MorphoSys AG Reports Results for the First Nine Months of 2016
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MorphoSys AG /
MorphoSys AG Reports Results for the First Nine Months of 2016
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Financial Guidance for 2016 Confirmed
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, OTC: MPSYY) today
published its financial results for the first nine months of 2016, and outlined
the key events for the third quarter ending September 30, 2016.
Financial results for the first nine months of 2016
* For first nine months of 2016, group revenues totaled EUR 36.7 million and
EBIT amounted to EUR -32.3 million. Previous year's figures included a non-
recurring effect of approximately EUR 59 million (9-months 2015 revenues:
EUR 93.9 million; 9-months 2015 EBIT: EUR 34.7 million).
* Adjusted for last year's one-off effect, 9-months group revenues rose by 5%
year-on-year.
* The Group's liquidity position on September 30, 2016 amounted to EUR 267.2
million (December 31, 2015: EUR 298.4 million).
* The Company confirms its 2016 guidance for revenues in the range of EUR 47
million to EUR 52 million and EBIT between EUR -58 million and EUR -68
million.
Operating highlights of the third quarter of 2016
* In early August, MorphoSys announced the successful completion of the safety
run-in of its phase 2 clinical trial of MOR208 in combination with
lenalidomide in patients with relapsed or refractory diffuse large B cell
lymphoma (DLBCL) (L-MIND trial).
* At the beginning of September, MorphoSys disclosed that the first patient
had been dosed in the safety run-in of a phase 2/3 combination trial of
MOR208 with bendamustine. The B-MIND trial will evaluate the safety and
efficacy of MOR208 combined with the chemotherapeutic agent bendamustine in
comparison to rituximab plus bendamustine. The study is expected to
transition into a pivotal phase 3 part in 2017.
* At the end of September, MorphoSys and its Belgian development partner
Galapagos NV announced that the first patient with atopic dermatitis was
dosed in an ongoing phase 1 trial of MOR106 against IL-17C after the
antibody showed favorable safety in healthy volunteers.
* In early July, MorphoSys disclosed the receipt of a milestone payment from
Novartis, which was recognized in the second quarter of 2016. This payment
was triggered by the initiation of a phase 1 clinical study of a novel HuCAL
antibody for the prevention of thrombosis.
* In September, the Company announced the appointment of four experts to its
newly formed Scientific Advisory Board. This international panel of
scientific experts was established to advise the Company on the strategic
options and future perspectives within its research and development
activities.
* In September, MorphoSys's Dutch subsidiary Lanthio Pharma B.V., which
specializes in the development of lanthipeptides, announced the appointment
of Axel Mescheder, M.D. as its Chief Medical Officer.
* In mid-October, the Company announced the receipt of a milestone payment
from Novartis, which was booked in the third quarter of 2016. The payment
was triggered by the start of a phase 1 clinical trial with a novel HuCAL
antibody in the field of cancer.
* At the end of the third quarter, MorphoSys's pipeline comprised an all-time
high of 110 therapeutic programs, 28 of which are in clinical development.
Key events after the end of the third quarter of 2016
On October 1, 2016, MorphoSys announced that its licensee Janssen Research &
Development, LLC (Janssen) reported positive results from a phase 3 clinical
study of guselkumab in 837 patients with moderate to severe plaque psoriasis
("VOYAGE 1" study). Guselkumab is a fully human antibody targeting IL-23 which
was selected from MorphoSys's HuCAL antibody library. According to Janssen, both
co-primary endpoints were met. Janssen also reported that all major secondary
endpoints achieved statistical significance in comparisons of guselkumab versus
adalimumab (Humira®). Following the positive study results, Janssen announced
plans to apply for regulatory approval in 2016. Guselkumab is expected to be the
first HuCAL antibody to reach the market.
In EURO million* 9-Months 2016 9-Months 2015
----------------------------------------------------------------------------
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Group Revenues 36.7 93.9
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Total Operating Expenses 69.1 63.6
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Other Income/Expenses 0.1 4.5
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Earnings Before Interest and Taxes - EBIT (32.3) 34.7
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Consolidated Net Profit / (Loss) (31.6) 28.2
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Total EPS, diluted, in EURO (1.21) 1.07
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* Differences due to rounding
"We are excited about the phase 3 data in moderate-to-severe psoriasis that our
partner Janssen has generated with guselkumab. This could become the first
product based on our proprietary technology to reach the market," commented Dr.
Simon Moroney, Chief Executive Officer of MorphoSys AG. "Our therapeutic
pipeline is progressing well, now with 110 programs in development, more than
ever before, of which 28 are in clinical studies."
"With the results shown for the first nine months of 2016 we are on track to
meet our targets for the full year," stated Jens Holstein, Chief Financial
Officer of MorphoSys AG. "Based on our solid financial situation with liquidity
of EUR 267.2 million at the end of the third quarter, MorphoSys will continue to
invest in our promising development candidates from a position of strength."
Financial Review of the First Nine Months of 2016 (IFRS)
Group revenues in the first nine months of 2016 amounted to EUR 36.7 million,
compared to EUR 93.9 million in the first nine months of 2015. The main reason
for the decline compared to the previous year period is a non-recurring effect
of about EUR 59 million in 2015 in connection with the termination of the
collaboration with Celgene for MOR202. Adjusted for last year's one-off effect,
revenues for the first nine months rose by 5%.
The Proprietary Development segment recorded revenues of EUR 0.5 million (9-
months 2015: EUR 59.9 million). Revenues in the Partnered Discovery segment
reached EUR 36.2 million (9-months 2015: EUR 34.0 million). Success-based
payments amounted to about 10% of total revenues, or EUR 3.5 million (9-months
2015: 3% or EUR 2.5 million).
Total operating expenses for the first nine months of 2016 amounted to EUR 69.1
million (9-months 2015: EUR 63.6 million). Total research and development
expenses were EUR 58.8 million (9-months 2015: EUR 53.1 million). The increase
is mainly due to intensified clinical development activities with MorphoSys's
proprietary antibody candidates, in particular the start of two phase 2 trials
with MOR208 in 2016. R&D expenses mainly consisted of costs for external
laboratory services and personnel costs. General and administrative expenses
decreased slightly to EUR 10.3 million (9-months 2015: EUR 10.6 million).
Earnings before interest and taxes (EBIT) amounted to EUR -32.3 million (9-
months 2015: EUR 34.7 million). Adjusted for the one-off effect in 2015
amounting to EUR 59 million, the operating loss (EBIT) for the first nine months
rose by 33%, mainly due to the increase in R&D activities.
The Proprietary Development segment reported a segment EBIT of EUR -45.5 million
(9-months 2015: EUR 26.5 million), while Partnered Discovery showed a nine
months segment EBIT of EUR 22.8 million (9-months 2015: EUR 18.1 million).
Proprietary R&D expenses including technology development amounted to EUR 46.2
million, the comparative figure for 9-months 2015 was EUR 39.9 million.
On September 30, 2016, the Group's liquidity position amounted to EUR 267.2
million compared to EUR 298.4 million on December 31, 2015. The Company's
liquidity is reflected in the balance sheet items "cash and cash equivalents",
"available-for-sale financial assets", "bonds, available-for-sale" and current
and non-current "financial assets classified as loans and receivables". The
decline in liquidity was mainly the result of the use of cash for operations in
the first nine months of 2016 and the repurchase of shares for the Group's long-
term incentive program.
Financial guidance for 2016
MorphoSys re-confirmed its guidance for 2016. MorphoSys anticipates total Group
revenues in the range of EUR 47 million to EUR 52 million and expects EBIT to be
in the range of EUR -58 million to EUR -68 million. Proprietary R&D expenses are
expected to rise to EUR 76 million to EUR 83 million. This guidance does not
include any potential in-licensing or co-development of additional development
candidates.
MorphoSys will hold a public conference call and webcast today at 02:00 p.m. CET
(01:00 p.m. GMT, 08:00 a.m. EST) to present the 9-months 2016 results and report
on current developments.
Dial-in number for the analyst conference call (listen-only):
Germany: +49 89 2444 32975
For UK residents: +44 20 3003 2666
For US residents: +1 202 204 1514
Please dial in 10 minutes before the beginning of the conference.
A replay and transcript will be made available at http://www.morphosys.com.
The complete third quarter interim statement 2016 (January - September 2016) is
available on the Company's website (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 100 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®, Ylanthia®,
100 billion high potentials®, Slonomics®, Lanthio Pharma® and LanthioPep® are
registered trademarks of the MorphoSys Group.
Humira® is a registered trademarks of AbbVie Inc.
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
Jochen Orlowski
Associate Director Corporate Communications & IR
Alexandra Goller
Senior Manager Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-404
investors(at)morphosys.com
Q3 2016 Interim Statement (PDF):
http://hugin.info/130295/R/2054446/769161.pdf
Media Release (PDF):
http://hugin.info/130295/R/2054446/769160.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MorphoSys AG via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 505212
Anzahl Zeichen: 14080
contact information:
Town:
Martinsried / Munich
Kategorie:
Business News
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