^ 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 result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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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Quelle: dpa-Afx