Highlights

Clinuvel shares drop nearly 14% despite ninth straight year of profitability.
Revenue climbs 10% to AUD 105.3mn, while expenses rise 20% to AUD 53.7mn.
Final dividend maintained at 5 cents per share, unchanged from prior year.

Clinuvel Pharmaceuticals Ltd (ASX: CUV) shares came under pressure on Friday following the release of its FY25 results, despite the company reporting another year of profit. The ASX 300 healthcare stock closed yesterday at AUD 12.53 but fell as much as 16% in early trade to AUD 10.53 before recovering slightly. At the time of writing, the shares were changing hands at AUD 10.81, down 13.7%.

Financial Performance

For the year ended 30 June 2025, Clinuvel recorded net profit before tax of AUD 51.6mn and net profit after tax of AUD 36.2mn, both up 2% from FY24. This marks the company’s ninth consecutive year of profitability.

Revenue rose 10% year-on-year to AUD 105.3mn, driven by sales of its SCENESSE product, which treats erythropoietic protoporphyria (EPP) patients primarily in Europe and the United States.

However, investors reacted negatively to rising costs. Operating expenses increased 20% to AUD 53.7mn, attributed to higher direct and indirect costs linked to the company’s clinical program for vitiligo.

Dividend and Cash Position

The board declared a fully franked final dividend of 5 cents per share, matching last year’s payout. The total annual dividend stands at 10 cents per share.

Clinuvel also reported a 20% increase in cash reserves, ending the period with AUD 224.1mn, reflecting its ability to maintain liquidity while investing in research and development.

Management Commentary

CFO Peter Vaughan said:

“The Clinuvel team has delivered what it set out to achieve in FY2025: continued commercial growth while accelerating our Phase III clinical program for vitiligo in a cost-controlled manner.

This year’s result sees us deliver a ninth year of profits from the commercial distribution of SCENESSE for EPP.”

Looking ahead, Vaughan added:

“All of our key financial metrics – revenues, profit, re-investment in the business and asset growth – continue to increase year-on-year, providing a strong basis for a sustainable biopharmaceutical group and enabling us to expedite our objectives for the revenues and growth of tomorrow.”

Outlook

The company did not provide specific FY26 financial guidance. Market participants may also be factoring in potential headwinds, including possible increases in US drug tariffs, adding further uncertainty.

Despite maintaining profitability and a steady dividend, concerns about rising expenses and lack of forward guidance appear to be weighing on Clinuvel’s share price in today’s session.