– Monjuvi® U.S. net product sales of US$ 20.8
million (€ 19.4 million) for the first quarter of 2023
– Enrollment of Phase 3 MANIFEST-2 study of
pelabresib in first-line myelofibrosis is complete, with topline
data expected by the end of 2023
– Enrollment of Phase 3 frontMIND study of
tafasitamab in first-line diffuse large B-cell lymphoma is
complete
– € 791.5 million in cash and other financial
assets as of March 31, 2023
Conference call and webcast (in English)
tomorrow, May 04, 2023, at 2:00pm CEST (1:00pm BST/8:00am EDT)
MorphoSys AG (FSE: MOR; NASDAQ: MOR) reports results for the
first quarter of 2023.
“We had a strong first quarter, marked by numerous achievements.
Most importantly, we completed enrollment of our Phase 3 MANIFEST-2
study of pelabresib in first-line myelofibrosis ahead of schedule.
As a result, the topline data from the trial are now expected by
the end of 2023, months earlier than previously anticipated,” said
Jean-Paul Kress, M.D., Chief Executive Officer of MorphoSys. “We
continue to focus our work on our most-advanced clinical programs
that have the potential to create near-term value for all
stakeholders. We look forward to building on this great momentum in
2023 and the years ahead.”
Monjuvi/Minjuvi® Highlights:
Monjuvi (tafasitamab-cxix) U.S. net product sales of US$
20.8 million (€ 19.4 million) for the first quarter 2023 (Q1 2022:
US$ 18.7 million (€ 16.6 million)).
Minjuvi royalty revenue of € 0.7 million for sales
outside of the U.S. in the first quarter 2023 (Q1 2022: € 0.7
million).
Corporate Developments:
On March 2, 2023, MorphoSys announced that it will stop work and
operations on its pre-clinical research programs to optimize its
cost structure. MorphoSys reduced its workforce at the company’s
headquarters in Planegg, Germany, by approximately 17%. This
action, along with other steps taken over the past year, enables
MorphoSys to focus resources on its mid- to late-stage oncology
pipeline.
On March 14, 2023, MorphoSys announced that Lucinda Crabtree,
Ph.D., will join the company as its Chief Financial Officer and
member of the Management Board in the third quarter of 2023 at the
latest.
Charlotte Lohmann was appointed as Chief Legal Officer on March
1, 2023 and will serve as a member of MorphoSys’ Management Board
ad interim.
On March 30, 2023, MorphoSys settled the repurchase of bonds in
the value of € 62.9 million (approximately 19 % of the outstanding
principal amount) resulting in an outstanding aggregate principal
amount of the convertible bonds of € 262.1 million.
Significant Events After the End of the
First Quarter of 2023:
Pelabresib: On April 4, 2023, MorphoSys announced that
enrollment is complete for MANIFEST-2, the ongoing Phase 3 study
exploring the efficacy and safety of pelabresib, an investigational
BET inhibitor, in combination with ruxolitinib versus ruxolitinib
alone in patients with myelofibrosis who have not previously been
treated with a JAK inhibitor (JAK inhibitor-naïve). More than 400
patients were enrolled in this study. The topline data are now
expected by the end of 2023, earlier than previously
anticipated.
Tafasitamab: On April 4, 2023, MorphoSys announced that
enrollment of the Phase 3 frontMIND study is also complete, with
more than 880 patients enrolled in the trial. frontMIND is a
global, multicenter, randomized, double-blind, placebo-controlled
trial exploring tafasitamab, marketed in the U.S. as Monjuvi and
outside the U.S. by Incyte as Minjuvi, plus lenalidomide in
addition to R-CHOP (rituximab, cyclophosphamide, doxorubicin,
vincristine, and prednisone) versus R-CHOP alone as a first-line
treatment for high-intermediate and high-risk patients with diffuse
large B-cell lymphoma (DLBCL). The topline data from this study are
expected in the second half of 2025.
Conference Data Highlight: On April 16, 2023, MorphoSys
and Incyte announced final five-year follow-up data from the Phase
2 L-MIND study showing that Monjuvi (tafasitamab-cxix) plus
lenalidomide followed by Monjuvi monotherapy provided prolonged,
durable responses in adult patients with relapsed or refractory
DLBCL. These data were featured as a late-breaking oral
presentation at the American Association for Cancer Research (AACR)
Annual Meeting 2023.
New data on pelabresib in essential thrombocythemia and
tulmimetostat in a broad array of advanced tumors will be featured
in two poster presentations during the 2023 American Society of
Clinical Oncology (ASCO) Annual Meeting.
Financial Results for the First Quarter
of 2023 (IFRS):
Total revenues for the first quarter 2023 were € 62.3
million compared to € 41.5 million for the same period in 2022.
This increase resulted mainly from higher revenues from the sale of
clinical vials.
in € million*
Q1 2023
Q4 2022
Q1 2022
Q-Q Δ
Y-Y Δ
Total revenues
62.3
81.6
41.5
(24) %
50 %
Monjuvi product sales
19.4
24.7
16.6
(21) %
17 %
Royalties
21.6
29.1
19.0
(26) %
14 %
Licenses, milestones and other
21.3
27.9
5.8
(24) %
> 100%
* Differences due to rounding.
Cost of Sales: Cost of sales in the first quarter of 2023
amounted to € 21.0 million (Q1 2022: € 7.9 million). The
year-on-year increase resulted primarily from expenses related to
vial sales to Incyte. Cost of sales related to Monjuvi U.S. product
sales amounted to € 3.1 million in the first quarter of 2023. The
gross margin of Monjuvi U.S. net product sales amounted to 84% (Q1
2022: 79%).
Research and Development (R&D) Expenses: In the first
quarter 2023, R&D expenses were € 83.1 million (Q1 2022: € 65.0
million). The increase mainly resulted from additional costs
incurred due to the positive development of the patient recruitment
in the major ongoing clinical studies of MorphoSys. Additionally,
the first quarter of 2023 included a one-time effect resulting from
severances in connection with the restructuring of the research
area.
Selling, General and Administrative (SG&A) Expenses:
Selling expenses in the first quarter 2023 were € 16.9 million (Q1
2022: € 21.9 million). The decrease was driven by streamlining and
focusing of selling efforts. General and administrative (G&A)
expenses amounted to € 10.9 million (Q1 2022: € 14.6 million).
Operating Loss: Operating loss amounted to € 69.5 million
in the first quarter 2023 (Q1 2022: operating loss of € 68.0
million).
Consolidated Net Loss: For the first quarter 2023,
consolidated net loss was € 44.4 million (Q1 2022: consolidated net
loss of € 122.7 million).
Full Year 2023 Financial
Guidance:
Amounts in million
2023 Financial
Guidance
2023 Guidance Insights
Monjuvi U.S. net product sales
US$ 80m to 95m
100% of Monjuvi U.S. net product sales are
recorded on MorphoSys’ income statement and related profit/loss is
split 50/50 between MorphoSys and Incyte.
Gross margin for Monjuvi U.S. net product
sales
75% to 80%
100% of Monjuvi U.S. product cost of sales
are recorded on MorphoSys’ income statement and related profit/loss
is split 50/50 between MorphoSys and Incyte.
R&D expenses
€ 290m to 315m
2023 anticipated to be incrementally
higher than 2022 due to the expansion of the pelabresib development
program.
SG&A expenses
€ 140m to 155m
45% to 50% of mid-point of SG&A
expenses represent Monjuvi U.S. selling costs of which 100% are
recorded in MorphoSys’ income statement. Incyte reimburses
MorphoSys for half of these selling expenses.
Additional information related to 2023 Financial Guidance:
- Tremfya® royalties will continue to be recorded as revenue
without any cost of sales in MorphoSys’ income statement. These
royalties, however, will not contribute any cash to MorphoSys, as
100% of the royalties will be passed on to Royalty Pharma.
- MorphoSys anticipates receiving royalties for Minjuvi sales
outside of the U.S.
- MorphoSys does not anticipate any significant cash-accretive
revenues from the achievement of milestones in 2023.
- MorphoSys anticipates sales of commercial and clinical supply
of tafasitamab outside of the U.S. to its partner Incyte. Revenue
from this supply is recorded in the “Licenses, milestones and
other” category in MorphoSys’ income statement. These sales result
in a zero gross profit/margin. MorphoSys does not provide guidance
for these sales.
Operational Outlook:
The following events and development activities planned for 2023
and beyond include the following:
- topline results for the pivotal Phase 3 study (MANIFEST-2) of
pelabresib in myelofibrosis (MF) by the end of 2023;
- primary analysis data from the Phase 3 study (inMIND) of
tafasitamab in patients with indolent lymphoma (r/r FL/MZL) in
2024;
- primary analysis data from the pivotal Phase 3 study
(frontMIND) of tafasitamab in previously untreated DLBCL in the
second half of 2025.
MorphoSys Group Key Figures (IFRS, end
of the first quarter: March 31, 2023)
in € million
Q1 2023
Q1 2022
Δ
Revenues
62.3
41.5
50 %
Product Sales
19.4
16.6
17 %
Royalties
21.6
19.0
14 %
Licenses, Milestones and Other
21.3
5.8
>100%
Cost of Sales
(21.0)
(7.9)
>100%
Gross Profit
41.3
33.6
23 %
Total Operating Expenses
(110.8)
(101.5)
9 %
Research and Development
(83.1)
(65.0)
28 %
Selling
(16.9)
(21.9)
(23) %
General and Administrative
(10.9)
(14.6)
(25) %
Operating Profit / (Loss)
(69.5)
(68.0)
2 %
Other Income
2.1
1.4
50 %
Other Expenses
(1.8)
(3.7)
(51) %
Finance Income
55.0
10.6
>100%
Finance Expenses
(28.3)
(62.8)
(55) %
Income from Reversals of Impairment Losses
/ (Impairment Losses) on Financial Assets
0.5
(0.1)
>(100)%
Share of Loss of Associates accounted for
using the Equity Method
(2.5)
—
n/a
Income Tax Benefit / (Expenses)
0.0
0.0
n/a
Consolidated Net Profit / (Loss)
(44.4)
(122.7)
(64) %
Earnings per Share, Basic and Diluted (in
€)
(1.30)
(3.59)
(64) %
Cash and other financial assets (end of
period)
791.5
907.2 *
(13) %
* Value as of December 31, 2022
MorphoSys will hold its conference call and webcast tomorrow,
May 04, 2023, at 2:00pm CEST (1:00pm GMT/8:00am EST) to present the
results for the first quarter 2023.
Participants for the conference call and webcast may
pre-register and will receive dedicated dial-in details to easily
and quickly access the call:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=5835037&linkSecurityString=77dbe4aa2
Please dial in 10 minutes before the beginning of the
conference.
A live webcast and slides will be made available at the
Investors section under "Events & Conferences" on MorphoSys'
website, https://www.morphosys.com and after the call, a
slide-synchronized audio replay of the conference will be available
at the same location.
The statement for the first quarter 2023 (IFRS) is available for
download at:
https://www.morphosys.com/en/investors/financial-information
About MorphoSys At MorphoSys, we are driven by our
mission: More life for people with cancer. As a global
commercial-stage biopharmaceutical company, we develop and deliver
innovative medicines, aspiring to redefine how cancer is treated.
MorphoSys is headquartered in Planegg, Germany, and has its U.S.
operations anchored in Boston, Massachusetts. To learn more, visit
us at www.morphosys.com and follow us on Twitter and LinkedIn.
About Monjuvi (tafasitamab-cxix) Monjuvi®
(tafasitamab-cxix) is a humanized Fc-modified cytolytic CD19
targeting monoclonal antibody. In 2010, MorphoSys licensed
exclusive worldwide rights to develop and commercialize tafasitamab
from Xencor, Inc. Tafasitamab incorporates an XmAb® engineered Fc
domain, which mediates B-cell lysis through apoptosis and immune
effector mechanism including Antibody-Dependent Cell-Mediated
Cytotoxicity (ADCC) and Antibody-Dependent Cellular Phagocytosis
(ADCP).
In the United States, Monjuvi® (tafasitamab-cxix) is approved by
the U.S. Food and Drug Administration in combination with
lenalidomide for the treatment of adult patients with relapsed or
refractory DLBCL not otherwise specified, including DLBCL arising
from low grade lymphoma, and who are not eligible for autologous
stem cell transplant (ASCT). This indication is approved under
accelerated approval based on overall response rate. Continued
approval for this indication may be contingent upon verification
and description of clinical benefit in a confirmatory trial(s).
In Europe, Minjuvi® (tafasitamab) received conditional marketing
authorization in combination with lenalidomide, followed by Minjuvi
monotherapy, for the treatment of adult patients with relapsed or
refractory diffuse large B-cell lymphoma (DLBCL) who are not
eligible for autologous stem cell transplant (ASCT).
Tafasitamab is being clinically investigated as a therapeutic
option in B-cell malignancies in several ongoing combination
trials.
Monjuvi® and Minjuvi® are registered trademarks of MorphoSys AG.
Tafasitamab is co-marketed by Incyte and MorphoSys under the brand
name Monjuvi® in the U.S., and marketed by Incyte under the brand
name Minjuvi® in Europe, the UK and Canada.
Tremfya® is a registered trademark of Janssen Biotech, Inc.
XmAb® is a registered trademark of Xencor, Inc.
Forward Looking Statements This communication contains
certain forward-looking statements concerning the MorphoSys group
of companies. 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 that MorphoSys' expectations may be incorrect, the inherent
uncertainties associated with competitive developments, clinical
trial and product development activities and regulatory approval
requirements, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005734/en/
Media Contacts: Thomas Biegi Vice President Tel.: +49
(0)89 / 899 27 26079 thomas.biegi@morphosys.com
Eamonn Nolan Director, Communications Tel: +1 617-548-9271
eamonn.nolan@morphosys.com
Investor Contacts: Dr. Julia Neugebauer Head of Investor
Relations Tel: +49 (0)89 / 899 27 179
julia.neugebauer@morphosys.com
MorphoSys (NASDAQ:MOR)
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