The Clinuvel share price has hit an all-time high and is up 188% in 12 months

The Clinuvel Pharmaceuticals Limited (ASX:CUV) share price has been a strong performer once again, stretching its 12-month gain to a staggering 188%.

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The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price continued its strong run on Monday and climbed 7% to a new all-time high of $24.60.

This means that Clinuvel, a global biopharmaceutical company focused on developing and delivering treatments for patients with a range of severe genetic and skin disorders, has seen its share price rise a staggering 188% since this time last year.

Why is the Clinuvel share price on fire?

The main catalyst for this gain has been the impressive sales growth of its SCENESSE product over the last 12 months.

Clinuvel developed SCENESSE as a first-line pharmaceutical product aimed at treating patients with the rare genetic disorder erythropoietic protoporphyria (EPP).

The product has been a huge success and has significant growth opportunities ahead, notably in the United States where the US Food and Drug Administration has granted a Priority Review for SCENESSE on July 8.

This means that if it can satisfy the FDA's requirements the drug could be on sale in the United States in the near future.

Is SCENESSE a good product?

It appears to be held in high esteem by physicians. According to the company, as of June 2018, 98.5% of the European EPP patients who had received treatment during the previous two years were continuing to receive SCENESSE in the third annual cycle.

Management believes this is significant as the company does not actively promote the drug treatment but enables clinical demand and purchase orders to occur as is.

It explained that this commercial approach reflects its belief in an open system where patients and physicians can decide together whether a treatment should be received and prescribed without the pharmaceutical company intervening.

Should you invest?

Whilst I'm a big fan of Clinuvel and its management team, I'm not a huge fan of its share price right now after this stellar run.

In light of this, I see far more value in healthcare sector peers Cochlear Limited (ASX: COH) and CSL Limited (ASX: CSL) than Clinuvel. But I would certainly add its shares to your watchlist just in case a buying opportunity presents itself further down the line.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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