Stock data
| Market cap. | €425.8m |
| Last close | €18.39 |
| High / Low (52 weeks) | €21.4 / €15.8 |
| Stock market listing | FRA |
| Forecast net cash (€m) | 133.7 |
| Forecast gearing ratio (%) | N/A |
| Team | Healthcare |
| Sector | Pharmaceutical & Healthcare |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (13.054) | (2.15) | (11.014) |
| Relative * | (9.773) | 3.486 | 2.97 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 87.0 | 16.0 | 17.9 | 59.2 | 31.1 | 91.3 |
| 2011A | 100.8 | 17.1 | 17.6 | 53.4 | 34.4 | 14.7 |
| 2012E | 76.7 | 6.1 | 6.5 | 25.6 | 71.8 | 124.6 |
| 2013E | 81.9 | 8.4 | 8.7 | 31.9 | 57.6 | 47.4 |
Last updated on 19/04/2012
Latest research
Platform and pipeline
Update | Pharmaceutical & Healthcare | 12/12/2011
Pipeline developments
Update | Pharmaceutical & Healthcare | 02/08/2011
MOR than a platform
Outlook | Pharmaceutical & Healthcare | 09/05/2011
Confident outlook
QuickView | Pharmaceutical & Healthcare | 28/02/2011
Focus on the clinic
QuickView | Pharmaceutical & Healthcare | 24/01/2011
Platform bearing fruit
QuickView | Pharmaceutical & Healthcare | 30/11/2010
Investment summary
MorphoSys is a profitable biotechnology company with a broad portfolio of products (18 antibodies in clinical studies) and partnerships based on its HuCAL antibody platform. In FY11 it generated revenues of €101m pa and net income of €8.2m, fully funding its proprietary pipeline. In 2012 MorphoSys could form major new alliances based on its new antibody platform, Ylanthia. It should also report data from the Phase I/II trial in RA with MOR103 (the most advanced of its three proprietary clinical antibodies); these results could result in MOR103 being out-licensed. It is also possible that proof-of-concept data from five of its partnered programmes will be reported this year. MorphoSys had cash of €134m at the end of FY11, which could be used to acquire new technologies or strengthen its pipeline.
Last updated on 23/04/2012
Industry outlook
The pharmaceutical industry is out-licensing more drug discovery and developing more biological products, as it looks to increase R&D productivity and to create better products that are more resistant to generic competition. Both trends should benefit MorphoSys.
Last updated on 23/04/2012
Key management
| Gerald Moller, Chairman |
| Simon Moroney, CEO |
| Jens Holstein, CFO |
Company address
| Lena-Christ-Str. 48 82152 Martinsried/München Germany View website |
