{"id":50970,"date":"2022-11-16T22:05:00","date_gmt":"2022-11-16T21:05:00","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/morphosys-ag-reports-first-nine-months-and-third-quarter-2022-financial-results\/"},"modified":"2022-11-16T22:05:00","modified_gmt":"2022-11-16T21:05:00","slug":"morphosys-ag-reports-first-nine-months-and-third-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/morphosys-ag-reports-first-nine-months-and-third-quarter-2022-financial-results\/","title":{"rendered":"MorphoSys AG Reports First Nine Months and Third Quarter 2022 Financial Results"},"content":{"rendered":"
\n

\n\u2013 Monjuvi\u00ae<\/sup> U.S. net product sales of US$ 22.2 million (\u20ac 21.9 million) for the third quarter of 2022<\/i>\n<\/p>\n

<\/a><\/p>\n

\n\u2013 Presentation of preliminary results from phase 1\/2 study of tulmimetostat (CPI-0209) supporting its potential application in a broad array of advanced tumors<\/i>\n<\/p>\n

\n\u2013 Enrollment advances in MANIFEST-2 phase 3 trial for pelabresib in myelofibrosis<\/i>\n<\/p>\n

\n\u2013 \u20ac 1,038.1 million in cash and other financial assets as of September 30, 2022<\/i>\n<\/p>\n

PLANEGG, Germany–(BUSINESS WIRE)–Conference call and webcast (in English) tomorrow, November 17, 2022, at 2:00pm CET (1pm GMT\/8:00am ET)<\/i>\n<\/p>\n

\nMorphoSys AG (FSE: MOR; NASDAQ: MOR) reports results for the third quarter and the first nine months of 2022.\n<\/p>\n

\n“As we approach the end of this year, I am proud of what we have achieved so far. I want to highlight the progress we have made with the patient enrollment of our pivotal studies for pelabresib and tafasitamab as well as the preliminary phase 1\/2 results we released for tulmimetostat suggesting anti-tumor activity across multiple tumors”, said Jean-Paul Kress, M.D., Chief Executive Officer of MorphoSys. “We are highly engaged to ensure increasing awareness and use of Monjuvi for appropriate patients with relapsed or refractory diffuse large B-cell lymphoma. Looking ahead we are focused on continued execution and delivering on the pelabresib pivotal study timeline.”\n<\/p>\n

\nMonjuvi\/Minjuvi<\/span>\u00ae<\/sup> Highlights:<\/span><\/b>\n<\/p>\n

\nMonjuvi (tafasitamab-cxix) U.S. net product sales<\/b> of US$ 22.2 million (\u20ac 21.9 million) for the third quarter 2022 (Q3 2021: US$ 22.0 million (\u20ac 18.6 million)) and US$ 64.1 million (\u20ac 60.2 million) for first nine months 2022 (9M 2021: US$ 55.5 million (\u20ac 46.4 million)).\n<\/p>\n

\nMinjuvi royalty revenue<\/b> of \u20ac 0.9 million for sales outside of the U.S. in the third quarter 2022 and \u20ac 2.3 million for the first nine months of 2022.\n<\/p>\n

\nConference Data Highlights:<\/span><\/b>\n<\/p>\n

\nNew data presented at SOHO conference in September 2022<\/b>\n<\/p>\n

\nData from the ongoing L-MIND study presented at the Society of Hematologic Oncology (SOHO) conference suggests that tafasitamab plus lenalidomide followed by tafasitamab monotherapy provided durable response in patients with relapsed or refractory (r\/r) diffuse large B-cell lymphoma (DLBCL) treated for at least two years, including six patients on treatment for 5 years or more.\n<\/p>\n

\nPreliminary results of tulmimetostat (CPI-0209) study presented in October 2022<\/b>\n<\/p>\n

\nPreliminary results from the ongoing phase 1\/2 study of the investigational EZH2 inhibitor tulmimetostat were presented at the ENA Symposium on Molecular Targets and Cancer. Tulmimetostat monotherapy in heavily pretreated patients with advanced cancers showed responses or disease stabilization in five cohorts with evaluable patients.\n<\/p>\n

\nPelabresib and tafasitamab presentations and posters at ASH in December 2022<\/b>\n<\/p>\n

\nMorphoSys will contribute 14 presentations – including four oral presentations – on the investigational BET inhibitor pelabresib and on tafasitamab to the upcoming American Society of Hematology Annual Meeting and Exposition (ASH) from December 10-13, 2022 in New Orleans, Louisiana, USA.\n<\/p>\n

\nCorporate Developments:<\/span><\/b>\n<\/p>\n

\nOn August 31, 2022, MorphoSys announced Tim Demuth, M.D., Ph.D. as new Chief Research and Development Officer, following the retirement of Malte Peters, M.D. Tim Demuth started his new role on October 1, 2022.\n<\/p>\n

\nSignificant Events After the End of the Third Quarter of 2022:<\/span><\/b>\n<\/p>\n

\nOn October 27, 2022, MorphoSys\u2019 license partner GSK provided an update on the ContRAst phase III program for otilimab in moderate to severe rheumatoid arthritis.\n<\/p>\n

\nOn November 14, 2022, MorphoSys’ license partner Roche disclosed that the GRADUATE studies with gantenerumab in early Alzheimer’s disease did not meet the primary endpoint of slowing clinical decline.\n<\/p>\n

\nFinancial Results for the Third Quarter of 2022 (IFRS):<\/span><\/b>\n<\/p>\n

\nTotal revenues<\/b> for the third quarter 2022 were \u20ac 95.8 million compared to \u20ac 41.2 million for the same period in 2021. This increase resulted mainly from higher revenues from licenses due to the out-licensing agreements with HI-Bio.\n<\/p>\n\n\n\n\n\n\n\n\n
\n

\nin \u20ac million*<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nQ3 2022<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nQ2 2022\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nQ3 2021\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nQ-Q \u0394\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nY-Y \u0394\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenues\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n95.8<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n59.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n41.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n61 %\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n> 100%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonjuvi product sales\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n21.9<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n21.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18.6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1 %\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18 %\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRoyalties\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n29.7<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n22.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n35 %\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n75 %\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLicenses, milestones and other\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n44.1<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n15.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5.6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n> 100%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n> 100%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n* Differences due to rounding.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nCost of Sales:<\/b> In the third quarter of 2022, cost of sales was \u20ac 8.1 million compared to \u20ac 7.5 million for the comparable period in 2021.\n<\/p>\n

\nResearch and Development (R&D) Expenses:<\/b> In the third quarter 2022, R&D expenses were \u20ac 77.8 million (Q3 2021: \u20ac 64.4 million). The increase in R&D expenses is primarily due to higher investments to support the advancement of clinical programs.\n<\/p>\n

\nSelling, General and Administrative (SG&A) Expenses:<\/b> Selling expenses in the third quarter 2022 were \u20ac 23.5 million (Q3 2021: \u20ac 32.4 million). The decrease was driven by higher investments in 2021 made into the commercial organization, the first full year after the Monjuvi launch. General and administrative (G&A) expenses amounted to \u20ac 15.6 million (Q3 2021: \u20ac 19.4 million). The decrease was driven by the transaction costs for the Constellation acquisition which was completed in the third quarter of 2021.\n<\/p>\n

\nOperating Loss:<\/b> Operating loss amounted to \u20ac 29.3 million in the third quarter 2022 (Q3 2021: operating loss of \u20ac 82.4 million).\n<\/p>\n

\nConsolidated Net Loss: <\/b>For the third quarter 2022, consolidated net loss was \u20ac 122.9 million (Q3 2021: consolidated net loss of \u20ac 112.8 million).\n<\/p>\n

\nFinancial Results for the first nine months (IFRS):<\/span><\/b>\n<\/p>\n

\nRevenues <\/b>for the first nine months of 2022 were \u20ac 196.7 million (9M 2021: \u20ac 126.7 million). The increase resulted mainly from higher revenues from licenses due to the out-licensing agreements with HI-Bio. Revenues include \u20ac 60.2 million from the recognition of Monjuvi product sales in the U.S. Royalties in the first nine months included \u20ac 2.3 million from the sale of Minjuvi outside of the U.S. by our partner Incyte and \u20ac 68.5 million from Tremfya\u00ae<\/sup> sales which is fully passed on to Royalty Pharma.\n<\/p>\n\n\n\n\n\n\n\n\n
\n

\nin \u20ac million*<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9M 2022<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9M 2021\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nY-Y \u0394\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenues\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n196.7<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n126.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n55 %\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonjuvi product sales\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60.2<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n46.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30 %\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRoyalties\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70.8<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n42.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n67 %\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLicenses, milestones and other\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n65.6<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n37.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n73 %\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n* Differences due to rounding.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nCost of Sales:<\/b> For the first nine months of 2022, cost of sales were \u20ac 33.2 million compared to \u20ac 22.7 million in 2021. The increase was primarily driven by higher sales of Monjuvi in the U.S. and Minjuvi outside of the U.S.\n<\/p>\n

\nR&D Expenses:<\/b> In the first nine months of 2022, R&D expenses were \u20ac 203.8 million compared to \u20ac 138.2 million in 2021. The R&D expenses increased primarily due to higher development activity and the inclusion of expenses from the Constellation acquisition since Q3 2021.\n<\/p>\n

\nSG&A Expenses: <\/b>Selling expenses decreased in the first nine months of 2022 to \u20ac 69.4 million compared to \u20ac 89.0 million in 2021. The decrease was primarily driven by higher investments made into the commercial organization in 2021, the first full year after the Monjuvi launch. G&A expenses amounted to \u20ac 42.6 million compared to \u20ac 60.1 million in the first nine months of 2021. The decrease was driven primarily by the transaction costs related to the Constellation and Royalty Pharma agreements in 2021.\n<\/p>\n

\nOperating Loss:<\/b> Operating loss amounted to \u20ac 152.3 million in the first nine months of 2022 compared to an operating loss of \u20ac 183.3 million in 2021.\n<\/p>\n

\nConsolidated Net Loss: <\/b>For the first nine months of 2022, consolidated net loss was \u20ac 480.5 million compared to a net loss of \u20ac 133.5 million in 2021.\n<\/p>\n

\nCash and Other Financial Assets: <\/b>As of September 30, 2022, the Company had cash and other financial assets of \u20ac 1,038.1 million compared to \u20ac 976.9 million on December 31, 2021.\n<\/p>\n

\nNumber of shares:<\/b> The number of shares issued totaled 34,231,943 on September 30, 2022, no change compared to December 31, 2021.\n<\/p>\n

\nUpdated Full Year 2022 Financial Guidance:<\/span><\/b>\n<\/p>\n\n\n\n\n\n\n
\n

\nAmounts in million<\/b>\n<\/p>\n<\/td>\n

\n

\nCurrent 2022 Financial Guidance issued on Oct. 21, 2022<\/b>\n<\/p>\n<\/td>\n

\n

\nPrevious 2022 Financial Guidance issued on July 26, 2022<\/b>\n<\/p>\n<\/td>\n

\n

\n2022 Guidance Insights<\/b>\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonjuvi U.S. Net Product Sales\n<\/p>\n<\/td>\n

\n

\nApprox. US$ 90m<\/b>\n<\/p>\n<\/td>\n

\n

\nUS$ 90m to 110m<\/b>\n<\/p>\n<\/td>\n

\n

\n100% of Monjuvi U.S. product sales are recorded on MorphoSys\u2019 income statement and related profit\/loss is split 50\/50 between MorphoSys and Incyte.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGross Margin for Monjuvi U.S. Net Product Sales\n<\/p>\n<\/td>\n

\n

\n75% to 80%<\/b>\n<\/p>\n<\/td>\n

\n

\n75% to 80%<\/b>\n<\/p>\n<\/td>\n

\n

\n100% of Monjuvi U.S. product cost of sales are recorded on MorphoSys\u2019 income statement and related profit\/loss is split 50\/50 between MorphoSys and Incyte.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nR&D expenses\n<\/p>\n<\/td>\n

\n

\n\u20ac 275m to 300m<\/b>\n<\/p>\n<\/td>\n

\n

\n\u20ac 275m to 300m<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSG&A expenses\n<\/p>\n<\/td>\n

\n

\n\u20ac 150m to 165m<\/b>\n<\/p>\n<\/td>\n

\n

\n\u20ac 150m to 165m<\/b>\n<\/p>\n<\/td>\n

\n

\n53% to 58% of mid-point of SG&A expenses represent Monjuvi U.S. selling costs of which 100% are recorded in MorphoSys\u2019 income statement. Incyte reimburses MorphoSys for half of these selling expenses.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nAdditional information related to 2022 Financial Guidance:\n<\/p>\n