MorphoSys AG Reports Nine Months 2010 Results
(Thomson Reuters ONE) -
MorphoSys AG /
MorphoSys AG Reports Nine Months 2010 Results
Processed and transmitted by Thomson Reuters.
The issuer is solely responsible for the content of this announcement.
Therapeutic Antibody Pipeline Increases to 75 Programs in Total
MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced its
financial results according to International Financial Reporting Standards
(IFRS) for the nine months ending September 30, 2010. Group revenues increased
by 9 % to EUR 62.8 million (first nine months 2009: EUR 57.6 million) and
operating profit decreased by 14 % to EUR 8.0 million (first nine months 2009:
EUR 9.3 million). Net profit amounted to EUR 7.2 million (first nine
months 2009: EUR 7.7 million). As previously communicated and planned,
MorphoSys's investment in proprietary research and development increased to
EUR 18.4 million (first nine months 2009: EUR 13.1 million). The Company's cash
position on September 30, 2010 was EUR 132.1 million (December 31, 2009:
EUR 135.1 million). The cash position at balance sheet date does not reflect
payment of EUR 19.0 million, which was paid for the acquisition of Sloning on
October 7, 2010. The Company re-confirmed and narrowed the range of its full
year guidance for 2010.
+-------------------+--------------+--------------+--------------+-------------+
| | Nine Months | Nine Months | Three Months |Three Months |
|In EURO million | Ended | Ended | Ended | Ended |
| | Sep 30, 2010 | Sep 30, 2009 | Sep 30, 2010 |Sep 30, 2009 |
+-------------------+--------------+--------------+--------------+-------------+
|Group Revenues | 62.8 | 57.6 | 19.3 | 19.7 |
+-------------------+--------------+--------------+--------------+-------------+
|hereof AbD Serotec | 15.0 | 14.6 | 4.5 | 4.9 |
+-------------------+--------------+--------------+--------------+-------------+
|Total Operating | 54.8 | 48.3 | 19.7 | 17.0 |
|Expenses | | | | |
+-------------------+--------------+--------------+--------------+-------------+
|Operating | 8.0 | 9.3 | (0.4) | 2.7 |
|Profit/(Loss) | | | | |
+-------------------+--------------+--------------+--------------+-------------+
|Net Profit | 7.2 | 7.7 | 1.4 | 2.6 |
+-------------------+--------------+--------------+--------------+-------------+
|EPS (diluted) in | 0.32 | 0.34 | 0.06 | 0.12 |
|EURO | | | | |
+-------------------+--------------+--------------+--------------+-------------+
Recent Highlights
* Shortly after the end of the third quarter, MorphoSys acquired Sloning
BioTechnology GmbH, a company developing new methods of synthetic biology.
The transaction makes MorphoSys the sole source of Sloning's state-of-the-
art Slonomics technology, which dramatically improves the assembly and
quality of protein libraries. By integrating Slonomics into its existing
antibody technology platform, MorphoSys expects to increase the proportion
of programs reaching clinical development to 50%.
* MorphoSys's drug pipeline now comprises 75 therapeutic antibody programs in
total, of which twelve are currently in clinical development, 25 are in
preclinical development and 38 are in the discovery phase. Nine of these are
MorphoSys's proprietary programs, including two joint pre-development
programs with Novartis.
* MorphoSys received one phase 1 milestone payment within its Novartis
alliance, for an antibody commencing clinical development in ophthalmology.
* MorphoSys announced a new proprietary development program in the area of
infectious diseases. As part of this initiative, MorphoSys has signed a
license and collaboration agreement with Absynth Biologics, providing access
to novel target molecules associated with Staphylococcus aureus infections
including MRSA (methicillin-resistant S. aureus).
* MorphoSys has been awarded two grants by the German Federal Ministry of
Education and Research. The first grant supports MorphoSys in accelerating
the development of its HuCAL-based cancer program MOR202 into clinical
development for the treatment of multiple myeloma in collaboration with
Klinikum rechts der Isar. The second grant supports MorphoSys and Proteros
Biostructures in establishing a new technology platform for analyzing
antibody-antigen interactions.
* MorphoSys's research and diagnostic antibodies unit AbD Serotec signed two
exclusive license agreements, with UCL Business PLC, the technology
development arm of University College London, and the VU University Medical
Center. The agreements provide AbD Serotec with worldwide exclusive access
to several antibodies for research and diagnostics applications.
* The US Patent and Trademark Office granted a new patent providing extended
protection for the Company's CysDisplay technology. The new patent (US
7,785,859) covers the host cells used in this enhanced phage display
technology.
"Our corporate development activities during the quarter resulted in the
acquisition of Sloning BioTechnology in early October. Importantly, the
transaction secures our cutting-edge position at the forefront of antibody
technology," commented Dave Lemus, Chief Financial Officer of MorphoSys AG.
"Moreover, the acquisition of Sloning clearly supports our future growth plans
and we look forward to reaping the large synergistic benefits that will arise
from integrating their technology into our platform."
Financial Review for the First Nine Months of 2010 (IFRS)
Group revenues for the first nine months of 2010 amounted to EUR 62.8 million
(first nine months 2009: EUR 57.6 million), an increase of 9 % over the prior
year. Segment revenues arising from the Partnered Discovery segment accounted
for EUR 47.4 million of the total (first nine months 2009: EUR 42.9 million) and
included success-based payments in the amount of EUR 4.8 million (first nine
months 2009: EUR 7.8 million). The Proprietary Development segment, comprising
the Company's own and joint drug development activities contributed EUR 1.1
million to total revenues (first nine months 2009: EUR 0.8 million). These
revenues arise from Novartis's funding of two joint pre-development programs.
Revenues in the Research and Diagnostics segment AbD Serotec increased by 3 % to
EUR 15.0 million (first nine months 2009: EUR 14.6 million). Measured at
constant foreign exchange rates as of the first nine months of 2009, segment
revenues in the Partnered Discovery and Proprietary Development segments
remained unchanged and revenues in the AbD Serotec segment would have totaled
EUR 14.7 million.
Total operating expenses for the first nine months of 2010 amounted to
EUR 54.8 million (first nine months 2009: EUR 48.3 million), representing an
increase of 13 % over the prior year, which was mainly the result of a higher
level of investment in proprietary drug development. Cost of goods sold (COGS)
increased in comparison to the first nine months of 2009 by 8 % to EUR 5.5
million. Research and development expenses increased by 18 % to EUR 32.5 million
(first nine months 2009: EUR 27.5 million). These R&D expenses comprised costs
for proprietary product development in the amount of EUR 18.4 million (first
nine months 2009: EUR 13.1 million) as well as costs incurred on behalf of
partners. Sales, general and administrative expenses increased by 7 % to
EUR 16.8 million (first nine months 2009: EUR 15.7 million). Non-cash charges
related to stock-based compensation are embedded in COGS, S, G&A and R&D
expenses and amounted to EUR 1.6 million (first nine months 2009: EUR 1.3
million). Total operating profit amounted to EUR 8.0 million (first nine
months 2009: EUR 9.3 million).
The segment income for the Partnered Discovery segment amounted to EUR 31.4
million (first nine months 2009: segment income of EUR 27.3 million), while the
Proprietary Development segment showed a segment loss of EUR 17.3 million (first
nine months 2009: segment loss of EUR 12.4 million). In the AbD Serotec segment,
operating profit decreased to EUR 0.7 million (first nine months 2009: segment
income of EUR 1.4 million) and would have remained unchanged under the
assumption of constant foreign exchange rates at the average rate of the first
nine months of 2009. Unallocated corporate costs in the first nine months of
2010 amounted to EUR 6.9 million (first nine months 2009: EUR 7.0 million).
For the first nine months of 2010, non-operating income amounted to
EUR 2.2 million (first nine months 2009: non-operating income of
EUR 1.5 million). Profit before taxes amounted to EUR 10.2 million (first nine
months 2009: EUR 10.8 million).
For the first nine months of 2010, the Company reported income tax expenses in
the amount of EUR 3.0 million (first nine months 2009: EUR 3.1 million).
Net profit for the first nine months of 2010 amounted to EUR 7.2 million (first
nine months 2009: EUR 7.7 million). The resulting diluted earnings per share for
the first nine months of 2010 amounted to EUR 0.32 (first nine months 2009:
diluted earnings per share of EUR 0.34).
On September 30, 2010, the Company had EUR 132.1 million in cash, cash
equivalents, and marketable securities, compared to EUR 135.1 million as of
December 31, 2009. Net cash inflow from operations in the first nine months of
2010 amounted to EUR 8.0 million (first nine months 2009: cash inflow of
EUR 3.0 million). The number of issued shares at September 30, 2010 was
22,794,258, compared to 22,660,557 shares at December 31, 2009.
Financial Review for the Third Quarter of 2010 (IFRS)
In the third quarter of 2010, revenues decreased by 2 % to EUR 19.3 million,
compared to EUR 19.7 million in the same quarter of 2009. Total operating
expenses amounted to EUR 19.7 million, compared to EUR 17.0 million in the same
period of 2009. The resulting loss from operations for the third quarter of
2010 amounted to EUR 0.4 million, compared to an operating profit of EUR 2.7
million in the same period of 2009. A net profit of EUR 1.4 million was achieved
in the third quarter of 2010, compared to EUR 2.6 million during the same period
in 2009.
Financial Outlook for 2010
MorphoSys re-confirmed and narrowed the range of its financial guidance for
2010 as previously communicated in February. The Company estimates full-year
2010 Group revenues between EUR 89 million and EUR 90 million. The revenue
guidance for 2010 assumes higher milestone and commercial revenues in the 4th
quarter than in previous quarters. MorphoSys expects an operating profit of
EUR 7 million to EUR 9 million, including investments in proprietary R&D in the
amount of EUR 27 million to EUR 29 million (2009: EUR 19.3 million).
MorphoSys will hold a public conference call today at 02:00 p.m. CEST (08:00
a.m. EST, 01:00 p.m. BST) to present the Nine Months Results 2010 and report on
current developments.
Dial-in number for the Conference Call (listen-only):
Germany: +49 89 2444 32975
For U.K. residents: +44 20 3003 2666
For U.S. residents: +1 212 999 6659
Please dial in 10 minutes before the beginning of the conference.
Approximately two hours after the press conference, an audio replay of the
conference will be available on http://www.morphosys.com.
About MorphoSys:
MorphoSys is an independent biotechnology company that develops novel antibodies
for therapeutic, diagnostic and research applications. The Company's HuCAL
technology is one of the most powerful methods available for generating fully
human antibodies. By successfully applying this and other proprietary
technologies, MorphoSys has become a leader in the field of therapeutic
antibodies, one of the fastest-growing drug classes in human health-care.
Through its alliances with some of the world's leading pharmaceutical companies,
MorphoSys has created a pipeline of more than 60 drug candidates. The Company is
expanding its drug pipeline by adding new partnered programs, and by building a
portfolio of fully-owned therapeutic antibodies. For its proprietary portfolio,
the Company is focused on the areas of oncology and inflammation. Its most
advanced program MOR103, a first-in-class, fully human antibody against GM-CSF,
is currently tested in a Phase Ib/IIa trial in rheumatoid arthritis patients.
Via its business unit AbD Serotec, MorphoSys is expanding the reach of its
technologies in the diagnostics and research markets. MorphoSys is headquartered
in Munich, Germany and listed on the Frankfurt Stock Exchange under the symbol
"MOR". For further information, visit http://www.morphosys.com/
HuCAL(®), HuCAL GOLD(®), HuCAL PLATINUM(®), CysDisplay(® )and RapMAT(®) are
registered trademarks 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:
Dr. Claudia Gutjahr-Löser,
Head of Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-122
Mario Brkulj,
Senior Manager Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-454
Jessica Kulpi,
Specialist Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-332
investors(at)morphosys.com
[HUG#1456738]
--- End of Message ---
MorphoSys AG
Lena-Christ-Str. 48 Martinsried / München Germany
WKN: 663200;ISIN: DE0006632003;Index:TecDAX,CDAX,Prime All Share,TECH All Share,HDAX,MIDCAP;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Nine Months' Report 2010:
http://hugin.info/130295/R/1456738/396731.pdf
Press Release (PDF):
http://hugin.info/130295/R/1456738/396580.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
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2010 - 07:00 Uhr
Sprache: Deutsch
News-ID 47126
Anzahl Zeichen: 0
contact information:
Town:
Martinsried / München
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 182 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"MorphoSys AG Reports Nine Months 2010 Results"
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).
