MUNICH, Germany, July 27, 2015 (GLOBE NEWSWIRE) -- Therapeutic Pipeline Exceeds 100 Drug Candidates in Research & Development
Conference call (in English) today at 2:00pm CEST (1:00pm BST/8:00am EDT)
MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX, OTC: MPSYY) today announced its financial results for the six months ending 30 June 2015. Group revenues were EUR 82.6 million (H1 2014: EUR 30.5 million). The increase is attributable to revenue booked in connection with the ending of the collaboration with Celgene on MorphoSys's proprietary drug candidate MOR202. This comprised the full realization of deferred revenues from an up-front payment received from Celgene in 2013 together with a one-time termination payment. Earnings before interest and taxes (EBIT) amounted to EUR 46.1 million (H1 2014: EUR 0.4 million). On 30 June 2015, MorphoSys held cash and cash equivalents, marketable securities, and financial assets classified as loans and receivables of EUR 324.9 million in comparison to EUR 352.8 million on 31 December 2014.
| In EURO million* | H1 2015 | H1 2014 |
| Group Revenues | 82.6 | 30.5 |
| Total Operating Expenses | 40.9 | 30.1 |
| Other Income/Expenses | 4.4 | 0 |
| Earnings Before Interest and Taxes - EBIT | 46.1 | 0.4 |
| Consolidated Net Profit | 36.5 | 0.6 |
| Total EPS, diluted, in EURO | 1.39 | 0.02 |
| * Differences due to rounding |
Highlights of the Second Quarter 2015
- At the end of the second quarter of 2015, MorphoSys's product pipeline comprised a total of 102 therapeutic antibodies, including 24 clinical programs. Three partnered programs are currently in phase 3 trials.
- MorphoSys presented its updated phase 2 clinical results for MOR208 in non-Hodgkin's lymphoma (NHL) at the 2015 annual conference of the American Society of Oncology (ASCO). The clinical data showed that MOR208 is well tolerated with a low level of infusion reactions and demonstrated encouraging single-agent activity.
- MorphoSys also presented preliminary clinical data on the safety, pharmacokinetics and efficacy of MOR202 in multiple myeloma at the 2015 ASCO conference. MOR202 proved to be safe and well tolerated and showed early signs of clinical activity and cases of long-lasting tumor control.
- In May 2015, MorphoSys acquired all outstanding shares in the Dutch biopharmaceutical company Lanthio Pharma. The acquisition added new development candidates to MorphoSys's proprietary portfolio, including a preclinical program for fibrotic diseases (MOR107).
- In April 2015, MorphoSys announced that it had reached a clinical milestone with the initiation of a phase 2 study of the antibody guselkumab in psoriatic arthritis by its partner Janssen Biotech. The milestone payment was recognized in the first quarter of 2015.
- Shortly after the end of the second quarter, MorphoSys announced that it had reached a clinical milestone associated with the IND filing of an antibody being developed to treat blood disorders by its partner Novartis, which was recognized in the second quarter of 2015.
- At the Annual General Meeting on 8 May 2015, Ms. Wendy Johnson, Mr. Klaus Kühn and Dr. Frank Morich were newly elected to the Supervisory Board. Dr. Gerald Möller, Dr. Marc Cluzel and Ms. Karin Eastham were all re-elected to the Supervisory Board. Additionally, all resolutions proposed by the management were adopted.
- MorphoSys repurchased 88,670 of its own shares in the second quarter of 2015. The shares will be used primarily for long-term incentive programs for the Management Board and Senior Management Group.
"The second quarter saw excellent progress with regard to our proprietary pipeline and the further expansion of our drug development capabilities in the biologics arena beyond antibodies. Clearly the highlight of the quarter from a pipeline perspective was the presentation of encouraging clinical data for our most advanced proprietary oncology programs MOR208 and MOR202," stated Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG.
"We are very pleased with the first half of 2015 and are on track to meet our goals for the full year. The addition of Lanthio's portfolio of therapeutic peptides to our pipeline combined with new therapeutic antibody programs initiated by our partners have increased the number of therapeutic candidates in different stages of development for the first time beyond the 100 program mark," commented Jens Holstein, Chief Financial Officer of MorphoSys AG.
Financial Review for the First Half of 2015 (IFRS)
Group revenues for the first six months of 2015 amounted to EUR 82.6 million (H1 2014: EUR 30.5 million). Reasons for the increase were one-time effects in H1 2015 in connection with the full realization of deferred revenues from an up-front payment received from Celgene in 2013 together with a one-time termination fee. The Proprietary Development segment recorded revenues of EUR 59.6 million (H1 2014: EUR 7.7 million), all of which were recorded in connection with the co-development agreement with Celgene. Revenues in the Partnered Discovery segment comprised EUR 21.0 million in funded research and licensing fees (H1 2014: EUR 21.4 million) and EUR 2.0 million in success-based payments (H1 2014: EUR 1.4 million).
Total operating expenses for the first six months of 2015 amounted to EUR 40.9 million (H1 2014: EUR 30.1 million). Total research and development expenses were EUR 33.9 million (H1 2014: EUR 23.4 million). R&D expenses mainly consisted of costs for external lab services and personnel costs. Expenses for proprietary product and technology development amounted to EUR 25.3 million (H1 2014: EUR 14.9 million). General and administrative expenses increased to EUR 7.0 million (H1 2014: EUR 6.7 million) driven by higher expenses for personnel.
Earnings before interest and taxes (EBIT) amounted to EUR 46.1 million (H1 2014: EUR 0.4 million). The Proprietary Development segment reported a segment EBIT of EUR 40.2 million (H1 2014: EUR -5.9 million), while Partnered Discovery showed a segment EBIT of EUR 12.5 million (H1 2014: EUR 12.5 million).
For the first half of 2015, MorphoSys realized a net profit of EUR 36.5 million compared to EUR 0.6 million in the same period of the previous year. The resulting diluted earnings per share for the six months ending 30 June 2015 amounted to EUR 1.39 (H1 2014: EUR 0.02).
On 30 June 2015, the Company held liquid funds and marketable securities, as well as other financial assets (reported in the balance sheet under cash and cash equivalents, available for sale financial assets, bonds available for sale and financial assets classified as loans and receivables), in the amount of EUR 324.9 million, compared to EUR 352.8 million on 31 December 2014. The net cash inflow from operations in H1 2015 was EUR 1.1 million (H1 2014: net cash outflow of EUR 9.9 million). The number of shares issued at 30 June 2015 was 26,469,834, compared to 26,456,834 on 31 December 2014.
Second Quarter of 2015 (IFRS)
In the second quarter of 2015, the Company generated revenues in the amount of EUR 12.2 million, compared to EUR 14.7 million in the same quarter of 2014. Total operating expenses amounted to EUR 23.2 million in Q2 2015, compared to EUR 15.6 million in the same quarter of 2014. EBIT amounted to EUR -6.7 million (Q2 2014: EUR -1.0 million). Net loss for the second quarter 2015 was EUR 4.3 million, compared to a net loss of EUR 0.5 million in the second quarter of 2014.
Outlook for 2015
MorphoSys re-confirmed its guidance for 2015. MorphoSys anticipates total Group revenues of EUR 101 million to EUR 106 million and anticipates a positive EBIT in the range of EUR 9 to EUR 16 million in 2015. Expenses for proprietary product and technology development are expected to amount to EUR 56 million to EUR 63 million.
MorphoSys will hold a public conference call today at 02:00 p.m. CEST (08:00 a.m. EDT, 01:00 p.m. BST) to present the Q2 Results 2015 and report on current developments.
Dial-in number for the analyst conference call (listen-only):
Germany: +49 (0) 89 2444 32975
For UK residents: +44 (0) 20 3003 2666
For US residents: +1 202 204 1514
Please dial in 10 minutes before the beginning of the conference.
A replay and transcript will be made available at http://www.morphosys.com.
The complete Half-year Finance Report 2015 (January - June) 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.
Together with its pharmaceutical partners, MorphoSys has built a therapeutic pipeline of more than 100 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®, 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.
For more information, please contact:
MorphoSys AG
Dr. Claudia Gutjahr-Löser
Head of Corporate Communications & IR
Mario Brkulj
Associate Director Corporate Communications & IR
Alexandra Goller
Manager Corporate Communications & IR
Jessica Rush
Manager Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-404
Media Release Q2 2015 (PDF) http://hugin.info/130295/R/1941082/701351.pdf
Q2 2015 Report (PDF) http://hugin.info/130295/R/1941082/701355.pdf
HUG#1941082