The All Ordinaries Index (ASX: XAO) is down 0.4% in afternoon trade today, but don't blame this rocketing ASX All Ords healthcare share for the retrace.
Shares in the pharmaceutical company closed yesterday trading for $13.90. In earlier trade, shares leapt to $15.64, putting the stock up 12.5%.
After some likely profit-taking, shares are trading for $15.49 at the time of writing, up 11.4%.
Any guesses?
If you said Clinuvel Pharmaceuticals Ltd (ASX: CUV), go to the head of the virtual class.
Here's what's got investors excited about the full-year financial results (FY 2024) Clinuvel reported today.
Clinuvel share price soars on FY 2024 profit boost
- Revenue of $95.3 million, up 15% from FY 2023
- Net profit after tax (NPAT) of $50.7 million, up 11% year on year
- Cash reserves increased 17% to $183.9 million
- Fully franked final dividend of 5 cents per share, in line with last year
What else happened with the ASX All Ords healthcare share?
The strong core financial metrics for FY 2024 and the resulting big lift in the Clinuvel share price today were primarily driven by increased demand for the company's innovative drug SCENESSE.
SCENESSE is approved for commercial distribution in Europe, the United States, Israel, and Australia.
According to Clinuvel, SCENESSE is "the world's first systemic photoprotective drug for the prevention of phototoxicity (anaphylactoid reactions and burns) in adult patients with erythropoietic protoporphyria (EPP)".
While revenue and profits were well up from FY 2023, so were costs. The ASX All Ords healthcare share reported that expenses increased 19% from the prior year to $44.6 million.
The dividend marks the company's seventh consecutive annual dividend payout.
What did management say?
Commenting on the results sending the ASX All Ords healthcare share flying higher today, Clinuvel CFO Peter Vaughan said:
Despite the increased operational complexity, we have remained aligned with long-term objectives and successfully achieved our annual targets.
Key financial metrics – including revenue, profit, investment, and asset growth – continue to show consistent year-on-year increases whilst expanding the ability to provide SCENESSE treatment to an increasing number of patients.
What's next for the ASX All Ords healthcare share?
Clinuvel did not offer specific guidance for FY 2025.
But management did note:
Positive annual net cash inflow from commercial operations has seen Clinuvel's cash reserves build to a level sufficient to enable the company to self-finance its diversification plans and provide a buffer to insure itself against the risks of a volatile economic environment.
Clinuvel share price snapshot
With today's intraday gains in the Clinuvel share price factored in, the ASX All Ords healthcare share is down 6% year to date.
