|Melbourne, Australia, 26 October 2022||ASX:
NASDAQ INTERNATIONAL DESIGNATION:
I have a few key points to make before we attend to the business of the meeting.
First, I would like to echo the comments I made in the Annual Report. These are turbulent times, and they are expected to continue for some time yet. CLINUVEL’s 2022 financial results are excellent and testament to the commitment of the entire CLINUVEL team. We are well positioned to continue to grow the business amidst ongoing global challenges.
CLINUVEL’s strong position hasn’t occurred by mistake. It is due to careful guidance of the Company by our Managing Director, Dr Philippe Wolgen. This is why it was critical to retain his services for a further three years to 30 June 2025, providing stability during this growth phase. Taking into account feedback from a range of stakeholders, we achieved this with a simplified, consistent remuneration package. Alongside the renewal of the CFO’s employment agreement, until 30 June 2024, we have key executives in place to progress the Company.
Second, I acknowledge CLINUVEL’s share price declined over the past year. As a shareholder, it is frustrating to see hard-earned value eroded, despite the Company’s ongoing progress and achievements. The fall in the share price from late September 2021 reflected the fall in key global markets. As a profitable company, CLINUVEL is part of a distinct group of biopharmaceuticals. Most companies in our sector are not profitable and are essentially milestone, event-based firms which are negatively impacted in turbulent markets. Thus, we have been affected by the general downturn in market sentiment, despite a very successful commercial story.
Conviction to hold your investment comes from the continued progress of the business and its achievements to date.
Thirdly, I wish to review the 2022 financial year. The growth of commercial operations supported again annual profits and we declared, as one of the very few healthcare companies, an annual dividend. We expanded our product portfolio and made progress across stroke, DNA Repair, and vitiligo.
The Company continued work towards the launch of the first non-pharmaceutical products, particularly by engaging and building new audiences online.
Whilst we achieved good results, the pace is not as we would like, and we strive to improve outcomes in the face of global challenges.
In summary, the financial and operational outcome achieved in financial year 2022 is beyond expectations.
I end my remarks today with thanks to all of you who have supported us. A special thanks to all CLINUVEL employees for their commitment. I wish to thank my Board colleagues for their counsel and, on their behalf, I also thank my executive management team for its leadership.