|By Marketwired .||
|November 7, 2012 01:26 AM EST||
MARTINSRIED, GERMANY and MUNICH, GERMANY -- (Marketwire) -- 11/07/12 -- MorphoSys AG / MorphoSys AG Reports Nine Months 2012 Results . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced its financial results according to International Financial Reporting Standards (IFRS) for the nine months ending September 30, 2012. The most important event during the third quarter was the publication of excellent safety and efficacy data for MOR103 in rheumatoid arthritis (RA), the most advanced proprietary program in MorphoSys's pipeline.
"During the first nine months of 2012, we made significant progress with our pipeline of new therapeutic products, which is the most important value driver for the Company", stated Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "The positive outcome of the MOR103 study and the progress of our partnered pipeline underscore the strength of our business model. We look forward to further progress in the months and years ahead."
Highlights of the Third Quarter
* MorphoSys delivered positive safety and efficacy results from a phase 1b/2a study of MOR103 in rheumatoid arthritis patients.
* MorphoSys and the University of Melbourne published preclinical data on the role of GM-CSF in inflammatory, arthritic and osteoarthritic pain.
* Roche highlighted progress in developing the HuCAL antibody gantenerumab in Alzheimer's disease at its Investor R&D Day.
* MorphoSys's partner OncoMed initiated a phase 1b/2 clinical trial with HuCAL antibody OMP-59R5 in advanced pancreatic cancer.
* MorphoSys's partner Bayer HealthCare received Orphan Drug Designation for the HuCAL-based antibody conjugate BAY 94-9343 in the USA for the treatment of mesothelioma.
* The product portfolio at MorphoSys matured further and remains one of the industry's broadest antibody pipelines: at the end of the quarter, MorphoSys's partnered and proprietary pipeline comprised 76 programs, of which 21 are in clinical development.
| |Nine Months |Nine Months | | | | |Ended |Ended | | | |In EURO million |Sep 30, 2012|Sep 30, 2011|Q3 2012|Q3 2011| +-------------------------------+------------+------------+-------+-------+ | | | | | | +-------------------------------+------------+------------+-------+-------+ | | | | | | | | | | | | |Group Revenues | 48.9| 83.7| 15.9| 17.1| +-------------------------------+------------+------------+-------+-------+ |of which success-based payments| 1.9| 32.2| 0.0| 1.0| +-------------------------------+------------+------------+-------+-------+ |of which AbD Serotec | 13.7| 14.1| 4.9| 4.7| +-------------------------------+------------+------------+-------+-------+ |Total Operating Expenses | 51.3| 64.1| 16.3| 20.6| +-------------------------------+------------+------------+-------+-------+ |EBIT | (2.3)| 18.0| (0.4)| (3.4)| +-------------------------------+------------+------------+-------+-------+ |Net Profit/(Loss) | (1.2)| 13.0| (0.2)| (2.0)| +-------------------------------+------------+------------+-------+-------+ |EPS, diluted, in EURO | (0.05)| 0.56| (0.01)| (0.09)| +-------------------------------+------------+------------+-------+-------+ | | | | | |
"Our financial strength allows us to continue investing in proprietary R&D, the main value driver of MorphoSys," commented Jens Holstein, Chief Financial Officer of MorphoSys AG. "Our financial results are, however, increasingly dependent on milestone payments and the initiation of additional commercial agreements, leading to a higher volatility in revenues and earnings. Negotiations for additional commercial agreements took longer than originally anticipated and as a consequence are having a negative impact on our financial results for 2012."
Financial Review for First Nine Months of 2012 According to IFRS
Group revenues for the first nine months of 2012 were EUR 48.9 million (9-months 2011: EUR 83.7 million), the difference to the previous year largely reflecting a one-off payment received in Q1 2011 from Novartis for the successful installation of the HuCAL platform at the Novartis Institutes for BioMedical Research in Basel, Switzerland. Revenues in the Partnered Discovery segment comprised EUR 32.1 million in funded research and licensing fees (9-months 2011: EUR 35.7 million) and EUR 1.9 million in success-based payments (9-months 2011: EUR 32.2 million). The Proprietary Development segment recorded funded research revenues of EUR 1.2 million (9-months 2011: EUR 1.9 million). Assuming constant foreign exchange rates at the average rate of the first nine months of 2011, revenues in the Partnered Discovery and Proprietary Development segments would have remained almost unchanged at EUR 35.1 million. The AbD Serotec segment provided 28 % or EUR 13.7 million of total revenues (9-months 2011: EUR 14.1 million), a decrease of 3 %. Assuming constant foreign exchange rates at the average rate of the first nine months of 2011, revenues in the AbD Serotec segment would have amounted to EUR 12.9 million.
Total operating expenses for the first nine months of 2012 decreased by 20 % to EUR 51.3 million (9-months 2011: EUR 64.1 million). The decrease of EUR 12.8 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 13 % to EUR 4.8 million (9-months 2011: EUR 5.5 million). Total research and development expenses for the Group decreased by EUR 11.6 million to EUR 30.3 million (9-months 2011: EUR 41.9 million). The decrease in R&D expenses mainly resulted from a lower level of investment in proprietary product and technology development amounting to EUR 17.2 million (9-months 2011: EUR 26.1 million). Sales, general and administrative expenses decreased by 4 % to EUR 16.2 million (9-months 2011: 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 1.0 million (9-months 2011: EUR 1.1 million).
For the first nine months of 2012, MorphoSys recorded earnings before interest and taxes (EBIT) of minus EUR 2.3 million (9-months 2011: EBIT of EUR 18.0 million). Partnered Discovery showed a segment EBIT of EUR 17.9 million (9-months 2011: EBIT of EUR 50.9 million) while the continued investment in proprietary development led to segment EBIT of minus EUR 13.1 million (9-months 2011: EBIT of minus EUR 22.9 million). The AbD Serotec segment recorded a gross profit margin of 65 %, in comparison to 61 % in the first nine months of 2011. The EBIT for AbD Serotec amounted to minus EUR 0.04 million (9-months 2011: EBIT of EUR 0.3 million).
For the first nine months of 2012, MorphoSys recorded a net loss after taxes of EUR 1.2 million compared to a net profit of EUR 13.0 million in the same period of the previous year, the difference again being predominantly due to the one-off payment received in Q1 2011. The resulting diluted net loss per share for the first nine months of 2012 was EUR 0.05 (9-months 2011: diluted net profit of EUR 0.56).
On September 30, 2012, MorphoSys's cash, securities and interest-bearing assignable loans amounted to EUR 137.5 million (December 31, 2011: EUR 134.4 million). Net cash inflow from operations in the first nine months of 2012 amounted to EUR 2.4 million (2011: net cash inflow EUR 36.1 million). The number of issued shares at September 30, 2012 was 23,308,622, compared to 23,112,167 shares at December 31, 2011.
Financial Review of the Third Quarter of 2012 (IFRS)
In the third quarter of 2012, revenues were EUR 15.9 million, compared to EUR 17.1 million in the same quarter of 2011. Earnings before interest and taxes amounted to minus EUR 0.4 million, compared to an EBIT of minus EUR 3.4 million in the same period of 2011. A net loss of EUR 0.2 million was achieved in the third quarter of 2012, compared to a net loss of EUR 2.0 million during the same period in 2011.
Outlook for 2012
As stated in the past, revenues in 2012 are increasingly dependent on success-based milestones in existing therapeutic antibody programs, new alliances or the expansion of existing alliances involving new technology platforms such as Slonomics and Ylanthia. In 2012, negotiations for additional commercial agreements took longer than originally anticipated. In addition, the uncertainties of government fiscal deficits led to a reduction of funding for the research market, leading to lower sales in the AbD Serotec unit.
Therefore, MorphoSys updates its financial guidance for the Group for 2012. The company expects Group revenues to be in the range of EUR 70-75 million, thus being slightly below the original guidance of EUR 75-80 million. In terms of EBIT for the Group, it is expected to be around the lower end of the original guidance of EUR 1-5 million. At the time of the publication of the 9-months 2012 report, certain income-generating events are expected to materialize before the end of the year, the timely conclusion of which is important for reaching the 2012 financial guidance.
This guidance currently does not include a successful out-licensing of any of the Company's proprietary development programs. The scope and the timing of such events is difficult to predict and therefore not included in the financial projections.
Investment in proprietary research and development in 2012 remains unchanged and will be approximately EUR 20-25 million.
MorphoSys will hold a public conference call and webcast today at 02:00 p.m. CET (08:00 a.m. EST, 01:00 p.m. GMT) to present the Second 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 3(rd) Interim Report 2012 (January - September) is available on our website (HTML and PDF): http://www.morphosys.com/FinancialReports
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®, CysDisplay®, RapMAT®, arYla® and Ylanthia® and 100 billion high potentials® 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.
3rd Interim Report 2012 (PDF): http://hugin.info/130295/R/1655606/535015.pdf
Media Release (PDF): http://hugin.info/130295/R/1655606/535014.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
For more information, please contact:
Dr. Claudia Gutjahr-Loser
Head of Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-122
Senior Manager Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-454
Specialist Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-332
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 24, 2016 10:45 PM EDT Reads: 1,037
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 24, 2016 10:45 PM EDT Reads: 687
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 24, 2016 09:45 PM EDT Reads: 993
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 24, 2016 08:30 PM EDT Reads: 943
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 24, 2016 06:30 PM EDT Reads: 736
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 24, 2016 06:00 PM EDT Reads: 4,643
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 24, 2016 05:00 PM EDT Reads: 1,839
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 24, 2016 04:00 PM EDT Reads: 1,679
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 24, 2016 04:00 PM EDT Reads: 2,351
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 24, 2016 02:15 PM EDT Reads: 2,073
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 24, 2016 02:00 PM EDT Reads: 3,842
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 24, 2016 01:45 PM EDT Reads: 1,366
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 24, 2016 01:45 PM EDT Reads: 2,055
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 24, 2016 01:30 PM EDT Reads: 1,751
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 24, 2016 10:30 AM EDT Reads: 733
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 24, 2016 09:30 AM EDT Reads: 1,682
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
May. 24, 2016 09:00 AM EDT Reads: 1,961
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
May. 24, 2016 08:30 AM EDT Reads: 2,049
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.
May. 24, 2016 06:00 AM EDT Reads: 3,387
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 24, 2016 04:30 AM EDT Reads: 2,404