MorphoSys AG — Earnings Release 2002

Feb 26, 2003

News Details

Ad-hoc | 26 February 2003 08:00

MorphoSys AG english

MorphoSys Reports Fourth-Quarter and Fiscal 2002 Year-End Results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MorphoSys AG (Neuer Markt: MOR) today announced its financial results for the three-months’ period and fiscal year ending December 31, 2002. Revenues for the year 2002 amounted to EUR 16.8 million (2001: EUR 16.1 million), and were slightly higher than Company guidance given at the beginning of the year. Total operating expenses for the year increased to EUR 42.3 million from EUR 23.3 million in 2002, also within the framework of management expectations and guidance. Research and Development expenses rose by EUR 9.7 million to EUR 19.6 million in 2002 from EUR 9.9 million in 2002. The increase resulted from third party research and preclinical development costs related to developing the MorphoSys’ proprietary antibody product portfolio. Intangibles costs in connection with in-licensing also contributed to the increase in R&D costs. Sales, General & Administrative expenses increased by EUR 8.6 million to EUR 18.7 million, chiefly impacted by higher patent litigation costs. Non-cash charges related to stock based compensation (FAS 123) increased by EUR 0.5 million to EUR 3.9 million. Amortization of intangibles and depreciation amounted to EUR 1.2 million and 0.9 million, respectively for the full year 2002. Non-operating income in 2002 amounted to EUR 1.1 million (2001: EUR 0.8 million). For the full year 2002 MorphoSys posted a net loss of EUR 24.4 million compared to EUR 6.5 million in the same period of the previous year. The resulting loss per share for the year 2002 amounted to EUR 6.35 (2001: EUR 1.85). For the three-months’ period ending December 31, 2002, MorphoSys posted revenues of EUR 4.3 million. Total operating expenses for the fourth quarter amounted to EUR 13.6 million, comprising Research and Development costs of EUR 8.7 million, Sales, General and Administrative expense of EUR 4.4 million, and stock based compensation of EUR 0.5 million. On December 31, 2002, the Company had EUR 19.1 million in cash, cash equivalents, and marketable securities, an increase of 58%, or EUR 7.0 million, compared to the EUR 12.1 million balance at December 31, 2001. end of ad-hoc-announcement (c)DGAP 26.02.2003 ——————————————————————————– WKN: 663200; ISIN: DE0006632003; Index: Nemax 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 260800 Feb 03