03.02.2006 14:10

Morphosys übertrifft sich selbst

Das Biotech-Unternehmen hat seine eigene Prognose in Sachen Umsatz und Gewinn geschlagen. Vor allem Meilenstein-Zahlungen durch Partner-Unternehmen haben der Jahresbilanz einen Schub verpasst.

Die Aktie des TecDax-Unternehmens ließ das vorläufige Jahresergebnis vom Morphosys am Freitag allerdings fast kalt. Die Titel lagen am Nachmittag nur rund ein Prozent im Plus. Dabei haben es die Gewinn- und Umsatzziffern durchaus in sich.

Die erst im Dezember noch einmal angehobene Gewinnprognose von 3,5 Millionen Euro wurde mit nun 4,7 Millionen Euro Ertrag deutlich übertroffen. Morphosys profitierte dabei nach eigenen Angaben von früher als geplanten erfolgabhängigen Zahlungen von Partner-Unternehmen aus der Pharmabranche.

"Meilensteine" durch Roche-Kooperation
Erst vor wenigen Tagen hatte das Unternehmen eine solche bevor stehende Zahlung von dem Schweizer Pharmariesen Roche in Aussicht gestellt. Der Konzern plant, mit einem von Morphosys bestimmten Antiköper zur Behandlung von Alzheimer in die klinische Erprobung zu gehen.

Das Geschäft mit der Erforschung von Wirkstoffen lief für das ehemalige "Neuer Markt"-Unternehmen im vergangenen Jahr über den eigenen Erwartungen gut. Auch die Umsatzprognose übertraf Morphosys. Die Erlöse lagen bei 33,5 Millionen Euro statt wie zuletzt geplant bei 31,5 Millionen Euro.

Akquisitionen sollen Umsätze ankurbeln
Ins laufende Geschäftsjahr blickt das Unternehmen nach den Worten eines Unternehmenssprechers "weiterhin sehr optimistisch". Dafür dass das Jahr 2006 noch erfolgreicher wird, als das abgeschlossene sollen auch die jüngsten Übernahmen sorgen: Vor genau einem Jahr war die britisch-amerikanische Biogenesis-Gruppe für 7,5 Millionen Euro erworben worden. Und erst vor wenigen Tagen hatte Morphosys gemeldet, die britische Serotec für insgesamt knapp 30 Millionen Euro kaufen zu wollen. Damit soll der Umsatz der eigenen Forschungsantikörpersparte langfristig mehr als verdreifacht werden.

Die Aktie von Morphosys hatte sich im vergangenen Jahr nach einem Kurssturz im Frühjahr nur moderat nach oben entwickelt. Das Börsenjahr 2006 lässt sich dafür umso besser an. Seit Anfang Januar hat die Aktie bereits rund 21 Prozent gewonnen.

AB  http://boerse.ard.de/content.jsp?key=dokument_146182<!-- Abspann -->

03.02.2006 17:55

MorphoSys AG: halten (AC Research)

Der Analyst Henning Wagener von AC Research empfiehlt weiterhin, die Aktien des Entwicklers und Vertreibers neuer Technologien für die Herstellung neuer Arzneimittel und die Entdeckung von neuen krankheitsrelevanten Zielmolekülen MorphoSys (Nachrichten/Aktienkurs) (ISIN DE0006632003/ WKN 663200) zu halten. Die Gesellschaft habe vorläufige Zahlen für das abgelaufene Geschäftsjahr 2005 veröffentlicht. Demnach habe das Unternehmen die Umsatzerlöse um 11,5 Millionen Euro auf 33,5 Millionen Euro steigern können. Der Jahresüberschuss habe gleichzeitig von 0,3 Millionen Euro im Geschäftsjahr 2004 auf nunmehr 4,7 Millionen Euro verbessert werden können. Die veröffentlichten Zahlen hätten über den Erwartungen der Analysten von AC Research gelegen. Auch das Management der Gesellschaft sei zuvor lediglich von einem Umsatz von 31,5 Millionen Euro und einem Jahresüberschuss von 3,5 Millionen Euro ausgegangen. Die über den Erwartungen liegenden Umsatzerlöse und Gewinne seien dabei auf früher als geplant erfolgte erfolgsabhängige Zahlungen in bestehenden Partnerschaften zurückzuführen gewesen. Die endgültigen und geprüften Zahlen für das abgelaufene Geschäftsjahr 2005 werde die Konzernleitung am 24. Februar bekannt geben. Nach Ansicht der Analysten von AC Research seien die weiteren Geschäftsaussichten ebenfalls positiv zu beurteilen. Dabei werde das Unternehmen vor allem auch durch Übernahmen wachsen. So habe die Gesellschaft erst vor rund drei Wochen die Serotec-Gruppe übernommen. Dieses Unternehmen werde 2006 voraussichtlich einen Umsatz von rund 11 Millionen Euro zum Umsatz von MorphoSys beitragen. Infolge dieser Übernahme werde die Gesellschaft in der Lage sein, ihre Umsatzerlöse in der Sparte Forschungsantikörper zu verdreifachen. Zudem habe das Unternehmen im Januar mit Chemicon einen globalen Antikörpervertrieb vereinbart. Beide Unternehmen hätten sich dabei zum Ziel gesetzt, 100 Forschungsantikörperprojekte pro Jahr über die dreijährige Vertragslaufzeit abzuschließen. Beim aktuellen Aktienkurs von 49,60 Euro erreiche die Gesellschaft eine Marktkapitalisierung von etwa 300 Millionen Euro. Das Unternehmen verfüge mit HuCAL-GOLD über eine hervorragende Antikörperbibliothek. Dabei habe die Gesellschaft in der Vergangenheit nachhaltig unter Beweis gestellt, dass diese sehr erfolgreich vermarktet werden könne. Daher rechne man auch in den kommenden Monaten mit dem Abschluss weiterer viel versprechender Kooperationen. Allerdings seien die weiterhin guten Geschäftsaussichten bereits ausreichend im aktuellen Aktienkurs eskomptiert. Die Analysten von AC Research empfehlen weiterhin, die Aktien von MorphoSys zu halten. Analyse-Datum: 03.02.2006

 

Erwartungen geschlagen, weitere Deals erwartet, kann Übernahmen aus Gewinn finanzieren, kann Technologie sehr gut vermarkten.

Wenn das mal nicht ne ganz glasklare Halteempfehlung ist. Hahaha. Irgendwann sollte man aber auch gekauft haben zum halten.......

 

MorphoSys übertrifft eigene Prognosen - 'Optimistisch für 2006'

MARTINSRIED (dpa-AFX) - Das Biotechnologie-Unternehmen MorphoSys strebt nach einem über den eigenen Erwartungen liegenden Gewinn- und Umsatzanstieg im Vorjahr auch 2006 ein zweistelliges Umsatzwachstum und schwarze Zahlen an. "Wir blicken weiterhin sehr optimistisch auf das laufende Geschäftsjahr" sagte eine Unternehmenssprecherin auf Anfrage. Damit bestätigte die Sprecherin am Freitag die jüngsten Aussagen vom Dezember.

MorphoSys hatte im vergangenen Jahr seine Gewinnprognose zweimal von ursprünglich 1 auf 3,5 Millionen Euro angehoben. Nach den vorläufigen Zahlen wurde mit einem Umsatz in Höhe von 33,5 Millionen Euro (VJ: 22,0) die Prognose von 31,5 Millionen Euro übertroffen, teilte MorphoSys am Freitag mit. Der Gewinn erhöhte sich unter dem Strich von 0,3 Millionen Euro im Jahr 2004 auf nunmehr 4,7 Millionen Euro.

Die 1992 gegründete MorphoSys hat dank der Zahlungen von Kooperationspartnern aus der Pharmabranche im abgelaufenen Geschäftsjahr deutlich mehr verdient und umgesetzt, als ursprünglich erwartet. Erst Ende Januar hatte die im TecDAX gelistete Gesellschaft aus einer Kooperation mit dem Schweizer Pharmakonzern Roche nach Aussagen aus Branchenkreisen einen einstelligen Millionen-Euro-Betrag erhalten.

AKTIE BAUT KURSGEWINNE NACH AUSBLICK LEICHT AUS

MorphoSys-Aktien bauten nach Aussage von Händlern ihre Kursgewinne nach dem Ausblick leicht aus und notierten zuletzt mit einem Plus von 0,98 auf 49,25 Euro. Das Ergebnis sei deutlich besser und der Umsatz etwas besser als erwartet, sagte ein Analyst in einer ersten Reaktion. Zunächst habe aber der Ausblick gefehlt. Das Biotechunternehmen zeigte sich dann optimistisch für 2006. Die Aktien bauten ihre Kursgewinne daraufhin aus.

Die höher als geplanten Umsätze und der daraus resultierende höhere Jahresüberschuss seien auf verschiedene Faktoren zurückzuführen, wie früher als geplant erfolgte erfolgsabhängige Zahlungen in bestehenden Partnerschaften, welche kurz vor Jahresende 2005 erreicht wurden, teilte MorphoSys weiter mit. MorphoSys wird seinen geprüften Jahresabschluss am 24. Februar 2006 vorlegen./ep/kro

Grüße
ecki

06.02.2006 13:19

MorphoSys AG: halten (Pacific Continental Sec.)

< script language=JavaScript src="http://maxmedia.rocoto004.webperoni.de/adserver/adjs.php?what=seb" type=text/javascript>< /script>Die Wertpapierexperten von "pacconsec.de" senken ihr Rating für die Aktien von MorphoSys (Nachrichten/Aktienkurs) (ISIN DE0006632003/ WKN 663200) von zuvor "akkumulieren" auf jetzt "halten". Die Gesellschaft habe vorläufige Zahlen für das abgelaufene Geschäftsjahr 2005 veröffentlicht. Demnach habe das Unternehmen in diesem Zeitraum die Umsatzerlöse um 52% auf 33,5 Millionen Euro steigern können. Der Nachsteuergewinn habe sich auf 4,7 Millionen Euro belaufen. Damit habe die Gesellschaft die eigenen Prognosen, die sich beim Umsatz auf 31,5 Millionen Euro und beim Nettogewinn auf 3,5 Millionen Euro belaufen hätten, übertreffen können. Die Planübererfüllung sei dabei durch früher als geplant erfolgte erfolgsabhängige Zahlungen in bestehenden Partnerschaften ermöglicht worden. Im Zuge der Veröffentlichung der erfreulichen Zahlen habe die Aktie am Freitag nur moderat profitieren können und sei mit einem Aufschlag von 1,4% auf 49,91 Euro aus dem Handel gegangen. Heute verliere das Papier sogar aktuell 0,5% an Wert und notiere bei 49,67 Euro. Die moderate Reaktion auf die veröffentlichten Zahlen sei damit zu erklären, dass aufgrund erfreulicher Neunmonatszahlen bereits mit einem Übertreffen der Planzahlen gerechnet worden sei. Insgesamt sehe man das Unternehmen weiterhin als sehr gut positioniert an. So verfüge die Gesellschaft mit HuCAL-GOLD über eine hervorragende Antiköperbibliothek. Dabei habe die Gesellschaft zuletzt oft unter Beweis gestellt, dass man in der Lage sei, diese Antikörperbibliothek erfolgreich zu vermarkten. Daher erscheine auch in den kommenden Quartalen der Abschluss neuer Kooperationen wahrscheinlich. Aus fundamentaler Sicht sei die Aktie nach dem Kursanstieg der vergangenen Wochen aber bereits fair bewertet. Die Wertpapierexperten von "pacconsec.de" senken ihr Rating für die Aktien von MorphoSys von zuvor "akkumulieren" auf jetzt "halten". Analyse-Datum: 06.02.2006

http://www.finanznachrichten.de/...ichten-2006-02/artikel-5955645.asp

Das MOR im FAK-Bereich per Aquise führender Anbieter in Europa und weltweit in der Spitzengruppe ist mit dicken Synergieeffekten, dashat der Analo irgendwie verpasst......

believe, become the leading dedicated supplier of research antibodies and antibody research technologies in Europe, and also
a rising global player, being in the top 20 worldwide. Serotec brings to MorphoSys a comprehensive catalogue comprising
more than 4,600 research antibodies and products, well-established sales channels, and a large existing customer base in the
academic and industrial communities.
Regarding management, there will be no change in the Executive Board, or Vorstand, of MorphoSys AG. The enlarged research
antibody unit will be headed, as before, by Dieter Lingelbach. The Serotec founders and current management will remain with
the organization and will have expanded roles in the combined unit. Our long-term goal in this area remains unchanged. We
believe that in vitro methods, such as our proprietary HuCal technology, will replace animal-based approaches as the means
of making antibodies for all applications. MorphoSys is leading this technological transition.
Combining the market presence of Serotec, a well-established antibody supplier, with our HuCal technology for generating
custom with competent antibodies, creates a unique business active in multiple segments. We aim to maximize the penetration
of HuCal antibodies in the research market. And we see strengthened sales and marketing as a key capability, complementing
our existing technological expertise. This was our main motivation in acquiring Biogenesis in 2005 and is also the basis for
today’s deal. It is also behind the worldwide licensing agreement we announced with Chemicon earlier this week. The acquisition
of Serotec is, therefore, a further step in the execution of our strategy.
The enlarged position will unite the existing Antibodies by Design and Biogenesis businesses, together with the Serotec Group,
under a single new brand called Antibodies Direct, or AbD for short. AbD will provide a unique offering to life science researchers,
a wide selection of antibodies from the combined catalogues of Biogenesis and Serotec, plus access to modern recombinant
antibody technology services from Antibodies by Design. In addition we intend to expand the catalogue offering by adding
new HuCal-derived reagents as we are already doing with Biogenesis.
Finally I want to emphasis that therapeutics will continue to represent the largest part of our business. From a revenue perspective
the existing therapeutics division and the new AbD unit will be closer in size than was the case in the past, but therapeutics
remains the larger of the two.
Strategically strengthening our research business achieves three things. First, it offers the prospect of new growth via increased
penetration of HuCal in the life science community. Second, it balances the companies risk/reward proposition. We retain the
huge upside potential that is provided by the many ongoing drug programs in our therapeutic business, and we diversify our
revenue base by growing sales in the research segment.
And third, strengthening our research antibody business is also good for our core therapeutics division. For example we’ve
seen at least one user in the pharmaceutical industry switch from being an Antibodies by Design customer, to a full therapeutic
partner based on satisfaction with the technology. HuCal lends itself ideally to this transition since it provides a seamless path
from a research reagent to a fully human optimized drug candidate.
With that I’d now like to hand back to Dave for the financial aspect of today’s transaction.

Dave Lemus - MorphoSys AG - CFO
Thank you Simon. You can see from the key figures of today’s deal this acquisition is somewhat larger than the Biogenesis [big]
deal we did at the beginning of 2005. In contrast to the Biogenesis deal, we decided this time to use a mix of both cash and
MorphoSys stock as consideration for the deal. The total purchase price is approximately £19.9m broken down as £14m cash
and the issuance of approximately 208,000 new MorphoSys shares from a capital increase. Post transaction, we will have about
30m in our bank. We expect shareholder dilution in this transaction to be minimal at approximately 3.5%.
For Serotec’s fiscal year 2005 we expect total revenue from Serotec to be about 11m. The Serotec Group is a profitable
company and we expect the deal will be accretive from 2007 onwards. We will provide you with detailed financial guidance for
2006 at our annual results conference on February 24. We estimate that the contribution to our revenue this year will be very
roughly about 11m. Viewed another way, the acquisition has the potential to more than triple the size of our research antibody
sales in this segment.
Beyond this we will treat this transaction to diversify our revenue streams. Serotec is headquartered in Oxford, England, and
has sales offices in the U.S., Germany, France and Scandinavia. Approximately 50% of Serotec’s revenues come from the
all-important U.S. market. The acquisition will, therefore, significantly increase our presence in these key markets. Serotec’s staff
of approximately 80 employees will join MorphoSys giving us a total headcount of approximately 240 employees post transaction.
With the transaction the expanded research antibodies unit will now become a more significant second pillar in the Company’s
overall strategy. Nonetheless, our therapeutic antibody programs, both for our own account and on behalf of partners, still
represent a majority of our business. In summary we see this acquisition as another important step towards of goal of establishing
HuCal as a technology standard in the research industry. That concludes our statement for this morning. I would now like to
open up the call to your questions.

Martin Possienke - Equinet Institutional Services - Analyst
Hi, good morning everybody. Just a couple of questions on financials, I am not sure that you will answer but I have to ask. Maybe
you can give us some historic revenue figures for Serotec, maybe for last two years or so? Then are there any acquisition-related
costs and which amount we have to assume there? Then you said Serotec is profitable, maybe in terms of an EBIT figure or an
EBIT margin, am I right to assume that it’s somewhere around 15% or so? And then lastly maybe, is it possible to use your tax
loss carried forwards or the tax loss carried forwards of MorphoSys for Serotec earnings? Thank you.

Dave Lemus - MorphoSys AG - CFO
Good morning. Okay, so in terms of historical sales numbers I think it’s easiest to characterize Serotec’s previous sales growth
as ranging from 8 to approximately 15% in the past. So on average somewhere around 10% sales growth. In terms of their net
income margins, that also has varied over the years, again that typically has ranged from somewhere around 10%, some years
it’s been a little bit more, some years slightly less.

Martin Possienke - Equinet Institutional Services - Analyst
That was net income?

Dave Lemus - MorphoSys AG - CFO
Yes. In terms of acquisition costs, we expect acquisition costs to come in at roughly about 900,000 for both the acquisition
costs plus the capital increase related to that acquisition. In terms of tax loss carried forwards, yes we do have tax loss carried
forwards which we think can be applied. That being said we have only a limited amount of those tax loss carried forwards which
can be utilized, because in Germany we obviously have this minimum taxation law that was recently passed, so that only some
of our tax loss carried forwards will be applied. But we do have tax loss carried forwards that can be used for several years
forward.

Martin Possienke - Equinet Institutional Services - Analyst
Okay. Thank you.

Thomas Schiessle - MIDAS Research - Analyst
Good morning gentlemen this is Thomas Schiessle, Frankfurt. A couple of questions, if I may, concerning the sales structure
and the production structure of Serotec. Could you please give us some more detail on the regional structure here in so far as
the 60% of total sales of the new company, the recently acquired company, are conducted in the U.S. Is there anything done
in Asia? The other question is concerning the overlay between your running business and the newly acquired business, how
will you manage to merge those two businesses? And the third question on sales, is there any huge product in the offering of
Serotec? Is this a special catalogue business? Thank you.

Simon Moroney - MorphoSys AG - CEO
Hi Thomas, this is Simon. First of all in terms of the sales split, what we mentioned was that approximately half of their sales
come from the U.S., the number I believe is right around 45%. Otherwise the company is headquartered in the U.K. but also has
sales offices in France, in Germany and in Scandinavia. And the second largest area for sales is in Europe. They operate in other
geographies through a network of distributors and though that network of distributors have significant level of sales in Asia,
which of course, is predominantly Japan. But that’s the lesser of the three geographical areas in terms of sales.
In terms of your question about overlaying the two businesses, that’s something that hasn’t been completely and fully decided
yet, exactly how we do that. Obviously we are looking at sites and we are looking at functions in those sites. And decisions on
those issues will be made in the coming weeks and months.
You asked about whether they have a single large product. Serotec is a supplier of an important antibody for a kit for influenza
B, that is an FDA-approved kit that is sold by a third party, and that is actually a very substantial product for them. However, the
bulk of their sales, apart from that product, are basically catalogue-driven sales of research antibodies to the life science research
community.

Thomas Schiessle - MIDAS Research - Analyst
Thank you.

Patrick Fuchs - DZ Bank - Analyst
Hello everybody. I have a question regarding the sales and earnings development of Serotec. You mentioned the average of
the last years, but at least one acquisition that we saw on the market clearly showed a trend that the target which was very
similar to Serotec that there was a stagnating -- a trend towards stagnating sales and to declining earnings, which could at some
point, point to problems of the sector. Could you give us more details on that, where you see the trend at -- or where you saw
the trend at Serotec the last years, the last two years or so?

Simon Moroney - MorphoSys AG - CEO
Yes Patrick, good morning this is Simon.

Patrick Fuchs - DZ Bank - Analyst
Hi Simon.

Simon Moroney - MorphoSys AG - CEO
As mentioned historical growth has been in the 10 to 15% range. There is a lot of variability in this market. I think some companies
have struggled there are other companies which are growing extremely rapidly. A recently example is AbCam, of course, which
went public in London within the last few months, growing extremely rapidly.
We see ourselves, in our Antibodies by Design business, growth rates of well over 50%. So there is no question in my mind, that
there is good attractive growth in this sector. And the trick is really to identify the products that sell well and that offer those
growth opportunities. And if you are successful in doing that then the growth is there and the margins are there as well.
We’ve been very impressed with Serotec as a company, since getting to know them. I think they’ve demonstrated over the
years how to make a success in this business. They’ve developed an extremely good reputation in the industry for quality and
customer service. And we are looking to build on that going forward. And we believe, as I say, that there is sufficiently strong
evidence of good growth in the market that it is not only an attractive market to be in per se but also, of course, and this is the
main reason why we are here, that there is a golden opportunity to transition away from the traditional animal-based products
to modern in vitro derived products, such as those that come out of the HuCal technology. And we are really playing the leading
role in that transition, and we intend to continue doing that.

Patrick Fuchs - DZ Bank - Analyst
A last question regarding on -- the business pillars of your company. Can the heavy expansion of the Antibodies by Design
business by this acquisition be seen as a first sign that you might not heavily enlarge your internal [track] development programs?
Or even cut them in order to get a focus on the biotech supply and the catalogue and custom antibody business, plus your
pharma co-operations? Because building up inside development capabilities for sure binds money and [force]?

Simon Moroney - MorphoSys AG - CEO
It’s specifically for that reason that we emphasise during the statement that the therapeutic side of our business will continue
to be the largest part.

Patrick Fuchs - DZ Bank - Analyst
No, I mean not the therapeutic side, I mean in the internal track development program that you have with MOR101, MOR102,
MOR103?

Simon Moroney - MorphoSys AG - CEO
Yes and I was just going on to say that we see those internal programs, the MOR programs, as an integral part of our therapeutic
-- of the therapeutics division. We’ve said previously, on a previous call, that we will provide better information about the status
of those programs at our year-end press conference on February 24. But you should not for a minute interpret that in growing
the research antibody side of our business, that that’s a sign that we intend to move away from proprietary products, that’s not
the case.

Patrick Fuchs - DZ Bank - Analyst
Okay. Thank you.

Hanns Frohnmeyer - Landesbank Baden-Wurttemberg - Analyst
Hi good morning. I have a question on the potential synergies you have by changing the old antibodies in the catalogues and
changing to your new HuCal system antibodies. So I am just curious how you want to manage that by 4,000 -- more than 4,000
antibodies to come to use more and more your HuCal technologies. How long you think will this transition phase pass? Or do
you plan to keep most of the antibodies in their animal background?

Simon Moroney - MorphoSys AG - CEO
Okay, of course, what we are certainly not going to do is we are not going to make 4,600 new HuCal antibodies to replace those
existing antibodies. Many of those antibodies, of course, are small sellers and there would be no financial justification whatsoever
for replacing them.
But the way to look at this is more that as we make new antibodies, increasingly those will be HuCal antibodies. So that over
time the weight of -- or the split between HuCal-derived antibodies and animal-derived antibodies will move in favor of HuCal.
And, of course, we’ll start with those opportunities where we see the greatest opportunities for growth and margin, and focus
on those first. So it will be a gradual process that will result over a perhaps three to five to seven year period, and the catalogue
being switched entirely.

Hanns Frohnmeyer - Landesbank Baden-Wurttemberg - Analyst
So for example your -- what you mentioned this FDA-based kit, you can’t switch directly?

Simon Moroney - MorphoSys AG - CEO
Well, we are actually in discussion with the seller of that kit on specifically that point. We believe we can. And the attraction of
doing that would be that we increase the margins significantly if we can produce a HuCal antibody that could be a component
of that kit. In addition, of course, we are always looking for opportunities to make a superior antibody. And this is one of the
main advantages of HuCal that you can actually think about an antibody of superior affinity, specificity and so on, which could
make the end product, the end kit in this case, an even superior product.

Hanns Frohnmeyer - Landesbank Baden-Wurttemberg - Analyst
Thank you. Maybe one left, a follow-up. Could you give us a feeling about your possible development of the cogs now with this
acquisition?

Dave Lemus - MorphoSys AG - CFO
In terms of cogs, you might recall that the cogs line of the Group financial statements really represents the cost of goods
associated only with the research antibody segment. What it means now with this acquisition, now that the acquisition of
Serotec will now represent almost now third of total Group revenues. We would expect that the cogs line to increase. But that
again it wouldn’t affect, we think, the net income. We think that the effect on our net income will be accretive in 2007.

Hanns Frohnmeyer - Landesbank Baden-Wurttemberg - Analyst
Okay. Thank you.

Thomas Schiessle - MIDAS Research - Analyst
Thank you. A follow-up on the statement of profit contribution by Serotec. Why does the profit contribution runs in not before
’07? Are there integration costs and, if so, how much will be the amount of the integration costs? Another question would be
on strategic issues. Do you feel or is this acquisition the major step in reaching the critical mass of the catalogue business and
the antibody business? Thank you.

Dave Lemus - MorphoSys AG - CFO
Okay. In terms of why we are cash accretive from 2007 onwards, the answer is yes, we expect that there will be some costs
associated with the integration of the two companies. As Simon alluded to previously in his speech that we expect synergies
not only in the revenue side, but also on the cost side. You could imagine there could be some room for consolidation of sites,
there is some overlap in the organizations. Again we are not in a position to exactly quantify what that might be. Today that
review is still ongoing, however we expect that we should be able to quantify exactly what those costs should be around the
time of our annual release which we do on February 24.
In terms of the question relating to critical mass, we think that achieving the number one spot in Europe is a good step. That
being said we think that there is substantial scope for the business to continue to grow. That MorphoSys has a technology
which can transform this sector. And we think that in line with that we’d like to be a global player. So in that vein we don’t rule
out further growth, of course, not only organically but also inorganically.

Thomas Schiessle - MIDAS Research - Analyst
Follow-up on that, did you -- by acquiring Serotec did you gain some major customers, some major pharmaceutical groups into
your offering?

Simon Moroney - MorphoSys AG - CEO
Thomas, I referred to the influenza B product for which Serotec is a major supplier to a third party seller of that diagnostic kit.
The bulk of the remainder of the sales, as is typical in this market, and of research antibodies are of course widely spread across
the entire life science community. So their business is different from, for example, the MorphoSys [pharma] and therapeutic
business, where we have, as you know, several major partnerships with leading pharmaceutical companies. This is inherently
a different business and, therefore, they have a much, much larger customer base where, of course, the individual orders are
rather smaller.

Thomas Schiessle - MIDAS Research - Analyst
Is there any problem concerning integration of IT?

Dave Lemus - MorphoSys AG - CFO
Based on the integration which we had with Biogenesis, I am responsible for IT in the organization, and I would actually say
that that was one of the smoothest areas of integration that we had between the two companies. So based on the experience
of Biogenesis and the review that we’ve done during the due diligence process, I would say no.

Thomas Schiessle - MIDAS Research - Analyst
Wonderful. Thank you.

Simon Moroney - MorphoSys AG - CEO
Thank you. In closing I’d like to remind you all of the main message to take away from today’s call. And that is that this
announcement represents a major step forward in the execution of our strategy to establish the HuCal technology in the research
antibody market. Together with Serotec, MorphoSys becomes Europe’s leading dedicated supplier of research antibodies and
research -- and antibody research technologies. We also become a very significant player on the world stage, with a unique
offering.
That concludes the conference call. Thank you all for your participation. Should any of you like to follow up with us we’d be
more than happy to talk to you individually. Since we are in London today, we would ask that you direct your calls through the
MorphoSys switchboard in Munich. Thank you again and goodbye.  

This is evidence of the depth of our partner's therapeutic pipeline, which is itself a validation of our strategy of entering multiple high quality antibody partnerships. In addition to this strong operational performance we have made considerable progress in the areas that are of strategic importance for the Company, as I will describe.

The highlight of the quarter was our deal with Eli Lilly. This deal came together with full and final settlement of an ongoing dispute with AME, a fully owned subsidiary of Lilly. Under the terms of the deal we have granted Lilly a license to our HuCAL GOLD technology for their in-house R&D activities. This license also comprises options for Lilly to develop a number of HuCAL antibodies as therapeutics, and obviously we hope that this will result in growth in our partnered pipeline.

In addition we have established fixed terms under which Lilly may gain access to research antibodies from our Antibodies by Design unit. In return, we and our partners have freedom to operate under the [Kaufman patent]. We are delighted to have achieved an outcome, which not only provides additional business opportunities for us, and our two main business areas, namely Therapeutic and Research Antibodies, but simultaneously brings to an end the only ongoing litigation that we had.

Our core business based around partnered therapeutic projects continues to perform strongly. Altogether some 28 partnered therapeutic antibody projects are currently ongoing. This is to be compared with the 24 that were active at the start of this year. The expansion of this partnered pipeline is at the heart of our strategy. By delivering optimized fully human antibodies against a range of targets to quality partners, we maximize the probability that product based on our proprietary technology will come to market, and thereby maximize the value we extract from the technology.

Progress was announced from our two biggest partnerships, namely Centocor and Novartis. With Centocor we initiated a new program against an inflammatory target, under the December 2004 extension of our deal. With Novartis we hit the first of what we hope and expect to be many milestones, when we delivered an optimized HuCAL antibody against the cancer-related target molecule.

The deal that we announced with Shionogi marked our first [high double] deal in the Japanese market. Here we are delighted to highlight the contribution of our marketing partner, [Jin Frontier] Corporation, who played a key role in supporting our Business Development team and making the deal a reality. The Shionogi announcement came less than a year after we signed up with Jin Frontier. We hope and believe that this will be the first of a number of business deals in an important Japanese market.

As already announced during the Q2 conference call we appointed Robert Friesen to the position of Director of Pre-Clinical Development. Robert came to us from [break in audio] program and drive the execution of those plans. In this regard we expect in the near future to finalize the plan for the future of the three main programs, MOR102 and MOR103, which are HuCAL antibodies for inflammatory diseases, and MOR202, a HuCAL antibody for cancer.

Our overall strategy with respect to these programs has not changed. Mainly to secure value through the further development with a qualified partner. In this regard discussions are ongoing and I do not want to comment further on these discussions at this stage. We hope to be able to communicate -- to provide a comprehensive update of the proprietary portfolio as a whole, no later than our year-end results conference in February of next year.

The excellent performance in the Therapeutics area compensates for some lag in our other main area, namely the Research Antibodies unit comprising Antibodies by Design plus the acquired Biogenesis companies. While we continue to see good uptake in our services and products, the growth on that uptake has not been at the rate that we anticipated when we acquired Biogenesis. As Dave will describe shortly, the result for this unit in isolation has come in somewhat short of where we expected. The state of the difference is not enough to make an impact on the Company as a whole.

Most importantly we are encouraged by the increasing awareness of HuCAL in the research and antibodies market, and remain convinced by the logic behind this business unit, and its potential to help maximize the use of our proprietary technology in the life science community.

Before handing over to Dave I am delighted to pick up on a second announcement that we made today, namely the appointment of a new Chief Scientific Officer. Effective November 1, of this year, Dr. Marlies Sproll will join the Vorstand in this position. Marlies has been with us for five years having come from positions at Boehringer Ingelheim and [E] Merck.

In searching for this position we have conducted a comprehensive survey of potential candidates. The survey convinced us that in Marlies we have someone who combines, in an ideal way, a deep understanding of therapeutic antibodies, much of which comes from her time at BI and Merck, conversance with the HuCAL platform and an enormous level of trust and respect both within the Company and from our strategic partners. On behalf of Dave I look forward to Marlies joining the Vorstand of MorphoSys and to working with her in the years ahead.

That concludes my review of the quarter. I'd now like to hand back to Dave for his review of the financials.

DAVE LEMUS: Thank you Simon. To begin the financial analysis I'll start with revenues. Revenues grew by 52% in the first nine months of 2005, to E23.8m compared to E15.7m in the same period of last year. Reasons for the increase included new deals signed in 2004, success based payments from existing collaborations in 2005 and the effects of consolidating Biogenesis into our accounts in 2005.

Revenues arising from the Therapeutic Antibody segment accounted for 87% or E20.7m of total revenues for the first nine months of 2005. That compares to E16.4 - sorry that total comprises E16.4m funded research and paid license fees, and E4.3m or 21% of success and/or milestone fees.

The Research Antibody segment comprising MorphoSys's Antibodies by Design unit, and the Biogenesis Group companies in the U.S. and the U.K., generated 13% or E3.1m of total revenues. The Biogenesis Group contributed E2.2m in revenues or 71% of total segment revenues. Antibodies by Design contributed the remaining third or E0.9m of total Research Antibody segment revenues.

We move on to costs of goods sold. COGS only arise in the Research Antibody segment. COGS rose significantly in 2005 compared to 2004, rising from E0.7m to E1.9m. The main reason for the increase was the inclusion of the Biogenesis Group companies profit consoled in the Group accounts in the current year which amounted to E1.1m of the total.

For the first nine months of 2005 total other operating expenses, including stock-based compensation, increased by 30% to E18.1m. The total increase in operating expense of E4.2m was mainly due to higher personnel-related and material costs, in conjunction with new collaboration as well as increased intangibles expenses. The acquisition of the Biogenesis Group companies had the effect of increasing other operating expenses by E1.2m.

In line with this increase costs for Research and Development increased to E9.9m compared to E8.2m in the same period of the previous year. The increase of E1.7m resulted mainly from higher success-based license fees, as well as the effects of payments due under the Eli Lilly cross-licensing agreements signed in the third quarter of 2005.

Higher personnel costs and materials expenses resulted from new co-operations signed. Sales, general and administrative expenses increased by E2.4m to E7.4m. This resulted mainly from higher personnel costs, due to the contribution of Biogenesis, as well as increased costs for external marketing and legal services. Biogenesis total contribution to sales, general and administrative expenses amounted to E1m for the first nine months of 2005.

Stock-based compensation, in the amount of E0.9m for the first nine months of 2005, remained almost unchanged compared to the previous year. MorphoSys' investment in plant, property and equipment, or CapEx, amounted to E0.4m for the first nine months of 2005 compared to E1.2m for the same period of the prior year. Last year's CapEx was heavily impacted by investment into the Antibodies by Design automation facilities, which are now largely finished. Hence the reduction of CapEx in 2005.

Depreciation for the first nine months of 2005 accounted for E0.6m compared to E0.5m in the same period of the previous year. Non-operating expenses summed to zero compared to a non-operating loss of E0.2m in the same period of the previous year.

The interim short-term investments in the amount of E0.5m and tax benefits in the amount of E0.2m were offset by losses from foreign exchange in the amount of E0.5m and interest expenses from the category in the amount of E0.2m.

For the first nine months of 2005 the Company presented an operating profit in the amount of E3.8m compared to an operating profit of E1.2m for the first nine months of 2004. A net income of E3.9m resulted for the first nine months of 2005, compared to E1.0m in the same period of the previous year. The resulting diluted net profit per share for the entire MorphoSys Group for the first nine months ended September 30, 2005, amounted to E0.67 per share, compared to E0.18 per share in the same period of the previous year.

At September 30, 2005 the total amount of shares issued was approximately 6 million shares compared to 5.4 million at December 31, 2004 but [inaudible] the capital increases in the first quarter of this year, approximately 68,000 shares created as a result of exercises out of equity incentive schemes.

In terms of liquidity at September 30, 2005, the Company held E50m in cash and cash equivalents, compared to E37.2m at December 31, 2004. That concludes the financial analysis.

Now before I move on to the financial outlook for the remaining year, I would like to spend just one minute talking about the integration of the Biogenesis Group, acquired in January of this year.

We are happy to announce that by the end of the third quarter 2005, substantially all integration related to the acquisition of Biogenesis has now been accomplished. A few examples. Biogenesis' Antibodies by Design have now merged all marketing and commercial activities into each other. Importantly the combined companies have now been included -- have now been organized along three market segments. These three segments include the Custom Monoclonal Antibody market, Custom Monoclonal antibodies are generated in Munich by Antibodies by Design, using HuCAL, the global clients of both companies. In the second segment Biogenesis provide a comprehensive catalogue of antibody products. This serves as a potential portal for other segments of the business, not to mention as a business in its own right.

The factor in the last months the combined companies have started in-house catalogue projects against novel targets. For example in the area of bone metabolism. A first set of HuCAL derived antibodies were very recently added to the Biogenesis catalogue, and are presently being tested with industrial customers.

Last, but certainly not least, is a contract manufacturing business, where antibodies are produced and scaled from 10mg to 10g on behalf of customers.

The bottom line about any integration is financial impact. On this note, to date, the merger has allowed Biogenesis to secure more than E200,000 of business revenue-related synergies using HuCAL already in 2005, and added numerous new customers to the MorphoSys research antibody customer roster, which have the potential to provide future revenue growth for the combined businesses. In upcoming calls we hope to update you regarding further developments about how the combined unit is progressing.

Now to the outlook. As is typical during our conference calls, we like to take the opportunity to update our financial guidance. At the beginning of this year we estimated that revenues would come in at roughly E30m. This number remains our best estimate of annual revenues for this year. That being said, we see potential upside to the numbers if certain milestones take place before the year end. However, as these milestone events are not in our control, and past experience has shown that these -- timing around these milestones is very difficult to estimate, we choose to remain with our E30m target revenue for the year until we have more clear visibility on these events.

Relating to segment revenues, we expect to see a slight out-performance of sales on the Therapeutic Antibody segment, but more specifically we see approximately E26m versus the original E25m as likely.

This over-performance is balanced however by the slight underperformance of expectations on the Research Antibody segment side of the business, which we now expect to come in at roughly between E4 and E4.5m below the originally planned E5m which we set as a target for the segment at the year's beginning.

On this note, we had originally hoped, shortly after the acquisition at the beginning of the year, that the entire unit would break even for the year prior to corporate allocations. On the back of the unit's performance to date, and the inclusion of amortization related to the purchase price allocation performed in the summer, we have to scale this ambitious target back to an operating loss of approximately E1.25m for the full year.

Total operating expenses prepared to the beginning for the MorphoSys Group are E29m. Assuming a revenue level of E30m, we believe that there is scope for reducing our total operating expense estimate today down by E1m, so that a total operating expense at E28m for the year will result.

Reasons for the decrease in expense are various, and include among other reasons 2004 legal provisions being higher than the 2005 actuals. Lower stock-based compensation expense estimates due to forfeitures of stock options and lower product development expenses. The impact of this change is that we would estimate year-end profitability to rise by E1m to E2m. Although we show profit of over E3m in the first nine-month figure, we allow ourselves room in Q4 for expense provisions related to further proprietary product development expenses as well as possible M&A expenses.

Additionally, as I mentioned before, the Q4 numbers have a high proportion of success-based payments from partners compared to other quarters. Should these activities I just mentioned not materialize as we plan on the expense side, and revenues attain the level we expect for the quarter, then there may be further scope for expense reductions beyond that which we have announced today.

That concludes our financial analysis for the first nine months of 2005. We would now like to open the call up to your questions.

THOMAS SCHIESSLE, ANALYST, EQUITIES GMBH: Yes, this is Thomas Schiessle from Equities GmbH, hi gentlemen.

SIMON MORONEY: Good morning. Hi Thomas.

THOMAS SCHIESSLE: Ah wonderful, so the line is open. Good morning Dave, good morning Simon. One question on the Antibody by Design, what has been the reason for this lack in dynamism in the overall business with this Antibody business? Is the question of integration the main issue? Or is it the overall market? Thank you.

SIMON MORONEY: Okay, when you talk about lack of dynamism, it's important to bear in mind that this is all relative. Especially if you look at the core customs Antibodies by Design segment itself, that business is currently growing at 80%. So for any business that is growing that fast, it's not that easy to be precise in making projections about how fast it's going to grow in a particular time period.

Our original estimates have turned out to be somewhat higher than reality, and that's the reason for the discrepancy. However, we still see very strong growth, very rapid growth, and as I've mentioned importantly, increasing awareness in the market place for this new technology which is only just getting a foothold remember. This is a completely new technology in a well established marketplace. So the issue is really nothing to do with integration of Biogenesis, which we feel has been successfully accomplished, but much more to do with, a little bit the unpredictability of forecasting a very rapidly growing business segment.

THOMAS SCHIESSLE: Yes -- my record work is correct. Antibody by Design has the run rate of approximately 300,000 per quarter, will there be an uptake in activity with this business unit in the future? Or is this the run rate we should put into our spreadsheets for the quarters to come?

SIMON MORONEY: We expect it to grow. If you look at this year it will, we believe, come in at about 1.3 for the year as a whole. Remember it was at about 800,000 last year. We are seeing rapid growth here and we are seeing no reason why that growth should diminish in the years ahead. The challenge for us always is to estimate as precisely as we can how fast that growth will be, but we still see it as being a very attractive and a very rapidly growing segment of the business.

DAVE LEMUS: Maybe if I could just add to that, I would fully support Simon's comments that for the year ahead and the years ahead that it will grow dynamically, but Thomas your question may have been for the next quarter, if I understood your question correctly, should you expect a similar run rate, and the answer there is yes. At the next quarter we would predict a similar run rate to what we've seen in previous quarters.

THOMAS SCHIESSLE: The automation activity is within this business unit are completed right now, so there is the room for more business to come?

SIMON MORONEY: Sorry, was that automation did you say?

THOMAS SCHIESSLE: Yes, automation.

SIMON MORONEY: Yes, we have the capacity to grow that business now that the automation is in place. Of the orders that we get, not all of them can be handled on the automation, most of them can, something like 80% of them can be handled on the automation facilities we have. There is always a proportion, roughly 20% currently that can't, but we certainly, now that the automation is in place, have the scope to increase the number of routine projects, shall we say, that we run there.

THOMAS SCHIESSLE: Okay, thank you [for the call].

MARTIN POSSIENKE, ANALYST, EQUINET INSTITUTIONAL SERVICES: Good morning. Okay I have got a couple of questions I would say. The first one maybe to the Therapeutic Antibody field. If I understood you correctly, the figure was 28 antibodies in development, then maybe you can give me the figure how many of these 28 antibodies can reach the clinic within the next 12 months I would say. I think you gave guidance a couple of quarters ago that three antibodies will reach the clinic in Q1 '06, is this still correct?

And secondly maybe coming to the Research Antibody unit, can you quantify the integration costs of the first three quarters of this year? And then if it looks like you need approximately E6m in the revenues in order to break even. Can we be confident that you can reach a figure of this kind on '06? Okay and now I'm with the guidance somehow.

And thirdly regarding your guidance for 2005, in comparing your guidance with the figure of E3.9m reached after nine months, what could be the reason or what explanation can I give to my clients for net loss of more than a E1m in Q4?

And, okay it is a question I should not ask because you will not answer, but regarding the outlook '06, is there any reason to believe that you will be less profitable than in '05?

SIMON MORONEY: Okay, let me start Martin on the Therapeutic Antibody program. We have said indeed that we expect an additional three antibodies to go to the clinic in the foreseeable future, beyond the one that's already in the clinic, that's the GPC antibody. And very recently we have received advice from one of the partners that we think will be responsible for two of those additional three, that they foresee a delay. This is not because of any lack of interest in the program or any fundamental problems, but simply the kind of technical issues that can arise during pre-clinical and manufacturing development of any compound.

So the current situation, our best estimate, and remember that these are things that are not under out control, they are purely under the control of our partners. But our best current estimate is that yes, indeed there will -- we do have visibility on those three additional antibodies entering the clinic.

One of them we still believe will be before the end of Q1 next year, but another two will be delayed beyond that. And that delay could be of the order of 12 months, or possibly as much as 18 months.

MARTIN POSSIENKE: Okay. So actually it will be one antibody to move into the clinic in '06?

SIMON MORONEY: I want to emphasize again, this is based on information we have from our partners and our best current estimate, we believe there could be one within the first quarter of 2006. We believe that there could be another two within 12 months from now, so that would still fall next year, but that that could be up to 18 months which, in the worst case, would take it into 2007 of course.

MARTIN POSSIENKE: Okay. Just to clarify. It's a delay -- it's not a delay of 12 months but the period is 12 months starting today?

SIMON MORONEY: Correct, 12 to 18 months from today. We're talking roughly about the end of next year to the early part of 2007 for those two. The one still seems to be on track for Q1 of next year.

MARTIN POSSIENKE: Okay.

DAVE LEMUS: Okay there was a pair of questions relating to 2006 guidance which unfortunately I won't comment on.

MARTIN POSSIENKE: I thought so.

DAVE LEMUS: What I can however say is, and I think it's important to stress this so that expectations are in line with what we project for next year. MorphoSys is a profitable company currently, has been profitable since last year. That being said, we do not run this company on an EPS cent per basis. We think that profit is important it's important to remain independent of capital markets and that's the reason we run it profitably, however we are not currently running the company as a growth company. We'll run it so that it has a few extra cents per share EPS. So I think that's important to stress so that we all have expectations that people are not calculating a certain rise in EPS. It may be higher, it may be lower, but again the point is, that we don't run it on an EPS basis.

In terms of a question related to the Q4 of 2005. There was the remark that for us to come in E2m we would have to make a loss in the final quarter of slightly over E1m. In my speech I feel I addressed that point, which is we have budgeted in the fourth quarter a certain amount of product development expenses related to our proprietary product development portfolio, and as well potentially M&A expenses.

As I mentioned if those things happen as budgeted, then we believe that expenses would land in as we project them. However, if they don't occur then there may be some room for additional scope of lowering estimates at the end of the year on the expense side. But again I can't say that at this point.

There was one final question related to MRA integration costs, and there we can say that the integration costs have been absolutely minimal. The costs which we can directly identify are certainly less than E150,000 in terms of the integration costs.

MARTIN POSSIENKE: So my calculation is correct that you need approximately E6m in revenues in order to break even?

DAVE LEMUS: Not necessarily. It depends on how you define break even. What you see in the financial reports are amounts for the segments after corporate allocations. We mentioned today that the loss for antibodies for design prior to allocations would be E1.3m. So I think it would therefore be a mistake to add the E1.8m which you see in Q3, and add that to the E4.2m revenue guidance which we gave to give a E6m. I think the unit could break even prior to corporate allocations at a lower amount of revenues than that. And we are of course, on the back of the results that we see today, taking action to reduce our cost base in the RBU sector to improve profitability there.

MARTIN POSSIENKE: Okay. So it could be a target to be profitable in '06 for this unit?

DAVE LEMUS: Certainly could be.

MARTIN POSSIENKE: Okay. Thank you.

THOMAS HOGER, ANALYST, DZ BANK: Good morning. I have two questions right now. First of all, the payments to Lilly and also the payments to the pharmacy [indiscernible] have they been booked under R&D or SG&A? And will there be additional payments to Lilly?

And secondly, do you also plan to license CD38 antibody this year to a pharma partner?

DAVE LEMUS: I'll take the first part of the question. The payments for [Dr. Van Ruden] have been booked under SG&A, the payments for Lilly have been booked under R&D.

SIMON MORONEY: With respect to the MOR202 program Thomas that you mentioned which is the CD38 program. As I mentioned in the talk, we don't want to comment on ongoing discussions for obvious reasons. It falls into the category of negotiations, and for that reason we don't want to talk about it at that stage. I think our objective and our goal for this program was made clear earlier in the year, that we intend to find a good partner for it, and we're continuing to work towards that end. More than that I can't say at this stage.

THOMAS HOGER: Okay. Thanks. One little question concerning Lilly. Am I right in assuming that there will be no additional payments in Q4 to Lilly?

DAVE LEMUS: I think what we can say, we're not allowed to comment on the details of the financials, but I think we can definitively say that the size and scope of payments in Q3 versus Q4, the Q3 payment will be significantly larger than anything that will paid under the agreement in Q4.

THOMAS HOGER: Thank you.

DANIEL WENDORFF, ANALYST, WEST LB: Good morning everybody. And my questions have all been answered, so I have no additional question at this time.

MARKUS METZGER, ANALYST, BANK VONTOBEL: Hi everybody. I just wonder whether you remain committed to bring your own antibodies through quickly to development? And if not, would we have to expect a much lower R&D cost line by next year? Thanks.

SIMON MORONEY: The answer's yes, we do remain committed, that's one of the reasons we just hired a director of pre-clinical development, and I don't want to say anything that relates to guidance for next year, but we fully intend to budget an amount of money that enables us to fulfill that commitment to our own proprietory antibodies.

MARKUS METZGER: Okay. Thanks.

LENNIN GI, ANALYST, VISCARDI: Hi Simon, hi Dave. Just a quick question concerning the success base for licensing fees. [Just mentioning] Q3 especially the first nine months were a higher success base than licensing fees. What does that mean? Does that mean the higher revenue will be [inaudible] proportional to the actual revenue because actually there was an increase in proportion to the actual revenue?

SIMON MORONEY: Okay, we've just got to make sure we understand your question. Was your question that the percentage of success-based revenues in Q4 will be higher than the previous three quarters? Did we misunderstand that?

LENNIN GI: Essentially it is higher in Q3 compared to previous quarters the success fees that [inaudible] highest proportion?

DAVE LEMUS: I believe so yes.

LENNIN GI: Okay.

HANNS FROHNMEYER, ANALYST, LBBW: Good morning. As I understood it right a reason for your very conservative guidance for the full year, is that you might get some additional M&A expenses. Could you elaborate a bit about M&A activities you plan in the near future?

SIMON MORONEY: I think the only comment we can make around M&A is comments that we've made previously to the public, which are that in regard to M&A or potential M&A targets we continue to look at acquisitions on the research antibody segment side. Beyond that, I think it is our policy not to comment on whether or not we are in discussions with anybody at this particular point. If we're shown that we are usually throughout the year in discussions with somebody or the other, but obviously at this point we're not at liberty to discuss where we are with that and who we are in discussions with. Does that answer your question?

HANNS FROHNMEYER: No.

SIMON MORONEY: Before closing the call I'd like to remind you of the main points to take away. Overall business is performing particularly well, especially on the therapeutic side excellent progress and ongoing partner project have made a significant contribution to the strong financial results for the quarter. The strong performance has contributed to us being able to raise bottom line guidance for the year as a whole.

That concludes the call, should any of you wish to follow up with us directly, Dave and I are both available in the office here in Munich for the rest of the day. Thank you again for participating and goodbye.

Darauf deuten die Orakel aus Martinsried hin.MOR erzielt für eigene präklinische Projekte keinen angemessen Auslizenzierungserlös, macht dabei aber im Auftragsresearch bereits jetzt so massiv Gewinne, das wohl eine eigene P1 angegangen werden soll.Ich finds toll das MOR sich das leisten kann. Allerdings werden natülich wieder Zukunftsverweigernde Kleingeister (und -Kleingetier) auftauchen und schreien zu teuer, nur weil in Wachstum investiert wird.Was mich im Moment bezüglich MOR besorgt, sind die wankelmütigen Investierten.Sehr viele wollen anscheinend MOR nur als KGV-Wert die Stange halten.Wehe MOR bildet sich ein, einen Teil der Gewinne zu reinvestieren, dann verkaufe ich meine Stücke und Optis.  Wenn diese Stimmung um sich greift, dann machen diese Leute genau den Kursverlauf, den sie befürchten. Ob sich durch eine eigene P1 allerdings Instis überzeugen lassen in MOR zu investieren, wage ich zu bezweifeln. Was aber ein klarer Vorteil gegen jetzt ist:MOR hätte durchaus die Möglichkeit einige Eigenverantwortete news herausbringen. Toxikologische Studie, Meldungen zu Beginn und Abschluss. Auswahl externer Studienpartner, GMP-Produktion AK-Material, Einreichung Studienzulasung.Dazu möglicherweise Meldungen über Studienzuschüsse, durch BMFT oder Stiftungen usw. was gleichzeitig die Kosten drücken würde.Ausserdem wäre dann sofort auch der Blick frei auf 1 oder 2 eigene Studienstarts in 2007, nachdem 2006 bereits den R1450 von Roche gebracht hat, und dazu möglicherweise noch zwei von Centecor kommen und dann drängeln sich noch ca. 6 bis 8 weitere unbekannte Projekte in der Präklinik. Und dann noch eine andere Zahlenspielerei: Wenn MOR den erzielbaren Gewinn 2006 durch Klinikvorbereitungen drückt, dann ist das KGV erst recht nicht mehr der richtige Bewertungsansatz. Maßstab kann dann doch eher wieder das KUV sein.Also kurz gerechnet:Umsatz 2006 ca. 55 mio€ erreichbar (bei Prognose um 50)üblicher Ansatz für Biotec mit hohem Verlust ist KUV von 8, bei ersten Gewinnen auch 10.Damit ist eine Marktkapitalisierung von 440 bis 550 mio€ begründbar.Bei 6,2 mio Aktien wäre das ein Kurs von 71 bis 89 €. Also auch so ist einiges an Kurs-Perspektive gegeben, zumal die 55 mio€ Umsatz nicht ausgereizt sind, vor allem wenn Serotec nicht ein Jahr Konsi- und Integrationsphase braucht, sondern bereits ab Q2 und Q3 Synergieeffekte gehoben werden können und dabei massiv Aufträge auf AbyD gelenkt werden.Ein bisschen mehr US-Biotechanlagementalitaet taete nicht schlecht ins Bild passen So ist es. Am Wachstum muss man arbeiten, Chancen muss man anpacken. Morphosys soll noch in eine andere Liga aufsteigen, da kann man sich nicht aufs Verwalten des Zustands zurückziehen.    

Darauf deuten die Orakel aus Martinsried hin. MOR erzielt für eigene präklinische Projekte keinen angemessen Auslizenzierungserlös, macht dabei aber im Auftragsresearch bereits jetzt so massiv Gewinne, das wohl eine eigene P1 angegangen werden soll. Ich finds toll das MOR sich das leisten kann.

Allerdings werden natülich wieder Zukunftsverweigernde Kleingeister (und -Kleingetier) auftauchen und schreien zu teuer, nur weil in Wachstum investiert wird.

Was mich im Moment bezüglich MOR mehr besorgt, sind die wankelmütigen Investierten.
Sehr viele wollen anscheinend MOR nur als KGV-Wert die Stange halten.
Wehe MOR bildet sich ein, einen Teil der Gewinne zu reinvestieren, dann verkaufe ich meine Stücke und Optis. Wenn diese Stimmung um sich greift, dann machen diese Leute genau den Kursverlauf, den sie befürchten.

Ob sich durch eine eigene P1 allerdings Instis überzeugen lassen in MOR zu investieren, wage ich zu bezweifeln. Was aber ein klarer Vorteil gegen jetzt ist:
MOR hätte durchaus die Möglichkeit einige Eigenverantwortete news herausbringen. Toxikologische Studie, Meldungen zu Beginn und Abschluss. Auswahl externer Studienpartner, GMP-Produktion AK-Material, Einreichung Studienzulasung.
Dazu möglicherweise Meldungen über Studienzuschüsse, durch BMFT oder Stiftungen usw. was gleichzeitig die Kosten drücken würde.

Ausserdem wäre dann sofort auch der Blick frei auf 1 oder 2 eigene Studienstarts in 2007, nachdem 2006 bereits den R1450 von Roche gebracht hat, und dazu möglicherweise noch zwei von Centecor kommen und dann drängeln sich noch ca. 6 bis 8 weitere unbekannte Projekte in der Präklinik.

Und dann noch eine andere Zahlenspielerei:
Wenn MOR den erzielbaren Gewinn 2006 durch Klinikvorbereitungen drückt, dann ist das KGV erst recht nicht mehr der richtige Bewertungsansatz. Maßstab kann dann doch eher wieder das KUV sein.

Also kurz gerechnet:
Umsatz 2006 ca. 55 mio€ erreichbar (bei Prognose um 50)
üblicher Ansatz für Biotec mit hohem Verlust ist KUV von 8, bei ersten Gewinnen auch 10.
Damit ist eine Marktkapitalisierung von 440 bis 550 mio€ begründbar.
Bei 6,2 mio Aktien wäre das ein Kurs von 71 bis 89 €.
Also auch so ist einiges an Kurs-Perspektive gegeben, zumal die 55 mio€ Umsatz nicht ausgereizt sind, vor allem wenn Serotec nicht ein Jahr Konsi- und Integrationsphase braucht, sondern bereits ab Q2 und Q3 Synergieeffekte gehoben werden können und dabei massiv Aufträge auf AbyD gelenkt werden.

Ein bisschen mehr US-Biotechanlagementalitaet taete nicht schlecht ins Bild passen

So ist es. Am Wachstum muss man arbeiten, Chancen muss man anpacken. Morphosys soll noch in eine andere Liga aufsteigen, da kann man sich nicht aufs Verwalten des Zustands zurückziehen.

Grüße
ecki