MorphoSys AG Reports Nine Months 2011 Results
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MorphoSys AG /
MorphoSys AG Reports Nine Months 2011 Results
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MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced its
financial results for the nine months ending September 30, 2011, according to
International Financial Reporting Standards (IFRS). Group revenues increased by
33 % to EUR 83.7 million (first nine months 2010: EUR 62.8 million), mainly due
to a technology milestone payment, which was booked in Q1 2011. Group operating
profit increased to EUR 19.9 million (first nine months 2010: EUR 8.0 million)
and net profit to EUR 13.0 million (first nine months 2010: EUR 7.2 million). As
planned, MorphoSys further increased its investment in proprietary research and
development, to EUR 26.1 million (first nine months 2010: EUR 19.4 million).
MorphoSys's cash position on September 30, 2011 was EUR 143.0 million (December
31, 2010: EUR 108.4 million). The Company updated its financial guidance for
2011 and re-confirmed its operating profit guidance between EUR 10 million and
EUR 13 million despite a slightly lower level of revenues.
| | Nine Months Ended|Nine Months Ended| | |
|In EURO million |Sep 30, 2011 |Sep 30, 2010 |Q3 2011|Q3 2010|
+-------------------------+------------------+-----------------+-------+-------+
| | | | | |
+-------------------------+------------------+-----------------+-------+-------+
| | | | | |
| | | | | |
|Group Revenues |83.7 |62.8 |17.1 |19.3 |
+-------------------------+------------------+-----------------+-------+-------+
|Other Operating Income |0.3 |0.02 |0.1 |0 |
+-------------------------+------------------+-----------------+-------+-------+
|Total Operating Expenses |64.1 |54.8 |20.6 |19.7 |
+-------------------------+------------------+-----------------+-------+-------+
|Operating Profit/(Loss) |19.9 |8.0 |(3.4) |(0.4) |
+-------------------------+------------------+-----------------+-------+-------+
|Net Profit/(Loss) |13.0 |7.2 |(2.0) |1.4 |
+-------------------------+------------------+-----------------+-------+-------+
|Diluted Net Profit/Loss |0.56 |0.32 |(0.09) |0.06 |
|per Share (in EURO) | | | | |
+-------------------------+------------------+-----------------+-------+-------+
Highlights of the Third Quarter 2011
* During the third quarter, MorphoSys dosed the first patient in a phase 1/2a
clinical trial for MOR202; the study will evaluate the safety and
preliminary efficacy of MOR202 as monotherapy and in combination with
standard therapy in a maximum of 82 patients with relapsed or refractory
multiple myeloma
* MorphoSys reached a second clinical milestone with Bayer HealthCare; the
antibody-drug-conjugate BAY 94-9343 will be evaluated in a phase 1 trial in
oncology
* Novartis advanced a HuCAL antibody into phase 2 clinical trials. In total,
Novartis has currently three HuCAL-based antibodies in phase 2, and two in
phase 1
* At the end of the third quarter of 2011, MorphoSys's partnered and
proprietary pipeline comprised 78 programs, of which 19 were in clinical
development
* AbD Serotec entered a research and supply agreement with the Department of
Cancer Immunology and AIDS at Dana-Farber Cancer Institute in Boston
* AbD Serotec and Merck & Co. amended the existing license agreement to
include the use of MorphoSys's HuCAL GOLD technology in the field of
vaccines
* Shortly after the quarter, Roche published first amyloid imaging data from
the HuCAL-based Alzheimer's disease program Gantenerumab. The data,
published in the Archives of Neurology, demonstrated a dose-dependent
reduction of beta amyloid in the brain of patients treated with the
monoclonal antibody, while amyloid load increased in patients on placebo.
The program is currently being evaluated in a phase 2 clinical trial.
"The MorphoSys Group is on track to show double-digit revenue growth in 2011 and
sound profitability. In addition to a very solid financial performance, we are
able to advance our proprietary product portfolio as planned and show
significant progress in our partnered antibody pipeline," stated Jens Holstein,
Chief Financial Officer of MorphoSys AG.
Financial Review of the First Nine Months of 2011 According to IFRS
Group revenues for the first nine months of 2011 were EUR 83.7 million (first
nine months 2010: EUR 62.8 million), an increase of 33 % over the same period of
the previous year. This significant 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 35.7 million in funded research and
licensing fees (first nine months 2010: EUR 42.6 million) and EUR 32.2 million
in success-based payments (first nine months 2010: EUR 4.8 million), including
the technology transfer milestone from Novartis. The Proprietary Development
segment recorded funded research revenues of EUR 1.9 million (first nine
months 2010: EUR 1.1 million). Assuming constant foreign exchange rates using
the average rates of the first nine months of 2010, segment revenues in the
Partnered Discovery and Proprietary Development segments would have totaled EUR
70.7 million. The AbD Serotec segment provided 17 % or EUR 14.1 million of total
revenues (first nine months 2010: EUR 15.0 million), a decrease of 6 %. The
unfavorable comparison with the prior year's revenue is due to a large OEM order
which was placed in Q1 2010 as well as due to unfavorable foreign exchange
rates. Assuming constant foreign exchange rates revenues in the AbD Serotec
segment would have amounted to EUR 14.6 million.
Total operating expenses for the first nine months of 2011 increased by 17 % to
EUR 64.1 million (first nine months 2010: EUR 54.8 million). The increase of
EUR 9.3 million was mainly caused by increased proprietary product development
(R&D) expenses in line with the Company's plans. Cost of goods sold (COGS), a
line item specific to AbD Serotec, remained unchanged compared to the same
period of the previous year at EUR 5.5 million. The gross margin for the segment
slightly decreased to 61 %, in comparison to 63 % in the first nine months of
2010, due to the above mentioned OEM order. Total research and development
expenses rose by EUR 9.4 million or 29 % to EUR 41.9 million (first nine months
2010: EUR 32.5 million). The increase in R&D expenses mainly resulted from a
higher level of investment in proprietary product and technology development
(including segment allocations) amounting to EUR 26.1 million (first nine months
2010: EUR 19.4 million). Sales, general and administrative expenses remained
unchanged at EUR 16.8 million. Non-cash charges related to stock-based
compensation are embedded in COGS, S,G&A and R&D expenses and amounted to
EUR 1.1 million (first nine months 2010: EUR 1.6 million).
Total Group operating profit increased to EUR 19.9 million (first nine
months 2010: EUR 8.0 million). Partnered Discovery showed a segment operating
profit of EUR 50.9 million (first nine months 2010: operating profit of
EUR 31.4 million), while the increased investment in proprietary development led
to a segment loss for the Proprietary Development segment of EUR 22.9 million
(first nine months 2010: segment loss of EUR 17.3 million). The AbD Serotec
segment showed an operating profit of EUR 0.4 million (first nine months 2010:
operating profit of EUR 0.7 million).
Non-operating items included other expenses of EUR 2.0 million (first nine
months of 2010: EUR 0.7 million), which predominantly resulted from foreign
exchange losses. For the first nine months of 2011, the Company reported income
tax expenses in the amount of EUR 6.0 million (first nine months of 2010: EUR
3.0 million). For the first nine months of 2011, MorphoSys realized a net profit
of EUR 13.0 million compared to a net profit of EUR 7.2 million in the same
period of the previous year. The resulting diluted earnings per share for the
first nine months of 2011 increased to EUR 0.56 (first nine months 2010:
EUR 0.32).
On September 30, 2011, the Company had EUR 143.0 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 the first nine months
2011 amounted to EUR 35.9 million (first nine months 2010: net cash inflow
EUR 8.0 million). The number of issued shares at September 30, 2011 was
23,047,541, compared to 22,890,252 shares at December 31, 2010.
Financial Review of the Third Quarter of 2011 (IFRS)
In the third quarter of 2011, revenues decreased as anticipated by 11 % to
EUR 17.1 million, compared to EUR 19.3 million in the same quarter of 2010.
Total operating expenses amounted to EUR 20.6 million, compared to EUR 19.7
million in the same period of 2010. The resulting loss from operations for the
third quarter of 2011 amounted to EUR 3.4 million, compared to a loss from
operations of EUR 0.4 million in the same period of 2010. A net loss of EUR 2.0
million was achieved in the third quarter of 2011, compared to a net profit of
EUR 1.4 million during the same period in 2010.
Outlook for 2011
The Company updated its financial guidance for 2011, re-confirming its operating
profit guidance of EUR 10 to EUR 13 million despite full-year revenue slightly
below the original EUR 105 to EUR 110 million range due to currency effects and
minor shifts in milestone payments.
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 Nine 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 3(nd) Interim Report 2011 (January - September) is available on our
website: 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. The
Company's AbD Serotec unit uses HuCAL and other technologies to generate
superior monoclonal antibodies for research and diagnostic applications.
Through its own development efforts and successful partnerships in the
pharmaceutical industry, MorphoSys has built a therapeutic pipeline of more than
70 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 engineering the medicines 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(®) and
arYla(®) are registered trademarks 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;
Nine Months' Report 2011 (IFRS):
http://hugin.info/130295/R/1558964/481897.pdf
Press Release Q3 2011:
http://hugin.info/130295/R/1558964/481896.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(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#1558964]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 81327
Anzahl Zeichen: 16360
contact information:
Town:
Martinsried / München
Kategorie:
Business News
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