MorphoSys AG (Frankfurt: MOR; Prime Standard Segment) today reported preliminary financial results for the full year 2003. The Company’s cash position amounted to EUR 23.2 million at yearend, up from EUR 19.1 million in 2002. MorphoSys also reported a positive cash flow from operations of EUR 5.8 million for the year. The Company reported revenues of EUR 15.3 million and total operating expenses of EUR 18.8 million for the year 2003. Net loss amounted to EUR 4.1 million, down from EUR 24.4 million, representing a decrease of 83%.
Revenues for the year 2003 amounted to EUR 15.3 million (2002: EUR 16.8 million). Revenue development was mainly affected by delays in deal signing and foreign exchange effects. Using constant exchanges rates, MorphoSys’ 2003 revenues would have been EUR 15.9 million. Total operating expenses decreased by 56% to EUR 18.8 million (2002: EUR 42.3 million). Cost savings arising from the Company’s restructuring efforts, the licensing and settlement agreements with CAT and XOMA and a related change in accounting estimate, all led to a substantial improvement of the operating loss. For the year 2003, operating loss decreased by 86% to EUR 3.5 million (2002: 25.5 million). EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization), excluding stock-based compensation, amounted to EUR 1.2 million, (2002: EUR -18.7 million). Mirroring this trend, the net loss for 2003 decreased by 83% to EUR 4.1 million (2002: EUR 24.4 million).
On December 31, 2003, MorphoSys had EUR 23.2 million in cash, cash equivalents and marketable securities, an increase of more than 20% compared to the end of 2002 (December 31, 2002: EUR 19.1 million).
All numbers reported are unaudited and preliminary. MorphoSys will publish its audited financial statements on February 26, 2004.
“Today’s results demonstrate the success of our restructuring efforts over the last twelve months, and represent an important achievement in our Company’s development”, commented Dave Lemus, Chief Financial Officer of MorphoSys AG. “With these efforts successfully behind us, we remain confident that we can achieve double digit growth rates in our revenues looking ahead”.
Revenues for the year 2003 amounted to EUR 15.3 million (2002: EUR 16.8 million). Revenue development was mainly affected by delays in deal signing and foreign exchange effects. Using constant exchanges rates, MorphoSys’ 2003 revenues would have been EUR 15.9 million. Total operating expenses decreased by 56% to EUR 18.8 million (2002: EUR 42.3 million). Cost savings arising from the Company’s restructuring efforts, the licensing and settlement agreements with CAT and XOMA and a related change in accounting estimate, all led to a substantial improvement of the operating loss. For the year 2003, operating loss decreased by 86% to EUR 3.5 million (2002: 25.5 million). EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization), excluding stock-based compensation, amounted to EUR 1.2 million, (2002: EUR -18.7 million). Mirroring this trend, the net loss for 2003 decreased by 83% to EUR 4.1 million (2002: EUR 24.4 million).
On December 31, 2003, MorphoSys had EUR 23.2 million in cash, cash equivalents and marketable securities, an increase of more than 20% compared to the end of 2002 (December 31, 2002: EUR 19.1 million).
All numbers reported are unaudited and preliminary. MorphoSys will publish its audited financial statements on February 26, 2004.
“Today’s results demonstrate the success of our restructuring efforts over the last twelve months, and represent an important achievement in our Company’s development”, commented Dave Lemus, Chief Financial Officer of MorphoSys AG. “With these efforts successfully behind us, we remain confident that we can achieve double digit growth rates in our revenues looking ahead”.