MorphoSys AG Raises its Financial Guidance for the Full Year 2020

Rhea-AI Summary

MorphoSys AG has updated its financial guidance for 2020, projecting Group revenues between €317 million and €327 million, an increase from a previous range of €280 million to €290 million. The expected EBIT is adjusted to €10 million to €20 million, up from €-15 million to €5 million. This revision highlights higher revenues from partnerships, increased royalties from Tremfya, and sales from Monjuvi, which launched in the U.S. The company reported revenues of €291.7 million and EBIT of €101.8 million during the first nine months of 2020.

Positive

• Increased revenue guidance to €317-€327 million from €280-€290 million.
• Expected EBIT improved to €10-€20 million from €-15 to €5 million.
• Higher revenues from partnerships and collaborations.
• Launch of Monjuvi contributing to revenue growth.

Negative

• None.

PLANEGG/MUNICH, GERMANY / ACCESSWIRE / October 27, 2020 / MorphoSys AG (FSE:MOR); Prime Standard Segment; MDAX & TecDAX; (NASDAQ:MOR) announces today an increase in its financial guidance for the financial year 2020 after preliminary completion of the latest evaluation of MorphoSys' financial performance.

Based on the preliminary unaudited consolidated results for the first nine months 2020, MorphoSys now expects Group revenues in the range of €317 to €327 million (previously: €280 to €290 million) and an EBIT in the range of €10 to €20 million (previously: €-15 to €+5 million). R&D expenses are expected to remain unchanged in the range of €130 to €140 million.

The updated guidance reflects higher revenues from partnerships and collaborations and Tremfya^(R) royalties are expected to be at the upper end of guidance. In addition, it now also includes revenues from product sales of Monjuvi^(R) following its approval and subsequent launch in the U.S.

In the first nine months of 2020, MorphoSys recorded Group revenues of €291.7 million and an EBIT of €101.8 million. Further details will be published in the Company's Q3 report on November 11, 2020.

Information and Explanation of the Issuer to this News:

About MorphoSys

MorphoSys is a commercial-stage biopharmaceutical company dedicated to the discovery, development and commercialization of exceptional, innovative therapies for patients suffering from serious diseases. The focus is on cancer. Based on its leading expertise in antibody, protein and peptide technologies, MorphoSys, together with its partners, has developed and contributed to the development of more than 100 product candidates, of which 27 are currently in clinical development. In 2017, Tremfya^(R), marketed by Janssen for the treatment of plaque psoriasis, became the first drug based on MorphoSys' antibody technology to receive regulatory approval. In July 2020, the U.S. Food and Drug Administration (FDA) granted accelerated approval of the company's proprietary product Monjuvi^(R) (tafasitamab-cxix) in combination with lenalidomide in patients with a certain type of lymphoma. Headquartered near Munich, Germany, the MorphoSys group, including the fully owned U.S. subsidiary MorphoSys US Inc., has ~500 employees.
More information at www.morphosys.com or Morphosys-US.com.
Monjuvi^(R) is a registered trademark of MorphoSys AG.
Tremfya^(R) is a registered trademark of Janssen Biotech.

MorphoSys Forward-Looking Statements

This communication contains certain forward-looking statements concerning the MorphoSys group of companies, including the expectations regarding tafasitamab's ability to treat patients with relapsed or refractory diffuse large B-cell lymphoma, the further clinical development of tafasitamab, including ongoing confirmatory trials, additional interactions with regulatory authorities and expectations regarding future regulatory filings and possible additional approvals for tafasitamab as well as the commercial performance of tafasitamab. The words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'predict,' 'project,' 'would,' 'could,' 'potential,' 'possible,' 'hope' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained herein represent the judgment of MorphoSys as of the date of this release and involve known and unknown risks and uncertainties, which might cause the actual results, financial condition and liquidity, performance or achievements of MorphoSys, or industry results, to be materially different from any historic or future results, financial conditions and liquidity, performance or achievements expressed or implied by such forward-looking statements. In addition, even if MorphoSys' results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. Among the factors that may result in differences are MorphoSys' expectations regarding risks and uncertainties related to the impact of the COVID-19 pandemic to MorphoSys' business, operations, strategy, goals and anticipated milestones, including its ongoing and planned research activities, ability to conduct ongoing and planned clinical trials, clinical supply of current or future drug candidates, commercial supply of current or future approved products, and launching, marketing and selling current or future approved products, the global collaboration and license agreement for tafasitamab, the further clinical development of tafasitamab, including ongoing confirmatory trials, and MorphoSys' ability to obtain and maintain requisite regulatory approvals and to enroll patients in its planned clinical trials, additional interactions with regulatory authorities and expectations regarding future regulatory filings and possible additional approvals for tafasitamab as well as the commercial performance of tafasitamab, MorphoSys' reliance on collaborations with third parties, estimating the commercial potential of its development programs and other risks indicated in the risk factors included in MorphoSys' Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. MorphoSys expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements, unless specifically required by law or regulation.

For more information, please contact:

MorphoSys AG

Dr. Julia Neugebauer
Director
Tel: +49 (0)89 / 899 27 179
julia.neugebauer@morphosys.com

SOURCE: MorphoSys AG via EQS Newswire

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FAQ

What is MorphoSys AG's updated revenue guidance for 2020?

MorphoSys AG has increased its revenue guidance for 2020 to between €317 million and €327 million.

What are the expected EBIT figures for MorphoSys AG in 2020?

MorphoSys AG now expects an EBIT of €10 million to €20 million for 2020.

What factors contributed to the increased financial guidance for MorphoSys AG?

The increase is attributed to higher revenues from partnerships, increased royalties from Tremfya, and sales from the recently launched Monjuvi.

What were MorphoSys AG's revenues for the first nine months of 2020?

In the first nine months of 2020, MorphoSys AG recorded revenues of €291.7 million.