MARTINSRIED, Germany, April 28, 2005 (PRIMEZONE) -- MorphoSys AG (Frankfurt:MOR) (Prime Standard Segment, TecDAX) today reported financial results according to IFRS for its first quarter ended March 31, 2005. Revenues increased by 72% to 7.4 million, resulting in a quarterly net profit of 0.5 million, compared to a net loss in the previous year (March 31, 2004: 0.1 million loss). The Company's cash position equaled 51.1 million at the end of the first quarter 2005, up from 37.2 million at year-end 2004.
Revenues increased by 72% in the first three months of 2005 to 7.4 million (March 31, 2004: 4.3 million), mainly driven by revenues arising from the therapeutic antibody segment. Cost of goods sold amounted to 0.5 million (March 31, 2004: 0.2 million), representing cost of sales for goods sold by the research antibody segment. Total operating expenses for the first three months of 2005 amounted to 6.3 million, compared to 4.1 million in the same period of 2004. Research and development costs increased to 3.6 million from 2.4 million; sales, general & administrative expenses amounted to 2.4 million compared to 1.4 million in the previous year, and stock-based compensation remained unchanged compared to the prior year at 0.3 million. The operating profit for the first three months of 2005 summed to 0.6 million (March 31, 2004: 0.0 million). Non-operating expenses in the first three months of 2005 amounted to 0.2 million (March 31, 2004: non-operating expenses of 0.1 million). The number of shares outstanding at March 31, 2005 was 5,929,123, compared to 5,408,790 at December 31, 2004, reflecting the Company's private placement executed in the first quarter of 2005. Net income per share for the first three months of 2005 amounted to 0.08 (March 31, 2004: loss per share of 0.01).
Highlights of the First Quarter 2005 Included:
-- Acquisition of the Biogenesis Group in the U.K. and USA,
thereby significantly strengthening MorphoSys research antibody
segment activities
-- First MorphoSys-generated antibody enters clinical trials in a
partnered program
-- Successful completion of a European-based private placement
raising gross proceeds of approximately 17 million
-- Expansion of the existing agreement with Bristol-Myers Squibb
relating to the use of HuCAL GOLD(r)
-- Enlargement of collaboration with Boehringer Ingelheim:
Boehringer Ingelheim acquires options on new therapeutic
antibody licenses and gains access to MorphoSys's HuCAL GOLD(r)
library for research purposes.
Dave Lemus, Chief Financial Officer of MorphoSys AG commented: "We believe MorphoSys' accomplishments in the first quarter are an important basis for providing the Company with a solid foundation for building further value for our shareholders looking ahead."
MorphoSys will hold a public conference call today at 10:00 CET to present the financial results of the first quarter 2005. Dial-in number for the Conference Call (listen-only): +49 (0)69 2222 2223. Please dial in 10 minutes before the beginning of the conference. A replay of the conference call will be available on http://www.morphosys.com.
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 (HuCAL(r)) technology is used by researchers worldwide for human antibody generation. The Company currently has licensing agreements and/or research collaborations with Bayer (Berkeley, California/USA), Boehringer Ingelheim (Ingelheim, Germany), Bristol-Myers Squibb (New Jersey/USA), Centocor Inc. (Malvern, Pennsylvania/USA), GPC Biotech AG (Munich/Germany), Hoffmann-La Roche AG (Basel/Switzerland), ImmunoGen Inc. (Cambridge, Massachusetts/USA), Novartis AG (Basel, Switzerland), Pfizer Inc. (Delaware/USA), ProChon Biotech Ltd. (Rehovot/Israel), Schering AG (Berlin/Germany) and Xoma Ltd. (Berkeley, California/USA). Additionally, MorphoSys is active in the antibody research market through its Antibodies by Design business unit. Antibodies by Design was founded in 2003 for the purpose of exploiting the MorphoSys non-therapeutic antibody markets. MorphoSys' activities in the research antibody segment were significantly strengthened through the acquisition of the U.K. and U.S.-based Biogenesis Group in January 2005. For further information please visit the corporate website at: http://www.morphosys.com/.
Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbour provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Factors that may affect future operations and business prospects include, but are not limited to, clinical and scientific results and developments concerning corporate collaborations and the company's proprietary rights and other factors described in the prospectus relating to the company's recent public offering.