MorphoSys AG Reports Results for Fiscal Year 2012
March 05, 2013 / 7:00 am, CET
Therapeutic Antibody Pipeline Progress and Novel Technologies Are Key Value Drivers Conference call and webcast (in English) today at 2:00pm CET (1:00pm GMT/8:00am EST)
MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX) today announced financial results for the year ending December 31, 2012. Due to the sale of the AbD Serotec segment to Bio-Rad, which was completed on January 10, 2013, revenues and costs arising from this segment are classified as discontinued operations. Group revenues from continuing operations amounted to EUR 51.9 million and earnings before interest and taxes to EUR 2.5 million. Total group revenues including AbD Serotec would have summed to EUR 69.6 million, the respective EBIT to EUR 1.9 million. Profit for the year from continuing operations amounted to EUR 2.4 million, the consolidated net profit including AbD Serotec to EUR 1.9 million.
The year was marked by strong progress in the Company's pipeline of proprietary and partnered therapeutic antibody candidates, including MOR103 and MOR208, gantenerumab, CNTO1959 and BYM338. With the commercial launch of the Ylanthia antibody library, MorphoSys enhanced its position as an originator of the most advanced platforms for the development of therapeutic antibodies. By selling the research and diagnostic business unit AbD Serotec to Bio-Rad, MorphoSys further increased its focus on its therapeutic business segments and significantly strengthened its cash position.
Operational Highlights of 2012:
Excellent safety and efficacy results in MOR103 rheumatoid arthritis phase 1b/2a study Promising phase 1 data for MOR208 in CLL Major milestone reached in collaboration with Roche as the clinical trial evaluating the HuCAL antibody gantenerumab to treat Alzheimer's disease was expanded to a pivotal phase 2/3 study Further maturation of one of the industry's broadest antibody pipelines: at year-end, MorphoSys's partnered and proprietary pipeline comprised 76 programs, of which 20 are in clinical development Divestment of research and diagnostic business unit AbD Serotec to Bio-Rad for a total consideration of approximately EUR 53 million Technology alliance with Lanthio Pharma for the development of lantipeptides, underpinned by equity investment - Launch of MorphoSys's "Innovation Capital" initiative Commercial launch of Ylanthia with expansion of Novartis collaboration "The year 2012 was one of the most successful in the history of MorphoSys and our antibody pipeline and financial position have never been stronger," stated Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "Major advances in our proprietary programs were the decisive events of the year. The positive reaction of the market illustrates the importance of these programs for the Company's value proposition. We are also excited about the significant progress with our partnered programs, which include numerous antibodies against attractive therapeutic targets. We are focused on advancing our proprietary and partnered antibody candidates and leveraging our technologies in collaborations to further advance our development pipeline. We will invest, as necessary, to generate the maximum possible value from our portfolio of drug candidates."
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Outlook for 2013
MorphoSys's main goals for 2013 are the expansion and progress of its therapeutic antibody pipeline and the further development and exploitation of its technology platforms. Without taking into account a successful out-licensing of one of its proprietary compounds, MorphoSys anticipates total Group revenues of EUR 48 million to EUR 52 million and anticipates an EBIT in the range of EUR -18 to EUR -22 million in 2013. Total operating expenses will amount to EUR 70 million to EUR 74 million, of which EUR 32 million to EUR 37 million represent investments in proprietary products and technologies. From the sale of the AbD Serotec segment, MorphoSys expects an extraordinary income of EUR 4 million to EUR 6 million. Additional income from an out-licensing deal in 2013, which is not included in the current guidance, could lead to an out-performance of the guidance.
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Complete version here:
morphosys.com |
