DGAP-News: MorphoSys AG / Key word(s): Final Results Planegg/Munich, Germany, March 9, 2017 MorphoSys AG Presents Strong Results for Fiscal Year 2016 Financial guidance for 2016 met in full Conference call and webcast (in English) at 2:00pm CET (1:00pm GMT/8:00am EST)
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX; OTC: MPSYY), a leader in the field of therapeutic antibodies, today reported results for the financial year 2016, as well as a financial and operational outlook on 2017. "2016 was a rewarding year for us. The first therapeutic antibody from our platform was filed for market approval by our pharma partner Janssen, which is a major milestone in our company's history. We expect the decision on regulatory filing of guselkumab in the second half of 2017," said Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "In parallel, we made significant progress with our own drug candidates in 2016. Across our pipeline we see many programs which have the potential to transform the treatment of the diseases they address and thus to create value and benefit for all our stakeholders, including our partners, investors and patients." "With a record-high of 114 programs in R&D, MorphoSys's portfolio is one of the broadest in the biopharmaceutical industry. This pipeline is supported by financial resources of close to EUR 360 million at year-end 2016. We strengthened our financial position by a successful capital increase with gross proceeds of EUR 115.4 million in November 2016. Our financial strength enables us to invest strongly in the development of our own drug candidates to grow the Company's value, without losing sight of our prudent and efficient use of resources," commented Jens Holstein, Chief Financial Officer of MorphoSys AG. Financial Review for the Fiscal Year 2016 (IFRS) In 2016 MorphoSys continued to focus on the research and development of drug candidates both for partners and on its own account. Group revenues came in at EUR 49.7 million, fully in line with expectations (2015: EUR 106.2 million). Adjusted for a 2015 one-off income of approximately EUR 59 million, 2016 revenues rose by 5% compared to the previous year. In the Proprietary Development segment, MorphoSys focuses on the research and clinical development of its own drug candidates in the fields of cancer and inflammation. In 2016, this segment recorded revenues of EUR 0.6 million, an almost flat revenue development compared to 2015, as previous year's numbers (2015: EUR 59.9 million) included a one-off effect of approximately EUR 59 million from the termination of the MOR202 co-development and co-promotion agreement with Celgene. In the Partnered Discovery segment, MorphoSys applies its proprietary technology to discover new antibodies for pharmaceutical companies, benefitting from the partners' development advancements through success-based milestone payments and royalties. In 2016, revenues were up 6% to EUR 49.1 million (2015: EUR 46.3 million). The increase was mainly driven by milestone payments from partners. Segment revenues in 2016 comprised EUR 43.6 million in funded research and license fees (2015: EUR 42.3 million) and EUR 5.6 million in success-based payments (2015: EUR 4.0 million). Total operating expenses came in at EUR 109.8 million, exceeding last year's numbers by 17% (2015: EUR 93.7 million). While general and administrative expenses were reduced by 7% to EUR 14.1 million (2015: EUR 15.1 million), research and development expenses were increased by 22% to EUR 95.7 million (2015: EUR 78.7 million). Intensified clinical trials with MorphoSys's proprietary drug candidates, in particular the start of three phase 2 studies with the lead compound MOR208 in selected blood cancer indications, were the main area of focus. Proprietary R&D expenses, including technology development, rose by 39% to EUR 78.5 million (2015: EUR 56.6 million), fully meeting the Company's guidance. Earnings before interest and taxes (EBIT) stood at EUR -59.9 million (2015: EUR 17.2 million). Adjusted for the one-off effect in 2015, the operating loss for 2016 rose by approximately 43%, mainly based on the planned expansion of R&D activities. The Proprietary Development segment reported an EBIT of EUR -77.6 million (2015: EUR 10.7 million). EBIT in the Partnered Discovery segment was up by 52% to EUR 31.0 million (2015: EUR 20.4 million), mainly based on the increase in success-based milestone payments from partners and lower costs incurred in the segment. In 2016, the consolidated net result amounted to EUR -60.4 million (2015: EUR 14.9 million). The diluted net result per share for 2016 was EUR -2.27 (2015: EUR 0.57). At year-end 2016, the Company had a cash position of EUR 359.5 million compared to EUR 298.4 million on December 31, 2015. On the balance sheet, this cash position is reported under the items: cash and cash equivalents; available-for-sale financial assets; bonds, available-for-sale; financial assets classified as loans & receivables; and financial assets classified as loans & receivables, net of current portion. The number of shares issued totaled 29,159,770 at year-end 2016 (year-end 2015: 26,537,682). The increase in the number of shares resulted from the capital increase on November 15, 2016 with gross proceeds of EUR 115.4 million, in which 2,622,088 shares were issued. Financial Guidance and operational outlook for 2017 For the financial year 2017, MorphoSys expects to generate Group revenues in the range of EUR 46 to 51 million. R&D expenses for proprietary drug development are anticipated in a corridor of EUR 85 to 95 million. The Company expects earnings before interest and taxes (EBIT) of EUR -75 to -85 million. This guidance does not include any additional revenue from potential future collaborations and/or licensing partnerships nor effects from potential in-licensing or co-development deals for new development candidates. "We continue to invest in our growing portfolio of highly promising proprietary drug candidates which are nearing the decisive stages of clinical development. In 2017 we will start a phase 3 study with our lead candidate MOR208 in the blood cancer indication diffuse large B cell lymphoma (DLBCL), where we see a high unmet medical need. This will be the first pivotal trial with one of our own antibodies. This marks another important step on our way to becoming a fully-integrated biopharmaceutical company, that will be increasingly based on product-based revenue streams," commented Dr. Simon Moroney. In the Proprietary Development segment, MorphoSys expects the following events in 2017:
In its Partnered Discovery segment, MorphoSys expects the following events in 2017:
MorphoSys plans to establish additional collaborations with pharmaceutical and biotechnology companies based on the Ylanthia technology, similar to its partnership with LEO Pharma established in 2016. MorphoSys Group Key Figures (IFRS, end of financial year: December 31)
* Adjusted by a positive one-off effect of approximately EUR 59 million in revenue and EBIT of 2015, total Group revenues reached approximately EUR 47 million and the total Group EBIT approximately EUR -42 million in 2015. MorphoSys will hold its conference call and webcast today to present the annual financial results 2016 and the outlook 2017. Dial-in number for the analyst conference call (in English) at 02:00 pm CET; 01:00 pm GMT; 08:00 am EST (listen-only): Please dial in 10 minutes before the beginning of the conference. A live webcast and slides will be made available at http://www.morphosys.com. Approximately two hours after the press conference, a slide-synchronized audio replay of the conference and a transcript will be available on http://www.morphosys.com. Consolidated Financial Statements 2016 (IFRS) are available on our website:
HuCAL(R), HuCAL GOLD(R), HuCAL PLATINUM(R), CysDisplay(R), RapMAT(R), arYla(R), Ylanthia(R), 100 billion high potentials(R), Slonomics(R), Lanthio Pharma(R) and LanthioPep(R) are registered trademarks of the MorphoSys Group. 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. MorphoSys AG Jochen Orlowski Alexandra Goller Tel: +49 (0) 89 / 899 27-404 Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=RKMYSHEHEX Document title: Media Release 09.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | MorphoSys AG |
Semmelweisstr. 7 | |
82152 Planegg | |
Germany | |
Phone: | +49 (0)89 899 27-0 |
Fax: | +49 (0)89 899 27-222 |
E-mail: | investors@morphosys.com |
Internet: | www.morphosys.com |
ISIN: | DE0006632003 |
WKN: | 663200 |
Indices: | TecDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |