MorphoSys AG Reports Results for the First Quarter of 2012
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MorphoSys AG /
MorphoSys AG Reports Results for the First Quarter of 2012
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MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced its
financial results for the three months ending March 31, 2012 according to
International Financial Reporting Standards (IFRS). Group revenues decreased to
EUR 16.1 million (Q1 2011: EUR 48.6 million). As previously disclosed, the
unfavorable comparison was due to a one-off technology milestone payment from
Novartis in Q1 2011 in connection with the installation of MorphoSys's HuCAL
antibody platform at Novartis's premises in Basel. In the first quarter of
2012, MorphoSys recorded an EBIT of EUR (0.8 million) (Q1 2011: EBIT of EUR 27.5
million) and a net loss of EUR 0.5 million (Q1 2011: net profit of EUR 18.8
million). MorphoSys's investment in proprietary research and development
amounted to EUR 6.4 million (Q1 2011: EUR 7.3 million). MorphoSys's cash,
securities and interest-bearing assignable loans on March 31, 2012 amounted to
EUR 137.4 million (December 31, 2011: EUR 134.4 million). The Company re-
confirmed its full year guidance for 2012.
| In EURO million | Q1 2012 | Q1 2011 |
+-------------------------------+---------+---------+
| | | |
+-------------------------------+---------+---------+
| | | |
| | | |
| Group Revenues | 16.1 | 48.6 |
+-------------------------------+---------+---------+
| hereof success-based payments | 0.4 | 30.4 |
+-------------------------------+---------+---------+
| hereof AbD Serotec | 4.5 | 4.4 |
+-------------------------------+---------+---------+
| Total Operating Expenses | 17.0 | 19.9 |
+-------------------------------+---------+---------+
| EBIT | (0.8) | 27.5 |
+-------------------------------+---------+---------+
| Net Profit/(Loss) | (0.5) | 18.8 |
+-------------------------------+---------+---------+
| EPS, diluted, in EURO | (0.02) | 0.81 |
+-------------------------------+---------+---------+
| | | |
+-------------------------------+---------+---------+
Highlights of the First Quarter
* MOR103 in RA: MorphoSys completes patient enrollment in its phase 1b/2a
clinical trial evaluating MOR103 in patients with active rheumatoid
arthritis. Data from the trial will become available in Q3 2012.
* MOR103 in MS: MorphoSys doses first patient in phase 1b clinical trial for
MOR103 in multiple sclerosis. The phase 1b dose-escalation study will
determine the safety of three doses of MOR103 in patients. Data for this
trial are expected to be available in 2013.
* Alliances: MorphoSys reaches the first clinical milestone in 2012 with
Novartis; a HuCAL antibody advanced into a phase 1 trial in oncology.
Additionally, Novartis advances another HuCAL antibody into a phase 2
clinical trial in ophthalmology. Janssen Research & Development, LLC has
informed MorphoSys that the clinical development of the antibody program
CNTO888 in cancer will be discontinued. As a result, MorphoSys no longer
reflects the CNTO888 program as two clinical phase 2 programs in its
pipeline, but as one clinical program in idiopathic pulmonary fibrosis
(IPF).
* Pipeline Overview: At the end of the first quarter of 2012, MorphoSys's
partnered and proprietary pipeline comprises 71 programs, of which 20 are in
clinical development.
* IP: An US patent is granted covering MorphoSys's HuCAL antibody against
CD38. The patent has a scheduled expiry date in 2028, not including any
potential regulatory extensions.
* AbD Serotec: AbD Serotec expands the number of marketed HuCAL-based
antibodies in diagnostic applications with a clinical diagnostic kit in the
area of maternal health screening.
"Our solid business model enables us to continue to invest in long-term value
drivers. We are on track to meet our goals for the full year," commented Jens
Holstein, Chief Financial Officer of MorphoSys AG. "We are pleased with our
start in 2012 in view of the fact that this year does not include a large one-
off payment as we have seen it in Q1 2011."
"2012 is an important year for MorphoSys on a number of fronts, and we are
delighted with our progress so far", stated Dr. Simon Moroney, Chief Executive
Officer of MorphoSys AG. "Our proprietary programs are advancing well and are on
track to meet their respective development targets for this year and 2013. We're
also looking forward to major progress in our Partnered Discovery business
during this year."
Financial Review for First Quarter of 2012 According to IFRS
Group revenues for the first quarter of 2012 were EUR 16.1 million (Q1 2011:
EUR 48.6 million), a decrease of 67 % over the same period of the previous year.
The unfavorable comparison to the first quarter of 2011 reflects a large one-off
payment for last year's successful installation of our HuCAL technology at the
Novartis Institutes for BioMedical Research in Basel, Switzerland. Revenues in
the Partnered Discovery segment comprised EUR 10.7 million in funded research
and licensing fees (Q1 2011: EUR 13.3 million) and EUR 0.4 million in success-
based payments (Q1 2011: EUR 30.4 million). The Proprietary Development segment
recorded funded research revenues of EUR 0.5 million (Q1 2011: EUR 0.6 million).
Assuming constant foreign exchange rates at the average rate of Q1 2011, segment
revenues in the Partnered Discovery and Proprietary Development segments would
have totaled EUR 11.6 million. The AbD Serotec segment provided 28 % or
EUR 4.5 million of total revenues (Q1 2011: EUR 4.4 million), an increase of
2 %. Assuming constant foreign exchange rates at the average rate of Q1 2011,
revenues in the AbD Serotec segment would have amounted to EUR 4.4 million.
Total operating expenses for the first quarter of 2012 decreased by 15 % to
EUR 17.0 million (Q1 2011: EUR 19.9 million). The decrease of EUR 2.9 million
was mainly caused by reduced 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, decreased by 6 % to EUR 1.7 million (Q1 2011:
EUR 1.8 million). Total research and development expenses for the Group
decreased by EUR 2.3 million or 18 % to EUR 10.4 million (Q1 2011:
EUR 12.7 million). The decrease in R&D expenses mainly resulted from a lower
level of investment in proprietary product and technology development amounting
to EUR 6.4 million (Q1 2011: EUR 7.3 million). Sales, general and administrative
expenses decreased by 8 % to EUR 4.9 million (Q1 2011: EUR 5.3 million). Non-
cash charges related to stock-based compensation are embedded in COGS, S,G&A and
R&D expenses and amounted to EUR 0.3 million (Q1 2011: EUR 0.5 million).
For the first quarter of 2012, MorphoSys recorded earnings before interest and
taxes (EBIT) of EUR (0.8 million) (Q1 2011: EBIT of EUR 27.5 million). Partnered
Discovery showed a segment EBIT of EUR 6.2 million (Q1 2011: EBIT of
EUR 37.6 million) while the continued investment in proprietary development led
to segment EBIT of EUR (5.1 million) (Q1 2011: EBIT of EUR (6.2 million)). The
AbD Serotec segment recorded a gross profit margin of 63 %, in comparison to
58 % in the first quarter of 2011. The EBIT for AbD Serotec improved to break-
even (Q1 2011: EBIT of EUR (0.2 million)).
For the first quarter of 2012, MorphoSys recorded a net loss of EUR 0.5 million
compared to a net profit of EUR 18.8 million in the same period of the previous
year. The resulting diluted net loss per share for the first three months of
2012 was EUR 0.02 (Q1 2011: diluted net profit of EUR 0.81).
On March 31, 2012, the Company had EUR 127.4 million in cash, cash equivalents,
and marketable securities compared to EUR 134.4 million as of December
31, 2011. Net cash inflow from operations in Q1 2012 amounted to EUR 2.3 million
(Q1 2011: net cash inflow EUR 11.5 million). The number of issued shares at
March 31, 2012 was 23,154,806, compared to 23,112,167 shares at December
31, 2011.
Outlook for 2012
MorphoSys re-confirmed its guidance for 2012. The Company anticipates total
Group revenues of EUR 75-80 million and anticipates an EBIT in the range of EUR
1-5 million. This guidance does not, at this stage, include a successful out-
licensing of any of the Company's proprietary development programs. Investment
in proprietary research and development in 2012 will be approximately EUR 20-25
million. For 2012, MorphoSys anticipates progress across its product pipeline
including first patient data from its lead proprietary compound MOR103 in Q3
2012.
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 First Quarter Results 2012
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: +1 202 204 1514
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 1st Interim Report 2012 (January - March) is available on our
website (HTML and 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. The
company's AbD Serotec unit uses HuCAL and other antibody technologies to
generate superior monoclonal antibodies for research and diagnostic
applications.
Together with its pharmaceutical partners, 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 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(®), Ylanthia(®), CysDisplay(®),
RapMAT(®) and arYla(®) are registered trademarks of MorphoSys AG.
Slonomics(®) is a registered trademark of Sloning BioTechnology GmbH, a
subsidiary 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
1st Interim Report 2012 (PDF):
http://hugin.info/130295/R/1608700/510654.pdf
Media Release (PDF):
http://hugin.info/130295/R/1608700/510650.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MorphoSys AG via Thomson Reuters ONE
[HUG#1608700]
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Datum: 04.05.2012 - 01:01 Uhr
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