MorphoSys Reports Year End 2000 Financial Results

21-Mar-2001

MorphoSys (Neuer Markt: MOR) today announced its financial results for the full year 2000. As published on February 8, 2001, the Company adopted U.S. Securities and Exchange Commission`s Staff Accounting Bulletin 101 (SAB 101) in the 4th quarter 2000, and for comparability with previous years, has provided financial results including and excluding the impact of SAB 101.

Excluding the impact of the Company’s adoption of SAB 101, revenues for the year 2000 increased by 139 percent from € 5.5 mil. to € 13.1 mil. (from DM 10.7 mil. to DM 25.6 mil.) compared to 1999. The rapid pace of growth was due to the conclusion of eight new collaborations in the full year and was mainly driven by increased therapeutic antibody revenues. Net loss decreased by 40 % from € -3.8 mil. to € -2.3 mil. (from DM -7.5 mil. to DM -4.5 mil.) compared to the previous year. The loss per share decreased by 42 % to € -0.66 (DM -1.28) compared to € -1.13 (DM -2.22) in 1999.

Including the impact of SAB 101, revenues increased by 54 percent from € 5.5 mil. to € 8.4 mil. (from DM 10.7 mil. to DM 16.6 mil.). The Company will record a one-time, non-cash charge of € 3.2 mil. (DM 6.3 mil.), associated with the cumulative effect of change in accounting principle related to revenue recognized in prior periods. The continued investment in Research & Development as well as the establishment of a marketing subsidiary in the U.S.A. were the main driving factors for higher operating expenses, which increased according to plan from € 9.0 mil. to € 15.3 mil. (from DM 17.7 mil. to DM 29.9 mil.). Accordingly, the net loss for the year 2000 increased from € -3.8 mil. to € -9.2 mil. (from DM -7.5 mil. to DM -17.9 mil.). The loss per share increased to € -2.62 (DM -5.13) compared to € -1.13 (DM -2.22) in 1999.

Highlights of the year 2000 included:

- Conclusion of eight collaborations with companies including Centocor/Johnson&Johnson, Hoffmann-La Roche and BioGen

- Achievement of four milestones in existing collaborations with GPC Biotech, Hoffmann-La Roche and ProChon

- Foundation of MorphoSys U.S.A. Inc., North Carolina, a commercial office and the first MorphoSys subsidiary

- Admission for Dual-Trading at EASDAQ initiated by EASDAQ market makers

- Launch of the second HuCALÒ library, HuCAL-FabÒ

- Launch of a proprietary Phage Display Screening method, CysDisplayTM

- License agreements with Genentech and Biosite which round out the MorphoSys license portfolio

- HuCALÒ patent grant in Australia - the first of many grants within the HuCALÒ patent family, which are expected to follow

"The year 2000 was our best ever. We have made tremendous progress in all important fields of our business", commented Simon Moroney, Chief Executive Officer, MorphoSys AG. "On the commercial side, we added top partners to our collaboration list including Roche and Centocor. With the launches of our second library HuCAL-FabÒ and of our proprietary screening method CysDisplayTM, we continued to prove MorphoSys' power of innovation. Licence agreements with Genentech and Biosite and the first grant in our HuCALÒ patent family strengthen our intellectual property portfolio. All of these achievements provide an ideal platform for further growth."

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