MorphoSys AG

Full-year 2023 total revenues were EUR 238.3 million versus EUR 278.3 million in 2022. Net U.S. sales for Monjuvi were $92 million for the full year, and consolidated net loss was EUR 189.7 million versus EUR 151.1 million in 2022. Cost of sales was EUR 58.4 million versus EUR 48.6 million; R&D expenses were EUR 283.6 million versus EUR 297.8 million; selling expenses were EUR 81.4 million versus EUR 92.4 million; and G&A expenses were EUR 65.8 million versus EUR 60.1 million. The company ended 2023 with EUR 680.5 million in cash and investments, including proceeds from EUR 102.7 million in gross funding, and said cash runway extends until early 2026. For 2024, MorphoSys expects R&D expenses of EUR 170 million to EUR 185 million and SG&A expenses of EUR 90 million to EUR 105 million; prior 2024 guidance was revoked after the tafasitamab sale.

Jean-Paul Kress framed 2023 as a pivotal year in which MorphoSys “over-delivered” on priorities, advanced a best- and first-in-class oncology pipeline, and strengthened its financial position enough to support the Novartis deal. He emphasized Pelabresib as the lead asset, said the company sees opportunity beyond myelofibrosis, and described the Novartis offer as fair cash value for shareholders. His tone was confident and execution-focused, with repeated emphasis that the acquisition and the mid-2024 regulatory filings are on track.

Lucinda Crabtree focused on the financial bridge from 2023 to 2024. She highlighted Monjuvi sales reaching $92 million, revenue declining year over year mainly because 2022 included out-licensing income, and higher cost of sales due to inventory write-downs. She said R&D, selling, and G&A all moved lower or were managed, then gave 2024 guidance of EUR 170 million to EUR 185 million for R&D and EUR 90 million to EUR 105 million for SG&A, noting the tafasitamab sale and broader cash-preservation actions. She also said the company finished 2023 with EUR 680.5 million in cash and investments and runway to early 2026, inclusive of convertible debt repayment.

Analysts focused on deal timing, antitrust approvals, and which entity would submit the Pelabresib NDA. Management reiterated that the Novartis transaction is expected to close in H1 2024, said Germany, Austria, and the U.S. filing are in place, and indicated no other major jurisdictions are expected. On the NDA, Tim Demuth said MorphoSys would submit unless the deal closes first, and he declined to discuss details of regulatory interactions while reiterating confidence that the data package is strong.