- WKN: 663200
- ISIN: DE0006632003
- Land: Deutschland
Nachricht vom 05.08.2020 | 22:03
MorphoSys Reports Second Quarter and First Half 2020 Results
DGAP-News: MorphoSys AG
/ Key word(s): Half Year Results
Planegg/Munich, Germany, August 5, 2020
MorphoSys Reports Second Quarter and First Half
Conference call and webcast (in English) to be held on August 6, 2020 at 2:00pm CEST (1:00pm BST/8:00am EDT)
MorphoSys AG (FSE: MOR; Prime Standard Segment; MDAX & TecDAX; NASDAQ: MOR) reports results for the second quarter and first half of 2020.
Financial Results for the First Half of 2020
Highlights Second Quarter 2020 and beyond
- Monjuvi(R) (Tafasitamab-cxix)
- Felzartamab (MOR202)
- Otilimab (MOR103/GSK3196165)
- Janssen: FDA approval of Tremfya(R) (guselkumab) as a treatment for adult patients living with active psoriatic arthritis (PsA)
- 15th antibody from Novartis collaboration entered clinical development
Update on the Impact of the Global COVID-19 Pandemic:
"We are all very proud that Monjuvi(R) received FDA approval as a combination therapy with lenalidomide," commented Jean-Paul Kress, M.D., Chief Executive Officer of MorphoSys. "This accelerated approval is an important milestone, not only for MorphoSys, but also for patients battling relapsed or refractory diffuse large B-cell lymphoma, as Monjuvi(R) is the first FDA-approved second-line therapy for adult patients with DLBCL. The approval not only marks an important transformational step for MorphoSys into an integrated biopharmaceutical company but also provides a significant value creation opportunity for all our stakeholders."
"We are very excited with the accelerated approval of Monjuvi(R) by the FDA," added Jens Holstein, Chief Financial Officer of MorphoSys. "MorphoSys is well prepared for its next step as an integrated biopharmaceutical company given our strong financial position. We, together with our partner Incyte, will drive forward the launch of Monjuvi(R) in the United States."
Financial Review for Q2 2020 (IFRS)
Group revenues for the second quarter of 2020 amounted to €18.4 million (Q2 2019: €34.7 million). The revenues include success-based payments of €12.8 million, primarily from Janssen (Q2 2019 success-based payments: €32.4 million, including a milestone payment from GSK of €22.0 million).
In the Proprietary Development segment, MorphoSys researches and develops its own drug candidates for cancer and inflammation. In Q2 2020, this segment recorded revenues of €5.0 million (Q2 2019: €25.9 million). The decline primarily reflects the €22.0 million milestone payment from GSK which was booked in the same time period of last year.
In the Partnered Discovery segment, MorphoSys applies its proprietary technology to discover new drug candidates for pharmaceutical companies and thus participates in its partners' development advancements through research and development (R&D) funding, licensing fees, success-based milestone payments and royalties. Revenues in the Partnered Discovery segment climbed to €13.4 million in Q2 2020 from €8.7 million in Q2 2019.
Total operating expenses increased to €-66.8 million from €-40.3 million in the same time period last year, due to the expenditure in relation to the preparations for the anticipated Monjuvi(R) U.S. commercialization as well as the further expansion of MorphoSys US Inc. Cost of sales amounted to €+7.2 million versus €-4.9 million in the same quarter of 2019, while R&D expenses rose to €-30.9 million as compared to €-24.7 million in Q2 2019. Selling expenses in Q2 2020 increased to €-29.3 million (Q2 2019: €-3.2 million) and general and administrative expenses to €-13.8 million (Q2 2019: €-7.5 million). The increase of the two latter was primarily driven by higher personnel expenses and expenses for external services in association with the preparation for the Monjuvi(R) launch. Selling expenses also comprised expenses for services rendered by Incyte in connection with the joint US activities.
Earnings before interest and taxes (EBIT) for the Group amounted to €-50.1 million in Q2 2020 versus €-5.7 million in Q2 of the previous year. The Proprietary Development segment reported an EBIT of €-51.3 million (Q2 2019: €-7.0 million), while Partnered Discovery segment delivered an EBIT of €11.1 million (Q2 2019: €6.3 million). The consolidated net loss was €-53.1 million (Q2 2019: €-5.9 million). Basic earnings per share were €-1.62 compared to €-0.19 in Q2 2019.
On June 30, 2020, the Group's liquidity position amounted to €1,061.8 million.This liquidity position is reported on the balance sheet under the items "cash and cash equivalents", "financial assets at fair value through profit or loss", and current and non-current "other financial assets at amortized cost".
The number of shares issued totaled 32,890,046 at the end of Q2 2020 (year-end 2019: 31,957,958).
Results for the First Half 2020 (IFRS)
During the first half of 2020, Group revenues soared to €269.7 million from €48.2 million in the first half of last year. The increase was primarily driven by the collaboration and licensing agreement with Incyte in the first quarter of this year to further develop and commercialize tafasitamab globally. Research and development expenses amounted to €-52.4 million versus €-49.3 million in the same time period last year. The EBIT rose to €163.5 million, compared to €-29.3 million in H1 2019.
Financial Guidance and Operational Outlook for 2020
For the financial year 2020, MorphoSys confirmed its financial guidance. Management continues to expect Group revenues in the range of €280 to €290 million, R&D expenses of €130 to €140 million and EBIT of €-15 to €5 million. This guidance is based on constant currency exchange rates and does not include any contributions from Monjuvi(R) revenues and any effects from potential in-licensing or co-development deals for new development candidates. The operational and financial guidance might potentially be impacted by the ongoing global COVID-19 crisis on MorphoSys' business operations including but not limited to the Company's supply chain, clinical trial conduct, as well as timelines for regulatory and commercial execution. While MorphoSys is maintaining its previously communicated guidance on its clinical trials, these could potentially be affected in terms of patient enrollment and data collection timelines, among other factors.
Ongoing Trials and Other Highlights
- Monjuvi(R) (Tafasitamab-cxix)
- Felzartamab (MOR202)
- Otilimab (MOR103/GSK3196165)
- Tremfya(R) (Guselkumab)
- Other partnered programs
MorphoSys will continue to support its proprietary development activities by evaluating potential in-licensing, co-development, acquisition opportunities or the potential initiation of new proprietary development programs with the goal of maintaining and expanding the Company's position in its current therapeutic and technological fields of activities.
MorphoSys continues its expansion of strategic presence of MorphoSys US Inc.
* Percentage point
** Tremfya(R) is still considered as a clinical program due to ongoing studies in various indications.
*** Including otilimab (MOR103/GSK3196165), which is fully out-licensed to GSK.
Dial-in number for the analyst conference call (in English) at 2:00pm CEST; 1:00pm BST; 8:00am EDT:
Germany: +49 69 201 744 220
Participant PIN: 43014391#
Please dial in 10 minutes before the beginning of the conference.
A live webcast and slides will be made available at www.morphosys.com.
Approximately two hours after the call, a slide-synchronized audio replay of the conference and a transcript of the prepared remarks will be available on www.morphosys.com.
The half-year report 2020 (IFRS) is available online:
About Monjuvi(R) (tafasitamab-cxix)
In January 2020, MorphoSys and Incyte entered into a collaboration and licensing agreement to further develop and commercialize Monjuvi globally. Monjuvi will be co-commercialized by Incyte and MorphoSys in the United States. Incyte has exclusive commercialization rights outside the United States.
A marketing authorization application (MAA) seeking the approval of tafasitamab in combination with lenalidomide in the EU has been validated by the European Medicines Agency (EMA) and is currently under review for the treatment of adult patients with relapsed or refractory DLBCL, including DLBCL arising from low grade lymphoma, who are not candidates for ASCT.
Tafasitamab is being clinically investigated as a therapeutic option in B-cell malignancies in a number of ongoing combination trials.
Monjuvi(R) is a registered trademark of MorphoSys AG.
MorphoSys Forward-Looking Statements
For more information, please contact:
|Phone:||+49 (0)89 899 27-0|
|Fax:||+49 (0)89 899 27-222|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Nasdaq|
|EQS News ID:||1111241|
|End of News||DGAP News Service|
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