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MorphoSys (MOR) investor relations material
MorphoSys Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Novartis completed a public takeover of MorphoSys, acquiring over 91% of shares and initiating a delisting and merger squeeze-out of minority shareholders at €68.00 per share.
MorphoSys sold all rights to tafasitamab to Incyte for $25 million, classifying the tafasitamab business as discontinued operations.
Biogen acquired HI-Bio, in which MorphoSys held an 11.5% stake, for $1.15 billion upfront and up to $650 million in milestones; MorphoSys received $128 million for its share.
Significant management and supervisory board changes followed the Novartis takeover, including new CEO and CFO appointments.
Financial highlights
Group revenues from continued operations rose to €62.2 million in H1 2024 (H1 2023: €50.9 million), mainly from royalties.
Research and development expenses increased to €134.8 million (H1 2023: €105.0 million); combined selling, general, and administrative expenses surged to €233.3 million (H1 2023: €35.5 million), driven by share-based payment acceleration and Novartis transaction costs.
Net loss from continued operations was €390.2 million (H1 2023: €85.3 million loss); total net loss including discontinued operations was €394.2 million (H1 2023: €118.4 million loss).
Cash and financial assets totaled €512.3 million as of June 30, 2024 (Dec 31, 2023: €680.5 million).
No product sales revenue expected for 2024 following tafasitamab divestiture.
Outlook and guidance
2024 financial guidance for product sales revenue was revoked; no product sales expected this year.
R&D expenses for 2024 are expected to be €205–225 million, mainly for pelabresib and tulmimetostat development.
Selling, administrative, and general expenses are forecast at €260–270 million.
Liquidity is secured by a €500 million shareholder loan facility from Novartis, ensuring operations for at least 12 months.
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