MorphoSys AG — Earnings Release 2002

Nov 5, 2002

News Details

Ad-hoc | 5 November 2002 07:58

MorphoSys AG english

MorphoSys Announces Third Quarter 2002 Results-Restructuring Measures Announced Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MorphoSys AG (Neuer Markt: MOR) today reported financial results for its third quarter and nine months ended September 30, 2002. For the first nine months, MorphoSys generated cumulative revenues of EUR 12.4 million compared to EUR 12.1 million in the same period of the previous year. In the third quarter of 2002, Company revenues amounted to EUR 3,7 million compared to EUR 4,2 million in the same quarter of 2001. Total operating expenses including stock based compensation for the first nine months of 2002 amounted to EUR 28.7 million, compared to EUR 16.5 million in the same period of 2001. Contributing to the cumulative higher expenses were increases in Research and Development of EUR 3.9 million to EUR 10.9 million, Sales, General & Administrative expenses of EUR 7.6 million to EUR 14.3 million, and Stock-based Compensation of EUR 0.6 million to EUR 3.4 million. For the first nine months of 2002, the Company posted a net loss of EUR 15.2 million compared to EUR 3.8 million in the same period of the previous year. The resulting loss per share for the first nine months 2002 amounted to EUR 3.91 (Nine months 2001: EUR 1.09). On September 30, 2002 the Company had EUR 23.9 million in cash, cash equivalents and marketable securities, compared to a EUR 12.1 million balance at December 31, 2001. MorphoSys also announced restructuring measures. These measures include reducing expenditure on development of proprietary drug candidates and refocusing the Company’s commercial strategy, with the result that partnering of proprietary products should occur prior to clinical development. As a consequence of the restructuring, the Company will reduce its headcount by 24%, from 120 to 91 employees, thereof 26 in Germany and 3 in the USA. In addition, the activities of MorphoSys USA Inc. will be transferred to MorphoSys headquarters in Munich. With these measures in place the Company expects to significantly reduce its cost base and help assure at least three years of operation. end of ad-hoc-announcement (c)DGAP 05.11.2002 ——————————————————————————– WKN: 663200; ISIN: DE0006632003; Index: Nemax 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 050758 Nov 02