Report
Thomas J. Schiessle
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„Tafa“-Launch-Fahrplan aktuell ohne COVID-19 Störung – erste Guidance 2020 über Erwartung – Cash > € 1,1 Mrd.

Die am 19.03.19 erstmals publizierte Guidance 2020 liegt über den Markterwartungen und plant ohne „Tafa“-Umsatzbeiträge einen Jahresumsatz von € 280 -  290 Mio. (davon: geplante Tremfya® Lizenzeinnahmen: € 37 - 42 Mio.; Vj: € 32 Mio.); EBIT: € -15 - € +5 Mio.; F&E-Aufwand: € 130 - € 140 Mio.

Die EQUI.TS-Schätzung für 2020 „passt“ zur Guidance, zumal diese ohne mögliche erste Tafa-Erlöse aber mit vollen Launchkosten dafür rechnet.

Die US-FDA hat als Zieldatum für die Entscheidung über eine mögliche Zulassung gemäß dem sogenannten Prescription Drug User Fee Act (PDUFA) den 30. 08.20, festgelegt (der Zulassungsantrag bei der EMA soll Mitte 2020 folgen). Bereits zuvor könnten bestimmte Patienten von einem Expanded-Access-Program profitieren, was auch die Vermarktung unterstützen dürfte.

Underlying
MorphoSys AG

MorphoSys is engaged in development and commercialization of antibodies for therapeutic applications. Co. operates in two segments: Partnered Discovery, which operates therapeutic development programs for drug candidates in cooperation with biotechnology and pharmaceutical companies; and Proprietary Development, which is engaged in the development of therapeutic antibodies in the area of inflammatory disease and oncology on a proprietary basis. As of Dec 31 2013, Co.'s proprietary antibody compounds in clinical trials included MOR103 in the areas of rheumatoid arthritis and multiple sclerosis; MOR202 in the field of multiple myeloma; and MOR208 in the field of malignant B-cell diseases.

Provider
EQUITS GmbH
EQUITS GmbH

EQUI.TS GmbH is an innovative, equity research boutique based in Frankfurt (Germany). It is operated by its original founders and has established a reputation as a quality research provider over a period of more than 10 years. Although it generally does not focus on any particular branch of industry, its analyses often revolve around technology and growth stocks.

Analysts
Thomas J. Schiessle

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