Sport MorphoSys share wins: MorphoSys exceeds forecasts for 2020 with sales and EBIT

12:46  02 march  2021
12:46  02 march  2021 Source:   finanzen.net

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Despite the corona pandemic, the biotech company MorphoSys performed better than it expected last year.

PHILIPPE HUGUEN/AFP/Getty Images © Provided by Finanz.net PHILIPPE HUGUEN / AFP / Getty Images

The MDAX company benefited from the share in the sales of the psoriasis agent Tremfya from the Danish partner Janssen.

According to preliminary calculations, the management now expects earnings before interest and taxes (EBIT) of EUR 27.4 million for the full year 2020, as announced to MorphoSys late on Monday evening. The target was significantly less at 10 to 20 million euros. At 327.7 million euros, sales are likely to be slightly above the upper end of the forecast range of 317 to 327 million euros.

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Sales are likely to have more than quadrupled compared to the previous year, after MorphoSys had made just under 72 million euros in 2019. In addition, the Bavarian company managed to make the leap back into the black in day-to-day business after four years of losses: In 2019, the EBIT was still a minus of just under 108 million euros on the books.

At the same time, MorphoSys stepped up its research and development efforts last year: The costs for this are expected to be EUR 141.4 million and thus slightly above the forecast range of EUR 130 to 140 million.

analysts reacted positively to the first key figures on Tuesday: The key data for sales and the operating result (EBIT) were above company targets and expectations, wrote Goldman analyst Graig Suvannavej. Barclays analyst Rosie Turner praised that the antibody specialist ended the previous year strong. On the stock exchange, MorphoSys shares recently climbed 2.55 percent to EUR 87.72 in early trading via XETRA. However, since its annual high at the end of January at almost EUR 102, the paper has lost around 16 percent of its value to date.

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The jump in sales last year was largely due to high prepayments from the US company Incyte, which had secured the sole marketing rights outside the US for the cancer drug Monjuvi. For the time being, however, the drug is only approved in the United States. Monjuvi is the first own product and the greatest hope of the German antibody specialist, who had only worked for other companies for a long time. In the USA, MorphoSys is marketing the drug together with its partner Incyte. According to the current information, MorphoSys received 22 million US dollars from this last year - the equivalent of around 18.5 million euros.

The blood cancer therapy was only approved in the USA in mid-August in combination with the drug lenalidomide as a so-called second-line therapy for a special blood cancer. In the few remaining weeks of the third quarter, the drug MorphoSys had already brought in more than four million euros. As a result, Monjuvi sales are likely to have accelerated further in the fourth quarter and were around 14 million euros.

MorphoSys had already raised its annual forecasts at the end of October due to the market launch of Monjuvi, and the Management Board had also justified its goals at that time with a higher share of the sales of the psoriasis product Tremfya. According to the preliminary calculations, these royalties are likely to have been 42.5 million euros last year - around 13 percent of group sales. The drug Tremfya from the Johnson & Johnson subsidiary Janssen is based on an antibody from MorphoSys.

MorphoSys plans to publish its final figures for 2020 on March 15. / tav / mne / stkPLANEGG / MÜNCHEN (dpa-AFX)

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