q3 2015 conference call - morphosys.de...actual results could differ materially from those included...
TRANSCRIPT
Q3 2015
Conference Call
© MorphoSys - Q3 2015 Conference Call
November 4, 2015
1
Safe Harbour
© MorphoSys - Q3 2015 Conference Call
This presentation includes forward-looking statements.
Actual results could differ materially from those included in the forward-looking statements due to
various risk factors and uncertainties including changes in business, economic competitive conditions,
regulatory reforms, foreign exchange rate fluctuations and the availability of financing.
These and other risks and uncertainties are detailed in the Company’s Annual Report.
2
Today on the Call
© MorphoSys - Q3 2015 Conference Call
Simon Moroney
CEO
Jens Holstein
CFO
Claudia Gutjahr-Löser
Head of Corporate
Communications & IR
3
The MOR Portfolio
© MorphoSys - Q3 2015 Conference Call
Program Indication Target Discovery Preclinic Phase 1 Phase 2 Phase 3
Unpartnered
MOR208 NHL
CD19CLL
ALL
MOR202 Multiple myeloma CD38
MOR107 Fibrosis AT2-R
Immuno-oncology program(Immatics)
Cancer Various
6 Programs Various Various
Co-development & co-promotion
MOR209/ES414 (Emergent)
Prostate cancer PSMA / CD3
MOR106(Galapagos)
Inflammation Undisclosed
Immuno-oncology program(Merck Serono)
Cancer Undisclosed
4
MOR208 – Multiple Studies Commencing
in 2015 and 2016
5© MorphoSys - Q3 2015 Conference Call
2015 2016 2017 2018*
NHL
DLBCL
CLL
ALL
Phase 2: MOR208 (12mg/kg) plus lenalidomide (N=80)
Phase 2: MOR208 mono
(N=92)
Safety evaluation leading into anticipated pivotal study
(12 mg/kg MOR208 plus bendamustine), N~320
Ph. 2 (ongoing OSU IIT): R/R & naive CLL & Richter’s Transformation, MOR208 (9mg/kg) plus LEN, N=50
Phase 2: MOR208 (12mg/kg) plus idelalisib, BTKi-failures, N=120
Phase 2 (St. Jude’s IIT): Pediatric ALL, MOR208 (12mg/kg) plus NK cells, N=13
*no outlook given beyond 2018
NEXT STEPS Phase 2 trial with LEN in 2nd line R/R DLBCL to start in Q4 2015
Phase 2 trial with IDE in CLL in BTKi-failures to start in Q1 2016
Phase 3 combo trial with BEN in 2nd line R/R DLBCL aimed to start in 2017
Update on NHL monotherapy planned at ASH 2015
Phase 3Phase 2
IIT
MOR202 – Updated Clinical Data
15th International Myeloma Workshop
6
*Updated data from 07 September 2015Data from patients in cohorts ≥ 5 who received > 1 treatment cycle
© MorphoSys - Q3 2015 Conference Call
Encouraging Activity and Long Lasting Tumor Control Already Demonstrated With Low Doses of MOR202
Progress in Partnered Programs
© MorphoSys - Q3 2015 Conference Call 7
MOR103/GSK3196165
Licensed to GSK. GSK is responsible for all development and
commercialisation of MOR103
BAROQUE (RA Phase IIb) ongoing, initial clinical read-out 2016
Potential for disease modification & analgesic activity in hand
osteoarthritis (HOA)
Phase 2 in HOA to start in 2016
Gantenerumab
Partnered program with Roche
Update from Roche at Q3 call
SCarlet RoAD and Marguerite RoAD will continue as open label
studies
Roche will explore higher doses of gantenerumab
BAY1093884
Partnered program with Bayer HealthCare
Start of phase 1 in hemophilia
Antibody targets the tissue factor pathway inhibitor (TFPI), a
major inhibitor of tissue factor-initiated blood clotting
Milestone payment received (Q4)
New Partnerships
© MorphoSys - Q3 2015 Conference Call 8
Partnership focusing on G-protein coupled receptors (GPCRs)
Innovative technology for production of GPCRs
Challenging target class to make antibodies against
Partnership provides access to new cancer targets
Access to intracellular cancer targets, which are presented as
peptides on cell surface
In feasibility study, antibodies against HLA-peptide complexes
were identified
The MorphoSys Pipeline
25 Clinical Programs, 104 Total
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Program Partner Target Disease Area Discovery Preclinic Phase 1 Phase 2 Phase 3
Bimagrumab (BYM338) Novartis ActRIIB sIBM (musculoskeletal)
Guselkumab (CNTO1959) Janssen IL23p19 Psoriasis
Gantenerumab Roche Amyloid-ß Alzheimer’s disease
MOR208 - CD19 ALL, CLL, NHL
MOR103/GSK3196165 GSK GM-CSF Inflammation
MOR202 - CD38 Multiple myeloma
BHQ880 Novartis DKK-1 Multiple myeloma
CNTO3157 Janssen - Inflammation
CNTO6785 Janssen - Inflammation
LFG316 Novartis C5 Eye diseases
LJM716 Novartis HER3 Cancer
BPS804 Mereo/Novartis Sclerostin Brittle bone syndrome
Tarextumab (OMP-59R5) OncoMed Notch 2 Solid tumors
VAY736 Novartis BAFF-R Inflammation
MOR209/ES414 Emergent PSMA/CD3 Prostate cancer
Anetumab Ravtansine (BAY94-9343) Bayer Mesothelin (ADC) Solid tumors
BAY1093884 Bayer TFPI Hemophilia
BI–836845 BI IGF-1 Solid tumors
NOV–7 Novartis - Eye diseases
NOV–8 Novartis - Inflammation
NOV-9 Novartis - Diabetic eye diseases
NOV-10 Novartis - Cancer
NOV-11 Novartis - Blood disorders
PF-05082566 Pfizer 4-1BB Solid tumors
Vantictumab (OMP-18R5) OncoMed Fzd 7 Solid tumors
MOR106 Galapagos - Inflammation
MOR107 (LP2) - AT2-R Fibrosis
Immuno-oncology program Merck Serono - Cancer
Immuno-oncology program Immatics - Cancer
6 MOR programs - - Various
90 Partnered Programs
13 MOR Programs
1 Outlicensed Program
Most advanced development stage
In addition, 26 partnered programs in pre-clinic, and 43 partnered programs in discovery
© MorphoSys - Q3 2015 Conference Call
Income Statement
© MorphoSys - Q3 2015 Conference Call 10
in € million* 9-Months 2015 9-Months 2014
Revenues 93.9 46.9 +100%
Operating Expenses
Research and Development# 53.1 40.8 +30%
General and Administrative 10.6 10.3 +3%
Total Operating Expenses 63.6 51.1 +24%
Other Income 4.5 0.4
Earnings before Interest and Taxes (EBIT) 34.7 (3.7)
Finance Income 2.3 1.4
Income Tax (Expenses)/Income (8.8) 0.3
Consolidated Net Profit/(Loss) 28.2 (2.0)
Diluted Net Profit/(Loss) per Share 1.07 (0.08)
* Differences due to rounding
# Split of R&D Expenses, in € million 9-Months 2015 9-Months 2014
Proprietary R&D Expenses (incl. Technology
Development)39.9 26.1 +53%
Partnered Discovery Expenses 13.2 14.7 -10%
Segment Reporting
© MorphoSys - Q3 2015 Conference Call
in € million* 9-Months 2015 9-Months 2014
Proprietary Development
Segment Revenues 59.9 11.5
Operating Expenses 38.0 24.2
Segment EBIT 26.5 (12.7)
Partnered Discovery
Segment Revenues 34.0 35.5
Operating Expenses 15.9 17.2
Segment EBIT 18.1 18.3
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* Differences due to rounding
Balance Sheet
© MorphoSys - Q3 2015 Conference Call
in € million* Sep 30, 2015 Dec 31, 2014
Assets
Cash, Cash Equivalents 26.6 32.2
Available-for-sale Financial Assets 75.8 106.0
Bonds, Available-for-sale 34.9 7.5
Financial Assets Classified as Loans and Receivables 166.4 157.0
Other Current Assets 16.5 19.6
Total Non-current Assets 102.3 104.1
Total Assets 422.5 426.5
Liabilities & Stockholders’ Equity
Total Current Liabilities 36.4 32.7
Total Non-current Liabilities 11.2 45.0
Total Stockholders’ Equity 374.9 348.8
Total Liabilities & Stockholders’ Equity 422.5 426.5
* Differences due to rounding
As of 30/09/2015, MorphoSys held liquid funds and marketable securities as well as other short-term
and long-term financial assets in the amount of €317.7 million (31/12/2014: €352.8 million)
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Financial Guidance 2015
© MorphoSys - Q3 2015 Conference Call
in € million Guidance 2015
Group Revenues 101 to 106
Proprietary R&D Expenses (incl. Technology Development) 56 to 63
EBIT 9 to 16
13
Q&A Session
Q3 2015 Conference Call
© MorphoSys - Q3 2015 Conference Call
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Thank You
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