MorphoSys AG Reports Six Months 2009 Results
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Pipeline Expansion Continues as Planned - Financial GuidanceConfirmedMorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) todayannounced its financial results for the first six months ended June30, 2009 according to International Financial Reporting Standards(IFRS). Group revenues increased by 14 % to EUR 37.9 million (H12008: EUR 33.3 million) and operating profit amounted to EUR 6.6million (H1 2008: EUR 8.0 million). Net profit decreased to EUR 5.0million (H1 2008: EUR 6.3 million). The main reason for the declinein profits was, as previously announced, increased investment inproprietary drug development. At June 30, 2009 MorphoSys's cashposition was EUR 144.1 million (December 31, 2008: EUR 137.9million).Highlights of the Second Quarter of 2009:* MorphoSys reported a positive outcome to the phase 1 study of its lead compound MOR103 and submitted an application for the authorization of a phase 1b/2a clinical study in patients with rheumatoid arthritis (RA).* MorphoSys and the University of Melbourne signed an agreement to cooperate on investigating new therapeutic applications for the MOR103 program. As part of the expanded relationship, new patent applications have been filed, which are intended to broaden the scope of protection of the anti-GM-CSF approach.* MorphoSys's proprietary pipeline increased to five compounds in total. During the second quarter, work on MOR205 started as planned, and a disease-related target molecule for a new inflammation program, MOR104, was selected. Pre-clinical development of MOR202 and lead identification for MOR203 continued as planned.* Novartis committed to the full ten-year term of the strategic alliance originally signed in December 2007. The decision was based on the successful achievement by MorphoSys of certain predefined improvements in its proprietary technologies.* MorphoSys's partnered pipeline increased to 62 therapeutic antibody programs in total (compared to 55 at the beginning of the year), of which six are currently in clinical development, 31 are in preclinical development and 25 are in the discovery phase.* Two partners, namely Centocor Ortho Biotech Inc. and Novartis, commenced Phase 1 clinical trials using HuCAL-derived, fully human antibodies.* Daiichi Sankyo initiated a further two oncology-focused therapeutic antibody programs within its collaboration with MorphoSys.* Schering-Plough triggered its option to extend the current collaboration between the two companies for another year.* MorphoSys's AbD Serotec unit and Spinreact S.A. signed a supply agreement. Spinreact will incorporate antibodies from AbD Serotec in a series of clinical diagnostic kits.* The Japanese Patent Office has granted a new patent covering MorphoSys's CysDisplay technology.* The Company introduced more detailed financial reporting, by moving from two operating segments to three - the existing Therapeutic Antibodies segment was sub-divided into Partnered Discovery and Proprietary Development."The expansion of our proprietary antibody pipeline continues asplanned with our lead compound on track to enter a phase 1b/2a studyin patients in the second half of the year," commented Dave Lemus,Chief Financial Officer of MorphoSys AG. "Moreover, our partnereddiscovery business continues to deliver dependable cash flow, whileAbD Serotec continues its upswing into sustained profitability. These two pillars of our business will allow our continuedinvestment in proprietary antibody therapeutics, whilst maintainingoverall Company profitability."Financial Review for the First Six Months of 2009 (IFRS)Group revenues for the first six months of 2009 amounted to EUR 37.9million (H1 2008: EUR 33.3 million), an increase of 14 % over theprior year. Revenues arising from the Partnered Discovery segmentaccounted for 74 % or EUR 28.1 million of the total (H1 2008:EUR 24.3 million) and included success-based payments in the amountof EUR 5.4 million, while the AbD Serotec segment, focused onresearch and diagnostic antibodies generated 26 % or EUR 9.7 millionof total revenues (H1 2008: EUR 9.0 million). The ProprietaryDevelopment segment, comprising the Company's own and joint drugdevelopment activities contributed EUR 0.5 million to total revenues. These revenues arise from Novartis' funding of a jointpre-development program. Measured at constant foreign exchangerates, revenues in the Partnered Discovery and ProprietaryDevelopment segments would have amounted to EUR 27.8 million andrevenues in the AbD Serotec would have amounted to EUR 9.8 million.MorphoSys's overall revenue growth was driven primarily by higherlevels of funded research, licensing fees and success-based revenuesin the Partnered Discovery and Proprietary Development segments aswell as increased sales across the AbD Serotec segment.Total operating expenses for the first six months of 2009 increasedby 24 % to EUR 31.3 million (H1 2008: EUR 25.3 million). The changein operating expenses was mainly due to higher investment in researchand development which rose by 56 % to EUR 18.0 million (H1 2008:EUR 11.5 million). Partnered Discovery operating expenses were EUR10.1 million, Proprietary Development operating expense amounted toEUR 8.5 million. Within the Proprietary Development segment, costsin the amount of EUR 7.8 million (H1 2008: EUR 2.0 million) wereincurred for the development of the Company's proprietary products. Sales, general and administrative expenses amounted to EUR 10.0million (H1 2008: EUR 10.2 million). Cost of goods sold decreased toEUR 3.3 million (H1 2008: EUR 3.5 million). A non-cash, stock-basedcompensation charge is embedded in COGS, S,G&A and R&D expenses andamounted to EUR 0.8 million (H1 2008: EUR 0.6 million).Total operating profit for the first six months of 2009 amounted toEUR 6.6 million (H1 2008: EUR 8.0 million). The result for thePartnered Discovery segment amounted to EUR 18.0 million (H1 2008:EUR 14.6 million), while the Proprietary Development segment showed asegment loss of EUR 8.0 million (H1 2008: segment loss of EUR 2.5million). The AbD Serotec Research and Diagnostic Antibodies segmentresult amounted to EUR 1.1 million (H1 2008: EUR 0.2 million).Unallocated corporate costs in the first half of 2009 amounted toEUR 4.4 million (H1 2008: EUR 4.2 million).For the first six months of 2009, non-operating income (excluding taxexpenses) amounted to EUR 1.1 million (H1 2008: EUR 1.1 million).Profit before taxes amounted to EUR 7.7 million (H1 2008:EUR 9.1 million). The Company reported income tax expenses for thefirst six months of 2009 in the amount of EUR 2.7 million (H1 2008:EUR 2.8 million).Net profit for the first six months of 2009 amounted to EUR 5.0million compared to a net profit of EUR 6.3 million in the sameperiod of the previous year. The resulting diluted earnings pershare for the first six months of 2009 amounted to EUR 0.22 (H1 2008:Diluted earnings per share of EUR 0.28).As of June 30, 2009, the Company held EUR 144.1 million in cash, cashequivalents and marketable financial assets, compared to a balance ofEUR 137.9 million on December 31, 2008. Cash inflow from operationsin the first six months of 2009 amounted to EUR 6.6 million (H1 2008:cash inflow of EUR 18.0 million). The number of issued shares atJune 30, 2009 was 22,492,287, compared to 22,478,787 shares as ofDecember 31, 2008.Financial Outlook for 2009:MorphoSys re-confirmed its financial guidance for 2009 as previouslycommunicated in February 2009. The Company anticipates total grouprevenues between EUR 80 million and EUR 85 million, and an operatingprofit of EUR 8 million to EUR 11 million. In line with its plans toexpand the Company's proprietary pipeline, MorphoSys anticipatesmaking investments in technology and product development of betweenEUR 18 million and EUR 20 million, compared to EUR 7.7 million in theprevious year.MorphoSys will hold a public conference call today at 02:00pm CET(1:00pm GMT, 8:00am EDT) to present the Six Months Results 2009 andreport on current developments.Dial-in number for the Conference Call (listen-only):Germany: +49 (0) 69 710 49 1462For U.K. residents: +44 (0) 1212 604 860For U.S. residents: +1 (1) 866 347 1957Please dial in 10 minutes before the beginning of the conference.Approximately two hours after the press conference, an audio replayof the conference will be available on http://www.morphosys.com.For further information please contact: Dr. Claudia Gutjahr-Löser,Head of Corporate Communications & Investor Relations, Tel: +49 (0)89 / 899 27-122, gutjahr-loeser(at)morphosys.com or Mario Brkulj, SeniorManager Corporate Communications & Investor Relations, Tel: +49 (0)89 / 899 27-454, brkulj(at)morphosys.comAbout MorphoSys:MorphoSys is an independent biotechnology company that develops novelantibodies for therapeutic, diagnostic and research applications. TheCompany's HuCAL technology is one of the most powerful methodsavailable for generating fully human antibodies. By successfullyapplying this and other proprietary technologies, MorphoSys hasbecome a leader in the field of therapeutic antibodies, one of thefastest-growing drug classes in human health-care. Through itsalliances with some of the world's leading pharmaceutical companies,MorphoSys has created a pipeline of more than 60 drug candidates. TheCompany is expanding its drug pipeline by adding new partneredprograms, and by building a portfolio of fully-owned therapeuticantibodies. For its proprietary portfolio, the Company is focused onthe areas of oncology and inflammation, within which it plans to haveeight active programs by the end of 2009. Its most advanced programis MOR103, a first-in-class, fully human antibody against GM-CSF.MorphoSys expects to commence a Phase Ib/IIa trial of this antibodyin rheumatoid arthritis patients in the second half of 2009. Via itsbusiness unit AbD Serotec, MorphoSys is expanding the reach of itstechnologies in the diagnostics and research markets. MorphoSys isheadquartered in Munich, Germany and listed on the Frankfurt StockExchange under the symbol "MOR". For further information, visithttp://www.morphosys.com/HuCAL®, HuCAL GOLD®, HuCAL PLATINUM®, CysDisplay® and RapMAT® areregistered trademarks of MorphoSys AGThis communication contains certain forward-looking statementsconcerning the MorphoSys group of companies. The forward-lookingstatements contained herein represent the judgment of MorphoSys as ofthe date of this release and involve risks and uncertainties. Shouldactual conditions differ from the Company's assumptions, actualresults and actions may differ from those anticipated. MorphoSys doesnot intend to update any of these forward-looking statements as faras the wording of the relevant press release is concerned.http://hugin.info/130295/R/1331323/314966.pdfhttp://hugin.info/130295/R/1331323/314971.pdf --- End of Message ---MorphoSys AGLena-Christ-Str. 48 Martinsried / München GermanyWKN: 663200; ISIN: DE0006632003; Index: CDAX, HDAX, Prime All Share, TECH All Share, TecDAX, MIDCAP;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart, Regulierter Markt in Frankfurter Wertpapierbörse;
Datum: 29.07.2009 - 07:00 Uhr
Sprache: Deutsch
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