MorphoSys AG Reports Results for the First Three Months of 2016

MorphoSys AG / MorphoSys AG Reports Results for the First Three Months of 2016 . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Financial Guidance 2016 Confirmed

Conference call and webcast (in English) today at 2:00pm CEST (1:00pm BST/8:00am EDT)

MorphoSys AG (FSE: MOR; Prime Standard Segment; TecDAX, OTC: MPSYY) today published its first quarter interim statement, outlining the key events of the first three months ending March 31, 2016.

Financial results for the first quarter of 2016

• Group revenue in the first quarter of 2016 reached EUR 12.1 million (Q1/2015: EUR 70.4 million), and EBIT was EUR -9.7 million (Q1/2015: EUR 52.8 million). Previous-year figures included a non-recurring effect of approximately EUR 59 million.
• The Group's liquidity position on March 31, 2016 amounted to EUR 287.0 million (December 31, 2015: EUR 298.4 million).
• The Company confirmed its 2016 financial year guidance for revenue in the range of EUR 47 million to EUR 52 million and EBIT in the range of EUR -58 million to EUR -68 million.

Operating highlights of the first quarter of 2016

• In January, MorphoSys disclosed the receipt of a milestone payment in connection with the start of a global phase 2 clinical study. This study was initiated by Bayer and is designed to support registration of anetumab ravtansine (BAY 94-9343) as a potential new treatment for mesothelioma.
• In March, MorphoSys repurchased 52,295 of its own shares in the amount of EUR 2,179,963 to be used for long-term incentive (LTI) programs, specifically the LTI Plan granted on April 1, 2016 to the Company's Management Board and Senior Management Group.
• At the end of the first quarter, MorphoSys's product pipeline comprised a total of 104 therapeutic antibodies, 26 of which are in clinical development. Three partnered programs are currently in phase 3 trials.

Events after the end of the first quarter of 2016

• In early April, MorphoSys announced the start of a phase 2 clinical combination trial which has been named L-MIND (Lenalidomide-MOR208 IN DLBCL), with MOR208 and the cancer drug lenalidomide (Revlimid®) in patients with diffuse large B-cell lymphoma (DLBCL).
• Also in early April, MorphoSys announced the initiation of a phase 1 trial with the Ylanthia antibody MOR106, which is being co-developed with Galapagos for the treatment of inflammatory diseases.
• On April 4, 2016, MorphoSys announced that it filed a lawsuit in the United States (U.S.) District Court of Delaware against Janssen Biotech and Genmab for patent infringement. With this complaint, MorphoSys seeks redress for the infringing manufacture, use and sale of Janssen's and Genmab's daratumumab, an antibody targeting CD38.
• On April 21, 2016, MorphoSys announced that its partner Novartis confirmed that a phase 2b/3 study examining bimagrumab (BYM338) in sporadic Inclusion Body Myositis (sIBM) did not meet its primary endpoint. Data are currently being reviewed and will inform decisions on the bimagrumab development program. Ongoing clinical trials are being continued at this time.

In EURO million*	3-Months 2016	3-Months 2015
Group Revenues	12.1	70.4
Total Operating Expenses	21.9	17.7
Other Income/Expenses	0.1	0.0
Earnings Before Interest and Taxes - EBIT	(9.7)	52.8
Consolidated Net Profit / (Loss)	(7.2)	40.9
Total EPS, diluted, in EURO	(0.28)	1.55

* Differences due to rounding