Martinsried/Munich, April 28, 2005
MorphoSys AG (Frankfurt: MOR; Prime Standard Segment, TecDAX) today reported financial results according to IFRS for its first quarter ended March 31, 2005. Revenues increased by 72% to € 7.4 million, resulting in a quarterly net profit of € 0.5 million, compared to a net loss in the previous year (March 31, 2004: € 0.1 million loss). The Company’s cash position equaled € 51.1 million at the end of the first quarter 2005, up from € 37.2 million at year-end 2004.Revenues increased by 72% in the first three months of 2005 to € 7.4 million (March 31, 2004: € 4.3 million), mainly driven by revenues arising from the therapeutic antibody segment. Cost of goods sold amounted to € 0.5 million (March 31, 2004: € 0.2 million), representing cost of sales for goods sold by the research antibody segment. Total operating expenses for the first three months of 2005 amounted to € 6.3 million, compared to € 4.1 million in the same period of 2004. Research and development costs increased to € 3.6 million from € 2.4 million; sales, general & administrative expenses amounted to € 2.4 million compared to € 1.4 million in the previous year, and stock-based compensation remained unchanged compared to the prior year at € 0.3 million. The operating profit for the first three months of 2005 summed to € 0.6 million (March 31, 2004: € 0.0 million). Non-operating expenses in the first three months of 2005 amounted to € 0.2 million (March 31, 2004: non-operating expenses of € 0.1 million). The number of shares outstanding at March 31, 2005 was 5,929,123, compared to 5,408,790 at December 31, 2004, reflecting the Company’s private placement executed in the first quarter of 2005. Net income per share for the first three months of 2005 amounted to € 0.08 (March 31, 2004: loss per share of € 0.01).
Highlights of the First Quarter 2005 Included:
- Acquisition of the Biogenesis Group in the U.K. and U.S.A., thereby significantly strengthening MorphoSys research antibody segment activities
- First MorphoSys-generated antibody enters clinical trials in a partnered program
- Successful completion of a European-based private placement raising gross proceeds of approximately € 17 million
- Expansion of the existing agreement with Bristol-Myers Squibb relating to the use of HuCAL GOLD®
- Enlargement of collaboration with Boehringer Ingelheim: Boehringer Ingelheim acquires options on new therapeutic antibody licenses and gains access to MorphoSys’s HuCAL GOLD® library for research purposes.