Ann: CLINUVEL Newsletter III - June 2024, page-10

Just looking at the numbers from a logical and objective standpoint. Whether it's purely by luck or by good decision making by management fully exploiting their monopoly position in EPP prior to lowering prices and expanding more broadly (I acknowledge the diverse opinions on management's performance), the numbers themselves are solid, and they're not a one off either. This cashflow stream will more likely than not be maintained for many years to come, and so regardless of whether or not they end up executing on their promises we at least still get this. The potential of all extra stuff (the pipeline) is not at all being valued by the market in my view, and so it's basically a freebie on-top of the existing steadily growing cash flows. I personally think they will execute on the pipeline, but even if they don't we do have the established and solid existing business segments.

I can understand the frustration of course, especially amongst those who have been here longer, but to me this represents a solid opportunity to essentially get a free option to benefit from the enormous pipeline (whether or not they execute on it shouldn't matter if we assume the current share price isn't valuing this opportunity)