MorphoSys AG Reports Results for the First Nine Months of 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Full Year Guidance ConfirmedMorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) todayannounced its financial results for the nine months ending September30, 2009 according to International Financial Reporting Standards(IFRS). Group revenues increased by 8 % to EUR 57.6 million (firstnine months 2008: EUR 53.3 million) and operating profit was EUR 9.3million (first nine months 2008: EUR 15.1 million). Net profitamounted to EUR 7.7 million (first nine months 2008: EUR 11.8million). The main reason for the change in profits was, as planned,increased investment in proprietary drug development, amounting toEUR 11.9 million (first nine months 2008: EUR 3.6 million). MorphoSys's cash position on September 30, 2009 was EUR 139.8million (December 31, 2008: EUR 137.9 million). The results arebroadly in line with the Company's full year guidance.Highlights of the Third Quarter of 2009* Regarding the Company's partnered discovery activities, Bayer Schering Pharma advanced an antibody program into clinical development, triggering a milestone payment to MorphoSys. Bayer Schering Pharma was the third partner in 2009 to file a clinical trial application for a HuCAL-based program, bringing the total number of partnered antibody programs in clinical trials to seven.* The value of MorphoSys's largest alliance with Novartis was further enhanced by Novartis's commitment to the full ten-year term of the strategic alliance signed in December 2007. The achievement of certain predefined improvements in MorphoSys's proprietary technologies was the catalyst for this event.* MorphoSys submitted an application for the authorization of a phase 1b/2a clinical study in patients with active rheumatoid arthritis (RA) for its lead drug MOR103, a fully human HuCAL-derived monoclonal antibody directed against Granulocyte Macrophage-Colony Stimulating Factor (GM-CSF). The Company expects to start the study as planned in the last quarter of 2009.* The appointment of Lisa Rojkjaer as Vice President and Head of Clinical Development further strengthened the Company's development team.* MorphoSys's drug pipeline now comprises 68 therapeutic antibody programs in total, of which eight are currently in clinical development, 28 are in preclinical development and 32 are in the discovery phase. Six of these are MorphoSys's proprietary programs, with MOR103 being the most advanced.* AbD Serotec, MorphoSys's research and diagnostics segment continued to expand into the diagnostics market and signed two new agreements. Spinreact S.A. will incorporate antibodies from AbD Serotec in a series of clinical diagnostic kits. Separately, AbD Serotec will collaborate with FIND diagnostics, Switzerland, to develop new diagnostic tools for poverty related diseases such as malaria and tuberculosis."Todays results demonstrate MorphoSys remains in top form despite thechallenging economic climate in the first nine months of this year,"commented Dave Lemus, Chief Financial Officer of MorphoSys AG. "Based on stable and secured cash flows resulting from our partnereddiscovery business and that of AbD Serotec, we continue to furtherexpand our proprietary product development activities, therebygenerating long term value for the Company."Financial Review for Nine Months of 2009 (IFRS)Group revenues for the first nine months of 2009 amounted to EUR 57.6million (first nine months 2008: EUR 53.3 million), an increase of8 % over the prior year. Segment revenues arising from the PartneredDiscovery segment accounted for 75 % or EUR 42.9 million of the total(first nine months 2008: EUR 40.6 million) and included success-basedpayments in the amount of EUR 7.8 million, while the ProprietaryDevelopment segment, comprising the Company's own and joint drugdevelopment activities contributed EUR 0.8 million to totalrevenues. These revenues arise from Novartis's funding of a jointpre-development program. The Research and Diagnostics segment AbDSerotec generated 25 % or EUR 14.6 million of total revenues (firstnine months 2008: EUR 13.4 million). Measured at constant foreignexchange rates, segment revenues in the Partnered Discovery andProprietary Development segments would have amounted to EUR 43.4million and revenues in the AbD Serotec segment would have amountedto EUR 14.7 million. MorphoSys's overall revenue growth was drivenprimarily by higher levels of funded research, licensing fees andsuccess-based revenues in the Partnered Discovery and ProprietaryDevelopment segments as well as increased sales across the AbDSerotec segment.Total operating expenses for the first nine months of 2009 amountedto EUR 48.3 million (first nine months 2008: EUR 38.2 million),representing an increase of 26 % over the prior year, which wasmainly driven by a higher level of investment in proprietary drugdevelopment, as planned. Cost of goods sold (COGS) decreased to EUR5.1 million (first nine months 2008: EUR 5.2 million). Research anddevelopment expenses increased by 50 % to EUR 27.5 million (firstnine months 2008: EUR 18.3 million). These R&D expenses comprisedcosts for proprietary product and technology development in theamount of EUR 12.3 million (first nine months 2008: EUR 4.0 million)as well as costs incurred on behalf of partners. Sales, general andadministrative expenses increased by 8 % to EUR 15.7 million (firstnine months 2008: EUR 14.6 million). Non-cash charges related tostock-based compensation are embedded in COGS, S, G&A and R&Dexpenses and amounted to EUR 1.3 million (first nine months 2008:EUR 0.8 million). Total operating profit amounted to EUR 9.3 million(first nine months 2008: EUR 15.1 million).The segment result for the Partnered Discovery segment amounted toEUR 27.3 million (first nine months 2008: EUR 26.0 million), whilethe Proprietary Development segment showed a segment loss of EUR 12.4million (first nine months 2008: segment loss of EUR 4.8 million). In the AbD segment, operating profit significantly increased to? 1.4 million (first nine months 2008: ? 0.3 million) and would haveamounted to ? 0.8 million under the assumption of constant foreignexchange rates at the average rate of 2008. Unallocated corporatecosts in the first nine months of 2009 amounted to EUR 7.0 million(first nine months 2008: EUR 6.4 million).For the first nine months of 2009, non-operating income amounted toEUR 1.4 million (first nine months 2008: EUR 1.3 million). Profitbefore taxes amounted to EUR 10.8 million (first nine months 2008:EUR 16.4 million).For the first nine months of 2009, the Company reported income taxexpenses in the amount of EUR 3.1 million (first nine months 2008:EUR 4.7 million).Net profit for the first nine months of 2009 amounted to EUR 7.7million compared to a net profit of EUR 11.8 million in the sameperiod of the previous year. The resulting diluted earnings pershare for the first nine months of 2009 amounted to EUR 0.34 (firstnine months 2008: Diluted earnings per share of EUR 0.53).On September 30, 2009, the Company had EUR 139.8 million in cash,cash equivalents, and marketable securities, compared to EUR 137.9million as of December 31, 2008. Cash inflow from operations in thefirst nine months of 2009 amounted to EUR 3.0 million (first ninemonths 2008: EUR 18.7 million). The number of issued shares atSeptember 30, 2009 was 22,604,457, compared to 22,478,787 shares atDecember 31, 2008.Financial Review for the Third Quarter of 2009 (IFRS)In the third quarter of 2009, revenues decreased slightly to EUR 19.7million, compared to EUR 20.0 million in the same quarter of 2008. Total operating expenses amounted to EUR 17.0 million, compared toEUR 12.9 million in the same period of 2008. The resulting profitfrom operations for the third quarter of 2009 amounted to EUR 2.7million, compared to EUR 7.1 million in the same period of 2008. Anet profit of EUR 2.6 million resulted for the third quarter of 2009,compared to EUR 5.5 million during the same period of 2008.Financial Outlook for 2009MorphoSys 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. Regarding the AbD segment, the Company continues toexpect revenues of approximately ? 20 million but has today increasedthe operating margin guidance (previously at least 2%) to up to 6%,depending on operational developments and currency exchange rates.MorphoSys will hold a public conference call today at 02:00 p.m. CETto present the Nine Months Results 2009 and report on currentdevelopments.Dial-in number for the Conference Call (listen-only):Germany: +49 (0) 69 7104 8870For U.K. residents: +44 (0) 1212 60 48 61For U.S. residents: +1 (1) 866 268 19 47Please 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.About 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 AG.This 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.For more information, please contact MorphoSys:Dr. Claudia Gutjahr-Löser, Head of Corporate Communications & IRTel: +49 (0) 89 / 899 27-122Mario Brkulj, Senior Manager Corporate Communications & IRTel: +49 (0) 89 / 899 27-454Jessica Kulpi, Specialist Corporate Communications & IRTel: +49 (0) 89 / 899 27-454investors(at)morphosys.comhttp://hugin.info/130295/R/1350560/325924.pdfhttp://hugin.info/130295/R/1350560/325926.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: 28.10.2009 - 07:00 Uhr
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