MorphoSys AG Reports Positive Results for Fiscal Year 2009
News Mar 03, 2010
MorphoSys AG announced its financial results according to International Financial Reporting Standards (IFRS) for the three-months' period and financial year ending December 31, 2009. The Company increased full-year Group revenues by 13 percent to EUR 81.0 million (2008: EUR 71.6 million).
Operating profit amounted to EUR 11.4 million (2008: EUR 16.4 million). The year-on-year decrease was a direct result of the planned increased investment in proprietary development in the amount of EUR 19.3 million in 2009 (up from EUR 8.9 million in 2008).
Group net profit after taxes decreased to EUR 9.0 million (2008: EUR 13.2 million) due to the higher level of R&D investment. At the end of the year 2009, MorphoSys's cash position amounted to EUR 135.1 million (2008: EUR 137.9 million).
Highlights of the Year 2009
• Proprietary Development Progress: Established a team with strong preclinical and clinical expertise; Added three new proprietary programs to supplement lead compounds MOR103 and MOR202.
• First Proprietary Program in Phase 1b/2a: Advanced lead program MOR103 into first patient trial in rheumatoid arthritis (RA); Decision on second indication successfully concluded based on sound pre-clinical data.
• Strong Growth of Partnered Drug Pipeline: Partnered pipeline increased to three programs in Phase 2, with a further four programs in Phase 1; Expansion of partnered pipeline to 65 active therapeutic antibody projects by end of 2009 (up from 55 at the end of 2008).
• New Growth Opportunities in Infectious Diseases: First HuCAL PLATINUM-based alliance in infectious disease space with Daiichi Sankyo.
• AbD Serotec: Solid top-line growth and profit margin; Further penetrating the diagnostics industry.
• Technology: New antibody library HuCAL PLATINUM firmly established in R&D processes; Progress on new antibody technologies to continue in 2010.
"MorphoSys enters 2010 as a well-positioned and mature company with a promising product portfolio, a sustainable partnered business and a prospering AbD segment providing strong financial results. This is an excellent basis for our future," stated Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG.
"Increasingly, the Company's clinical pipeline is taking centre stage. At the end of 2009, four HuCAL-based programs were in Phase 2 clinical trials with another four compounds in Phase 1. Clinical proof-of-concept with HuCAL antibodies is rapidly approaching. During 2009, we looked closely at potential acquisitions as a means of adding to our portfolio of proprietary product candidates, but nothing that we found justified the investment that would have been required. We are therefore no longer actively pursuing acquisition as a means of adding to our pipeline. We are, however, interested in supplementing our existing technology platform and accelerating the growth of the AbD Serotec segment in the diagnostics field."