MorphoSys AG Reports Results for Fiscal Year 2010
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MorphoSys AG /
MorphoSys AG Reports Results for Fiscal Year 2010
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Company Expects Revenue Growth of more than 20 % in 2011
Press conference call (in German) today at 10:00 am CET
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
financial results for the year ending December 31, 2010, with revenues of EUR 87
million and an operating profit of EUR 9.8 million. The year was marked by
substantial progress in the Company's pipeline of therapeutic antibody
candidates, and by several significant transactions, including the in-licensing
of MOR208, the acquisition of Sloning Biotechnology and a major new deal with
Pfizer. Overall, the number of clinical programs more than doubled, from 8 at
the beginning of the year to 17 at year-end. Much of the progress in 2010 was
driven by substantially increased investment in proprietary research &
development, which totaled EUR 26.5 million in 2010, up by 37 % compared to the
previous year. The Company also provided a positive outlook for 2011, with
revenue growth forecast to exceed 20 %, an operating profit at least as high as
in 2010 and substantial growth expected in its clinical drug candidate pipeline.
+--------------------------+------+------+---------+---------+
| In EURO million | 2010 | 2009 | Q4 2010 | Q4 2009 |
+--------------------------+------+------+---------+---------+
| Group Revenues | 87.0 | 81.0 | 24.3 | 23.4 |
+--------------------------+------+------+---------+---------+
| hereof AbD Serotec | 20.2 | 19.3 | 5.1 | 4.8 |
+--------------------------+------+------+---------+---------+
| Other Operating Income | 0.2 | 0.1 | 0.2 | 0.0 |
+--------------------------+------+------+---------+---------+
| Total Operating Expenses | 77.4 | 69.6 | 22.6 | 21.4 |
+--------------------------+------+------+---------+---------+
| Operating Profit* | 9.8 | 11.4 | 1.9 | 2.1 |
+--------------------------+------+------+---------+---------+
| Net Profit | 9.2 | 9.0 | 2.0 | 1.3 |
+--------------------------+------+------+---------+---------+
| EPS (diluted) in EURO | 0.40 | 0.40 | - | - |
+--------------------------+------+------+---------+---------+
* Differences due to rounding
Highlights of the Year 2010
Pipeline: The total number of programs in clinical trials increased from eight
at the beginning of 2010 to 17 at year-end.
· Proprietary Development Progress: At the end of 2010, MorphoSys had
two proprietary programs in clinical development (MOR103 and MOR208). The
clinical trial application for a third program (MOR202) was filed in Q4 2010.
MorphoSys in-licensed MOR208 from Xencor in Q2 2010. At the end of 2010, ten
proprietary programs were active.
· Partnered Development Progress: At the end of 2010, 15 partnered
programs were in clinical development, an increase of eight during the year.
Altogether, at the end of 2010, 65 partnered programs were ongoing.
AbD Serotec: The structural improvements that were implemented during 2009 and
2010 led to an improved operating profit margin of 6 %.
Technology: In October 2010, MorphoSys acquired Sloning BioTechnology GmbH.
Sloning's world-leading technology for building protein libraries was rapidly
integrated into a new antibody optimization platform called arYla. MorphoSys
expects arYla to transform the way antibodies are optimized, increasing both
speed and success rates. The Sloning acquisition promises to open up a new era
of partnering opportunities for MorphoSys, as evidenced by the agreement entered
into with Pfizer just weeks after the Sloning transaction was announced.
"We have made very good progress as a company in the last 12 months, and nowhere
is this progress more evident than in our pipeline of therapeutic antibodies.
The number of clinical programs more than doubled and now stands at 17," stated
Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "The depth and
breadth of our development pipeline speaks to the power of our technology. The
richness of clinical programs we see today holds the promise of multiple
products coming to market in the years ahead coupled with a lucrative royalty
stream."
"Despite very significant and continued increases in proprietary R&D investment,
we delivered yet again another year of solid operating profits," commented Dave
Lemus, Chief Financial Officer of MorphoSys AG, adding: "For 2011, we expect
even stronger revenue and profit growth, and due to our excellent financial and
operational health will continue to invest heavily in proprietary R&D. We expect
these higher levels of R&D investment to yield very substantial longer term
value for our shareholders."
Financial Review for the Fiscal Year 2010 (IFRS)
Group revenues for the full year 2010 amounted to EUR 87.0 million (2009:
EUR 81.0 million), an increase of 7 % over the prior year. Revenues in the
Partnered Discovery segment comprised EUR 57.2 million in funded research and
licensing fees (2009: EUR 48.6 million) and EUR 9.1 million in success-based
payments (2009: EUR 13.1 million). The Proprietary Development segment recorded
funded research revenues of EUR 1.8 million (2009: EUR 1.0 million). Assuming
constant foreign exchange rates at the average rate of 2009, segment revenues in
the Partnered Discovery and Proprietary Development segments would have remained
unchanged. The AbD Serotec segment provided 23 % or EUR 20.2 million of total
revenues (2009: EUR 19.3 million), an increase of 5 %. Assuming constant foreign
exchange rates at the average rate of 2009, revenues in the AbD Serotec segment
would have amounted to EUR 19.6 million. Other operating income increased by
EUR 0.1 million to EUR 0.2 million in 2010 and comprised grant income from
governmental agencies.
Total operating expenses for the full year 2010 increased by 11 % to EUR 77.4
million (2009: EUR 69.6 million). The change in operating expenses of
? 7.8 million was mainly caused by increased proprietary research and
development (R&D) expenses. Cost of goods sold (COGS), a line item specific to
AbD Serotec, increased by 9 % to EUR 7.3 million (2009: EUR 6.7 million). Total
research and development expenses rose by EUR 7.9 million or 20 % to
EUR 46.9 million in 2010 (2009: EUR 39.0 million). The increase in R&D expenses
mainly resulted from a higher level of investment in proprietary product
development (including segment allocations) amounting to EUR 26.5 million (2009:
EUR 19.3 million). Sales, general and administrative expenses slightly decreased
by 3 % to EUR 23.2 million (2009: EUR 23.9 million). Non-cash charges related to
stock-based compensation are embedded in COGS, S,G&A and R&D expenses and
amounted to EUR 2.1 million (2009: EUR 1.7 million).
Total Group operating profit decreased to EUR 9.8 million (2009:
EUR 11.4 million). Partnered Discovery showed a segment operating profit of
EUR 42.7 million (2009: EUR 39.6 million) while EUR 26.5 million were invested
into proprietary development (2009: investment of EUR 19.3 million). In the AbD
Serotec segment, operating profit increased to EUR 1.2 million (2009:
EUR 1.0 million), an operating margin of 6 %.
Non-operating income and expenses, including taxes, resulted in a loss of
EUR 0.6 million (2009: non-operating loss of EUR 2.4 million). For the full year
2010, MorphoSys realized a net profit of EUR 9.2 million compared to a net
profit of EUR 9.0 million in the previous year. The resulting diluted earnings
per share for the year 2010 remained constant at EUR 0.40 (2009: EUR 0.40).
On December 31, 2010, the Company had EUR 108.4 million in cash, cash
equivalents, and marketable securities, compared to EUR 135.1 million as of
December 31, 2009. The decrease resulted mainly from the financing of the
acquisition of Sloning and the in-licensing of MOR208, a compound from Xencor,
Inc. Outstanding accounts receivable at year-end 2010 amounted to EUR 15.0
million, the majority of which is expected to be settled during the course of Q1
2011. Net cash inflow from operations in 2010 amounted to EUR 2.5 million (2009:
net cash outflow EUR 1.0 million). The number of issued shares at December
31, 2010 was 22,890,252, compared to 22,660,557 shares at December 31, 2009.
Fourth Quarter of 2010 (IFRS)
In the fourth quarter of 2010, the Company generated revenues of
EUR 24.3 million, compared to EUR 23.4 million in the same quarter of 2009, an
increase of 4 %. Total operating expenses amounted to EUR 22.6 million, compared
to EUR 21.4 million in the same quarter of 2009. The increase of operating
expenses was mainly due to increased material and personnel costs. The resulting
operating profit amounted to EUR 1.9 million (Q4 2009: EUR 2.1 million). Net
profit for the fourth quarter 2010 was EUR 2.0 million, compared to EUR 1.3
million in the fourth quarter of 2009.
Outlook for 2011
For 2011, MorphoSys anticipates total Group revenues of between EUR 105 million
and EUR 110 million and anticipates an operating profit in the range of EUR 10
million to EUR 13 million. Backed by its sound financial position, MorphoSys
will continue to increase its investment in proprietary research and development
to between EUR 40 million and EUR 45 million during 2011. For 2011, MorphoSys
expects to make major progress in advancing its product pipeline and by the end
of the year the Company expects its partnered and proprietary pipeline to
comprise up to 22 programs in clinical trials. MorphoSys's management team will
provide a more detailed outlook in today's conference call.
MorphoSys will hold its conference call and webcast today to present the Annual
Financial Results 2010 and the Outlook 2011.
Dial-in number for the press conference call (in German) at 10:00 am CET:
Germany: +49 (0) 89 2444 32975
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: +1 212 999 6659
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.
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 being 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; arYla(TM) is a trademark of MorphoSys.
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
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
--- 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;
Press Release:
http://hugin.info/130295/R/1491919/427630.pdf
Year End 2010 IFRS Report:
http://hugin.info/130295/R/1491919/427631.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#1491919]
Unternehmensinformation / Kurzprofil:
Datum: 24.02.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 51843
Anzahl Zeichen: 16362
contact information:
Town:
Martinsried / München
Kategorie:
Business News
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