MorphoSys AG Reports Results for the First Six Months of 2013
July 31, 2013 / 7:00 am, CET
Results Strongly Impacted by MOR103 Licensing Agreement with GSK
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 its financial results for the six months ending 30 June 2013. Group revenues from continuing operations nearly doubled to EUR 48.2 million (H1 2012: EUR 24.4 million). The increase was a result of the license agreement with GlaxoSmithKline (GSK) for MorphoSys's clinical antibody program MOR103, as well as a fully paid-up license payment from Bio-Rad for a non-exclusive license to use HuCAL in research and diagnostic applications in connection with their acquisition of the Company's AbD Serotec segment. Earnings before interest and taxes (EBIT) from continued operations amounted to EUR 17.3 million (H1 2012: EUR -1.3 million). On 30 June 2013, MorphoSys's cash, cash equivalents and marketable securities, including an interest-bearing assignable loan in the amount of EUR 15.0 million and other financial investments of EUR 10 million, amounted to EUR 166.3 million (31 December 2012: EUR 135.7 million). The upfront payment from GSK is not yet included, as the payment was received after the end of the quarter.
| In EURO million* | H1 2013 | H1 2012 | | | | | | | | Continuing Operations: | | | | Group Revenues | 48.2 | 24.4 | | Total Operating Expenses | 31.2 | 25.8 | | Other Income/Expenses | 0.3 | 0.2 | | Earnings Before Interest and Taxes - EBIT | 17.3 | (1.3) | | Profit/(Loss) from Continuing Operations | 13.0 | (0.3) | | Profit/(Loss) from Discontinued Operations | 6.0 | (0.7) | | Consolidated Net Profit/(Loss) | 19.0 | (1.0) | | Total EPS, diluted, in EURO | 0.81 | (0.04) | | | | * Differences due to rounding
Highlights of the Second Quarter 2013
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Outlook for 2013
MorphoSys re-confirmed its guidance for 2013, which was updated on 3 June 2013 to reflect the impact of the license agreement with GSK for the future development of MOR103. The licensing agreement with Celgene for MOR202 is subject to clearance by the US antitrust authorities under the Hart-Scott-Rodino Act, and will become effective as soon as this condition has been met. Therefore, potential financial implications are not yet reflected in the current guidance.
The Company's management expects revenues of approximately EUR 68 million to EUR 72 million and an EBIT of EUR -2 million to EUR +2 million.
morphosys.com
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