MorphoSys AG (NASDAQ:MOR) Q3 2022 Earnings Call Transcript

Jean-Paul Kress: Hey, Vineet, this is Jean. The answer to your last question, there were no clinical trial purchases in Q3. What I mentioned in my opening statement is a year-ago, in Q3 2021, there were $900,000 of clinical trial sales. So that impacts your year-over-year comparison. Okay. And then I’ll just take your first question about selling expenses behind Monjuvi. So you’re right to point out you have seen some significant declines year-over-year. And obviously, even on a sequential basis, this is being titrated downward. Listen, both us and Insights want to make this profitable. And that’s important to both companies. And in the first full year, both of us put additional investments behind the first year, as you would expect in the launch.

But as we’re well removed from that first year, we’ll continue to monitor this. And I want to emphasize again something I mentioned in my prepared remarks. We will continue to examine our cost structure for this collaboration to make sure it’s commensurate with revenue expectations. And then on the G&A front, we’re constantly looking at ways to optimize our cost structure, and we’ve taken a lot of steps towards the end of last year and even at the beginning of this year across all functions. With regard to G&A, we are not looking for any outsized movements upward in the future. In fact, we look at this very carefully. And we’ll get to the 2023 guidance at the appropriate time. But I wouldn’t expect any outsized movements on G&A.

Tim Demuth: Vineet, this is Tim. On the primary completion date for in-lines, we are looking at end of 2023.

Vineet Agrawal: Thank you.

Operator: Ladies and gentlemen, I would now hand the conference over to Julia Neugebauer. Thank you.

Julia Neugebauer: Ladies and gentlemen, this concludes today’s conference call. If any of you would like to follow up, the Investor Relations team of MorphoSys is available for the remainder of the day. Once again, thank you for joining our call. Have a good day, and goodbye.

Operator: Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephones. Thank you for joining, and have a pleasant day. Goodbye.