• 4% increase in sales revenues to $36.9m, highest ever for December half
• 20th consecutive half-year profit delivered
• Expenses increased 22% due to expansion and R&D activities
• Cash reserves grew to $233m, no external borrowings

CLINUVEL today reported a 4% increase in sales revenues from commercial and special access scheme sales in the six months to 31 December 2025 - its highest ever sales revenues for a December half year. The Company delivered its twentieth consecutive half year profit. Interest income also rose while a loss was incurred on currency transactions. Total revenue was $40.6m. In accordance with its foreshadowed expansion plans and increased R&D activities, expenses increased by 22% which impacted net profit after tax, down by 26% (on pcp), while the Company increased its cash reserves to $233 million. Expenses increased predominantly in the areas of personnel by 16% and in clinical and non-clinical development costs by 19%. Commercial distribution expenses rose 42%, while finance and legal expenses increased 47%, primarily associated with application to the U.S. Securities and Exchange Commission to uplift the Company's Level I American Depositary Receipts to Level II, listed on the NASDAQ. The balance sheet saw a rise of 4% in net assets to $249 million in the six months to 31 December 2025 and remains free of external borrowings.

The conservative approach CLINUVEL has taken is clearly playing out well, since we continue to accumulate funds to pay for the organic growth of the Company. We have demonstrated controlled increase in expenses since FY2020 in line with our expansion plans, while the EPP market continues to grow steadily.