Clinuvel Pharmaceuticals (CUV) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners, confirmation of quorum, and compliance with requirements.

• Introductions of board members, executives, auditors, and share registry representatives.

• Expressed gratitude to long-term supporters, Board of Directors, and staff for their commitment and contributions.

• Paid tribute to Professor Marcus Maurer, recognizing his impact on dermatology.

• Agenda included Chair's address, Managing Director's presentation, focus on vitiligo, Q&A sessions, and formal business with voting.

Financial performance review

• Achieved strongest financial year since listing, with robust commercial operations in Europe and North America.

• Cash reserves reached AUD 183.9 million, revenues AUD 95.3 million, and earnings AUD 35.9 million as of October 2024.

• Earnings per share at AUD 0.715 (diluted AUD 0.698), return on equity 17.6% for 2024.

• Eight consecutive years of growth in revenues, profit, and cash reserves.

• Price-to-earnings ratio improved to 20 in October 2024, down from 67 in January 2023.

Board and executive committee updates

• Three new non-executive directors appointed, bringing expertise in finance, governance, M&A, and dermatology.

• Farewell to long-serving director Brenda Shanahan after 17 years.

• CEO Dr. Philippe Wolgen agreed to a one-year contract extension; succession planning underway for new CEO by June 2026.

• Recent recruitment of new CFO, Director of Global Clinical Affairs, and Company Secretary.

• Board authorized the AGM release and reaffirmed commitment to transparency and investor relations.