MorphoSys Posts Wider Loss In Q1; Reaffirms Guidance - Quick Facts

(RTTNews) - MorphoSys AG (MOR) recorded a wider loss year-on-year in the first quarter due to higher expenses mainly driven by increased R&D, selling and general & administrative expenses. Looking forward, the company reaffirmed its guidance for 2019.

First-quarter consolidated net loss was 22.7 million euros compared to a loss of 19.5 million euros, previous year. Loss per share was 0.72 euros compared to a loss of 0.67 euros. EBIT was negative at 23.6 million euros compared to a negative EBIT of 19.0 million euros, a year ago.

First-quarter Group revenues were 13.5 million euros, compared to 2.8 million euros, last year. Revenues for the first quarter of 2019 included 11.0 million euros for success-based payments received primarily from Janssen and I-Mab.

For 2019, MorphoSys continues to expect Group revenues in the range of 43 million euros to 50 million euros.

Simon Moroney, CEO of MorphoSys AG, said: "From now on MOR208 will be called tafasitamab. Rolling submission to the FDA continues according to plan, which could support a potential approval in the U.S. in mid-2020."