Based on the unaudited preliminary consolidated results for the first half of 2021, MorphoSys now expects Group sales of between 155 and 180 million euros (previously: 150 to 200 million euros, communicated on 15 March 2021 and reiterated on May 5, 2021). The updated revenue forecast primarily reflects the updated Monjuvi (R) product sales expectations. PLANEGG / MUNICH, GERMANY / ACCESSWIRE / July 26, 2021 / MorphoSys AG (FSE: MOR; NASDAQ: MOR) today announces an update to its financial guidance for 2021 following the preliminary completion of the latest assessment of the financial performance of the 2021 semester of MorphoSys.
Following the update of sales forecasts for Monjuvi products, the balance sheet position “Financial liabilities of collaborations, net of the current part” is reduced from 547.6 million euros (balance at March 31, 2021) to 445.9 million euros (balance as of 30, 2021). The balance of “Financial liabilities of collaborations, net of the current part” reflects an accounting view of the expected profits from the net sales of Monjuvi products in the United States within the framework of the DLBCL r / r due to our partner Incyte. The reduction in Collaborations’ Financial Liabilities has no impact on cash flow.
MorphoSys now expects the Group’s operating expenses, which include R&D and sales, as well as general and administrative expenses, to be between 435 and 465 million euros (previously: 355 to 385 million euros). ‘euros). R&D expenses should now represent 52 to 57% of the Group’s operating expenses (previously 45 to 50%), excluding one-off transaction costs. The updated forecast of the Group’s operating expenses mainly reflects the acquisition of Constellation Pharmaceuticals (Constellation), which was finalized on July 15, 2021. The revised range of the Group also includes non-recurring transaction costs of 36 million euros , related to agreements with Constellation and Royalty Pharmacy.
The story continues
Full results will be released as scheduled on July 28, 2021.
END OF AD HOC BROADCAST
About MorphoSysMorphoSys (FSE & NASDAQ: MOR) is a biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapies for people with cancer and autoimmune diseases. Based on its cutting-edge expertise in antibody and protein technologies, MorphoSys is developing its own pipeline of new drug candidates and has created antibodies that are developed by partners in different areas of unmet medical needs. In 2017, Tremfya (R) (guselkumab) – developed by Janssen Research & Development, LLC and marketed by Janssen Biotech, Inc. for the treatment of plaque psoriasis – became the first drug based on MorphoSys antibody technology to receive regulatory approval. In July 2020, the US Food and Drug Administration granted fast-track approval of the company’s proprietary product Monjuvi (R) (tafasitamab-cxix) in combination with lenalidomide for patients with a certain type of lymphoma. Based near Munich, Germany, the MorphoSys group, including 100% US subsidiaries MorphoSys US Inc. and Constellation Pharmaceuticals, Inc., has more than 750 employees. For more information, visit www.morphosys.com.
Information and explanation from the issuer to this news:
Monjuvi (R) is a registered trademark of MorphoSys AG. Tremfya (R) is a registered trademark of Janssen Biotech, Inc.
Forward-looking statements This communication contains certain forward-looking statements concerning the MorphoSys group of companies. The forward-looking statements contained in this document represent the judgment of MorphoSys as of the date of this press release and involve known and unknown risks and uncertainties, which could lead to the actual results, financial situation and liquidity, performance or achievements of MorphoSys. , or industry results, be materially different from historical or future results, financial conditions and liquidity, performance or achievements expressed or implied by such forward-looking statements. In addition, even if the results, performance, financial position and liquidity of MorphoSys, as well as the development of the industry in which it operates are consistent with these forward-looking statements, they may not be predictive of the results or developments. for future periods. Factors that may cause differences include the fact that MorphoSys’ expectations may be incorrect, inherent uncertainties associated with competitive developments, clinical trials and product development activities and regulatory approval requirements, dependence on MorphoSys collaborations with third parties, estimating the commercial potential of its development programs and other risks indicated in the risk factors included in MorphoSys’ annual report on Form 20-F and other documents filed with the Securities and Exchange Commission the United States. In view of these uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. MorphoSys expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations in this regard or any change in the events, conditions or circumstances on which such statement is based or which may affect the likelihood that results will differ from those set forth in forward-looking statements, unless specifically required by law or regulation.
For more information please contact:
Dr. Julia Neugebauer Senior Director of Investor Relations Tel: +49 (0) 89/899 27 179 [email protected]
Myles Clouston Senior Director of Investor Relations Tel: +1 [email protected]
SOURCE: MorphoSys AG
See the source version on accesswire.com: https://www.accesswire.com/657002/MorphoSys-AG-to-Update-Financial-Guidance-for-2021-and-Reduce-Financial-Liabilities
News Business Highlights
- MorphoSys AG to Update Financial Forecast for 2021 and Reduce Financial Liabilities
- Check out all the news and articles for business news updates.
Disclaimer: If you need to update / change this news or article, please visit our help center.