DB:MOR

Stock Analysis Report

Executive Summary

MorphoSys AG, together with its subsidiaries, develops and commercializes antibodies and peptides for therapeutic applications in the United States.


Snowflake Analysis

High growth potential with excellent balance sheet.


Similar Companies

Share Price & News

How has MorphoSys's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MOR's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-4.9%

MOR

5.1%

DE Biotechs

-2.7%

DE Market


1 Year Return

1.3%

MOR

-10.6%

DE Biotechs

-20.4%

DE Market

Return vs Industry: MOR exceeded the German Biotechs industry which returned -10.6% over the past year.

Return vs Market: MOR exceeded the German Market which returned -20.4% over the past year.


Shareholder returns

MORIndustryMarket
7 Day-4.9%5.1%-2.7%
30 Day-10.0%-5.4%-18.4%
90 Day-27.4%-22.4%-26.7%
1 Year1.3%1.3%-10.4%-10.6%-18.1%-20.4%
3 Year68.1%68.1%16.0%14.8%-19.1%-25.9%
5 Year57.0%57.0%-6.3%-8.8%-19.5%-30.4%

Price Volatility Vs. Market

How volatile is MorphoSys's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is MorphoSys undervalued compared to its fair value and its price relative to the market?

7.29x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: MOR (€90.8) is trading above our estimate of fair value (€17.32)

Significantly Below Fair Value: MOR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MOR is unprofitable, so we can't compare its PE Ratio to the Biotechs industry average.

PE vs Market: MOR is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MOR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MOR is overvalued based on its PB Ratio (7.3x) compared to the DE Biotechs industry average (3.5x).


Next Steps

Future Growth

How is MorphoSys forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

73.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MOR is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.4%).

Earnings vs Market: MOR is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: MOR's is expected to become profitable in the next 3 years.

Revenue vs Market: MOR's revenue (25.7% per year) is forecast to grow faster than the German market (4% per year).

High Growth Revenue: MOR's revenue (25.7% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MOR's Return on Equity is forecast to be low in 3 years time (18.5%).


Next Steps

Past Performance

How has MorphoSys performed over the past 5 years?

-39.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MOR is currently unprofitable.

Growing Profit Margin: MOR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: MOR is unprofitable, and losses have increased over the past 5 years at a rate of -39.5% per year.

Accelerating Growth: Unable to compare MOR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MOR is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (16.1%).


Return on Equity

High ROE: MOR has a negative Return on Equity (-26.1%), as it is currently unprofitable.


Next Steps

Financial Health

How is MorphoSys's financial position?


Financial Position Analysis

Short Term Liabilities: MOR's short term assets (€303.7M) exceed its short term liabilities (€61.6M).

Long Term Liabilities: MOR's short term assets (€303.7M) exceed its long term liabilities (€40.2M).


Debt to Equity History and Analysis

Debt Level: MOR's debt to equity ratio (0%) is considered satisfactory.

Reducing Debt: MOR's debt to equity ratio has reduced from 0.07% to 0% over the past 5 years.


Balance Sheet

Inventory Level: MOR has a low level of unsold assets or inventory.

Debt Coverage by Assets: MOR's debt is covered by short term assets (assets are 24642.4x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MOR has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if MOR has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

What is MorphoSys's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate MOR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate MOR's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MOR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MOR's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MOR's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.5yrs

Average management tenure


CEO

Jean-Paul Kress (54yo)

0.58

Tenure

€3,567,862

Compensation

Dr. Jean-Paul Kress, M.D. has been the Chief Executive Officer of MorphoSys AG since September 1, 2019 and has been its Management Board Member since 2019. Dr. Kress was the President and Chief Executive O ...


CEO Compensation Analysis

Compensation vs Market: Jean-Paul's total compensation ($USD3.92M) is about average for companies of similar size in the German market ($USD3.59M).

Compensation vs Earnings: Insufficient data to compare Jean-Paul's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Jean-Paul Kress
CEO & Management Board Member0.58yr€3.57mno data
Jens Holstein
CFO & Member of the Management Board8.92yrs€1.87m0.060% 1.8m
Malte Peters
Chief Development Officer & Member of the Management Board3.08yrs€1.81m0.010% 300.5k
Klaus De Wall
Head of Accounting & Taxno datano datano data
Lara Weber
Head of Controllingno datano datano data
Margit Urban
Head of Discovery Alliances & Technologiesno datano datano data
Sarah Fakih
VP & Head of Corporate Communications and Investor Relations1yrno datano data
Armin Weidmann
Head of Compliance and Quality Assuranceno datano datano data
Charlotte Lohmann
General Counsel7.92yrsno datano data
Silvia Dermietzel
Head of Human Resources19.92yrsno datano data

5.5yrs

Average Tenure

54.5yo

Average Age

Experienced Management: MOR's management team is seasoned and experienced (5.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Wendy Johnson
Independent Member of the Supervisory Board4.92yrs€83.22k0.0015% 45.3k
Frank Morich
Independent Deputy Chairman of the Supervisory Boardno data€104.53k0.0031% 90.6k
Michael Brosnan
Independent Member of the Supervisory Board1.92yrs€85.28kno data
Marc Cluzel
Independent Chairman of the Supervisory Board1.92yrs€148.61k0.0023% 68.1k
Bruce Cheson
Member of Scientific Advisory Board3.58yrsno datano data
George Golumbeski
Independent Member of the Supervisory Board1.92yrs€82.88kno data
Gunther Adolf
Member of Scientific Advisory Board3.58yrsno datano data
Sergio Quezada
Member of Scientific Advisory Board3.58yrsno datano data
Raymond Sweet
Member of Scientific Advisory Board3.58yrsno datano data
Krisja Vermeylen
Member of the Supervisory Board2.92yrs€89.68k0.0011% 31.7k

3.6yrs

Average Tenure

64yo

Average Age

Experienced Board: MOR's board of directors are considered experienced (3.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

MorphoSys AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: MorphoSys AG
  • Ticker: MOR
  • Exchange: DB
  • Founded: 1992
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: €2.960b
  • Shares outstanding: 32.64m
  • Website: https://www.morphosys.com

Number of Employees


Location

  • MorphoSys AG
  • Semmelweisstrasse 7
  • Planegg
  • Bavaria
  • 82152
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MORDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 1999
MORXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURMar 1999
0NDVLSE (London Stock Exchange)YesOrdinary SharesGBEURMar 1999
MPSY.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 1999
MORDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURMar 1999
MORSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFMar 1999
MORWBAG (Wiener Boerse AG)YesOrdinary SharesATEURMar 1999
MORETLX (Eurotlx)YesOrdinary SharesITEURMar 1999
MOR2DB (Deutsche Boerse AG)SPONSORED ADSDEEURApr 2018
MORNasdaqGS (Nasdaq Global Select)SPONSORED ADSUSUSDApr 2018

Biography

MorphoSys AG, together with its subsidiaries, develops and commercializes antibodies and peptides for therapeutic applications in the United States. The company, together with its pharmaceutical partners, develops a therapeutic pipeline of approximately 115 drugs for various diseases, such as psoriasis, Alzheimer's diseases, haematological malignancies, solid tumors, hemophilia, multiple myeloma, metabolic diseases, inflamation, thrombosis, brittle bone syndrome, eye diseases, cancers, diabetic eye diseases, blood disorders, and asthma. Its product pipeline includes MOR208, an antibody for the treatment of haematological cancers; MOR202, an antibody for the treatment of multiple myeloma and other cancers, as well as other autoimmune diseases; MOR106, an antibody for rheumatoid arthritis; and MOR107, a lanthipeptide for oncology diseases. MorphoSys AG has a regional licensing agreement with I-Mab Biopharma to develop and commercialize MOR202 in China, Taiwan, Hong Kong, and Macao; a strategic alliance with the LEO Pharma A/S to develop peptide-derived therapeutics for unmet medical needs; and a joint collaboration and license agreement with Incyte Corporation for the development and commercialization of MorphoSys' investigational compound tafasitamab (MOR208). The company was founded in 1992 and is headquartered in Planegg, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/02 00:23
End of Day Share Price2020/04/01 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.