|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
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Dec. 20, 2014 11:30 AM EST Reads: 2,339
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 20, 2014 11:00 AM EST Reads: 1,006
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Dec. 20, 2014 11:00 AM EST Reads: 2,218
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Dec. 20, 2014 10:45 AM EST Reads: 2,208
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 08:00 AM EST Reads: 1,261
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Dec. 20, 2014 07:00 AM EST Reads: 2,074
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 19, 2014 11:00 AM EST Reads: 1,903
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Dec. 19, 2014 05:00 AM EST Reads: 2,027
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Dec. 18, 2014 09:45 PM EST Reads: 1,087
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 09:00 AM EST Reads: 1,329
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
Dec. 18, 2014 06:00 AM EST Reads: 861
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Dec. 17, 2014 11:15 PM EST Reads: 1,359
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 11:00 PM EST Reads: 1,412
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 08:00 PM EST Reads: 1,402
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Dec. 17, 2014 06:30 PM EST Reads: 1,311
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Dec. 17, 2014 11:45 AM EST Reads: 1,523
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Dec. 16, 2014 11:45 PM EST Reads: 1,358
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Dec. 15, 2014 11:45 PM EST Reads: 1,713
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 15, 2014 10:30 AM EST Reads: 6,899
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
Dec. 15, 2014 10:00 AM EST Reads: 1,975