Transcript of Speech and Q&A Conference Call Q2 - MorphoSys

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products grow, they will also contribute to an increase in the underlying profit margin of the business and that's one of the reasons why we expect in the years to come that the profit margin for AbD can improve significantly beyond the current sort of midsingle digits net that we have at the moment into somewhere into the mid teens and if not into the 20% range. But its early days yet, these are brand new products, they're just getting going and the contribution is not substantial at this stage. Gary Waanders Okay, and if I might just quickly on MOR103, will you have the complete data analysis at that point when you release the report or will there be further analysis to conduct after that? Simon Moroney It will be a pretty complete package that we'll be able to announce in the second half of September. So, it will be more than simply headline data. Gary Waanders Okay. Simon Moroney So we're taking the opportunity to really go through the data in detail and get a comprehensive and we hope meaningful package. Gary Waanders Okay, thanks very much. Elmar Kraus, DZ Bank Good afternoon, gentlemen, and thanks for taking my question. The first one with the EBITDA margin has just been answered so I'm left with just one more that's on the overall revenue line. Considering the fact that you had one milestone payment in the last quarter and still, inverted commas, “only” an overall revenue of 16.5, is it fair to assume that you now have reached your baseline revenue quantity of let's say around 15 million. Is that fair to say? Thank you. Jens Holstein, CFO of MorphoSys AG Yes, and thanks for the question. Well just maybe to clarify the Q2 figure was 16.9. Elmar Kraus Sorry. MorphoSys AG Q2 2012 Conference Call Manuscript Page 10 of 17
Jens Holstein Yeah, no worries. As you know, I mean there are - the milestone payments are coming in special deals on technologies and so on they're also coming in. So there is a fluctuation. As you know, what's safe in terms of the top line is always what we get from Novartis for FTE funding as well as for the license fee and on top of that, there will be always millions on - for this sort of deals which have been mentioned by Simon before and which I just mentioned. So, I can't confirm what you're saying that it is a decision ballpark which like “on 15 million it’s safe”. There will be fluctuations in the future and certainly we are aiming that the numbers by quarter are higher than what you have just addressed as the number. Elmar Kraus Thank you. Thomas Schiessle, EQUI.TS Thomas Schiessle from EQUI.TS in Frankfurt. Hello gentlemen. I would like to ask two questions, one on Ylanthia. Simon could you - could you confirm whether there might be at least one deal in the current business year? A technology deal? And the other question is on the partners portfolio, the recent fluctuation of the number of partnered projects is approximately between 65, some more, some less. Is this the run rate we shall assume for the future? So, you are working at some 60 projects in the future as well? Thank you for clarification. Simon Moroney, MorphoSys AG Thanks, Thomas. Nice to hear from you. Just in terms of the types of deals that we're going to be doing between now and year end, as we indicated. We're confident based on the technologies we have to enter deals, let me say plural, until year end. We anticipate that Ylanthia will be a component of the activities that we engage in before year end, but you should think in terms of kind of packages of technology as well. The Slonomics platform for example is an integral part of what we have to offer today. We see it being used in conjunction with Ylanthia for example. So, we're really in the nice position of having a suite of technologies if you like that we can offer and its therefore difficult to think about how individual deals might look and we don't really want to get into detailed discussions of that at this stage, but all of the - all of the technologies that we've developed and that are available are a subject of those discussions that are currently ongoing. In terms of the partnered portfolio, the way we think about this is that the number of new starts we're always aiming at somewhere in the ballpark of 10 or so per year. What is difficult to predict is the attrition rate, how many ongoing programs fall out and at what time they fall out. That's a little bit hard to predict, it can go in waves. But we hope that the net effect overall is that the total number of programs increases. Okay, but again, given the unpredictability of attrition, it's hard to predict at what rate that total will increase, but we do MorphoSys AG Q2 2012 Conference Call Manuscript Page 11 of 17
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Transcript of Speech and Q&A Conference Call Q2 - MorphoSys

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