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General information

Security Code Number: 663 200
ISIN (International Security Identification Number): DE0006632003
SE Code: MOR
Reuters: MORG.DE
Bloomberg: MOR:GR
Stock Exchange: Frankfurt, Germany (Prime Standard)
Index: TecDAX
1st Trading Day: March 9, 1999 (Neuer Markt)
Designated Sponsor/Market Maker: Oddo Seydler Bank AG
Total Shares Issued (May 31, 2017): 29.324.110

Stock charts

Share price performance

The MorphoSys AG share price started the reporting year at € 57.65. Shortly after the year began, the pharmaceutical and biotechnology shares experienced massive downturns with the NASDAQ Biotechnology Index falling as much as 28 %. MorphoSys shares suff ered disproportionately from this negative development and fell to their fi rst low for the year in February with a drop of almost 40 %. The shares tried to recover as the year progressed but remained volatile due to the industry’s negative news fl ow. Novartis’s announcement of disappointing results from a partner phase 2b/3 RESILIENT study with bimagrumab also hurt the MorphoSys share price. The shares began to regain strength with the announcement of positive phase 3 trial results with guselkumab and the corresponding regulatory approval submission by partner Janssen in the fourth quarter. A successful capital increase placed with selected institutional investors in November confi rmed the renewed confi dence in MorphoSys. The shares closed the fi nancial year at € 48.75 per share and a market capitalization of € 1.42 billion.

Although MorphoSys shares declined 15 % for the year, their performance was still within the benchmark range. While the TecDAX fell only 1 % for the year, the NASDAQ Biotechnology Index experienced a sharp decline of 22 %. Sentiment remained poor following some setbacks in major indications, such as Alzheimer’s disease, and in new technologies, such as CAR-T, and due to the ongoing debate on healthcare prices in the US.

 

Liquidity and Index membership

The average daily trading volume in MorphoSys shares for all of the regulated market’s trading platforms combined fell 35 % yearon- year to € 9.7 million (2015: € 14.9 million). The difficult trading year for biotechnology shares significantly discouraged investors from buying shares. The trading volume in shares traded on the TecDAX, the index for the 30 largest technology stocks on the Frankfurt Stock Exchange, also fell more than 11 % on average with the drop being attributed to the general uncertainty surrounding Brexit. By the end of 2016, MorphoSys ranked 11th in the TecDAX in terms of trading volume (2015: 8th) and 11th in terms of market capitalization (2015: 10th).

The average daily trading volume in MorphoSys shares on alternative trading platforms (“dark pools”) in 2016 was approximately € 4.4 million, or 103,700 shares (2015: approx. 89,800 shares valued at € 5.8 million), representing a year-on-year increase of 15 %.

 

Key data for the MorphoSys Share (As of December 31)

  2016 2015 2014 2013 2012
Total stockholders´ equity (in million €) 415.5 362.7 348.8 352.1 202.0
Number of shares issued (number) 29,159,770 26,537,682 26,456,834 26,220,882 23,358,228
Market capitalization (in million €) 1,422 1,530 2,027 1,464 685
Closing price in € (Xetra) 48.75 57.65 76.63 55.85 29.30
Average daily trading volume (in million €) 9.7 14.9 11.9 6.9 1.9
Average daily trading volume (in % of common stock) 0.78 0.87 0.65 0.59 0.38

MorphoSys’s share price was highly volatile during the reporting year. The year’s high of € 78 was reached on January 8, 2015 and the year’s low of € 52.52 was set in early November 2015. The main reason for the poor share price performance was the termination of the cooperation with Celgene. The shares closed the financial year at € 57.65, giving the Company a market capitalization of € 1.53 billion. MorphoSys’s share price performance lagged behind the performance of the benchmark indices, which increased 34 % (TecDAX) and 11 % (Nasdaq Biotechnology Index) in the 2015 financial year.

Stock Market Development

For global stock markets 2015 was a turbulent year. The DAX, Germany’s leading index, closed the year with sharp price gains for the fourth consecutive year. As in previous years, performance in Germany was supported by lower interest rates that offset the negative effects of falling oil prices and a slide in the Chinese stock market. After a six-year rally in the US Dow Jones Index that ended in 2014, US stock markets had to accept a decline in the 2015 reporting year.

MorphoSys’s investor relations activities in 2015 continued to target Europe and the USA. There continued to be tremendous interest in biotechnology shares from US investors.

Liquidity and Index Membership

In 2015, stronger interest in MorphoSys shares boosted their yearon- year average daily trading volume across all trading platforms in the regulated market to € 14.9 million (2014: € 12.0 million). The trading volume of the shares traded on the TecDAX, the index for the 30 largest technology stocks on the Frankfurt Stock Exchange, increased by almost 15 % on average. By the end of 2015, MorphoSys improved its standing in the TecDAX and was ranked 8th in terms of trading volume (year-end 2014: 9th). In terms of market capitalization, MorphoSys was ranked 10th (year-end 2014: 8th).

In addition, the average daily trading volume in MorphoSys shares on the alternative trading platforms (“dark pools”) in 2015 amounted to approximately 89,800 shares valued at € 5.8 million (2014: approx. 64,400 shares valued at € 4.6 million).

Common Stock

The exercise of 80,848 convertible bonds in 2015 prompted a rise in the Company’s common stock to 26,537,682 shares or € 26,537,682.00.

MorphoSys issued stock options and non-interest-bearing convertible bonds under its employee incentive program until 2010. In 2011, the Company introduced a performance-based long-term incentive (LTI) plan. The Company repurchases shares annually for this plan. A detailed description of this program can be found in the Corporate Governance Report contained in 2015 Annual Report. In April 2015, 40,425 performance shares were issued to the Management Board and the Senior Management Group under the LTI plan. Stock options were not issued to the Management Board, members of the Senior Management Group or the workforce in the reporting year.

Performance of the MorphoSys Share in 2015

Key Data for the MorphoSys Share

MorphoSys shares performed in line with the development of our pipeline and were extremely positive during the 2014 financial year. The shares rose to a multi-year high of € 86 and above in mid-December 2014. The market capitalization* of MorphoSys AG reached € 2 billion in September 2014. In December 2014, with the termination of one of three trials with the Alzheimer’s disease candidate gantenerumab by MorphoSys’s partner Roche, the share price declined until the year’s end by almost 12% from its highest level, but still gained 37% for the full year. Thus, MorphoSys shares outperformed the benchmark indices: During the same period, the TecDAX* rose 18% and the NASDAQ Biotech Index* increased 34 %.

Stock Market Development

The year 2014 was a turbulent year for the stock market, particu- larly in Europe. Economic fears dominated the eurozone and polit- ical uncertainties weighed heavily on the export-led German economy. The US stock markets, however, delivered an impressive performance during the reporting year due to strong economic data. In the US alone, there were nearly US$ 9.3 billion in proceeds from 106 IPOs executed by companies in the life science* industry (2013: US$ 7 billion, 52 IPOs). In 2014, as in previous years, the US market was a focus of MorphoSys’s investor relations activities due to strong interest in investing in biotechnology companies. *SEE GLOSSARY page 128

Liquidity and Index Membership

The average daily trading volume of MorphoSys’s shares across all trading platforms in the regulated market has nearly doubled in 2014 compared to the previous year, rising to € 11.9 million (2013: € 6.9 million). This development is associated with a higher inter- est in the stock and due to the increase in share price during the year. On the TecDAX, the index for the 30 largest technology stocks on the Frankfurt Stock Exchange, the trading volume of the average shares traded also grew more than 40%. MorphoSys was able to further consolidate its position in the TecDAX in 2014. By
the end of the year, MorphoSys ranked 9th in terms of trading volume (year-end 2013: ranked 11th) and ranked number 8 mea- sured in terms of market capitalization (year-end 2013: ranked 7th).
In addition, the daily trading average on the alternative trading platforms (“dark pools”) amounted to approximately 61,900 MorphoSys AG shares valued at € 4.4 million in 2014 (2013: ap- prox. 35,000 shares valued at € 1.6 million).

Common Stock

The Company’s common stock increased to 26,456,834 shares or € 26,456,834.00 in 2014. This increase resulted from the exercise of 235,952 convertible bonds.
Until the year 2010, MorphoSys issued stock options and non-in- terest-bearing convertible bonds under its employee incentive pro- gram. In 2011, this plan was converted into a performance share plan. The Company repurchases shares annually for this plan. A detailed description of this program can be found in the Corporate Governance Report of this Annual Report. In April 2014, 32,513 performance shares were issued to the Management Board and the Senior Management Group under the long-term incentive plan (LTI plan). For more information on this topic, please refer to the Notes (see section 7.3.4). During the reporting year, no additional stock options were issued to the Management Board, members of the Senior Management Group or the workforce.

Performance of the MorphoSys Share 2014

Key Data for the MorphoSys Share (31 December)

The extremely successful 2013 financial year for MorphoSys was also reflected in the development of the share price. In early October 2013, the share penetrated the 60 euro level, reaching a twelve-year high. The shares received a particular boost from the announcement of two collaborations for proprietary drug candidates: The signing of a global licensing agreement with GlaxoSmithKline for MOR103 in early June, and especially the strategic alliance with Celgene for MOR202, which was announced at the end of June, resulted in significant increases in the share price. By year end 2013, MorphoSys shares closed with a gain of 87 %. During the same period, the TecDAX rose 38 % and the NASDAQ Biotech Index rose 60 %.

Liquidity and Index membership

In 2013, the average daily trading volume of the MorphoSys share on all trading platforms more than tripled compared to the previous year, increasing 354 % to € 6.9 million. This development can be attributed to an increase in both the share price and the number of shares traded. In the TecDAX, the index of the 30 largest technology stocks on the Frankfurt Stock Exchange, the trading volume of the shares traded on average also increased by over 40 %. MorphoSys was able to continue to consolidate its position in the TecDAX and improve its position at the end of 2013: Measured by market capitalization MorphoSys took 7th place (year-end 2012: 12th place); based on trading volume, it held 11th place (year-end 2012: 14th place).

Common stock

The Company’s share capital increased in 2013 to 26,220,882 shares, € 26,220,882.00 respectively. The reason for this increase was the exercise of 551,438 stock options and convertible bonds as well as two capital increases from authorized capital:

As part of the alliance for MOR202, Celgene acquired 797,150 new shares at a price of € 57.90 per share, which corresponded to a premium of 5.0 % to the closing share price on 9 August 2013.

In September 2013, MorphoSys issued 1,514,066 new shares from authorized capital to international institutional investors at a price of € 55.76 per share. This share price corresponded to the closing price of the previous trading day, 18 September 2013.

Performance of the MorphoSys Share in 2013

(1 January 2013 = 100 %)

Performance of the MorphoSys Share in 2013

 

 

Key data for the MorphoSys Share

(as of 31 December of each year)

in € million (if not stated otherwise) 2013 2012 2011 2010 2009
Total Stockholders’ Equity 352.1 202.0 197.1 185.9 173.9
Number of Shares Issued (Total) 26,220,882 23,358,228 23,112,167 22,890,252 22,660,557
Market Capitalization 1.464 685 405 424 386
Closing Price (Xetra) € 55.85 29.30 17.53 18.53 17.04
Average Daily Trading Volume (in € million)1 6.9 1.6 1.8 1.1 1.3
Average Daily Trading Volume (in % of Share Capital) 0.59 0.28 0.38 0.26 0.34

1Figures from 2009 to 2011 only include trading on Xetra and German regional exchanges.

MorphoSys issued stock options and non-interest bearing convertible bonds under its employee participation program until 2010. In 2011, this was changed to a performance share plan. The company repurchases shares for this share plan. A detailed description of this program can be found in the Corporate Governance Report included in this Annual Report (pp. 78 to 86). In April 2013, 449,999 convertible bonds and 61,600 performance shares were granted to the Management Board and the Senior Management Group under the third long-term incentive program (LTI plan). Detailed information on this issue may be found in the Notes (see section 7). No further stock options were issued to the Management Board, members of the Senior Management Group, or the workforce during the reporting year.

The 2012 financial year was extraordinarily successful for MorphoSys. Based on excellent corporate development, MorphoSys was the second-best performer in the TecDAX*, with a share price increase of 67 %. In the reporting year, the share price reacted particularly well to positive news on proprietary drug development programs such as MOR103. The TecDAX increased by 18 % in the same period and the NASDAQ Biotechnology Index rose by 30 %.

In the USA capital market, sentiment towards biotechnology companies was especially positive, where biotechnology shares have been among the best investments over the last 18 months. The reason for this lies in rich development pipelines and various approvals – five out of ten of the top-selling drugs are now of biotechnology origin. MorphoSys therefore further expanded its investor relations activities in the US market during 2012.

The MorphoSys Share (1 January 2012 = 100 %)

Key data for the MorphoSys Share (as of 31 december of each year)

in € million (if not stated otherwise) 2012 2011 2010 2009 2008
Total Stockholders’ Equity 202.0 197.1 185.9 173.9 162.0
Number of Shares Issued (Total) 23,358,228 23,112,167 22,890,252 22,660,557 22,478,787
Market Capitalization 685 405 424 386 421
Closing Price (Xetra) € 29.30 17.53 18.53 17.04 18.75
Average Daily Trading Volume (in € million) 1.6 1.8 1.1 1.3 1.9
Average Daily Trading Volume (in % of Share Capital) 0.28 0.38 0.26 0.34 0.57

Liquidity and Index membership

In 2012, the average daily trading volume of MorphoSys’s stock slightly decreased to € 1.6 million, compared to an average daily trading volume of € 1.8 million in the previous year. On the TecDAX, the average number of shares traded sank by almost 50 %. However, MorphoSys further strengthened its position in the TecDAX index, which includes the 30 largest technology stocks on the Frankfurt Stock Exchange. At the end of 2012, the Company was able to improve its position based on market capitalization to 12th place (year-end 2011: rank 14) and its position based on trading volume to 14th place (year-end 2011: rank 20).

Recent voting rights notifications

Analysts

Institution Contact
Berenberg Ms. Klara Fernandes
Bryan Garnier -
Commerzbank Mr. Daniel Wendorff
Deutsche Bank Mr. Gunnar Romer
Edison Investment Research Limited Mr. Maxim Jacobs
EQUI.TS Mr. Thomas Schießle
Goldman Sachs Mr. Tim Woodward
HSBC Bank Mr. Stephen McGerry
Independent Research GmbH Mr. Bernhard Weininger
J.P.Morgan Cazenove Mr. James Gordon
Kempen & Co. Ms. Anastasia Karpova
Landesbank Baden-Württemberg Mr. Timo Kürschner
Oddo Seydler Research Mr. Igor Kim

 

Any opinions, forecasts, estimates, projections or predictions regarding MorphoSys’s performance made by the analysts are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of MorphoSys or its management. By providing the names of the analysts or certain information from them, MorphoSys does not imply its endorsement of or concurrence with their reports, conclusions or recommendations. MorphoSys assumes no liability for the accuracy of such information and undertakes no obligation to update it if it is not aware of changes.

 

American Depositary Receipt

MorphoSys AG has established a Level I American Depositary Receipt (ADR) Program. ADRs are negotiable U.S. certificates evidencing ownership of shares for a non-U.S. company. They enable U.S. investors to acquire and trade non-U.S. securities denominated in U.S. dollars. The Level I ADR Program will enable over-the-counter (OTC) trading of unlisted ADRs representing the MorphoSys AG stock.

The purpose of the Level I ADR Program is to encourage foreign investments into our stock through the U.S. over-the-counter market, especially in the U.S.

Description of the program:

Type of Program: Sponsored Level I ADR Program
Ratio: 2 ADRs = 1 ordinary share
U.S. Security Code: (Cusip) 617760103
Trading Symbol: MPSYY
Depositary Bank: The Bank of New York
Local Custodian Bank: BHF Bank
Bockenheimer Landstrasse 10
60302 Frankfurt am Main
Germany

Share Buy-Back

Share Buy-Back March 2016

The Management Board of MorphoSys AG announced on February 24, 2016 with the approval of the Supervisory Board the decision to repurchase its own shares over the stock market for a total purchase price of up to EUR 2.18 million (excluding ancillary costs). The share buy-back will take place between March 3 and March 10, 2016, and is based on the authorization of the Annual General Meeting on May 23, 2014. On the basis of the current share price (EUR 37.47; Xetra closing price as of February 23, 2016), the total purchasing volume amounts to up to 58,179 shares or 0.22% of the registered share capital of the Company.

The Company intends to use the shares for its long-term incentive programs for its Executive Board and the Senior Management Group, but the shares can also be used for all other legally permitted purposes stated in the authorization of the Annual General Meeting of 2014.

The relevant conditions of the shareholders' resolution passed in the Annual General Meeting 2014 on the authorization to acquire and to use its own shares shall apply. The purchase price paid per share may not be more than 10% higher or 20% lower than the Company's share price determined by the opening auction in the Xetra trading system on the day of trading.

The share buy-back has been handled independently of and uninfluenced by the Company through an appointed bank in compliance with the safe-harbor provisions.

The share buy-back program in 2016 was completed on March 4th. Thereby 52,295 shares in total were acquired.

 

Overview Share Buy-Back Program March 2016

Date Number of Shares Average Price in € Purchased Volume in €
March 3, 2016 13,043 42.483 554,105.77
March 4, 2016 39,252 41.421 1,625,857.09
Total 52,295 41.686 2,179,962.86