DGAP-News: MorphoSys AG
/ Key word(s): Forecast
07.01.2022 / 07:59
The issuer is solely responsible for the content of this announcement.
MorphoSys Reports Preliminary 2021 Monjuvi U.S. Sales and Provides 2022 Financial Guidance
– Preliminary 2021 Monjuvi U.S. net product sales of US$ 79.1 million (€ 66.9 million)
– Anticipated 2022 Monjuvi U.S. net product sales in the range of US$ 110 to 135 million
MorphoSys AG (FSE: MOR; NASDAQ: MOR) today reported preliminary Monjuvi(R) U.S. net product sales for the full year of 2021 and provided financial guidance for 2022.
Preliminary Monjuvi (tafasitamab-cxix) U.S. net product sales are US$ 23.6 million (€ 20.5 million) for the fourth quarter and US$ 79.1 million (€ 66.9 million) for the full year of 2021. Fourth quarter and full year 2021 results will be published on March 16, 2022.
“We are pleased that many patients have benefitted from Monjuvi since launch and we expect to see continued growth in 2022,” said Jean-Paul Kress, M.D., Chief Executive Officer of MorphoSys. “The updated structure of our 2022 financial guidance better reflects our business model and provides greater transparency to the investment community.”
Full Year 2022 Financial Guidance:
Additional information related to 2022 Financial Guidance:
– Tremfya royalties will continue to be recorded as revenue without any cost of sales in MorphoSys’ income statement. These royalties, however, will not contribute any cash to MorphoSys as 100% of the royalties will be passed on to Royalty Pharma.
– MorphoSys anticipates receiving royalties for Minjuvi(R) sales outside of the U.S. Guidance for these royalties is not being provided as MorphoSys does not receive any sales forecasts from its partner Incyte.
– MorphoSys does not anticipate any significant cash-accretive revenues from the achievement of milestones in 2022. Milestones for otilimab are passed on to Royalty Pharma. Milestones from all other programs remain with MorphoSys at 100%.
– MorphoSys anticipates sales of commercial and clinical supply of tafasitamab outside of the U.S. to its partner Incyte. Revenue from this supply is recorded in the “Licenses, milestones and other” category in MorphoSys’ income statement. These sales result in a zero gross profit/margin. As such, MorphoSys does not provide guidance for these sales.
– While R&D expense is anticipated to grow year-over-year due to investments in three pivotal studies, the growth is partially being offset by the consolidation of research/discovery activities.
– SG&A expense guidance range reflects savings from synergies following the acquisition of Constellation and streamlined commercialization efforts.
– Anticipated foreign exchange (USD/EUR) to impact operating expenses (R&D and SG&A) negatively by approximately 3%.
About Monjuvi(R) (tafasitamab)
In Europe, Minjuvi(R) (tafasitamab) received conditional approval, in combination with lenalidomide, followed by Minjuvi monotherapy, for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) who are not eligible for autologous stem cell transplant (ASCT).
Tafasitamab is being clinically investigated as a therapeutic option in B-cell malignancies in several ongoing combination trials.
Minjuvi(R) and Monjuvi(R) are registered trademarks of MorphoSys AG. Tafasitamab is co-marketed by Incyte and MorphoSys under the brand name Monjuvi(R) in the U.S., and marketed by Incyte under the brand name Minjuvi(R) in the EU.
XmAb(R) is a registered trademark of Xencor, Inc.
MorphoSys Forward-Looking Statements
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|Phone:||+49 (0)89 899 27-0|
|Fax:||+49 (0)89 899 27-222|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Nasdaq|
|EQS News ID:||1265870|
|End of News||DGAP News Service|