MorphoSys AG — Earnings Release 2003

Jul 30, 2003

News Details

Corporate | 30 July 2003 07:29

MorphoSys AG english

MorphoSys Reports Second Quarter 2003 Results Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– MorphoSys Reports Second Quarter 2003 Results – Loss from Operations Reduced by 67% MorphoSys AG (Prime Standard, Germany: MOR) today reported financial results for its second quarter and six months ended June 30, 2003. For the first six months of 2003, MorphoSys generated cumulative revenues of EUR 7.2 million compared to EUR 8.7 million in the same period of the previous year. In the second quarter of 2003, Company revenues amounted to EUR 3.5 million, compared to EUR 4.6 million in the same quarter of 2003. Total operating expenses including stock-based compensation for the first six months of 2003 decreased to EUR 10.8 million (2002: EUR 19.7 million), resulting in an operating loss of EUR 3.6 million (2002: EUR 11.0 million), a decrease of 67% over the same period of the prior year. The decrease in expenses was primarily attributable to the effects of the Company’s restructuring efforts in addition to settlement and licensing agreements signed in 2002. Research and Development costs decreased by 35% to EUR 5.7 million from EUR 8.8 million, Sales, General & Administrative expenses decreased by 53% from EUR 8.7 million to EUR 4.1 million, and stock- based compensation decreased by 52% from EUR 2.3 million to EUR 1.1 million. Amortization of intangibles and depreciation amounted to EUR 0.6 million, and EUR 0.4 million respectively for the first six months of 2003. For the first six months of 2003, the Company posted a net loss of EUR 4.9 million compared to EUR 9.7 million in the same period of the previous year, a decrease over the prior year of 49%. The resulting loss per share for the first six months of 2003 amounted to EUR 1.22 (six months 2002: EUR 2.50). On June 30, 2003 the Company had EUR 18.8 million in cash, cash equivalents and marketable securities, compared to a EUR 19.1 million balance at December 31, 2002. Net cash used in operating activities dropped from EUR 7.2 million in the first six months of 2002 to EUR 0.3 million in the first half of 2003. The number of outstanding shares at June 30, 2003 was 4,253,410 shares, compared to 3,889,944 at December 31, 2002. Significant Events of the second quarter 2003 included: The capital increase against contribution in kind was registered during the quarter and new shares were issued to XOMA. MOR201, the antibody development program directed against the cancer target FGFR-3, was discontinued during the quarter. The original agreement between MorphoSys and ProChon signed in 2000 shall continue with MorphoSys generating up to four antibodies for ProChon. At the Annual General Assembly on May 16, 2003, all resolutions were approved, and Prof. Dr. Jürgen Drews and Prof. Dr. Andreas Plückthun were re-appointed to the Supervisory Board of MorphoSys. “In today’s results we continue to see the fruits of our efforts as it relates to last year’s restructuring plan and the various licensing and settlement agreements signed in the prior year”, commented Dave Lemus, Chief Financial Officer of MorphoSys AG. “Importantly, we nonetheless continue to advance our partnered and proprietary product development programs, thereby creating significant value going forward.” About MorphoSys: MorphoSys develops and applies innovative technologies for the production of synthetic antibodies, which accelerate drug discovery and target characterization. Founded in 1992, the Company’s proprietary Human Combinatorial Antibody Library (HuCALâ) technology is used by researchers worldwide for human antibody generation. The Company currently has licensing and research collaborations with Bayer (Berkeley, California/USA), Biogen Inc. (Cambridge, Massachusetts/USA), Boehringer Ingelheim (Ingelheim, Germany), Bristol-Myers Squibb (Wilmington, Delaware/USA), Centocor Inc. (Malvern, Pennsylvania/USA), California/USA), GPC Biotech AG (Munich/Germany), Hoffmann-La Roche AG (Basel/Switzerland), ImmunoGen Inc. (Cambridge, Massachusetts/USA), Oridis Biomed GmbH (Graz/Austria), ProChon Biotech Ltd. (Rehovot/Israel), Schering AG (Berlin/Germany) and Xoma Ltd. (Berkeley, California/USA). For further information please visit the corporate website at: http://www.morphosys.com/ . For more information, please contact MorphoSys: Dr. Claudia Gutjahr-Löser, Manager Corporate Communications, Tel. +49 (0)89 89927 122, gutjahr@morphosys.com end of message, (c)DGAP 30.07.2003 ——————————————————————————– WKN: 663200; ISIN: DE0006632003; Index: Nemax 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 300729 Jul 03