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DGAP-News: MorphoSys AG <MOR> english

MorphoSys Reports Second Quarter 2002 Results

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement.


Q2 Results in Line with Company Forecasts

MorphoSys AG (Neuer Markt: MOR) today reported financial results for its second quarter and six months ended June 30, 2002. For the first six months, MorphoSys generated cumulative revenues of EUR 8.7 million compared to EUR 7.9 million in the same period of the previous year. In the second quarter of 2002, Company revenues amounted to EUR 4.6 million compared to EUR 5.2 million in the same quarter of 2001. Total operating expenses including stock based compensation for the first six months of 2002 amounted to EUR 18.4 million, compared to EUR 10.6 million in the same period of 2001. Contributing to the cumulative higher expenses were increases in Research and Development of EUR 3.0 million to EUR 7.5 million, Sales, General & Administrative expenses of EUR 4.4 million to EUR 8.7 million, and Stock-based Compensation of EUR 0.4 million to EUR 2.3 million. Amortization of intangibles and depreciation amounted to EUR 0.7 million, and EUR 0.4 million, respectively for the first six months 2002. Non-operating income for the period amounted to EUR 1.3 million (2001: EUR 0.4 million). For the first six months of 2002, the Company posted a net loss of EUR 8.4 million compared to EUR 2.3 million in the same period of the previous year. EBITDA for the first six months amounted to EUR (6.4) million, compared to EUR (1.5) million in the comparable period of 2001. The resulting loss per share for the first six months 2002 amounted to EUR 2.17 (Six months 2001: EUR 0.64). On June 30, 2002 the Company had EUR 28.2 million in cash, cash equivalents and marketable securities, compared to a EUR 12.1 million balance at December 31, 2001. The number of outstanding shares at June 30, 2002 was 3,889,449 shares, compared to 3,531,569 shares at December 31, 2001.

Highlights of the second quarter 2002 included: * Announcement of the Company´s new product strategy/business model with disclosure of MorphoSys first three antibody programs * Acquisition of antibodies from Prochon for MorphoSys´ own product pipeline * Achievement of an important milestone in the cooperation with Roche * Issuance of a European patent on the HuCAL antibody technology * Appointments including a new supervisory board member (Dr. Daniel Camus, Aventis Pharma AG), MorphoSys General Counsel (Dr. Alexander Oehmichen), and MorphoSys Corporate Communications Manager (Dr. Claudia Gutjahr-Löser)

"We are very excited about the potential that our recent transition to a product company will bring, and also very pleased with the progress in all other areas of our business," commented Dave Lemus, Chief Financial Officer of MorphoSys AG.

Dial-in number for the Q2 2002 conference call (10:00 CEST; listen only): +49 (0)69-27 11 34 00

end of message, (c)DGAP 06.08.2002


WKN: 663200; ISIN: DE0006632003; Index: Nemax 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart

Autor: DGAP import (),07:30 06.08.2002

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