MorphoSys AG Reports Results for the First Six Months of 2014

MorphoSys AG / MorphoSys AG Reports Results for the First Six Months of 2014 . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Conference call (in English) today at 2:00pm CET (1:00pm GMT/8:00am EST)

MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX, OTC: MPSYY) today announced its financial results for the six months ending 30 June 2014. Group revenues from continuing operations were EUR 30.5 million (H1 2013: EUR 48.2 million). Reasons for the revenue decrease were one-time effects in H1 2013 such as a payment for a HuCAL license by Bio-Rad in connection with the sale of AbD Serotec and the license agreement with GlaxoSmithKline for MorphoSys's clinical antibody program MOR103. Earnings before interest and taxes (EBIT) from continued operations amounted to EUR 0.4 million (H1 2013: EUR 17.3 million). On 30 June 2014, MorphoSys's liquid funds, marketable securities and financial assets amounted to EUR 374.2 million (31 December 2013: EUR 390.7 million). 

In EURO million*	H1 2014	H1 2013
Continuing Operations:
Group Revenues	30.5	48.2
Total Operating Expenses	30.1	31.2
Other Income/Expenses	0	0.3
Earnings Before Interest and Taxes - EBIT	0.4	17.3
Profit from Continuing Operations	0.6	13.0
Profit from Discontinued Operations	0	6.0
Consolidated Net Profit	0.6	19.0
Total EPS, diluted, in EURO	0.02	0.81

* Differences due to rounding                                                                                                                  

  

Highlights of the Second Quarter 2014

• MorphoSys is able to disclose today the royalties due on sales of gantenerumab, a HuCAL antibody in Phase 3 development by Roche for Alzheimer's disease. MorphoSys stands to receive royalties of 5.5 - 7% of net sales of gantenerumab if the compound reaches the market.
• MorphoSys and Merck Serono entered strategic immuno-oncology collaboration based on MorphoSys' Ylanthia next-generation antibody technology
• MorphoSys and The Moulder Center for Drug Discovery Research, a unit of Temple University, USA, announced a strategic alliance. The Moulder Center will receive access to MorphoSys's Ylanthia technology. MorphoSys will receive an exclusive option to develop any resulting antibodies.
• MorphoSys and Galapagos have advanced a joint development program into preclinical development stage. The Ylanthia antibody MOR106 will be developed in inflammatory diseases.
• The Food & Drug Association (FDA) granted orphan drug designation to MOR208, for the treatment of CLL or SLL. Additionally, the Company has received a positive opinion from the European Medicines Agency (EMA) for an orphan medicinal product application for MOR208 in these indications. This positive opinion from the EMA has in the meantime been confirmed by the European Commission.
• The US Patent and Trademark Office (USPTO) and the State Intellectual Property Office of China granted additional patents covering the Company's latest antibody platform Ylanthia.
• At the end of the second quarter of 2014, MorphoSys's partnered and proprietary pipeline comprised 92 antibodies, of which 20 were in clinical development.

"The second quarter saw excellent progress with regard to partnering our latest Ylanthia antibody technology. With Merck Serono and the Temple University's Moulder Center for Drug Discovery two new alliances were initiated that have the potential to expand our pipeline of exciting new drug candidates," stated Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG.