MorphoSys AG (FSE:MOR; NASDAQ:MOR) announces today an update of its financial guidance for 2021 after preliminary completion of the latest evaluation of MorphoSys' half year 2021 financial performance.
Based on the preliminary unaudited consolidated results for the first six months 2021, MorphoSys now expects Group revenues in the range of € 155 to € 180 million (previously: € 150 to € 200 million, provided on March 15, 2021 and reiterated on May 5, 2021). The updated revenue guidance primarily reflects updated Monjuvi (R) product sales expectations.
MorphoSys now expects Group operating expenses, which is comprised of R&D and Selling, as well as General & Administrative expenses, in the range of € 435 to € 465 million (previously: € 355 to € 385 million). R&D expenses now are expected to comprise 52 to 57% of Group operating expenses (previously 45-50%), excluding one-time transaction-related costs. The updated guidance for Group operating expenses mainly reflects the acquisition of Constellation Pharmaceuticals (Constellation), which was completed on July 15, 2021. The revised Group range also includes one-time transaction costs of € 36 million, related to the agreements with Constellation and Royalty Pharma.
As a result of the updated Monjuvi product sales expectations, the balance sheet position "Financial Liabilities from Collaborations, Net of Current Portion" is reduced from € 547.6 million (balance as of March 31, 2021) to € 445.9 million (balance as of June 30, 2021). The balance in "Financial Liabilities from Collaborations, Net of Current Portion", reflects an accounting view of expected profits from the net product sales of Monjuvi in the U.S. in the r/r DLBCL setting owed to our partner Incyte. The reduction in Financial Liabilities from Collaborations has no impact to cash.
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