Clinuvel compared to Imugene, page-63

A couple of weeks out from the share buyback beginning and a comparison with Imugene is worthwhile to show how far the share price has 'decoupled' from profits, pipeline and cash. Even after yesterdays little bump there is a long way to get back to any sort of realistic valuation and buying back shares is going to go a long way to doing that as many benefits flow from share buybacks ie. less shares to share great profits amongst and increased EPS forever. It also dispels the suggestion that any capital raises will be required (unlike Imugene).

So two Aussie Biotechs in the drug development game, Clinuvel more advanced with a FDA, EMA, TGA approved drug and Phase 3 running in a blockbuster indication - Vitiligo - while IMU running a few Phase 1 and 2s. Interesting market cap valuation comparison, IMU even raised capital while burning cash fast and they don't even have a Phase 3 running yet into a blockbuster (and they also don't have the support of Lady Gaga etc with 56 Million Insta followers ;-) ). The Clinuvel blockbuster Phase 3 for Vitiligo is also only as an added indication to an already approved drug so safety well established, and the approval process much easier than a new drug approval - the same will be the case for VP when it progresses to P3.

Imugene:
Revenue HY ended Dec 2023: $0
Net Loss for HY D2023:-$68.7M (loss)
CASH ON HAND$139 MILLION(end of Dec - would be less now)
Market cap. 880 Million AUD

Clinuvel (CUV)
Revenue HY ended Dec 2023: $35.7M
Net Profit after tax HY D2023:$11.0M (profit)
CASH ON HAND$175 MILLION (probably ~ $180M by now)
Market cap. 730 Million AUD

Also worth noting the December half year results just released is seasonally MUCH weaker than the current second half year with Clinuvel. Clinuvel did achieve double digit growth (it's not like they were ever priced for perfection) so full year results will be a very healthy profit (~$30 - $40M) and cash pushing towards $200 Million. IMU proving much more adept at attracting investor interest than CUV despite no phase 3 running like the CUV has with Vitiligo P3, but that may change now with this massive buyback signal of support to investors. No competition for CUV in cash cow EPP for many years and good times not too far off in my opinion.

ALL IMO DYOR