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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.
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Q2 2024 earnings summary29 Aug, 2024

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  • 2024 financial guidance for product sales revenue was revoked; no product sales expected this year.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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Frequently asked questions

MorphoSys AG is a commercial-stage biopharmaceutical company, which engages in the discovery, development, and commercialization of therapeutic antibodies for patients suffering from cancer and autoimmune diseases. It offers MOR101 for the treatment of acute lymphoblastic leukemia. The company was founded in 1992 and is headquartered in Planegg, Germany.

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