MorphoSys AG (NASDAQ: MOR) reported Q1 EPS of (EUR8.27), EUR8.19 worse than the analyst estimate of (EUR0.08). Revenue for the quarter came in at EUR27.5 million versus the consensus estimate of EUR60.28 million.

Full Year 2024 Financial Guidance:

As a consequence of the sale and transfer of tafasitamab to Incyte on February 5, 2024, MorphoSys\' 2024 financial guidance published on January 30, 2024, cannot be maintained and therefore was revoked. For the time being, MorphoSys will no longer make a forecast for the gross margin or revenues from Monjuvi product sales, as no such revenues are expected to be realized this year.

For 2024, MorphoSys expects R&D expenses of € 170 million to € 185 million on a standalone basis. R&D expenses mainly represent our investments in the development of pelabresib and tulmimetostat. Selling, administrative and general expenses are expected to be between € 90 million and € 105 million on a standalone basis. Potential effects from the implementation of the Novartis takeover offer, including any first quarter 2024 related provisions and expenses associated with the change of control, are not included in this forecast. The overall forecast is subject to a number of uncertainties, including inflation and foreign currency effects.

Operational Outlook:

The following activity is planned for 2024:

Following the anticipated close of the proposed acquisition by Novartis in the first half of 2024, submit a New Drug Application for pelabresib in combination with ruxolitinib in myelofibrosis to the U.S. Food and Drug Administration (FDA) and a Marketing Authorization Application to the European Medicines Agency in the second half of 2024.

For earnings history and earnings-related data on MorphoSys AG (MOR) click here.