/Loss from n Years Ago to n-1 Years Ago:Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)Current Ratio (Fig 43):Current Assets/Current Liabilities (times)Dividend Yield (Fig 0, 28, 29):Dividend Per Share/Share Price (%)EBIT Margin (Fig 19):Earnings Before Interest and Tax/Revenue (%)Earnings Yield:Earnings Per Share/Share Price (%)Income during the n years (3/2/1) (Fig 44):Dividends received during the PeriodMoving Average Price (n periods):Sum of Prices for each Period/Number of PeriodsPVAUD1000 (Fig 64, 65, 13, 30):Present value of AUD1000 invested 1 year/'n' years agoPrice Close/Moving Avg Price:Latest Price/Moving Average PricePrice/Earnings (Fig 28, 62, 64, 65, 0, 18, 60, 27, 36):Share Price/Earnings Per Share (times)Price/NTA (Fig 27, 28, 36, 64, 65):Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales (Fig 60):Share Price/Sales Per Share (times)Relative Price Change [RPC]:Relative price change is price change of stock with respect toBenchmark IndexRelative Strength (n-th Period):Price close today/Price close 'n' periods ago, then ranked by percentilewithin the entire market.Return on Assets (Fig 12, 43):Net Profit/Total Assets (%)Return on Equity (Shareholders' Funds) (Fig 12, 27, 36, 43, 64, 65):Net Profit/Net Assets (%)TSR (Fig 17, 33):Total Shareholder Returns is expressed as an annualized rate of return forshareholders after allowing for capital appreciation and dividendTTM (Fig 0):Trailing 12 MonthsTurnover Period (Fig 35):Time Period required for trading all Outstanding SharesTurnover Rate (Fig 35):Australian Dollar value of annual trading volume as a percentage ofmarket capitalisationVolatility:Highest Price minus Lowest Price/Lowest Price (%)Volume Index (VI):Number of shares traded in the period/Average number of sharestraded for the periodVolume Weighted Average Price (VWAP) (Fig 21):The Volume Weighted Average Price (VWAP) is the summation ofturnover divided by total volume in the same period.

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume

Momentum Down Price decrease fuelled by above average Volume

Weak Momentum Down Price decrease on below average Volume

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