MorphoSys AG Reports Strong Six Months 2011 Results
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MorphoSys AG /
MorphoSys AG Reports Strong Six Months 2011 Results
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MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced its
finan-cial results for the six months ending June 30, 2011, according to
International Financial Reporting Standards (IFRS). Group revenues increased by
53 % to EUR 66.6 million (H1 2010: EUR 43.4 million), mainly due to a technology
milestone payment, which was booked in Q1 2011. Group operating profit increased
to EUR 23.3 million (H1 2010: EUR 8.3 million) and net profit amounted to EUR
15.0 million (H1 2010: EUR 5.9 million). As planned, Mor-phoSys further
increased its investment in proprietary research and development, to EUR 15.2
million (H1 2010: EUR 10.8 million). MorphoSys's cash position on June 30, 2011
was EUR 139.6 million (December 31, 2010: EUR 108.4 million) and the Company re-
confirmed its full-year guidance for 2011.
in EURO million H1 2011 H1 2010 Q2 2011 Q2 2010
Group Revenues 66.6 43.4 18.0 22.9
Other Operating Income 0.2 0 0.1 0
Total Operating Expenses 43.5 35.2 23.6 19.3
Operating Profit/(Loss) 23.3 8.3 (5.5) 3.6
Net Profit/(Loss) 15.0 5.9 (3.8) 2.7
EPS (diluted) in EURO 0.65 0.26 (0.16) 0.12
Highlights of the Second Quarter of 2011
* During the second quarter, MorphoSys receives full and unconditional
approval by the regulatory authorities and ethics committees in Germany and
Austria to start a phase 1/2a clinical trial with its multiple myeloma
treatment MOR202. The study is now recruiting patients and first dosing will
commence shortly
* MorphoSys reaches second clinical milestone with OncoMed Pharmaceuticals;
cancer antibody OMP-18R5 will be evaluated in a Phase 1 trial in the USA in
patients with advanced solid tumors
* MorphoSys's partnered and proprietary pipeline comprises 75 programs, of
which 18 are in clinical development
MorphoSys reports promising pre-clinical data for MOR202 at ASCO; studies
demon-strated synergistic effects by combining MOR202 with each of two
approved drugs for the treatment of multiple myeloma
* MorphoSys initiates infectious disease alliance with ContraFect
* AbD Serotec licenses seven diagnostic HuCAL antibodies to Proteomika to
monitor biologics therapies; first HuCAL-based diagnostic kits to enter the
market in 2011
* MorphoSys completes share buy-back program; buy-back of approx. 84,000
shares to support non-dilutive long-term incentive program
"The strength of our proprietary antibody technologies is once again illustrated
by our strong six months results which in turn confirm our ability to finance
all of our development activities without recourse to the capital markets. With
MOR202 starting clinical development shortly, our own portfolio is advancing as
planned," stated Jens Holstein, Chief Financial Officer of MorphoSys AG.
Financial Review of the First Half of 2011 According to IFRS
Group revenues for the first half of 2011 were EUR 66.6 million (H1 2010: EUR
43.4 million), an increase of 53 % over the same period of the previous year.
This large increase was mainly due to the successful installation of the HuCAL
technology at the Novartis Institutes for BioMedical Research in Basel,
Switzerland, which was achieved in Q1 2011. Revenues in the Partnered Discovery
segment comprised EUR 24.9 million in funded research and licensing fees (H1
2010: EUR 29.2 million) and EUR 31.2 million in success-based payments (H1
2010: EUR 3.6 million), including the technology transfer milestone from
Novartis. The Proprietary Development segment recorded funded research revenues
of EUR 1.2 million (H1 2010: EUR 0.6 million). Assuming constant foreign
exchange rates at the average rate of H1 2010, segment revenues in the Partnered
Discovery and Proprietary Development segments would have totaled EUR 57.9
million. The AbD Serotec segment provided 14 % or EUR 9.4 million of total
revenues (H1 2010: EUR 10.5 million), a decrease of 10 %. The unfavorable
comparison with the prior year's revenue is due to a large OEM order which was
placed in Q1 2010 and unfavorable foreign exchange rates. Assuming constant
foreign exchange rates at the average rate of H1 2010, revenues in the AbD
Serotec segment would have amounted to EUR 9.6 million.
Total operating expenses for the first six months of 2011 increased by 24 % to
EUR 43.5 million (H1 2010: EUR 35.2 million). The increase of EUR 8.3 million
was mainly caused by increased proprietary research and development (R&D)
expenses in line with the Company's plans. Cost of goods sold (COGS), a line
item specific to AbD Serotec, slightly decreased by 3 % to EUR 3.7 million (H1
2010: EUR 3.8 million). The gross margin for the segment decreased to 60 %, in
comparison to 64 % in the first half of 2010, due to a less favorable sales mix
in H1 2011. Total research and development expenses rose by EUR 7.7 million or
38 % to EUR 28.2 million (H1 2010: EUR 20.5 million). The increase in R&D
expenses mainly resulted from a higher level of investment in proprietary
product and technology development (excluding segment allocations) amounting to
EUR 15.2 million (H1 2010: EUR 10.8 million). Sales, general and administrative
expenses increased by 6 % to EUR 11.5 million (H1 2010: EUR 10.9 million). Non-
cash charges related to stock-based compensation are embedded in COGS, S,G&A and
R&D expenses and amounted to EUR 0.9 million (H1 2010: EUR 1.0 million).
Total Group operating profit increased to EUR 23.3 million (H1 2010: EUR 8.3
million). Partnered Discovery showed a segment operating profit of EUR 44.2
million (H1 2010: operating profit of EUR 22.2 million), while the increased
investment in proprietary development led to a negative segment result of EUR
14.9 million (H1 2010: negative segment result of EUR 10.5 million). The AbD
Serotec segment showed an operating profit of EUR 0.1 million (H1 2010:
operating profit of EUR 0.9 million).
Non-operating items, including income tax expenses of EUR 7.2 million (H1 2010:
EUR 2.9 million), resulted in expense of EUR 8.3 million (H1 2010: non-operating
expense of EUR 2.4 million). For the first six months of 2011, MorphoSys
realized a net profit of EUR 15.0 million compared to a net profit of EUR 5.9
million in the same period of the previous year. The resulting diluted earnings
per share for the first six months of 2011 increased to EUR 0.65 (H1 2010: EUR
0.26).
On June 30, 2011, the Company had EUR 139.6 million in cash, cash equivalents,
and marketable securities, compared to EUR 108.4 million as of December
31, 2010. Net cash inflow from operations in H1 2011 amounted to EUR 32.3
million (H1 2010: net cash inflow EUR 28.5 million). The number of issued shares
at June 30, 2011 was 23,034,540, compared to 22,890,252 shares at December
31, 2010.
Financial Review of the Second Quarter of 2011 (IFRS)
In the second quarter of 2011, revenues decreased as anticipated by 21 % to EUR
18.0 million, compared to EUR 22.9 million in the same quarter of 2010. Total
operating expenses amounted to EUR 23.6 million, compared to EUR 19.3 million in
the same period of 2010. The resulting loss from operations for the second
quarter of 2011 amounted to EUR 5.5 million, compared to a net profit of EUR
3.6 million in the same period of 2010. A net loss of EUR 3.8 million was
achieved in the second quarter of 2011, compared to a net profit of EUR 2.7
million during the same period in 2010.
Outlook for 2011
As presented in February of this year, 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 make investments in proprietary
research and development of between EUR 40 million and EUR 45 million during
2011. For 2011, MorphoSys anticipates major progress across its product
pipeline. More specifically, by the end of the year the partnered and
proprietary pipeline is expected to comprise up to 22 programs in clinical
trials.
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 Six Months Results 2011 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.
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 2(nd) Interim Report 2011 (January - June) is available on our
website: http://www.morphosys.com/FinancialReports
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 AG; arYla(TM) is a trademark 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
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;
Six Months 2011 Report:
http://hugin.info/130295/R/1534688/467803.pdf
Press Release:
http://hugin.info/130295/R/1534688/467802.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#1534688]
Unternehmensinformation / Kurzprofil:
Datum: 29.07.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 56822
Anzahl Zeichen: 14426
contact information:
Town:
Martinsried / München
Kategorie:
Business News
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