MorphoSys AG Reports Results for the First Six Months of 2013
(Thomson Reuters ONE) -
MorphoSys AG /
MorphoSys AG Reports Results for the First Six Months of 2013
. Ad hoc announcement according to § 15 WpHG. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Results Strongly Impacted by MOR103 Licensing Agreement with GSK
Conference call and webcast (in English) today at 2:00pm CET (1:00pm GMT/8:00am
EST)
MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced its
financial results for the six months ending 30 June 2013. Group revenues from
continuing operations nearly doubled to EUR 48.2 million (H1 2012: EUR 24.4
million). The increase was a result of the license agreement with
GlaxoSmithKline (GSK) for MorphoSys's clinical antibody program MOR103, as well
as a fully paid-up license payment from Bio-Rad for a non-exclusive license to
use HuCAL in research and diagnostic applications in connection with their
acquisition of the Company's AbD Serotec segment. Earnings before interest and
taxes (EBIT) from continued operations amounted to EUR 17.3 million (H1 2012:
EUR -1.3 million). On 30 June 2013, MorphoSys's cash, cash equivalents and
marketable securities, including an interest-bearing assignable loan in the
amount of EUR 15.0 million and other financial investments of EUR 10 million,
amounted to EUR 166.3 million (31 December 2012: EUR 135.7 million). The upfront
payment from GSK is not yet included, as the payment was received after the end
of the quarter.
| In EURO million* | H1 2013 | H1 2012 |
+--------------------------------------------+---------+---------+
| | | |
+--------------------------------------------+---------+---------+
| | | |
| | | |
| Continuing Operations: | | |
+--------------------------------------------+---------+---------+
| Group Revenues | 48.2 | 24.4 |
+--------------------------------------------+---------+---------+
| Total Operating Expenses | 31.2 | 25.8 |
+--------------------------------------------+---------+---------+
| Other Income/Expenses | 0.3 | 0.2 |
+--------------------------------------------+---------+---------+
| Earnings Before Interest and Taxes - EBIT | 17.3 | (1.3) |
+--------------------------------------------+---------+---------+
| Profit/(Loss) from Continuing Operations | 13.0 | (0.3) |
+--------------------------------------------+---------+---------+
| Profit/(Loss) from Discontinued Operations | 6.0 | (0.7) |
+--------------------------------------------+---------+---------+
| Consolidated Net Profit/(Loss) | 19.0 | (1.0) |
+--------------------------------------------+---------+---------+
| Total EPS, diluted, in EURO | 0.81 | (0.04) |
+--------------------------------------------+---------+---------+
| | | |
+--------------------------------------------+---------+---------+
* Differences due to rounding
Highlights of the Second Quarter 2013
* MorphoSys signs a global development alliance agreement for MOR202 with
Celgene. MOR202 is a HuCAL antibody targeting CD38 which is being developed
for the treatment of multiple myeloma and other forms of leukemia. The
agreement offers MorphoSys the opportunity to participate more fully in the
future value of the MOR202 program through joint development activities and
co-promotion in Europe. The licensing agreement with Celgene for MOR202 is
subject to clearance by the US antitrust authorities under the Hart-Scott-
Rodino Act, and will become effective as soon as this condition has been
met. Therefore, potential financial implications are not yet reflected in
the current guidance.
* MorphoSys signs a global licensing agreement for MOR103 with
GlaxoSmithKline. MOR103 is a HuCAL antibody targeting GM-CSF which has
completed Phase 1b/2a clinical development in patients with mild to moderate
rheumatoid arthritis. This agreement provides for secured and performance-
related payments of up to EUR 445 million as well as tiered double-digit
royalties on net sales.
* MorphoSys initiates two phase 2 studies with the CD19 antibody MOR208, in
the area of non-Hodgkin's lymphoma (NHL) and in B-cell acute lymphoblastic
leukemia (B-ALL).
* The first scientific publication on the new antibody platform, Ylanthia, is
published in the scientific journal "mAbs".
* MorphoSys reaches a clinical milestone in its ophthalmology program with
Novartis.
* MorphoSys purchases 84,475 of its own shares as part of a share repurchase
program. The shares are primarily intended for use in its long-term
incentive program for MorphoSys's management.
* The Annual General Meeting of MorphoSys AG approves all management
proposals.
* MorphoSys's product pipeline comprises 21 clinical programs as of the end of
the second quarter of 2013.
"The first six months of 2013 were very successful for MorphoSys, and the two
alliances with GSK and Celgene mark an inflection point in MorphoSys's
development as a biopharmaceutical company," stated Dr. Simon Moroney, Chief
Executive Officer of MorphoSys AG. "We are focusing on value generation through
proprietary development, and we have joined forces with two leading
pharmaceutical companies to accelerate the development of our proprietary
compounds MOR103 and MOR202."
"Our investments in our proprietary pipeline over the last several years have
clearly paid off. The collaboration with Celgene for MOR202 allows us to move up
the value chain, as we retain more value and stay involved in the development of
the compound all the way to the market," commented Jens Holstein, Chief
Financial Officer of MorphoSys AG.
Financial Review for the First Half of 2013 (IFRS)
On 10 January 2013, MorphoSys completed the sale of its research and diagnostic
antibody segment AbD Serotec to Bio-Rad Laboratories, Inc. As a consequence,
substantially all of the AbD Serotec segment was classified as discontinued
operations. The operating segments Partnered Discovery and Proprietary
Development as well as the part of AbD Serotec which remained with MorphoSys are
presented as continuing operations.
Results from Continuing Operations
Group revenues from continuing operations for the first six months of 2013
amounted to EUR 48.2 million (H1 2012: EUR 24.4 million), an increase of 98 %
over the prior year. The strong increase resulted predominantly from a license
agreement with GlaxoSmithKline (GSK) for MOR103 as well as from a license
payment from Bio-Rad. The license agreement for MOR103, a HuCAL-derived antibody
against GM-CSF, includes an immediate upfront payment for MorphoSys. The license
payment from Bio-Rad derived from a non-exclusive license to use HuCAL in
research and diagnostic applications in connection with their acquisition of
MorphoSys's AbD Serotec segment. Revenues in the Partnered Discovery segment
comprised EUR 27.0 million in funded research and licensing fees (H1 2012: EUR
21.5 million) and EUR 0.9 million in success-based payments (Q2 2012: EUR 1.9
million). The Proprietary Development segment recorded revenues of EUR 20.3
million (H1 2012: EUR 0.8 million). The reason for the increase over the prior
year was the upfront payment received from GSK in connection with the license
agreement for MOR103.
Total operating expenses from continuing operations for the first six months of
2013 increased by 21 % to EUR 31.2 million (H1 2012: EUR 25.8 million). Total
research and development expenses increased by 12 % to EUR 22.7 million (H1
2012: EUR 20.2 million). The increase in R&D expenses mainly resulted from
higher personnel costs and costs for external lab services as well as higher
material costs. Investment in proprietary product and technology development
amounted to EUR 14.6 million (H1 2012: EUR 12.3 million). Sales, general and
administrative expenses increased by 50 % to EUR 8.4 million (H1 2012: EUR 5.6
million) driven by higher expenses for personnel and for external services.
Earnings before interest and taxes (EBIT) from continuing operations amounted to
EUR 17.3 million (H1 2012: EUR -1.3 million). Partnered Discovery showed a
segment EBIT of EUR 15.6 million (H1 2012: EUR 12.6 million), while the
Proprietary Development segment reported a segment EBIT of EUR 8.2 million (H1
2012: EUR -9.6 million).
For the first half of 2013, MorphoSys realized a net profit from continuing
operations of EUR 13.0 million compared to a net loss of EUR 0.3 million in the
same period of the previous year. The resulting diluted earnings per share from
continuing operations for the six months ending 30 June 2013 amounted to EUR
0.55 (H1 2012: EUR -0.01).
Results from Discontinued Operations
The sale of the research and diagnostic antibody segment AbD Serotec to Bio-Rad
Laboratories, Inc. was completed on 10 January 2013. Results from discontinued
operations reflect only the first ten days of the quarter. Revenues from
discontinued operations were EUR 0.6 million (H1 2012: EUR 8.6 million).
Total operating costs from discontinued operations amounted to EUR 2.3 million
(H1 2012: EUR 9.2 million), including cost of goods sold (COGS) in the amount of
EUR 0.1 million (H1 2012: EUR 3.2 million) as well as transaction-related costs
in the amount of EUR 1.8 million.
During the six months ending 30 June 2013, EBIT of discontinued operations after
deduction of all attributable transaction costs amounted to EUR -1.6 million (H1
2012: EUR -0.6 million). In connection with the deconsolidation, a disposal gain
of EUR 8.0 million was accounted for, resulting in a profit before taxes of EUR
6.4 million (H1 2012: EUR -0.7 million). The net profit from discontinued
operations amounted to EUR 6.0 million (H1 2012: net loss of EUR 0.7 million).
Results for the Group
Group net profit amounted to EUR 19.0 million (H1 2012: EUR -1.0 million). The
resulting fully diluted Group earnings per share amounted to EUR 0.81 (H1 2012:
EUR -0.04).
On 30 June 2013, the Company had EUR 166.3 million in cash, cash equivalents and
marketable securities, including an interest-bearing assignable loan in the
amount of EUR 15.0 million and other financial investments of EUR 10 million,
compared to EUR 135.7 million as of 31 December 2012. Net cash inflow from
operations in H1 2013 amounted to EUR 0.2 million (H1 2012: net cash outflow of
EUR 1.2 million). The number of shares issued at 30 June 2013 was 23,400,632
compared to 23,358,228 on 31 December 2012. The increase of 42,404 shares
resulted from the exercise of stock options.
Second Quarter of 2013 (IFRS)
Results from Continuing Operations
In the second quarter of 2013, the Company generated revenues from continuing
operations in the amount of EUR 31.3 million, compared to EUR 12.7 million in
the same quarter of 2012. Total operating expenses amounted to EUR 16.6 million
in Q2, compared to EUR 13.4 million in the same quarter of 2012. The increase of
operating expenses was mainly due to increased personnel expenses and costs for
external services. EBIT amounted to EUR 14.8 million (Q2 2012: EUR -0.6
million). Net profit for the second quarter 2013 was EUR 11.1 million, compared
to a net profit of EUR 0.1 million in the second quarter of 2012.
Results from Discontinued Operations
During the second quarter of 2013, no revenues or expenses occurred within the
AbD Serotec segment, which was sold to Bio-Rad in January of 2013.
Results for the Group
For the second quarter of 2013, Group net profit amounted to EUR 11.1 million
(Q2 2012: net loss of EUR 0.5 million). The resulting fully diluted Group
earnings per share amounted to EUR 0.47 (Q2 2012: EUR -0.02).
Outlook for 2013
MorphoSys re-confirmed its guidance for 2013, which was updated on 3 June 2013
to reflect the impact of the license agreement with GSK for the future
development of MOR103. The licensing agreement with Celgene for MOR202 is
subject to clearance by the US antitrust authorities under the Hart-Scott-Rodino
Act, and will become effective as soon as this condition has been met.
Therefore, potential financial implications are not yet reflected in the current
guidance.
The Company's management expects revenues of approximately EUR 68 million to EUR
72 million and an EBIT of EUR -2 million to EUR +2 million.
MorphoSys will hold a public conference call and webcast today at 02:00 p.m.
CEST (08:00 a.m. EST, 01:00 p.m. BST) to present the Second Quarter Results
2013 and report on current developments.
Dial-in number for the analyst conference call (in English) at 02:00 pm CET;
01:00 pm GMT; 08:00 am EST (listen-only):
Germany: +49 (0) 89 2444 32975
For UK residents: +44 (0) 20 3003 2666
For US residents: +1 202 204 1514
Please dial in 10 minutes before the beginning of the conference.
In addition, MorphoSys offers participants the opportunity to follow the
presentation through a simultaneous slide presentation online at
http://www.morphosys.com.
A live webcast, slides, webcast replay and transcript will be made available at
http://www.morphosys.com.
Approximately two hours after the press conference, a slide-synchronized audio
replay of the conference will be available on http://www.morphosys.com.
The complete 2nd Interim Report 2013 (January - June) is available on our
website (HTML and PDF): http://www.morphosys.com/FinancialReports
About MorphoSys:
MorphoSys developed HuCAL, the most successful antibody library technology in
the pharmaceutical industry. By successfully applying this and other patented
technologies, MorphoSys has become a leader in the field of therapeutic
antibodies, one of the fastest-growing drug classes in human healthcare.
Together with its pharmaceutical partners, MorphoSys has built a therapeutic
pipeline of more than 70 human antibody drug candidates for the treatment of
cancer, rheumatoid arthritis, and Alzheimer's disease, to name just a few. With
its ongoing commitment to new antibody technology and drug development,
MorphoSys is focused on making the healthcare products of tomorrow. MorphoSys is
listed on the Frankfurt Stock Exchange under the symbol MOR. For regular updates
about MorphoSys, visit http://www.morphosys.com
HuCAL®, HuCAL GOLD®, HuCAL PLATINUM®, CysDisplay®, RapMAT®, arYla® and Ylanthia®
and 100 billion high potentials® are registered trademarks of MorphoSys AG.
Slonomics® is a registered trademark of Sloning BioTechnology GmbH, a subsidiary
of MorphoSys AG.
This communication contains certain forward-looking statements concerning the
MorphoSys group of companies. The forward-looking statements contained herein
represent the judgment of MorphoSys as of the date of this release and involve
risks and uncertainties. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ from those anticipated.
MorphoSys does not intend to update any of these forward-looking statements as
far as the wording of the relevant press release is concerned.
For more information, please contact:
MorphoSys AG
Dr. Claudia Gutjahr-Löser
Head of Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-122
Mario Brkulj
Associate Director Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-454
Alexandra Goller
Specialist Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-332
investors(at)morphosys.com
Q2 Report (PDF):
http://hugin.info/130295/R/1719911/572482.pdf
Media Release (PDF):
http://hugin.info/130295/R/1719911/572481.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MorphoSys AG via Thomson Reuters ONE
[HUG#1719911]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 283261
Anzahl Zeichen: 18108
contact information:
Town:
Martinsried / München
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 212 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"MorphoSys AG Reports Results for the First Six Months of 2013"
steht unter der journalistisch-redaktionellen Verantwortung von
MorphoSys AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
