Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-38455 |
Entity Registrant Name | MorphoSys AG |
Entity Address, Country | 2M |
Entity Address, Address Line One | Semmelweisstrasse 7 |
Entity Address, Postal Zip Code | 82152 |
Entity Address, City or Town | Planegg |
Entity Address, Country | DE |
Title of 12(b) Security | Ordinary Shares, no-par-value* |
Trading Symbol | MOR |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 34,231,943 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001340243 |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | PricewaterhouseCoopers GmbH |
Auditor Firm ID | 1275 |
Auditor Location | Munich, Germany |
Business Contact | |
Entity Addresses [Line Items] | |
Contact Personnel Name | Sung Lee |
Entity Address, Address Line One | Semmelweisstrasse 7 |
Entity Address, Postal Zip Code | 82152 |
Entity Address, City or Town | Planegg |
Entity Address, Country | DE |
City Area Code | +49 |
Local Phone Number | 89-89927-0 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Product sales | € 66,860,637 | € 18,523,670 | € 0 |
Royalties | 65,576,120 | 42,467,924 | 31,787,847 |
Licenses, Milestones and Other | 47,175,087 | 266,706,871 | 39,967,456 |
Revenues | 179,611,844 | 327,698,465 | 71,755,303 |
Cost of Sales | (32,194,705) | (9,174,146) | (12,085,198) |
Gross profit | 147,417,139 | 318,524,319 | 59,670,105 |
Operating Expenses | |||
Research and Development | (225,211,206) | (139,369,832) | (108,431,600) |
Selling | (121,542,621) | (107,742,684) | (22,671,481) |
General and Administrative | (78,292,297) | (51,403,257) | (36,664,666) |
Impairment of Goodwill | (230,700,000) | (2,057,000) | 0 |
Total Operating Expenses | (655,760,744) | (300,572,773) | (167,767,747) |
Operating Profit / (Loss) | (508,343,605) | 17,951,546 | (108,097,642) |
Other Income | 8,189,829 | 14,584,829 | 804,739 |
Other Expenses | (6,368,762) | (5,175,177) | (626,678) |
Finance Income | 96,612,146 | 92,047,221 | 2,799,473 |
Finance Expenses | (181,456,484) | (96,214,409) | (2,272,369) |
Income from Reversals of Impairment Losses / (Impairment Losses) on Financial Assets | 316,000 | (702,000) | 872,000 |
Income Tax Benefit / (Expenses) | 76,590,860 | 75,398,566 | 3,506,419 |
Consolidated Net Profit / (Loss) | € (514,460,016) | € 97,890,576 | € (103,014,058) |
Earnings per Share, Basic and Diluted | € (15.40) | € 0 | € (3.26) |
Earnings per Share, Basic | (15.40) | 3.01 | (3.26) |
Earnings per Share, Diluted | € (15.40) | € 2.97 | € (3.26) |
Shares Used in Computing Earnings per Share, Basic and Diluted | 33,401,069 | 0 | 31,611,155 |
Shares Used in Computing Earnings per Share, Basic | 32,525,644 | ||
Shares Used in Computing Earnings per Share, Diluted | 33,167,852 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Consolidated Net Profit / (Loss) | € (514,460,016) | € 97,890,576 | € (103,014,058) |
Items that will not be reclassified to Profit or Loss | |||
Change in Fair Value of Shares through Other Comprehensive Income | 0 | 1,260,132 | (1,160,160) |
Items that may be reclassified to Profit or Loss | |||
Foreign Currency Translation Differences from Consolidation | 50,546,172 | 2,247,005 | 75,332 |
Other Comprehensive Income | 50,546,172 | 3,507,137 | (1,084,828) |
Total Comprehensive Income | € (463,913,844) | € 101,397,713 | € (104,098,886) |
Consolidated Balance Sheet
Consolidated Balance Sheet - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | € 123,248,256 | € 109,794,680 |
Other Financial Assets | 853,686,102 | 937,651,314 |
Accounts Receivable | 75,911,054 | 83,354,276 |
Financial Assets from Collaborations | 16,729,924 | 42,870,499 |
Income Tax Receivables | 1,089,078 | 401,826 |
Other Receivables | 2,226,912 | 2,159,475 |
Inventories | 20,755,187 | 9,962,657 |
Prepaid Expenses and Other Current Assets | 39,323,437 | 20,621,493 |
Total Current Assets | 1,132,969,950 | 1,206,816,220 |
Non-current Assets | ||
Property, Plant and Equipment | 7,106,783 | 6,323,753 |
Right-of-Use Assets | 42,485,275 | 44,417,767 |
Intangible assets | 838,322,389 | 69,375,149 |
Goodwill | 335,574,009 | 1,619,233 |
Other Financial Assets | 0 | 196,587,542 |
Deferred Tax Asset | 186,545,176 | 132,806,097 |
Prepaid Expenses and Other Assets | 13,250,634 | 1,567,259 |
Total Non-currentAssets | 1,423,284,266 | 452,696,800 |
Total Assets | 2,556,254,216 | 1,659,513,020 |
Current Liabilities | ||
Accounts Payable and Accruals | 188,077,185 | 128,554,203 |
Lease liabilities | 3,238,111 | 3,055,608 |
Tax Liabilities | 528,217 | 65,727,675 |
Provisions | 2,549,397 | 0 |
Contract Liability - thereof short-term | 223,862 | 2,543,903 |
Bonds | 422,945 | 422,945 |
Financial Liabilities from Collaborations | 1,097,295 | 154,895 |
Financial Liabilities from Future Payments to Royalty Pharma | 88,401,374 | 0 |
Total Current Liabilities | 284,538,386 | 200,459,229 |
Non-current Liabilities | ||
Lease Liabilities | 39,345,777 | 41,963,794 |
Provisions | 1,576,379 | 1,527,756 |
Contract Liability - thereof long-term | 28,731 | 71,829 |
Deferred Tax Liability | 22,065,419 | 5,057,465 |
Bonds | 282,784,505 | 272,759,970 |
Financial Liabilities from Collaborations | 513,264,290 | 516,350,960 |
Non-current Financial Liabilities from Future Payments to Royalty Pharma, Long-term | 1,167,774,786 | 0 |
Total Non-current Liabilities | 2,026,839,887 | 837,731,774 |
Total Liabilities | 2,311,378,273 | 1,038,191,003 |
Stockholders' Equity | ||
Treasury Stock | (3,085,054) | (4,868,744) |
Common Stock | 34,231,943 | 32,890,046 |
Additional Paid-inCapital | 833,320,689 | 748,978,506 |
Other Comprehensive Income Reserve | 52,757,591 | 2,211,419 |
Accumulated Deficit | (672,349,226) | (157,889,210) |
Total Stockholders' Equity | 244,875,943 | 621,322,017 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | € 2,556,254,216 | € 1,659,513,020 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of financial position [abstract] | ||||
Treasury Stock shares | 83,154 | 131,414 | 225,800 | 281,036 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - EUR (€) | Total | Common stock [member] | Treasury shares [member] | Additional paid-in capital [member] | Other Comprehensive Income Reserve [member] | Accumulated Income/(Deficit) [member] |
Beginning balance at Dec. 31, 2018 | € 488,372,634 | € 31,839,572 | € (10,398,773) | € 619,908,453 | € (210,890) | € (152,765,728) |
Statement [LineItems] | ||||||
Beginning balance, shares | 31,839,572 | 281,036 | ||||
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments | 6,654,470 | € 0 | € 0 | 6,654,470 | 0 | 0 |
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments, shares | 0 | 0 | ||||
Exercise of Convertible Bonds Issued to Related Parties | 3,773,554 | € 118,386 | € 0 | 3,655,168 | 0 | 0 |
Exercise of Convertible Bonds Issued to Related Parties, shares | 118,386 | 0 | ||||
Transfer of Treasury Stock for Long-Term Incentive Programs | 0 | € 0 | € 1,934,043 | (1,934,043) | 0 | 0 |
Transfer of Treasury Stock for Long-Term Incentive Programs, shares | 0 | (52,328) | ||||
Transfer of Treasury Stock to Members of the Management Board | 0 | € 0 | € 107,480 | (107,480) | 0 | 0 |
Transfer of Treasury Stock to Members of the Management Board, Shares | 0 | (2,908) | ||||
Change in Fair Value of Shares through Other Comprehensive Income | (1,160,160) | € 0 | € 0 | 0 | (1,160,160) | 0 |
Foreign Currency Translation Differences from Consolidation | 75,332 | 0 | 0 | 0 | 75,332 | 0 |
Consolidated Net Profit / (Loss) | (103,014,058) | 0 | 0 | 0 | 0 | (103,014,058) |
Total Comprehensive Income | (104,098,886) | 0 | 0 | 0 | (1,084,828) | (103,014,058) |
Ending balance at Dec. 31, 2019 | 394,701,772 | € 31,957,958 | € (8,357,250) | 628,176,568 | (1,295,718) | (255,779,786) |
Statement [LineItems] | ||||||
Ending balance, shares | 31,957,958 | 225,800 | ||||
Beginning balance, shares | 31,957,958 | 225,800 | ||||
Capital Increase, Net of Issuance Cost | 80,498,098 | € 907,441 | € 0 | 79,590,657 | 0 | 0 |
Capital Increase, Net of Issuance Cost, shares | 907,441 | 0 | ||||
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments | 7,455,761 | € 0 | € 0 | 7,455,761 | 0 | 0 |
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments, shares | 0 | 0 | ||||
Exercise of Convertible Bonds Issued to Related Parties | 785,623 | € 24,647 | € 0 | 760,976 | 0 | 0 |
Exercise of Convertible Bonds Issued to Related Parties, shares | 24,647 | 0 | ||||
Transfer of Treasury Stock for Long-Term Incentive Programs | 0 | € 0 | € 3,488,506 | (3,488,506) | 0 | 0 |
Transfer of Treasury Stock for Long-Term Incentive Programs, shares | 0 | (94,386) | ||||
Change in Fair Value of Shares through Other Comprehensive Income | 1,260,132 | € 0 | € 0 | 0 | 1,260,132 | 0 |
Foreign Currency Translation Differences from Consolidation | 2,247,005 | 0 | 0 | 0 | 2,247,005 | 0 |
Consolidated Net Profit / (Loss) | 97,890,576 | 0 | 0 | 0 | 0 | 97,890,576 |
Total Comprehensive Income | 101,397,713 | 0 | 0 | 0 | 3,507,137 | 97,890,576 |
Ending balance at Dec. 31, 2020 | 621,322,017 | € 32,890,046 | € (4,868,744) | 748,978,506 | 2,211,419 | (157,889,210) |
Statement [LineItems] | ||||||
Ending balance, shares | 32,890,046 | 131,414 | ||||
Equity component of the convertible bond | 36,483,050 | € 0 | € 0 | 36,483,050 | 0 | 0 |
Equity Component of the Convertible Bond, shares | 0 | 0 | ||||
Beginning balance, shares | 32,890,046 | 131,414 | ||||
Capital Increase, Net of Issuance Cost | 84,638,605 | € 1,337,552 | € 0 | 83,301,053 | 0 | 0 |
Capital Increase, Net of Issuance Cost, shares | 1,337,552 | 0 | ||||
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments | 2,587,931 | € 0 | € 0 | 2,587,931 | 0 | 0 |
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments, shares | 0 | 0 | ||||
Exercise of Stock Options Issued | 241,234 | € 4,345 | € 0 | 236,889 | 0 | 0 |
Exercise of Stock Options Issued, shares | 4,345 | 0 | ||||
Transfer of Treasury Stock for Long-Term Incentive Programs | 0 | € 0 | € 1,783,690 | (1,783,690) | 0 | 0 |
Transfer of Treasury Stock for Long-Term Incentive Programs, shares | 0 | (48,260) | ||||
Foreign Currency Translation Differences from Consolidation | 50,546,172 | € 0 | € 0 | 0 | 50,546,172 | 0 |
Consolidated Net Profit / (Loss) | (514,460,016) | 0 | 0 | 0 | 0 | (514,460,016) |
Total Comprehensive Income | (463,913,844) | 0 | 0 | 0 | 50,546,172 | (514,460,016) |
Ending balance at Dec. 31, 2021 | € 244,875,943 | € 34,231,943 | € (3,085,054) | € 833,320,689 | € 52,757,591 | € (672,349,226) |
Statement [LineItems] | ||||||
Ending balance, shares | 34,231,943 | 83,154 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Consolidated Net Profit / (Loss) | € (514,460,016) | € 97,890,576 | € (103,014,058) |
Adjustments to Reconcile Consolidated Net Profit / (Loss) to Net Cash Provided by / (Used in) Operating Activities: | |||
Impairments of Assets | 235,916,060 | 16,480,272 | 2,317,489 |
Depreciation and Amortization of Tangible and Intangible Assets and of Right-of-Use Assets | 10,090,958 | 8,329,559 | 6,245,162 |
Net (Gain) / Loss of Other Financial Assets | (3,376,711) | 21,780,429 | (46,305) |
(Income) from Reversals of Impairments / Impairments on Financial Assets | (316,000) | 702,000 | (872,000) |
Net (Gain) / Loss on Derivative Financial Instruments | 3,495,651 | 4,252,171 | (1,261,618) |
Non Cash Effective Net Change in Financial Assets / Liabilities from Collaborations | (16,007,722) | (36,551,618) | 0 |
Non Cash Effective Net Change in Financial Liabilities from Future Payments to Royalty Pharma | 42,766,283 | 0 | 0 |
Non Cash Effective Change of Bonds | 12,055,784 | 2,453,561 | 0 |
(Income) from Reversals of Impairments on Inventories | 0 | (13,270,968) | 0 |
Gain from Deconsolidation of Subsidiaries | 0 | (379,173) | 0 |
Net (Gain) / Loss on Sale of Property, Plant and Equipment | 0 | 0 | (21,408) |
Share-based Payment | 2,585,426 | 8,955,307 | 6,654,470 |
Income Tax Benefit | (76,590,860) | (75,398,566) | (3,506,419) |
Accounts Receivable | 10,532,824 | (69,619,751) | 2,667,232 |
Inventories, Prepaid Expenses and Other Assets, Tax Receivables and Other Receivables | (30,348,390) | (8,485,396) | (4,422,409) |
Accounts Payable and Accruals, Lease Liabilities, Tax Liabilities and Provisions | (90,815,610) | 77,505,284 | 13,202,429 |
Other Liabilities | 0 | 0 | 316,288 |
Contract Liability | (2,363,139) | 930,004 | 733,473 |
Income Taxes Paid | (64,609,622) | (303,974) | (62,560) |
Net Cash Provided by / (Used in) Operating Activities | (481,445,084) | 35,269,717 | (81,070,234) |
Investing Activities: | |||
Cash Payments to Acquire Other Financial Assets | (2,188,341,595) | (1,745,700,529) | (274,767,300) |
Cash Receipts from Sales of Other Financial Assets | 2,591,975,683 | 900,777,383 | 371,879,814 |
Cash Payments from Derivative Financial Instruments | (3,495,651) | (4,950,427) | (214,188) |
Cash Receipts from Derivative Financial Instruments | 0 | 1,094,522 | 1,145,783 |
Acquisitions, Net of Cash Acquired | (1,206,609,948) | 0 | 0 |
Cash Payments to Acquire Property, Plant and Equipment | (3,810,210) | (4,455,323) | (3,103,330) |
Cash Receipts from Sales of Property, Plant and Equipment | 0 | 0 | 20,469 |
Cash Payments to Acquire Intangible Assets | (22,345,955) | (44,881,207) | (562,314) |
Cash Payments for Acquisitions of Shares | 0 | 0 | (15,004,996) |
Cash Receipts from Sales of Shares at Fair Value through Other Comprehensive Income | 0 | 14,804,287 | 0 |
Cash Receipts from Sales of Subsidiaries | 0 | 2,477,760 | 0 |
Interest Received | 1,617,544 | 1,210,668 | 90,156 |
Net Cash Provided by / (Used in) Investing Activities | (831,010,132) | (879,622,866) | 79,484,094 |
Financing Activities: | |||
Cash Proceeds from Issuing Shares | 84,730,022 | 80,598,468 | 0 |
Cash Payments for Costs from Issuing Shares | (91,417) | (100,370) | 0 |
Cash Proceeds in Connection with Stock Options (2021) and Convertible Bonds (2020, 2019) | 241,234 | 773,300 | 3,714,361 |
Cash Receipts from Financing from Collaborations | 40,004,094 | 510,186,974 | 0 |
Cash Receipts from Contracts for Future Payments to Royalty Pharma | 1,206,706,749 | 0 | 0 |
Cash Payments for Costs in Connection with Contracts with Royalty Pharma | (796,003) | 0 | 0 |
Cash Proceeds from Issuing Convertible Bonds | 0 | 319,946,211 | 0 |
Cash Payments for Principal Elements of Lease Payments | (3,126,348) | (2,786,972) | (2,349,801) |
Interest Paid | (4,744,851) | (1,431,487) | (1,011,321) |
Net Cash Provided by / (Used in) Financing Activities | 1,322,923,480 | 907,186,124 | 353,239 |
Effect of Exchange Rate Differences on Cash | 2,985,312 | 3,397,655 | 87,115 |
Increase / (Decrease) in Cash and Cash Equivalents | 13,453,576 | 66,230,630 | (1,145,786) |
Disposal of Cash and Cash Equivalents due to Deconsolidation of Subsidiaries | 0 | (750,000) | 0 |
Cash and Cash Equivalents at the Beginning of the Period | 109,794,680 | 44,314,050 | 45,459,836 |
Cash and Cash Equivalents at the End of the Period | € 123,248,256 | € 109,794,680 | € 44,314,050 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
General Information | General Information Business Activities and the Company MorphoSys AG (“the Company” or “MorphoSys”) is a commercial-stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic antibodies for patients suffering from cancer and autoimmune diseases. The Company has a proprietary portfolio of compounds and a pipeline of compounds developed with partners from the pharmaceutical and biotechnology industry. MorphoSys was founded as a German limited liability company in July 1992. In June 1998, MorphoSys became a German stock corporation. In March 1999, the Company completed its initial public offering on Germany’s “Neuer Markt”: the segment of the Deutsche Börse designated, at that time, for high-growth companies. On January 15, 2003, MorphoSys AG was admitted to the Prime Standard segment of the Frankfurt Stock Exchange. On April 18, 2018, MorphoSys completed an IPO on the Nasdaq Global Market through the issue of American Depositary Shares (ADS). Each ADS represented 1/4 of a MorphoSys ordinary share. MorphoSys AG’s registered office is located in Planegg (district of Munich), and the registered business address is Semmelweisstrasse 7, 82152 Planegg, Germany. The MorphoSys AG consolidated and separate financial statements can be viewed at this address. The Company is registered in the Commercial Register B of the District Court of Munich under the number HRB 121023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting PoliciesBasis of and Changes in Accounting StandardsBasis of Application These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”), taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (IFRS IC). We have applied all standards and interpretations that were in force as of December 31, 2021 and adopted by the European Union (EU). As of December 31, 2021, there were no standards or interpretations that affected our consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 that were in effect, but not yet endorsed into European law. As a result, our consolidated financial statements comply with both the IFRSs published by the International Accounting Standards Board (IASB) and those adopted by the EU. These consolidated financial statements also take into account the supplementary provisions under commercial law, which must be applied in accordance with Section 315e (1) of the German Commercial Code (Handelsgesetzbuch – HGB). In accordance with the regulations of the United States Securities and Exchange Commission, the statement of profit or loss is presented for a comparative period of three years. This extends beyond the comparative period of two years in accordance with the requirements of IFRS as adopted by the EU. The consolidated financial statements as of the reporting dates of December 31, 2021 and 2020, as well as the periods from January 1 through December 31 for the years 2021, 2020 and 2019, comprise MorphoSys AG and its subsidiaries (collectively, the “MorphoSys Group” or the “Group”). MorphoSys AG prepares the consolidated financial statements for the largest and the smallest consolidated group. All figures in this report were rounded to the nearest euro, thousand euros or million euros. By virtue of MorphoSys’ business model, the COVID-19 pandemic has had a limited impact on MorphoSys’ net assets and financial position in 2021. The ongoing COVID-19 pandemic, however, has had a negative impact on the results of operations especially in 2021, specifically on lower than expected sales of Monjuvi. Furthermore, this also extends the uncertainties of planning assumptions relating to future Monjuvi-sales, which have significant effects on the financial assets and liabilities from collaborations. In addition, the adherence to the time schedule of the clinical studies was associated with higher expenses. There have been no material asset impairments that have been recognized in connection with COVID-19. Structural Changes to the Segment Reporting As of the first quarter of 2021, MorphoSys no longer presents the previous segment information for the Proprietary Development and Partnered Discovery segments as part of the regular internal reporting to the Management Board as the Company’s chief operating decision-maker. Internal reporting focuses exclusively on the key value drivers of future revenues from product sales, further market approvals for tafasitamab, and Group royalties. The previous segment reporting was published for the last time for external purposes as of December 31, 2020. Reporting now comprises only the consolidated statement of profit or loss and no longer includes separate segment reporting. With the acquisition of Constellation, efforts related to the marketing approvals of pelabresib and CPI-0209 will expand, but this does not result in any changes in the assessment of the segment reporting. Structural Changes to the Consolidated Statement of Profit or Loss The change in the Company’s internal management and corresponding financial guidance for the 2021 financial year also prompted changes in the presentation of the consolidated statement of profit or loss. The following changes were implemented for the first time with the reporting of 2021: • Presentation of the components of revenue "Product Sales", "Royalties" and "Licenses, Milestones and Other" • Introduction of the item "Gross Profit" on the statement of profit or loss as the difference between revenues and cost of sales • "Operating Expenses" include research and development, as well as selling, general and administrative expenses. In this context, total operating expenses for 2020 were adjusted by €9.2 million (2019: €12.1 million) as the cost of sales are no longer included in this sum line item in order to provide comparable prior year information. • Introduction of the item "Impairment of goodwill" on the statement of profit or loss as a component of "Operating expenses". In this context, research and development expenses for 2020 have been adjusted by €2.1 million to provide comparable information for the comparative period. • The item "Earnings before Interest and Taxes" (EBIT) on the statement of profit or loss has been discontinued • Introduction of the item "Operating Profit (+) / Loss (-)" on the statement of profit or loss as the difference between the statement’s items "Gross Profit" and "Operating Expenses" The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Structural Changes to the Consolidated Balance Sheet To improve readability, adjustments were made to the presentation in the consolidated balance sheet. The following changes were implemented for the first time for the reporting in 2021: • Consolidation of the asset items "Financial Asset at Fair Value through Profit or Loss" and "Other Financial Assets at Amortized Cost" into the item "Other Financial Assets" • Asset items "Inventories, Net", "Property, Plant and Equipment, Net" and "Right-of-Use Assets, Net" have the term "Net", "Prepaid Expenses and Other Current Assets" has the term "Current" and "Prepaid Expenses and Other Assets, Net of Current Portion" has the term "Net of Current Portion" deleted • Consolidation of the asset items "Patents, net", "Licenses, net", "Licenses for Marketed Products", "In-process R&D Programs" and "Software, net" into the item "Intangible Assets" • Change in the name of current and non-current liability line items "Other Provisions" to "Provisions" and "Convertible Bond" to "Bonds" • Deletion of the term "current portion" for all current liability items and "excluding current portion" for all non-current liability items The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Structural Changes to the Consolidated Statement of Changes in Stockholders' Equity To improve readability, adjustments were made to the consolidated statement of changes in stockholders' equity. The following changes were implemented for the first time for the reporting in 2021: • Change in the name of "Compensation Related to the Grant of Stock Options and Performance Shares" to "Expenses through Share-based Payment Transactions and Issue of Convertible Instruments" • Change in the name of "Transfer of Treasury Stock to Related Parties" to "Transfer of Treasury Stock to Members of the Management Board" and of "Exercise of Convertible Bonds Issued" to "Exercise of Convertible Bonds Issued to Related Parties" The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Structural Changes to the Consolidated Statement of Cash Flows The aggregation of items and changes in the titles of balance sheet items resulted in corresponding changes in the cash flow statement: • Consolidation of the items "Net (Gain) / Loss of Financial Assets at Fair Value through Profit or Loss" and "Net (Gain) / Loss of Financial Assets at Amortized Cost" into the item "Net (Gain) / Loss of Other Financial Assets" • Consolidation of the items "Recognition of Contract Liability" and "Contract Liability" into the item "Contract Liability" • Consolidation of the items "Cash Payments to Acquire Financial Assets at Fair Value through Profit or Loss" and "Cash Payments to Acquire Other Financial Assets at Amortized Cost" into the item "Cash Payments to Acquire Other Financial Assets" • Consolidation of the items "Cash Receipts from Sales of Financial Assets at Fair Value through Profit or Loss" and "Cash Receipts from Sales of Other Financial Assets at Amortized Cost" into the item "Cash Receipts from Sales of Other Financial Assets" • Split of the item "Cash Receipts from (+) / Cash Payments for (–) Derivative Financial Instruments" into "Cash Receipts from Derivative Financial Instruments" and "Cash Payments for Derivative Financial Instruments" • Change in the name of "Non Cash Effective Change of Financial Liabilities at Amortized Cost" to "Non Cash Effective Change of Bonds", "Accounts Payable and Accruals, Lease Liabilities, Tax Liabilities and Other Provisions" to "Accounts Payable and Accruals, Lease Liabilities, Tax Liabilities and Provisions", of "Cash Payments for Acquisitions of Shares at Fair Value through Other Comprehensive Income" to Cash Payments for Acquisitions" and of "Cash Proceeds in Connection with Convertible Bonds Granted to Related Parties" to "Cash Proceeds in Connection with Exercised Stock Options and Convertible Bonds" The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Unless stated otherwise, the accounting policies set out below were applied consistently to all periods presented in these consolidated financial statements. The accounting standards applied generally correspond to the policies used in the prior year. New or Revised Standards and Interpretations Adopted for the first Time in the Financial Year Standard / Interpretation Mandatory Application for financial years starting on Adopted by the European Union Possible Impact on MorphoSys IFRS 16 (A) Covid-19-Related Rent Concessions beyond 30 June 2021 01/01/2021 yes none IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (A) Interest Rate Benchmark Reform – Phase 2 01/01/2021 yes yes IFRS 4 (A) Deferral of IFRS 9 01/01/2021 yes none (A) Amendments The impact on the consolidated financial statements from the amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 is not considered to be material and are therefore not explained separately. Standards with the remark "none" do not have an impact on the consolidated financial statements. New or Revised Standards and Interpretations not yet Mandatorily Applicable The following new or revised standards that were not yet mandatory in the reporting period or have not yet been adopted by the European Union, have not been applied prematurely. The effects on the consolidated financial statements of standards marked with “yes” are considered probable and are currently being examined by the Group. Only significant effects are described in more detail. The impact on the consolidated financial statements of the amendments to IAS 1, IAS 8 and IAS 12 are not considered material and, therefore, not explained separately. Standards with the comment “none” are not expected to have a material impact on the consolidated financial statements. Standard / Interpretation Mandatory Application for financial years starting on Adopted by the European Union Possible Impact on MorphoSys IFRS 3 (A) Reference to the Conceptual Framework 01/01/2022 yes none IFRS 17 and IFRS 17 (A) Insurance Contracts and Amendments to IFRS 17 01/01/2023 yes none IFRS 17 (A) Initial Application of IFRS 17 and IFRS 9 — Comparative Information 01/01/2023 no none IAS 1 (A) Classification of Liabilities as Current or Non-current 01/01/2023 no yes IAS 1 (A) Disclosure of Accounting Policies 01/01/2023 no yes IAS 8 (A) Definition of Accounting Estimates 01/01/2023 no yes IAS 12 (A) Deferred Tax related to Assets and Liabilities arising from a Single Transaction 01/01/2023 no yes IAS 16 (A) Property, Plant and Equipment — Proceeds before Intended Use 01/01/2022 yes none IAS 37 (A) Amended by Onerous Contracts — Cost of Fulfilling a Contract 01/01/2022 yes none Annual Improvements to International Financial Reporting Standards, 2018 – 2020 01/01/2022 yes none (A) Amendments MorphoSys AG, as the ultimate parent company, is located in Planegg, near Munich. MorphoSys AG has one wholly owned subsidiary, MorphoSys US Inc. (Boston, Massachusetts, USA). MorphoSys US Inc. in turn has a wholly owned subsidiary - Constellation Pharmaceuticals, Inc. (Cambridge, Massachusetts, USA). Constellation Pharmaceuticals, Inc. also has a wholly owned subsidiary, Constellation Securities Corp. (Cambridge, Massachusetts, USA). Constellation Pharmaceuticals, Inc. and Constellation Securities Corp. are collectively referred to as “Constellation”, and all entities constitute the “MorphoSys Group” or “Group”. Following the acquisition on July 15, 2021, Constellation Pharmaceuticals, Inc. was merged into MorphoSys Development Inc., which was incorporated as a wholly owned subsidiary of MorphoSys US Inc. on May 28, 2021, in accordance with the merger agreement. From this upward merger, Constellation Pharmaceuticals, Inc. remained as a wholly owned subsidiary of MorphoSys US Inc. The consolidated financial statements as of December 31, 2021, were prepared by the Management Board on March 15, 2022, by resolution of the Management Board, authorized for issue, and forwarded to the Supervisory Board for review and approval. The members of the Group’s Management Board are Jean-Paul Kress, M.D., as Chief Executive Officer (Chair of the Management Board), Sung Lee as Chief Financial Officer and Malte Peters, M.D., as Chief Research and Development Officer. Sung Lee assumed the position as Chief Financial Officer on February 2, 2021. Roland Wandeler, Ph.D., stepped down as a member of the Management Board with effect from the end of December 31, 2021. The following Group subsidiaries are included in the scope of consolidation, as shown in the table below. Company Purchase of Shares / Establishment Included in Basis of Consolidation since Constellation Pharmaceuticals, Inc., Cambridge, Massachusetts, USA July 2021 07/15/2021 Constellation Securities Corp., Cambridge, Massachusetts, USA July 2021 07/15/2021 MorphoSys US Inc., Boston, Massachusetts, USA July 2018 07/02/2018 These subsidiaries are fully consolidated as they are direct or indirect wholly owned subsidiaries. MorphoSys controls the subsidiaries due to its full power over the investees. Additionally, MorphoSys is subject to risk exposure and has rights to variable returns from its involvement with the investees. MorphoSys also has unlimited capacity to exert power over the investees to influence its returns. The Group does not have any entities consolidated as joint ventures using the equity method, nor does it exercise a significant influence. The assets and liabilities of the fully consolidated international entities are recognized using Group-wide uniform accounting and valuation methods. The consolidation methods applied have not changed from the previous year. Upon consolidation, the carrying amounts of the parent company’s investments in each subsidiary are offset against the parent’s share in the equity of each subsidiary. Inter-company assets and liabilities, income and expenses, and profits or losses arising from transactions between Group companies are eliminated in full. The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency. The items included in the financial statements of each entity are measured using that functional currency. Transactions and Balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in other income or expenses. For monetary items relating to investing and financing activities, differences are recognized in finance income or finance expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Group Companies On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates. The exchange differences arising on translation for consolidation are recognized in “Other Comprehensive Income Reserve” (equity). In preparing the consolidated financial statements, it is necessary to make estimates and assumptions that affect the carrying amounts of assets, liabilities and contingent liabilities at the balance sheet date and the amounts of income and expense recognized in the period under report. The actual results may differ from these estimates. The estimates and underlying assumptions are subject to continuous review and are based on historical experience and other factors, including the expectation of future events that are believed to be realistic under the prevailing circumstances. Any changes in estimates are recognized in the period in which the changes are made and in all relevant future periods. The resulting accounting-related estimates will, by definition, seldom correspond to the actual results. The estimates and assumptions that carry a significant risk of causing material adjustments to the carrying amounts of assets and liabilities in the next financial year are addressed below. Revenues Revenues from product sales, royalties, license fees, milestones are subject to assumptions regarding variable consideration components, probabilities of occurrence and individual selling prices within the scope of the accounting and measurement principles explained in Note 2.6.1. Accruals in connection with revenues from product sales are also affected by estimates and assumptions. Impairment of Financial Assets Impairment losses on financial assets in the form of debt instruments and accounts receivable are based on assumptions about credit risk. The Group exercises discretion in making these assumptions and in selecting the inputs to calculate the impairment based on past experience, current market conditions and forward-looking estimates at the end of each reporting period. Financial Assets and Liabilities from Collaborations For details on estimates and assumptions in connection with financial assets and liabilities from collaborations refer to Note 5.18. Leases In determining the lease term, all facts and circumstances are considered that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended. Licenses for Marketed Products The acquired licenses are amortized over their estimated useful life. An impairment loss is recognized when events or changes in circumstances indicate that the licenses are impaired. Intangible assets not yet available for use and Goodwill The Group performs an annual review to determine whether in-process R&D programs (intangible assets not yet available for use) or goodwill is subject to impairment in accordance with the accounting policies discussed in Note 2.7.9. The recoverable amounts from in-process R&D programs and cash-generating units have been determined using value-in-use calculations and are subjected to a sensitivity analysis. These calculations require the use of estimates (see Notes 5.10 and 5.11). Accruals The Group has entered into various research and development contracts with research institutions and other companies. These agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. The Group recognizes accruals for estimated ongoing research costs that have been incurred. When evaluating the appropriateness of the deferred expenses, the Group analyzes the progress of the studies, including the phase and completion of events, invoices received and contractually agreed costs. Significant judgments and estimates are made in determining the deferred balances at the end of any reporting period. Actual results may differ from the Group’s estimates. The Group’s historical accrual estimates have not been materially different from the actual costs. Financial Liabilities from Future Payments to Royalty Pharma For details on estimates and assumptions in connection with the financial liabilities from future payment to Royalty Pharma refer to Note 5.19. Income Taxes Income taxes comprise taxes levied in the individual countries on taxable profit and changes in deferred taxes. The income taxes reported are recognized on the basis of the statutory regulations in force or enacted as of the reporting date in the amount in which they are expected to be paid or refunded. Deferred taxes are recognized for tax-deductible or temporary taxable differences between the carrying amounts of assets and liabilities in the IFRS balance sheet and the tax base, as well as for tax effects arising from consolidation measures and tax reduction claims arising from loss carryforwards that are likely to be realized in subsequent years. Goodwill is excluded. The assessment of the recoverability of deferred tax assets considers the currently achieved total results of a legal entity as well as the expected future taxable results, derived from the corporate planning. The recognition of deferred tax assets on tax loss carryforwards requires management to make estimates and judgments about the amount of future taxable profit available against which the tax loss carryforwards can be utilized. Deferred tax assets on loss carryforwards are only recognized to the extent that sufficient taxable income is expected in the future. Uncertain tax positions are analyzed on an ongoing basis and, if taxes are sufficiently probable, risk provisions are recognized in an appropriate amount in each case. Uncertainties arise, among other things, from matters that are being discussed in ongoing tax audits but have not yet resulted in final findings or are under discussion due to disputed legal situations or new case law. As the estimates can change over time, for example, as a result of findings in the course of the tax audit or current case law, there will also be a corresponding effect on the amount of the required assessment of the risk provision. The amount of the expected tax liability or tax receivable reflects the amount representing the best estimate or the expected value, taking into account any existing tax uncertainties. For the assessment of the impairment of deferred tax assets, the planning assumptions are influenced by key estimates and mainly include the profit forecasts of the respective legal entities. Effects of Climate Change on Financial Reporting In fiscal year 2021, the company analyzed potential sustainability risks in the areas of climate change and water scarcity. In both areas, the Company has not identified any material risks to its business model. Therefore, the Company does not currently expect any material impact of sustainability risks on its financial reporting. The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition related costs are expensed in the general and administrative expenses as incurred. The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill and allocated to a cash-generating unit. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. Recognizing revenue from contracts with customers requires the following five-stage approach: • Identification of the contract • Identification of performance obligations • Determination of the transaction price • Allocation of the transaction price • Revenue recognition The Group’s revenues typically include revenue from product sales, royalties, license fees, milestone payments and service fees. Revenues from Product Sales Revenues from the sale of MorphoSys products are recognized at the transaction price at the time the customer obtains control of the product. This is defined as the point at which the customer receives the product. As a result, revenues are recognized based on a specific point in time. The transaction price represents the consideration expected by MorphoSys in exchange for the product and takes into account variable components. The variable consideration is only included in the transaction price if it is highly probable that there will not be a subsequent material adjustment to the transaction price. The most common elements of variable consideration related to product sales at MorphoSys are listed below and are determined according to the expected value approach. • Rebates and discounts agreed with government agencies, buying groups, specialty distributors and specialty pharmacies are accrued and deducted from revenues at the time the related revenues are recognized. They are calculated based on actual discounts and rebates granted, specific regulatory requirements, specific terms in individual agreements, product pricing and/or the anticipated sales channel mix. Because the Company recognizes revenue upon transfer of control of the product to specialty distributors and specialty pharmacies, and not upon transfer to the end-user (patient), for certain rebates the Company is required to estimate the mix of product sales between its sales channels in determining the amount of rebate that will ultimately be paid. • Discounts offered to customers are intended to encourage prompt payment and are deferred and recognized as revenue deductions at the time the related revenues are recognized. • Accruals for product returns are recognized as revenue deductions at the time the corresponding revenues are recognized. Variable consideration is deducted from trade receivables, in case these are directly paid to the direct customer. In case payments are to be made to another party, these are presented as accruals. Accruals for revenue deductions are adjusted to the actual amounts when rebates and discounts and cash discounts are realized. The accruals represent estimates of the related obligations, meaning that management’s judgment is required in estimating the impact of these revenue deductions. Royalties Revenue recognition for royalties (income based on a percentage of sales of a marketed product) is based on the same revenue recognition principles that apply to sales-based milestones, as described below. License Fees and Milestone Payments The Group recognizes revenues from license fees for intellectual property (IP) both at a point in time and over a period of time. The Group must make an assessment as to whether such a license represents a right-to-use the IP (at a point in time) or a right to access the IP (over time). Revenue for a right-to-use license is recognized by the Group when the licensee can use and benefit from the IP after the license term begins, e.g., the Group has no further obligations in the context of the out-licensing of a drug candidate or technology. A license is considered a right to access the intellectual property when the Group undertakes activities during the license term that significantly affect the IP, the customer is directly exposed to any positive or negative effects of these activities, and these activities do not result in the transfer of a good or service to the customer. Revenues from the right to access the IP are recognized on a straight-line basis over the license term. Milestone payments for research and development are contingent upon the occurrence of a future event and represent variable consideration. The Group’s management estimates at the contract’s inception that the most likely amount for milestone payments is zero. The most likely amount method of estimation is considered the most predictive for the outcome since the outcome is binary; e.g. achieving a specific success in clinical development (or not). The Group includes milestone payments in the total transaction price only to the extent that it is highly probable that a significant reversal of accumulated revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Sales-based milestone payments included in contracts for IP licenses are considered by the Group to be sales-based license fees because they are solely determined by the sales of an approved drug. Accordingly, such milestones are recognized as revenue once the sales of such drugs occur or at a later point if the performance obligation has not been fulfilled. Service Fees Service fees for the assignment of personnel to research and development collaborations are recognized as revenues in the period the services were provided. If a Group company acts as an agent, revenues are recognized on a net basis. Agreements with multiple Performance Obligations A Group company may enter into agreements with multiple performance obligations that include both licenses and services. In such cases, an assessment must be made as to whether the license is distinct from the services (or other performance obligations) provided under the same agreement. The transaction price is allocated to separate performance obligations based on the relative stand-alone selling price of the performance obligations in the agreement. The Group company estimates stand-alone selling prices for goods and services not sold separately on the basis of comparable transactions with other customers. The residual approach is the method used to estimate a stand-alone selling price when the selling price for a good or service is highly variable or uncertain. Principle-Agent Relationships In agreements involving two or more independent parties who contribute to the provision of a specific good or service to a customer, the Group company assesses whether it has promised to provide the specific good or service itself (the company acting as a principal) or to arrange for this specific good or service to be provided by another party (the company acting as an agent). Depending on the result of this assessment, the Group company recognizes revenues on a gross (principal) or net (agent) basis. A Group company is an agent and recognizes revenue on a net basis if its obligation is to arrange for another party to provide goods or services, i.e., the Group company does not control the specified good or service before it is transferred to the customer. Indicators to assist a company in determining whether it does not control the good or service before it is provided to a customer and is, therefore, an agent, include, but are not limited to, the following criteria: • Another party is primarily responsible for fulfilling the contract. • The company does not have inventory risk. • The company does not have discretion in establishing the price. No single indicator is determinative or weighted more heavily than other indicators. However, some indicators may provide stronger evidence than others, depending on the individual facts and circumstances. A Group company’s control needs to be substantive; obtaining the legal title to a good or service only momentarily before it is transferred to the customer does not necessarily indicate that a Group company is a principal. Generally, an assessment as to whether a Group company is acting as a principal or an agent in a transaction requires a considerable degree of judgment. Based on the relevant facts and circumstances, the assessment of an agreement may lead to the conclusion that the counterparty is a cooperation partner or partner rather than a customer because the contract parties share equally in the risk of co-developing a drug and in the future profits from the marketing of the approved drug. Operating expenses are allocated to the functional costs on the basis of cost centers o |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Disclosure for business combinations | Business Combination In 2021 Constellation Pharmaceuticals, Inc., Cambridge, Massachusetts, USA and its 100% subsidiary Constellation Securities Corp., Cambridge, Massachusetts, USA, (both together "Constellation") was acquired via a cash tender offer. In this transaction, MorphoSys Development Inc. acquired the shares in Constellation. Following the acquisition, Constellation Pharmaceuticals, Inc. was merged into MorphoSys Development Inc. Constellation Pharmaceuticals, Inc. remained from this merger. As a clinical stage biopharmaceutical company, Constellation's business activities uses its expertise in epigenetics to discover and develop novel therapeutics that address serious unmet medical needs in patients with various forms of cancer. As of the date of the acquisition Constellation does not generate any revenues. The cash tender offer, that started on June 16, 2021, to acquire all outstanding shares of Constellation for US$ 34.00 per share (equivalent to € 28.79) expired at the end of July 14, 2021. A total of 42,811,957 shares with a total value of US$ 1,456 million (equivalent to € 1,233 million) were acquired under this offer by MorphoSys Development Inc. (Dover, Delaware, USA). This represented about 89% of Constellation’s total outstanding 48,094,531 shares. The remaining shares, representing approximately 11% of the total outstanding shares, were also acquired after the merger in the context of an automatic squeeze-out procedure on July 15, 2021, at the same price per share in the amount of US$ 34.00 (equivalent to € 28.79). A total purchase price of US$1,635.2 million (€ 1,384.7 million) was paid in cash for the acquisition of the shares. The acquisition of Constellation was financed with the cash inflows received from Royalty Pharma in the amount of US$1,425.0 million (equivalent to €1,300.0 million) as well as with cash and other financial assets from MorphoSys and Constellation. For further information on cash inflows from Royalty Pharma, refer to Note 5.19. This transaction had multiple objectives, including the acceleration of the growth strategy and expansion of the clinical pipeline in hematology/oncology. The acquisition date for accounting purposes is July 15, 2021, from which date Constellation and its sole subsidiary Constellation Securities Corp. have been fully consolidated into the MorphoSys Group. In the period from acquisition to December 31, 2021, Constellation contributed revenues of € 0.0 million and a loss of € 60.4 million to the Group's net loss. This loss does not contain the impairment of goodwill. If the acquisition had occurred on January 1, 2021, the consolidated pro-forma net loss for 2021 would have been € 645.7 million. The pro-forma net loss for 2021 includes the impairment of goodwill. In determining this amount, management assumed that the preliminary fair value adjustments to the acquired assets at the acquisition date would also have been valid in the event of an acquisition on January 1, 2021. As of July 15, 2021, the acquired assets and liabilities resulting from the acquisition included the following items. in 000' € Fair Value Cash and Cash Equivalents 178,090 Other Financial Assets 118,909 Property, Plant and Equipment 1,572 In-process R&D Programs 719,399 Deferred Tax Asset 145,900 Prepaid Expenses and Other Assets 10,971 Accounts Payable and Accruals -147,791 Tax Liabilities -33 Deferred Tax Liability -183,878 Fair Value of Identifiable Net Assets and Liabilities 843,139 Goodwill on Acquisition Date 541,561 Consideration Paid 1,384,700 Cash and Cash Equivalents Acquired -178,090 Net Cash Outflow 1,206,610 The goodwill is attributable to several preclinical programs, especially for further indications of the main compounds pelabresib, CPI-0209 other small molecules being in a very early stage of the preclinical development as well as workforce. Potential future cash inflows, resulting solely from the commercialization of the drug candidates will be recognized by Constellation. Hence, Constellation is expected to benefit from the synergies of the business combination and therefore the Goodwill was allocated to this group of cash-generating units. Goodwill is not expected to be deductible for income tax purposes. In the context of the acquisition of Constellation directly attributable transaction costs in the amount of €19.2 million were incurred and expensed as general and administrative in 2021. The following amount of goodwill was recognized as a result of the acquisition. in 000' € Consideration Paid 1,384,700 Fair Value of Identifiable Net Assets and Liabilities 843,139 Goodwill 541,561 The following table shows the effects on goodwill recognized in financial year. in 000' € Balance as of January 1, 2021 0 Initial Recognition 541,561 Impairment (230,715) Exchange differences 23,108 Balance as of December 31, 2021 333,955 In addition, the following agreements, which are not attributable to the business combination and therefore not part of the purchase price, were concluded: 1. Royalty Purchase and Revenue Participation Agreements with Royalty Pharma The acquisition of Constellation also triggered the enforcement of the royalty purchase agreement and the revenue participation agreement with Royalty Pharma on July 15, 2021. The agreements primarily serve to finance the acquisition of Constellation and to further develop the MorphoSys and Constellation product pipelines. Please refer to section "5.19 Financial liabilities for future payments to Royalty Pharma" for details of the contractual content and accounting effects. 2. Development Funding Bond Agreement with Royalty Pharma On July 15, 2021, the development funding bond agreement with Royalty Pharma became effective. Under the terms of this agreement, MorphoSys must draw at least US$150.0 million (equivalent to €127.0 million) and can draw down a maximum of US$350.0 million (equivalent to €296.4 million) within one year. Repayment will be made at 2.2 times the amount drawn according to a fixed payment schedule within ten years and nine months after the first drawdown without any repayment in the first two years after a drawdown. To date, no partial amount of the bond has been called. 3. Share-based payment programs for employees Constellation has implemented several share-based employee incentive plans ("Plans") in previous years. These grant beneficiaries options, stock appreciation rights ("SARs"), restricted stock, restricted stock units and other stock-based awards ("Awards"), depending on the underlying contract. Beneficiaries are "all employees, officers and directors of Constellation and consultants to the Company (as defined and interpreted under the Securities Act of 1933, as amended) who are eligible to receive Awards under the Plans. These Plans specify that in the event of certain other events, such as "reorganization events," the Management Board may grant beneficiaries a cash payment in respect of any Award in exchange for the termination of the Award. The acquisition of Constellation by MorphoSys is considered to be such a reorganization event within the meaning of the program, which triggered the change-of-control clause. For the allocation of the awards to the beneficiaries, Constellation recognized a liability in the closing balance sheet as of July 14, 2021 to the beneficiaries of US$84.9 million (€71.9 million), which was settled in cash in August 2021. 4. Retention and Severance Agreements to certain employees Constellation has offered certain employees in key positions staggered retention bonuses depending on the term in order to bind them to the company at least for a certain period of time. Expenses totaling €5.7 million were recognized for this until December 31, 2021 in Constellation's statement of profit or loss. In contrast, certain employees were offered severance payments in order to achieve an early termination of the employment relationship; expenses totaling €7.3 million were recognized for this until December 31, 2021. 5. Milestone Payment to the Leukemia & Lymphoma Society (LLS-Milestone) Under a research, development and commercialization agreement entered into in 2012 with the Leukemia & Lymphoma Society, New York, U.S.A. ("LLS"), Constellation received research grants in the past for certain research and development activities. The agreement requires Constellation to make repayments to LLS upon the achievement of certain milestones. The acquisition of Constellation by MorphoSys meets the requirement of such a milestone and triggered a payment to LLS in the amount of US$7.4 million (€6.3 million). Constellation therefore recognized a liability in the closing balance sheet as of July 14, 2021 to LLS. |
Notes to the Profit or Loss Sta
Notes to the Profit or Loss Statement | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Notes to the Income Statement | Notes to the Profit or Loss StatementRevenues in 000' € 2021 2020 2019 Product Sales, Net 66,861 22,983 0 Royalties 65,576 42,467 31,788 License Fees 43 236,094 265 Milestone Payments 19,952 4,825 30,470 Service Fees 19,726 21,329 9,232 Other 7,454 0 0 Licenses, Milestones and Other 47,175 262,248 39,967 Total 179,612 327,698 71,755 The following overview shows the Group’s regional distribution of revenue on the basis of the customer location: in 000' € 2021 2020 2019 Germany — — 145 Europe and Asia 23,328 8,640 39,322 USA and Canada 156,284 319,058 32,288 Total 179,612 327,698 71,755 The following overview shows the timing of the satisfaction of performance obligations: in 000' € 2021 2020 2019 At a Point in Time 179,569 327,438 71,270 Over Time 43 260 485 Total 179,612 327,698 71,755 Of the total revenues generated in 2021, a total of €85.5 million were recognized from performance obligations that were fulfilled in previous periods and related to milestone payments and royalties (2020: €47.1 million; 2019: €62.0 million). Cost of sales consisted of the following: in 000' € 2021 2020 2019 Expensed Acquisition or Production Cost of Inventories 12,618 5,564 0 Personnel Expenses 11,630 11,054 3,233 Impairment (+) and Reversals of Impairment (-) on Inventories — (9,933) 8,685 Impairment, Amortization and Other Costs of Intangible Assets 7,409 2,251 0 External Services 289 128 49 Depreciation and Other Costs for Infrastructure 221 98 100 Other Costs 28 12 18 Total 32,195 9,174 12,085 Research and development expenses consisted of the following: in 000' € 2021 2020 2019 Personnel Expenses 65,941 32,331 28,468 Impairment (+) and Reversals of Impairment (-) on Inventories 0 (3,338) 0 Consumable Supplies 4,055 3,239 2,874 Impairment, Amortization and Other Costs of Intangible Assets 7,859 18,144 5,631 External Services 131,467 77,827 62,373 Depreciation and Other Costs for Infrastructure 11,773 8,669 5,944 Other Costs 4,116 2,498 3,142 Total 225,211 139,370 108,432 In 2021, expenses for external temporary staff have been reclassified from personnel expenses to external services (see Note 4.3.4). In order to provide comparable information for the previous year, the prior-year figures have been adjusted accordingly. Selling expenses consisted of the following: in 000' € 2021 2020 2019 Personnel Expenses 63,517 52,823 6,804 Consumable Supplies 86 125 14 Amortization of Intangible Assets 138 8 11 External Services 51,265 50,727 14,313 Depreciation and Other Costs for Infrastructure 870 700 371 Other Costs 5,667 3,360 1,158 Total 121,543 107,743 22,671 General and administrative expenses consisted of the following: in 000' € 2021 2020 2019 Personnel Expenses 32,589 29,892 22,574 Consumable Supplies 88 565 389 Amortization of Intangible Assets 596 55 39 External Services 35,892 15,557 10,049 Depreciation and Other Costs for Infrastructure 6,885 4,084 1,739 Other Costs 2,242 1,250 1,875 Total 78,292 51,403 36,665 In 2021, expenses for external temporary staff have been reclassified from personnel expenses to external services (see Note 4.3.4). In order to provide comparable information for the previous year, the prior-year figures have been adjusted accordingly. Personnel expenses consisted of the following: in 000' € 2021 2020 2019 Wages and Salaries 158,094 107,841 47,602 Social Security Contributions 11,191 8,043 5,686 Share-based Payment Expense 2,585 8,955 6,654 Other 1,807 1,261 1,138 Total 173,677 126,100 61,080 In 2021, expenses for external temporary staff have been reclassified from personnel expenses to external services. In addition, expenses for severance payments and retention bonuses were reclassified from "Other" to "Wages and Salaries". In order to provide comparable information for the previous year, the prior-year figures have been adjusted accordingly. The cost of defined contribution plans amounted to €2.8 million in 2021 (2020: €0.8 million; 2019: €0.7 million). The following number of employees as of December 31 of a given year were employed in the various functions and allocated to the segments as follows: 2021 2020 2019 Production 7 0 0 Research and Development 504 351 300 Selling 94 142 40 General and Administrative 127 122 86 Total 732 615 426 The average number of employees for the 2021 financial year was 678 (2020: 564; 2019: 374). The other income is shown in the following overview. in 000' € 2021 2020 2019 Gain from Deconsolidation of Lanthio Entities 0 379 0 Gain on Foreign Exchange 7,640 13,656 233 Grant Income 5 61 98 Income from Other Items 545 489 474 Other Income 8,190 14,585 805 The other expenses are shown in the following overview. in 000' € 2021 2020 2019 Loss on Foreign Exchange (5,944) (4,581) (413) Expenses from Other Items (425) (594) (214) Other Expenses (6,369) (5,175) (627) The finance income is shown in the following overview. in 000' € 2021 2020 2019 Foreign Exchange Gains 18,782 7,160 121 Gains from Measurement at Fair Value 15,231 83,654 2,456 Income from Carrying Amount Adjustments of Financial Liabilities at Amortized cost 61,876 0 0 Interest Income 723 1,233 223 Finance Income 96,612 92,047 2,799 The finance expenses are shown in the following overview. in 000' € 2021 2020 2019 Foreign Exchange Losses (46,297) (31,694) (777) Losses from Measurement at Fair Value (4,247) (19,313) (442) Effective Interest Expenses from Financial Liabilities at Amortized Cost (62,252) (17,783) 0 Expenses from Carrying Amount Adjustments of Financial Liabilities at Amortized cost (64,846) (24,565) 0 Other Interest Expenses (2,415) (1,021) (91) Interest Expenses on Lease Liabilities (1,157) (1,174) (932) Bank Fees (242) (664) (31) Finance Expenses (181.456) (96.214) (2.272) MorphoSys AG is subject to corporate taxes, the solidarity surcharge and trade taxes. The Company’s corporate income tax rate in the reporting year remained unchanged (15.0%), as did the solidarity surcharge (5.5%) and the effective trade tax rate (10.85%), resulting in a combined tax rate of 26.675%. The US tax group, comprising of MorphoSys US Inc. and Constellation is subject to Federal Corporate Income Tax of 21.0% and a blended effective State Income Tax of 4.56%, resulting in a combined income tax rate of 25.56%. in 000' € 2021 2020 2019 Current Tax Benefit / (Expense) (Thereof Regarding Prior Years: kEUR (96); 2020: kEUR 66; 2019: kEUR 0) 1,172 (67,073) (1) Deferred Tax Benefit / (Expenses) 75,419 142,472 3,507 Total Income Tax Benefit / (Expenses) 76,591 75,399 3,506 The Group recorded total income tax benefits of €76.6 million million in 2021, which consisted of deferred tax benefits of €34.8 million on temporary differences and income of €40.6 million on deferred taxes capitalized on losses of the period, and €1.2 million current tax income, mainly being recognized for a losscarryback. The deferred tax benefits on temporary differences mainly relate to the recognition of the financial liabilities for future payments to Royalty Pharma, which creates a temporary difference for tax purposes. The following table reconciles the expected income tax expense to the actual income tax expense as presented in the consolidated financial statements. The combined income tax rate of 26.675% in the 2021 financial year (2020: 26.675%; 2019: 26.675%) was applied to profit before taxes to calculate the statutory income tax expense. This rate consisted of a corporate income tax of 15.0%, a solidarity surcharge of 5.5% on the corporate tax, and an average trade tax of 10.85% applicable to the Group. in 000' € 2021 2020 2019 Earnings Before Income Taxes (591,051) 22,492 (106,520) Expected Tax Rate 26.675 % 26.675 % 26.675 % Expected Income Tax 157,663 (6,000) 28,414 Tax Effects Resulting from: Premium from Capital Increase by Incyte 0 14,182 0 Share-based Payment (547) (1,823) (387) Permanent Differences (58,971) 4,991 (411) Non-Tax-Deductible Items (1,992) (9,718) (151) Non-Recognition of Deferred Tax Assets on Temporary Differences (8,117) 0 0 Non-Recognition of Deferred Tax Assets on Current Year Tax Losses (7,817) 0 (24,285) Recognition of Deferred Tax Assets on Prior Year Temporary Differences 0 6,548 0 Effect from Utilization of Loss Carryforwards for which no Deferred Tax Assets were recognized 0 66,472 0 Tax Rate Differences to Local Tax Rates (3,721) 140 (1,461) Effect of Tax Rate Changes 0 0 1,789 Prior Year Taxes 96 0 0 Other Effects (3) 607 (2) Actual Income Tax 76,591 75,399 3,506 Effective Tax Rate 13.0 % (335.2) % 3.3 % The permanent differences as of December 31, 2021 relate exclusively to the impairment of goodwill. As of December 31, 2021, the deferred tax assets of MorphoSys AG relating to temporary differences as well as tax loss carry forwards created in 2021 have been capitalized. Deferred taxes of MorphoSys AG are capitalized in full due to the long-term positive business development and the associated positive earnings forecasts of the legal entity. The forecast period is up to 2039 and in line with the accrual period of the financial liability from collaborations, and the respective analysis is based on long-term corporate planning and supports the assessment as strong evidence that the deferred tax assets will be realized. As far as the US tax group companies are concerned, the deferred tax assets relating to temporary differences as well as the tax losses incurred until year end, have been capitalized in the amounts where a future offset with deferred tax liabilities is assured. This takes into account any limitations on the offsetting of losses with deferred tax assets and liabilities, insofar the deferred tax liability from the purchase price allocation at acquisition date assures recoverability. For the period after the acquisition date, any additional deferred tax assets can only be capitalized to the same extent, namely that sufficient deferred tax liabilities assure future recoverability. Due to the history of losses being absorbed from Constellation level, and the current uncertainties regarding the realization of planned taxable income, corresponding deferred tax assets on loss carry forwards were only recognized as outlined in the following table. in 000' € Carry-Forward of Tax Losses Tax Losses from Prior Years 0 Tax Losses absorbed from Constellation 563,697 Tax Losses from Current Year 138,257 Foreign Currency Translation Differences 22,795 Total Tax Losses as of December 31, 2021 724,749 Expected Deferred Tax Assets on Total Tax Losses 186,945 Non-Recognition of Deferred Tax Assets on Current Year Tax Losses (7,817) Deferred Tax Assets on Tax Losses 179,128 The tax losses as of December 31, 2021 include losses of €69.9 million with a limited utilization period, which relate to the US tax group and forfeit from 2037 until 2043. The deferred tax assets on temporary differences, which have not been capitalized in the period, amount to €8.1 million. Deferred tax assets and deferred tax liabilities consisted of the following: in 000’s €, as of December 31 Deferred Tax Asset 2021 Deferred Tax Asset 2020 Deferred Tax Liability 2021 Deferred Tax Liability 2020 Financial Assets /Liabilities from Collaborations 137,184 137,778 531 5,475 Financial Liabilities from Future Payments to Royalty Pharma 43,611 0 2,092 0 Bonds 507 113 11,260 13,653 Leases 802 824 976 787 Intangible Assets 6,549 8,753 195,371 517 Inventories 2,255 1,328 0 0 Receivables and Other Assets 890 1,099 1,988 211 Property, Plant and Equipment 0 0 108 381 Provisions 5,880 2,581 0 2,723 Other Liabilities 0 0 0 980 Tax Losses 179,128 0 0 0 Offsetting (190,261) (19,670) (190,261) (19,670) Total 186,545 132,806 22,065 5,057 After netting, both the deferred tax assets and the deferred tax liabilities are of a non-current nature. Changes in Deferred Taxes in 2021 in 000' € Income / (Expense) Direct Recognition from Purchase Price Allocation Financial Assets /Liabilities from Collaborations 4,350 0 Financial Liabilities from Future Payments to Royalty Pharma 41,519 0 Bonds 2,787 0 Leases (211) 0 Intangible Assets (13,180) (183,878) Inventories 927 0 Receivables and Other Assets (1,986) 0 Property, Plant and Equipment 113 160 Provisions 4,363 1,659 Other Liabilities 980 0 Tax Losses 35,047 144,081 Foreign Currency Translation Differences 710 (710) Total 75,419 (38,688) As of December 31, 2021, and December 31, 2020, there were no temporary differences in connection with investments in subsidiaries, so called outside basis differences, for which no deferred tax liability was recognized. In 2021 the purchase price allocation of Constellation resulted in €38.7 million net deferred tax liabilities, recognized directly against goodwill. The deferred tax assets recognized in an amount of €145.9 million were not recognized at Constellation prior to the acquisition date. T here were no deferred tax items recognized against equity (2020: €12.7 million ). Basic earnings per share are calculated by dividing the 2021 consolidated net loss of €514,460,016 (2020: consolidated net profit of €97,890,576; 2019: consolidated net loss of €103,014,058) by the weighted-average number of ordinary shares outstanding during the respective year (2021: 33,401,069; 2020: 32,525,644; 2019: 31,611,155). Diluted earnings per share is calculated by taking into account the potential increase in the Group’s ordinary shares as the result of granted stock options, restricted stock units and convertible bonds. The following table shows the reconciliation of basic earnings per share to diluted earnings per share (in €, except for disclosures in shares). 2021 2020 2019 Numerator (in €) Consolidated Net Profit / (Loss) - used in calculating Basic Earnings per Share (514,460,016) 97,890,576 (103,014,058) Interest in connection with Dilutive Shares 0 654,487 0 Profit used in calculating Diluted Earnings per Share (514,460,016) 98,545,063 (103,014,058) Denominator (in Shares) Weighted average Ordinary Shares Used in Calculating Basic Earnings per Share 33,401,069 32,525,644 31,611,155 Dilutive Shares 0 642,208 0 Weighted average Ordinary Shares and potential Ordinary Shares Used in Calculating Diluted Earnings per Share 33,401,069 33,167,852 31,611,155 Earnings per Share (in €) Basic (15.40) 3.01 (3.26) Diluted (15.40) 2.97 (3.26) The 41,632 stock options and 108,576 restricted stock units still unvested as of December 31, 2021 and the 2,475,437 shares from the convertible bonds are potentially dilutive shares for 2021 , but excluded from the calculation of dilutive earnings per share as it would result in a decline in the loss per share. |
Notes to the Balance Sheet
Notes to the Balance Sheet | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Notes to the Balance Sheet | Notes to the Balance SheetCash and Cash Equivalents in 000' € 12/31/2021 12/31/2020 Bank Balances and Cash in Hand 123,248 109,797 Impairment 0 (2) Cash and Cash Equivalents 123,248 109,795 The presentation of the development of the expected twelve-month loss for cash and cash equivalents can be found in Note 7.4.1. Other Financial Assets include, on the one hand, money market funds classified as FVTPL and on the other hand term deposits and bonds classified as AC. The financial assets at fair value, with changes recognized in profit or loss, are shown in the following overview. Unrealized in 000' € Maturity Cost Gross Profit Losses Market Value December 31, 2021 Money Market Funds daily 8,874 1 0 8,875 Total 8,875 December 31, 2020 Money Market Funds daily 288,050 293 (405) 287,938 Total 287,938 Realized and unrealized gains and losses on money market funds were recognized in the finance result in profit or loss. The valuation of money market funds resulted in a net gain of €0.6 million in 2021 (2020: net loss of €6.1 million; 2019: net gain of €0.4 million). The financial assets at amortized cost are shown in the following overview. in 000’ € Maturity Cost Effective Interest Income (+) / Expense (-) Impairment Carrying Amount December 31, 2021 Term Deposits, Current Portion 4 to 12 months 562,369 0 (491) 561,878 Bonds 4 to 12 months 285,144 (2,025) (185) 282,934 Total 844,812 December 31, 2020 Term Deposits, Current Portion 4 to 12 months 649,745 380 (412) 649,713 Bonds more than 12 months 197,827 (652) (587) 196,588 Total 846,301 As of December 31, 2021, these assets mainly consisted of term deposits with fixed or variable interest rates, as well as corporate bonds with fixed interest. Net interest expense from financial assets classified as “at amortized cost” amounted to €1.7 million in 2021 (2020: €0.5 million net interest expense; 2019: €0.1 million net interest income) and was recognized in the finance result. The risk associated with these financial instruments results primarily from bank credit risks. Further information on the credit risk for term deposits and corporate bonds can be found in Note 7.4.1. All accounts receivable are non-interest-bearing and generally have payment terms of between 30 and 180 days. As of December 31, 2021, accounts receivable mainly included receivables against Incyte from shared development costs as well as receivables from Monjuvi product sales. As of December 31, 2020, accounts receivable mainly consisted of royalty payments not yet received and receivables against Incyte from shared development costs. The Group‘s single most significant customer Incyte accounted for €38.5 million of accounts receivables as of December 31, 2021 (December 31, 2020: €50.1 million), or 51% of the Group‘s total accounts receivable at the end of 2021 (December 31, 2020: 60%). The table below shows the accounts receivable by region as of the reporting date. in 000' € 12/31/2021 12/31/2020 Europe and Asia 6,368 4,452 USA and Canada 69,903 79,326 Impairment (360) (424) Total 75,911 83,354 The presentation of the development of the risk provisions in the 2021 and 2020 financial years for accounts receivable using the simplified impairment model can be found in Note 7.4.1. Other receivables as of December 31, 2021, mainly consisted of receivables from creditors with debit accounts in the amount of €1.1 million (December 31, 2020: €1.2 million). As of December 31, 2021 and December 31, 2020, there were no impairments recognized on other receivables due to immateriality. Inventories amounted to €20.8 million as of December 31, 2021 (December 31, 2020: €10.0 million) and consisted of raw materials and supplies (€12.1 million; December 31, 2020: €5.3 million), unfinished goods (€4.1 million; December 31, 2020: €0.0 million) and finished goods (€4.5 million; December 31, 2020: €4.7 million). There were no impairment losses to be recognized in 2021 and 2020. The impairment to a net realizable value of zero on antibody material (tafasitamab), which was recognized in cost of sales and research and development expenses in prior periods, was reversed due to the market approval of Monjuvi in 2020. At the time of the reversal, tafasitamab was allocated only under inventories. The reversal resulted in a net gain of €13.3 million in 2020, which was fully attributable to financial year 2019. The reversal of the impairment loss was recognized in cost of sales of €9.9 million and in research and development expenses of €3.3 million. The current prepaid expenses and other assets are shown in the following table. in 000' € 12/31/2021 12/31/2020 Combination Drugs 15,945 10,003 Receivables due from Tax Authorities from Input Tax Surplus 6,563 3,920 Upfront Fees for External Laboratory Services 1,724 1,210 Upfront Fees for Sublicenses 1,304 777 Other Prepayments 13,787 4,711 Total 39,323 20,621 An impairment of €3.5 million was recognized on combination drugs in 2021 (December 31, 2020: €0.5 million). Other prepayments mainly include payments made in advance for maintenance contracts, insurances, sublicenses as well as external laboratory services. The non-current prepaid expenses and other assets are shown in the following table. in 000' € 12/31/2021 12/31/2020 Prepaid Expenses 9,192 183 Other Assets 4,059 1,384 Total 13,251 1,567 The non-current prepaid expenses mainly include prepayments for external services that will be utilized from 2023 onwards. The Group has classified certain items within other assets as “restricted cash” that is not available for operational purposes of the Group. As of December 31, 2021, the Group had non-current restricted cash of €3.8 million for rental deposits issued (December 31, 2020: €1.2 million). As of December 31, 2021, €0.2 million were deposited as collateral for credit cards by MorphoSys US Inc. (December 31, 2020: €0.2 million). in 000' € Office and Laboratory Equipment Furniture and Fixtures Total Cost January 1, 2021 20,041 3,942 23,983 Additions 3,334 367 3,701 Additions through Business Combination 1,488 134 1,622 Disposals (2,101) (67) (2,168) Exchange differences 6 232 238 December 31, 2021 22,768 4,608 27,376 Accumulated Depreciation and Impairment January 1, 2021 16,834 825 17,659 Depreciation Charge for the Year 2,165 678 2,843 Impairment 1,572 0 1,572 Disposals (1,764) (67) (1,831) Exchange differences 2 24 26 December 31, 2021 18,809 1,460 20,269 Carrying Amount January 1, 2021 3,207 3,117 6,324 December 31, 2021 3,959 3,148 7,107 Cost January 1, 2020 18,386 2,390 20,776 Additions 2,662 1,672 4,334 Disposals (1,006) (8) (1,014) Exchange differences (1) (112) (113) December 31, 2020 20,041 3,942 23,983 Accumulated Depreciation and Impairment January 1, 2020 15,654 469 16,123 Depreciation Charge for the Year 2,101 363 2,464 Disposals (921) (2) (923) Exchange differences 0 (5) (5) December 31, 2020 16,834 825 17,659 Carrying Amount January 1, 2020 2,732 1,921 4,653 December 31, 2020 3,207 3,117 6,324 No borrowing costs were capitalized during the reporting period, and there were neither restrictions on the retention of title nor property, plant and equipment pledged as security for liabilities. There were no material contractual commitments for the purchase of property, plant and equipment as of the reporting date. Depreciation is contained in the following line items of profit or loss. in 000' € 2021 2020 2019 Cost of Sales — — — Research and Development 1,681 1,663 1,478 Research and Development (Impairment) 1,537 — 10 Selling 63 132 92 General and Administrative 1,089 692 396 Total 4,370 2,487 1,976 The development of the right-of-use assets and lease liabilities is shown below. Right-of-Use Assets Lease Liabilities in 000' € Building Cars Technical Equipment Total Balance as of January 1, 2020 42,586 238 336 43,160 42,557 Additions 4,660 196 12 4,868 5,286 Depreciation of Right-of-Use Assets (3,218) (162) (152) (3,532) 0 Interest Expenses on Lease Liabilities 0 0 0 0 1,173 Lease Payments 0 0 0 0 (3,918) Disposals (78) 0 0 (78) (79) Balance as of December 31, 2020 43,950 272 196 44,418 45,019 Balance as of January 1, 2021 43,950 272 196 44,418 45,019 Additions 0 166 1,219 1,385 316 Depreciation of Right-of-Use Assets (3,317) (141) (230) (3,688) 0 Interest Expenses on Lease Liabilities 0 0 0 0 1,170 Lease Payments 0 0 0 0 (4,286) Disposals 0 (51) 0 (51) (173) Exchange differences 418 0 3 421 538 Balance as of December 31, 2021 41,051 246 1,188 42,485 42,584 Lease agreements had the following effects on the statement of profit or loss. in 000' € 2021 2020 2019 Depreciation of Right-of-Use Assets 3,648 3,586 2,805 Interest Expenses on Lease Liabilities 1,157 1,174 932 Expenses for Short Term Leases 1,553 0 0 Expenses for Leases of Low Value Assets 17 81 41 Total 6,375 4,841 3,778 Depreciation of right-of-use assets is contained in the following line items of profit or loss. in 000' € 2021 2020 2019 Cost of Sales 221 98 100 Research and Development 1,636 1,991 1,985 Selling 79 145 123 General and Administrative 1,711 1,352 597 Total 3,648 3,586 2,805 The maturity analysis of the lease liabilities as of December 31, 2021 is as follows. December 31, 2021; in 000’ € Contractual Maturities of Financial Liabilities Less than 1 Year Between One and Five Years More than 5 Years Total Contractual Cash Flows Carrying Amount Liabilities Lease Liabilities 4,256 16,750 28,559 49,565 42,584 The rental conditions for leases are negotiated individually and include different terms. Leases are generally concluded for fixed periods but may include extension options. Such contractual conditions offer the Group the greatest possible operational flexibility. In determining the term of the lease, all facts and circumstances are taken into account that provide an economic incentive to exercise extension options. If extension options are exercised with sufficient certainty, they are taken into account when determining the term of the contract. The leases contain fixed and variable lease payments linked to an index. in 000' € Patents Licenses Licenses for Marketed Products In-process R&D Programs Internally Generated Intangible Assets Software Total Cost January 1, 2021 18,214 35,396 56,449 0 0 5,847 115,906 Additions 345 0 0 10,429 11,517 205 22,496 Additions through Business Combination 0 0 0 719,399 0 16 719,415 Disposals (309) (1,000) 0 0 0 (3,447) (4,756) Exchange differences 0 0 0 30,679 0 0 30,679 December 31, 2021 18,250 34,396 56,449 760,507 11,517 2,621 883,740 Accumulated Amortization and Impairment January 1, 2021 16,276 23,560 963 0 0 5,731 46,530 Amortization Charge for the Year 235 986 2,312 0 0 94 3,627 Impairment 2 0 0 0 0 14 16 Disposals (309) (999) 0 0 0 (3,447) (4,755) December 31, 2021 16,204 23,547 3,275 0 0 2,392 45,418 Carrying Amount January 1, 2021 1,938 11,836 55,486 0 0 116 69,376 December 31, 2021 2,046 10,849 53,174 760,507 11,517 229 838,322 Cost January 1, 2020 18,034 23,896 0 52,159 0 5,758 99,847 Additions 290 12,000 0 32,501 0 90 44,881 Disposals (110) (500) 0 (28,211) 0 (1) (28,822) Reclassification 0 0 56,449 (56,449) 0 0 0 December 31, 2020 18,214 35,396 56,449 0 0 5,847 115,906 Accumulated Amortization and Impairment January 1, 2020 15,053 21,546 0 16,475 0 5,651 58,725 Amortization Charge for the Year 990 206 963 0 0 81 2,240 Impairment 233 2,000 0 11,736 0 0 13,969 Disposals 0 (192) 0 (28,211) 0 (1) (28,404) December 31, 2020 16,276 23,560 963 0 0 5,731 46,530 Carrying Amount January 1, 2020 2,981 2,350 0 35,684 0 107 41,122 December 31, 2020 1,938 11,836 55,486 0 0 116 69,376 There were no material contractual commitments for the purchase of intangible assets as of the reporting date. Amortization was included in the following line items of profit or loss. in 000' € 2021 2020 2019 Cost of Sales 2,312 963 0 Research and Development 1,272 1,258 1,444 Research and Development (Impairment) 13 13,969 1,639 Selling 2 5 11 General and Administrative 24 17 37 Total 3,623 16,212 3,131 Licenses for Marketed Products Tafasitamab Since the market approval of Monjuvi, the compound is classified as an intangible asset with a finite useful life and amortized as of that date. The Group amortizes the intangible asset on a straight-line basis over the estimated useful life of the acquired license until 2044 and recognizes the amortization in cost of sales. The duration and method of amortization are reviewed at the end of each financial year. In the event of triggering events, the asset is tested for impairment, if any. As of December 31, 2021, no indications of impairment were identified. In-Process R&D Programs Tafasitamab In 2021, a milestone payment of €10.4 million was capitalized for tafasitamab. This was made for an indication for which marketing approval has not yet been granted. As an intangible asset not yet available for use and a carrying amount of €10.4 million, tafasitamab was subject to an annual impairment test on September 30, 2021, as required by IAS 36. The recoverable amount of the tafasitamab cash-generating unit was determined on the basis of value-in-use calculations, which concluded that the recoverable amount exceeded its carrying amount. The cash flow forecasts took into account expected cash inflows from the potential commercialization of tafasitamab, the cash outflows for anticipated research and development, and the costs for tafasitamab’s commercialization. The cash flow forecasts are based on the period of patent protection for tafasitamab. For this reason, a planning horizon of approximately 22 years is considered appropriate for the value-in-use calculation. The values of the underlying assumptions were determined using both internal (past experience) and external sources of information (market information). Based on the updated cash flow forecast, the value-in-use was determined as follows: A beta factor of 0.9 and WACC before taxes of 8.1%. A sensitivity analysis was performed for the discount rate. A sensitivity analysis for changes in the cash flows was not performed since the cash flows from research and development and the commercialization of the compound have already been probability adjusted in the value-in-use calculations so as to reflect the probabilities of success in phases of clinical trials. The analysis did not reveal any need for impairment. The values ascribed to the assumptions correspond to the Management Board’s forecasts for future development and are based on internal planning scenarios, as well as external sources of information. No indicators of impairment were identified on December 31, 2021. Pelabresib and CPI-0209 As part of the acquisition of Constellation, not yet available for use research and development programs in development (pelabresib and CPI-0209) in the amount of €717.4 million (pelabresib) and €2.0 million (CPI-0209) were identified and capitalized in 2021. Further information can be found in Note 3 of these notes. As intangible assets not yet available for use and a carrying amount of together €719.4 million, pelabresib and CPI-0209 were subject to an annual impairment test on December 31, 2021, as required by IAS 36. Pelapresib and CPI-0209 each constitute a cash-generating unit. The recoverable amount was determined on the basis of value-in-use calculations, which concluded that the recoverable amount exceeded its carrying amount. The cash flow forecasts took into account expected cash inflows (revenues based on patient numbers and the price obtained in the market) from the potential commercialization of pelabresib and CPI-0209, the cash outflows for anticipated research and development, and the costs for the commercialization of pelabresib and CPI-0209. The cash flow forecasts are based on the period of patent protection for pelabresib and CPI-0209. For this reason, a planning horizon of approximately 23 years is considered appropriate for the value-in-use calculation. The values of the underlying assumptions were determined using both internal (past experience) and external sources of information (market information). Based on the updated cash flow forecast, the value-in-use was determined as follows: A beta factor of 1.7 and WACC before taxes of 12.8%. A sensitivity analysis was performed for the underlying estimates. In each case, one planning assumption is changed and all other estimates are kept constant. This would have resulted in the following effects on the value-in-use. The analysis did not reveal any need for impairment. The values ascribed to the assumptions correspond to the Management Board’s forecasts for future development and are based on internal planning scenarios, as well as external sources of information. in million € +1% (1)% Change in Patient Numbers or Price obtained in the Market (revenue related) 14.5 (14.5) Change in WACC before Taxes (15.6) 15.9 Change in Foreign Exchange Rate for future Royalties and Net Sales (0.8) 0.8 Slonomics Technology As of September 30, 2021, goodwill of €1.6 million from the 2010 acquisition of Sloning BioTechnology GmbH was subject to an annual impairment test. The recoverable amount of the cash-generating unit Slonomics technology was determined on the basis of value-in-use calculations. The calculation showed that the value-in-use was higher than the carrying amount of the cash-generating unit. The cash flow forecasts took into account future free cash flows from the contribution of the Slonomics technology to partnered programs. The cash flow forecasts are based on a period of 10 years because the Management Board believes that commercialization through licensing agreements, milestone payments, and royalties is only feasible by means of medium- to long-term contracts. For this reason, a planning horizon of ten years is considered appropriate for the value-in-use calculation. The values of the underlying assumptions were determined using both internal (past experience) and external sources of information (market information). Based on the updated ten-year cash flow forecast, the value-in-use was determined as follows: A beta factor of 0.9 (2020: 0.9), WACC before taxes of 8.5% (2020: 8.5%) and a perpetual growth rate of 1% (2020: 1%). A sensitivity analysis was performed for the growth rate and the discount rate for calculating value-in-use. The sensitivity analysis took into account the change in one assumption, with the remaining assumptions remaining unchanged from the original calculation. A change in the pre-tax WACC of + 1% would cause a €0.2 million lower value-in-use of goodwill and an impairment by this amount would be necessary. A sensitivity analysis for changes in the cash flows has not been performed since the cash flows have already been probability-adjusted in the value-in-use calculations so as to reflect the probabilities of success in phases of clinical trials. This analysis did not reveal any need for impairment. The values ascribed to the assumptions correspond to the Management Board’s forecasts for future development and are based on internal planning scenarios as well as external sources of information. No indication of impairment was identified as of December 31, 2021. Constellation As of December 31, 2021, goodwill of €564.7 million from the acquisition of Constellation was subject to an impairment test. Goodwill was allocated to the group of cash-generating units Constellation, as goodwill is monitored at this level. In addition, future potential cash flows of this group of cash-generating units will only be generated by Constellation's own compounds, which are also recognized by these companies. MorphoSys decided in the last quarter of the reporting year 2021 to focus its research efforts on the most advanced discovery and technology programs and to centralize all laboratory activities at its German research hub in Planegg, Germany. Consequently, all US-based activities relating to discovery biology and drug discovery departments were abandoned. Therefore, any early pipeline projects cannot be realized anymore and the expected cash flows from these projects will not materialize accordingly. Since the early pipeline was part of the goodwill acquired as of July 15, 2021, an impairment test was performed as of December 31, 2021, based on the latest cash flow projections. The recoverable amount of the group of cash-generating units Constellation was determined on the basis of value-in-use calculations. The calculation showed that the value-in-use (€334.0 million) was lower than the carrying amount of this group of cash-generating units and an impairment of €(230.7) million was recognized as a result. After impairment, the carrying amount as of December 31, 2021 is €334.0 million. The cash flow projections included expected payments from the commercialization of pelabresib and other compounds, the cash outflows for anticipated research and development, and the costs for pelabresib’s and the other compounds' commercialization. The cash flow forecasts are based on the period of patent protection for pelabresib and the other compounds. For this reason, a planning horizon of approximately 23 years is considered appropriate for the value-in-use calculation. The values of the underlying assumptions were determined using both internal (past experience) and external sources of information (market information). Based on the cash flow forecast, the value-in-use was determined as follows: A beta factor of 1.7 and WACC before taxes of 14.1%. A sensitivity analysis was performed for the underlying estimates. In each case, one planning assumption is changed and all other estimates are kept constant. This would have resulted in lower or higher impairment of goodwill. The values ascribed to the assumptions correspond to the Management Board’s forecasts for future development and are based on internal planning scenarios, as well as external sources of information. in million € +1% (1)% Change in Patient Numbers or Price obtained in the Market (revenue related) 16.6 (16.6) Change in WACC before Taxes (19.1) 19.5 Change in Foreign Exchange Rate for future Royalties and Net Sales (0.8) 0.8 Accounts payable and licenses payable were non-interest-bearing and, under normal circumstances, have payment terms of no more than 30 days. Accounts payable and accruals are listed in the following table. In the financial reporting 2020, licenses payable were presented separately. These have been included in accounts payable in 2021. The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. in 000' € 12/31/2021 12/31/2020 Accounts Payable 73,787 47,818 Accruals 113,055 79,200 Other Liabilities 1,235 1,536 Total 188,077 128,554 Accruals are shown in the following overview: in 000' € 12/31/2021 12/31/2020 Accruals for External Laboratory Services 65,026 43,500 Accrued Personnel Expenses for Payments to Employees and Management 29,666 17,320 Accruals for Outstanding Invoices 12,515 15,236 Accruals for Revenue Deductions from Product Sales 1,998 943 Accruals for Legal Fees 169 472 Accruals for Audit Fees and other related Costs 703 683 Accruals for License Payments 2,978 1,046 Total 113,055 79,200 At the Company’s Annual General Meeting in May 2021, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC GmbH), Munich, was appointed as the auditor. The Supervisory Board engaged PwC GmbH to audit the financial statements. The table below shows the total fees PwC GmbH received. in 000' € 12/31/2021 12/31/2020 Audit Fees 2,141 1,561 Fees for Other Assurance Services 116 70 Tax Service Fees 0 — Other Fees for Other Services 2 2 Total 2,258 1,633 The other assurance services comprised fees in connection with the non-financial group report as well as the audit of the content of the remuneration report. As of December 31, 2021, the Group recorded tax liabilities and provisions of €4.7 million (December 31, 2020: €67.3 million). Tax liabilities included primarily provisions for income taxes. Provisions included mainly expenses for share-based payments when these are settled by other assets equivalent to the value of a certain number of shares or stock options (“cash settlement”), as well as personnel recruitment measures. The table below shows the development of tax liabilities and current and non-current provisions in the 2021 financial year. in 000' € 01/01/2021 Additions Utilization Release 12/31/2021 Tax Liabilities 65,728 362 (65,562) 0 528 Provisions, current 0 2,549 0 0 2,549 Provisions, non-current 1,528 494 (445) 0 1,577 Total 67,256 3,405 (66,007) 0 4,654 Contract liabilities related to transaction prices paid by customers that were allocated to unfulfilled performance obligations as of December 31, 2021. It is expected that the realization of current contract liabilities will be in the 2022 financial year and non-current contract liabilities mainly in the 2023 financial year. The changes in this item are shown in the table below. in 000' € 2021 2020 Opening Balance 2,616 1,686 Prepayments Received in the Financial Year 4,323 13,430 Revenues Recognized in the Reporting Period that was included in the Contract Liability at the Beginning of the Period (2,544) (1,571) Revenues Recognized for Received Prepayments and Services Performed in the Financial Year (4,142) (10,929) Closing Balance 253 2,616 thereof short-term 224 2,544 thereof long-term 29 72 As of December 31, 2021 , deferred tax liabilities of €22.1 million were recognized after offsetting ( December 31, 2020 : €5.1 million). The increase is mainly due to the addition of the net deferred tax liabilities from the purchase price allocation of Constellation. MorphoSys AG placed non-subordinated, unsecured convertible bonds in 2020 for a nominal amount of €325.0 million, equal to 3,250 bonds with a nominal amount of €100,000 each, and maturing on October 16, 2025. The convertible bonds were issued at 100% of their nominal amount and carry a coupon of 0.625% p.a. payable semi-annually. The conversion price is €131.29. The convertible bonds are traded on the Open Market Segment (Freiverkehr) of the Frankfurt Stock Exchange. The convertible bonds are convertible between November 26, 2020 and the fortieth trading day prior to maturity. As of the maturity date, MorphoSys has the right to either pay the full amount in cash or to settle a certain amount through the delivery of shares. The convertible bonds are convertible into approximately 2,475,436 new or existing bearer ordinary shares MorphoSys. MorphoSys is entitled to redeem the convertible bonds at any time the market price of MorphoSys shares reaches at least 130% of the then applicable conversion price over a period of twenty trading days or when only 20% or less of the original total nominal amount of the convertible bond is still outstanding. Repayment is then made in the amount of the nominal value plus accrued interest. The holders of the convertible bonds have a conditional call right should an investor directly or indirectly acquire at least 30% of the voting rights in MorphoSys (representing a change of control). In the event of such a change of control, each convertible bondholder has the right to call the bonds that have not yet been converted or redeemed. Repayment is then made in the amount of the nominal value plus accrued interest. The conversion right securitized in the convertible bond represents an equity instrument and was recognized in equity for an amount of €49.2 million net of issuance costs attributable to the equity component. The equity component is not adjusted over time, and the liability component is classified as a financial liability at amortized cost. As of the date of initial recognition, the liability component amounted to €270.7 million after the deduction of issuance costs. The difference between this amount and the nominal value of €325.0 million is recognized as an interest expense over the term of the financial liability using the effective interest method. The early termination rights from MorphoSys (issuer call and clean-up call) and the put option of the convertible bondholders in the case of change of control all represent embedded derivatives that, however, have not been separated in accordance with IFRS 9, as they are considered to be closely related to the base contract. Accordingly, these components are included in the financial liability. There were no bond conversions in 2021 and 2020. MorphoSys AG and Incyte Corporation signed a collaboration and license agreement in 2020 for the further global development and commercialization of MorphoSys’s proprietary anti-CD19 antibody tafasitamab. Under the terms of this agreement, MorphoSys could, among other things, pending on the achievement of certain developmental, regulatory, and commercial milestones, receive milestone payments amounting to up to US$1.1 billion (approximately €971.2 million). MorphoSys also receives tiered royalties in a mid-teen to mid-twenties percentage of net sales of Monjuvi outside the US. In the US, MorphoSys and Incyte co-commercialize Monjuvi, with MorphoSys being responsible for the commercial relationship with the end customer, which also comprises the deliveries of the drug and the collection of the related cash inflows. The revenues from product sales of Monjuvi are, therefore, recognized by MorphoSys, as it is the principal of the transaction. Incyte and MorphoSys are jointly responsible for the commercialization activities in the US and will equally share any profits and losses (50/50 basis). Outside the US, Incyte has received exclusive commercialization rights, determines the commercialization strategy and is responsible for the commercial relationship with the end customer, including the deliveries of the drug and the collection of the related cash inflows. Therefore, Incyte will recognize all revenues generated from sales of tafasitamab outside the US and will pay royalties to MorphoSys on these sales. As part of the agreement, MorphoSys recorded the balance sheet items "Financial Assets from Collaborations" and "Financial Liabilities from Collaborations". The financial asset represents MorphoSys’s current reimbursement claim against Incyte from the expected future losses associated with the US commercialization activities (as Incyte has agreed to compensate MorphoSys for 50% of said losses) measured at fair value. The non-current financial liability, measured initially at fair value, represents Incyte’s prepaid entitlement to future profit sharing on sales of Monjuvi in the US (as MorphoSys will share 50% of these profits with Incyte). Incyte has already acquired this right with the payments made in 2020; therefore, a liability had to be recognized at that time. The basis for the initial valuation at fair value is the corporate planning and its shared profits and losses thereof in connection with the commercialization activities of MorphoSys and Incyte in the United States for the years ahead. The financial asset is subsequently measured at fair value through profit or loss and the financial liability at amortized cost using the effective interest method. Any resulting effective interest is recognized in the finance result. The basis for the valuation at fair value is the corporate planning and its shared profits and losses thereof in connection with the commercialization activities of MorphoSys and Incyte in the US for the years ahead. Cash flows from the profits and losses shared equally between the two parties are generally recognized directly against the financial asset or financial liability. Differences between the planned and actual cash flows from the financial asset or financial liability are recorded in the finance result. Effects resulting from changes in planning estimates regarding the expected net cash flows from financial assets and financial liabilities are also recognized in the finance result. The initial effective interest rate continues to be applied for the subsequent measurement of the financial liability, whereas the current yield curve is used for the financial assets. Foreign currency translation effects from the financial asset or financial liability are also recognized in the finance result. The planning assumptions are influenced by estimates and mainly comprise revenues and costs for the production and sale of Monjuvi in the US, the discount rate and the expected term of cash flows. Revenues are affected by variable influencing factors such as patient numbers and the number of doses of Monjuvi administered, as well as the price that can be obtained in the market. Costs include the manufacturing costs for these doses of Monjuvi and other cost components for e.g. sale, transport, insurance and packaging. To determine |
Remuneration System for the Man
Remuneration System for the Management Board and Employees of the Group | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Remuneration System for the Management Board and Employees of the Group | Remuneration System for the Management Board and Employees of the GroupStock Option Plans2017 Stock Option Plan On April 1, 2017, MorphoSys established a stock option plan (SOP) for the Management Board and selected employees of the Company (beneficiaries). The program is considered an equity-settled share-based payment and is accounted for accordingly. The vesting period/performance has ended on March 31, 2021. The performance criteria were set at 110%. Each stock option thus grants 1.1 subscription rights to shares in the Company. The number of subscription rights vested per year were calculated based on the key performance criteria of the absolute and relative MorphoSys share price performance compared to the Nasdaq Biotech Index and the TecDAX Index. The exercise price is €55.52. The exercise period is three years after the end of the 4-year vesting period/performance period, which is March 31, 2024. Based on the performance criteria achieved, 72,650 stock options can be exercised; this corresponds to 79,935 shares. Of these, the Management Board can exercise 8,197 stock options (9,017 shares), the members of the Executive Committee can exercise 4,018 stock options (4,421 shares) and current and former employees of the Company can exercise 60,435 stock options (66,497 shares). As of December 31, 2021, 3,950 stock options have been exercised, representing 4,345 shares. In 2021, personnel expenses from stock options under the Group’s 2017 SOP amounted to €2,757 based on the fair value on the grant date (2020: €62,780; 2019: €252,393). On April 1, 2018, MorphoSys established a stock option plan (SOP) for the Management Board and selected Company employees (beneficiaries). The program is considered an equity-settled share-based payment and is accounted for accordingly. The grant date was April 1, 2018, and the vesting period/performance period is 4 years. Each stock option grants up to two subscription rights to shares in the Company. The subscription rights vest each year by 25% within the 4-year vesting period, provided that the performance criteria specified for the respective period have been 100% fulfilled. The number of subscription rights vested per year is calculated based on the key performance criteria of the absolute and relative MorphoSys share price performance compared to the Nasdaq Biotech Index and the TecDAX Index. The program’s performance criteria can be met annually up to a maximum of 200%. If the share price development falls short of the program’s performance parameters, the target achievement for that year is 0%. The exercise price, derived from the average market price of the Company’s shares in the XETRA closing auction on the Frankfurt Stock Exchange from the 30 trading days prior to the issue of the stock options, is €81.04. MorphoSys reserves the right to settle the exercise of stock options using either newly created shares from Conditional Capital 2016-III or by issuing treasury shares, or in cash should the exercise from Conditional Capital 2016-III not be possible. The exercise period is three years after the end of the 4-year vesting period/performance period, which is March 31, 2025. In the event of a departure from the Company, the beneficiaries generally retain the stock options that have vested by the time of their departure. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all unexercised stock options forfeit without entitlement to compensation. If an accumulated period of absence of more than 90 days occurs during the 4-year vesting period/performance period, 1/48 of the stock options granted are forfeited for each up to 30 days of absence. A period of absence is defined as absence due to illness, continued payment of remuneration in the event of illness or a suspended service or employment relationship without continued payment of remuneration. If a change of control occurs during the four-year vesting period, the stock options will become fully vested. In this case, however, the right to exercise the stock options arises only at the end of the 4-year vesting period. In 2021, personnel expenses from stock options under the Group’s 2018 SOP amounted to €52,795 based on the fair value on the grant date (2020: €251,855; 2019: €704,954). On April 1, 2019, MorphoSys established a stock option plan (SOP) for the Management Board and selected employees of the Company (beneficiaries). The program is considered an equity-settled share-based payment and is accounted for accordingly. The grant date was April 1, 2019, and the vesting period/performance period is four years. Each stock option grants up to two subscription rights to shares in the Company. The subscription rights vest each year by 25% within the four-year vesting period, provided that the performance criteria specified for the respective period have been 100% fulfilled. The number of subscription rights vested per year is calculated based on the key performance criteria of the absolute and relative MorphoSys share price performance compared to the Nasdaq Biotech Index and the TecDAX Index. The program’s performance criteria can be met annually up to a maximum of 200%. If the share price development falls short of the program’s performance parameters, the target achievement for that year is 0%. The exercise price, derived from the average market price of the Company’s shares in the XETRA closing auction on the Frankfurt Stock Exchange from the 30 trading days prior to the issue of the stock options, is €87.86. MorphoSys reserves the right to settle the exercise of stock options using either newly created shares from Conditional Capital 2016-III, issuing treasury shares, or in cash should the exercise from Conditional Capital 2016-III not be possible. The exercise period is three years after the end of the four-year vesting period/performance period, which is March 31, 2026. In the event of a departure from the Company, the beneficiaries generally retain the stock options that have vested by the time of their departure. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all unexercised stock options forfeit without entitlement to compensation. If an accumulated period of absence of more than 90 days occurs during the four-year vesting period/performance period, 1/48 of the stock options granted are forfeited for each up to 30 days of absence. A period of absence is defined as absence due to illness, continued payment of remuneration in the event of illness or a suspended service or employment relationship without continued payment of remuneration. If a change of control occurs during the four-year vesting period, the stock options will become fully vested. In this case, however, the right to exercise the stock options arises only at the end of the four-year vesting period. On 10/1/2019, MorphoSys established a further stock option plan (SOP plan) for one member of the Management Board. The terms and conditions were identical to those of the April 1, 2019 program, and the exercise price was €106.16. The exercise period is three years after the end of the four-year vesting period/performance period, which is September 30, 2023. In 2021, personnel expenses from stock options under the Group’s 2019 SOP amounted to €625,806 based on the fair value on the grant date (2020: €1,570,241; 2019: €1,718,087). The exercise price, derived from the average market price of the Company’s shares in the XETRA closing auction on the Frankfurt Stock Exchange from the 30 trading days prior to the issue of the stock options, is €93.66. MorphoSys reserves the right to settle the exercise of stock options using either newly created shares from Conditional Capital 2016-III, through the issue of treasury shares, or in cash should the exercise from Conditional Capital 2016-III not be possible. The exercise period is three years after the end of the four-year vesting period/performance period, which is March 31, 2027. In the event of a departure from the Company, the beneficiaries generally retain the stock options that have vested by the time of their departure. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all unexercised stock options forfeit without entitlement to compensation. If an accumulated period of absence of more than 90 days occurs during the four-year vesting period/performance period, 1/48 of the stock options granted are forfeited for each up to 30 days of absence. A period of absence is defined as absence due to illness, continued payment of remuneration in the event of illness or a suspended service or employment relationship without continued payment of remuneration. If a change of control occurs during the four-year vesting period, the stock options will become fully vested. In this case, however, the right to exercise the stock options arises only at the end of the four-year vesting period. In 2021, personnel expenses from stock options under the Group’s 2020 SOP amounted to €1,033,944 based on the fair value on the grant date (2020: €1,990,326). The table below shows the development of the stock option plans in the financial year 2021. April 2017 Stock Option Plan April 2018 Stock Option Plan April 2019 Stock Option Plan October 2019 Stock Option Plan April 2020 Stock Option Plan Outstanding on January 1, 2021 72,650 64,255 73,183 57,078 107,042 Granted 0 0 0 0 0 Exercised (4,345) 0 0 0 0 Forfeited 0 (1,109) (3,512) 0 (6,692) Expired 0 0 0 0 0 Outstanding on December 31, 2021 68,305 63,146 69,671 57,078 100,350 Exercisable on December 31, 2021 68,305 0 0 0 0 Weighted-average Exercise Price (€) 55.52 81.04 87.86 106.16 93.66 The fair value of the stock options from the 2018, 2019 and 2020 stock option plans was determined using a Monte Carlo simulation. The expected volatility is based on the development of the share volatility of the last four years. Furthermore, the calculation of fair value equally considered the performance criteria of the absolute and relative performance of MorphoSys shares compared to the development of the Nasdaq Biotech Index and the TecDAX Index. The parameters and fair value of each program are listed in the table below. April 2018 Stock Option Plan April 2019 Stock Option Plan October 2019 Stock Option Plan April 2020 Stock Option Plan Share Price on Grant Date in € 81.05 85.00 98.10 94.90 Exercise Price in € 81.04 87.86 106.16 93.66 Expected Volatility of the MorphoSys share in % 35.95 37.76 38.02 39.86 Expected Volatility of the Nasdaq Biotech Index in % 25.10 18.61 18.17 25.32 Expected Volatility of the TecDAX Index in % 17.73 26.46 24.82 20.48 Performance Term of Program in Years 4.0 4.0 4.0 4.0 Dividend Yield in % n/a n/a n/a n/a Risk-free Interest Rate in % between 0.02 between 0.02 between 0.0 between -0.55 Fair Value on Grant Date in € 30.43 31.81 35.04 38.20 On April 1, 2016, MorphoSys established a Long-Term Incentive Plan (LTI Plan) for the Management Board and certain employees of the Company (beneficiaries). The vesting period for this LTI Plan expired on April 1, 2020. The program is considered an equity-settled share-based payment and is accounted for accordingly. The LTI Plan is a performance-related share plan and will be paid out in ordinary shares (performance shares) of MorphoSys AG if predefined key performance criteria are achieved. These criteria are evaluated annually by the Supervisory Board. The performance criteria were based on a mathematical comparison of the absolute and relative performance of the MorphoSys share price against the Nasdaq Biotech Index and the TecDAX Index. Achievement of these criteria was set at 173.5%. In addition, the Supervisory Board set a “company factor” as 1, which determines the number of performance shares to be issued. Based on these conditions and the set factor, 91,037 performance shares of MorphoSys AG were transferred to the beneficiaries after the four-year vesting period in the period ending October 20, 2020. The Management Board received 13,677 performance shares and the members of the Executive Committee received 8,754 performance shares. A total of 68,606 performance shares were granted to current and former employees of the Company. In 2021, personnel expenses resulting from performance shares under the Group’s 2016 LTI Plan amounted to €0 based on the fair value on the grant date (2020: €4,921; 2019: €141,473). On April 1, 2017, MorphoSys established another Long-Term Incentive Plan (LTI Plan) for the Management Board and selected employees of the Company (beneficiaries). The vesting period for this LTI Plan expired on April 1, 2021. The program is considered an equity-settled share-based payment and is accounted for accordingly. The LTI Plan is a performance-related share plan and will be paid out in ordinary shares (performance shares) of MorphoSys AG if predefined key performance criteria are achieved. These criteria are evaluated annually by the Supervisory Board. The performance criteria were based on a mathematical comparison of the absolute and relative performance of the MorphoSys share price against the Nasdaq Biotech Index and the TecDAX Index. Achievement of these criteria was set at 130%. In addition, the Supervisory Board set a “company factor” as 1, which determines the number of performance shares to be issued. Based on these conditions and the set factor, 45,891 performance shares of MorphoSys AG were transferred to the beneficiaries after the four-year vesting period in the period ending October 13, 2021. The Management Board received 4,143 performance shares (for further information, see the tables entitled “Shares” and “Performance Shares” in Note 6.7 “Related Parties”), and the members of the Executive Committee received 2,030 performance shares. A total of 39,718 performance shares were granted to current and former employees of the Company. In 2021, personnel expenses resulting from performance shares under the Group’s 2017 LTI Plan amounted to €3,530 based on the fair value on the grant date (2020: €80,383; 2019: €323,165). On April 1, 2018, MorphoSys established another Long-Term Incentive Plan (LTI Plan) for the Management Board and selected employees of the Company (beneficiaries). This plan is considered a share-based payment program with settlement in equity instruments and is accounted for accordingly. The LTI Plan is a performance-related share plan and will be paid out in ordinary shares (performance shares) of MorphoSys AG if predefined key performance criteria are achieved. The grant date was April 1, 2018, and the vesting/performance period is four years. If the predefined performance criteria for the respective period are 100% met, 25% of the performance shares become vested in each year of the four-year vesting period. The number of performance shares vested per year is calculated based on the key performance criteria of the absolute and relative MorphoSys share price performance compared to the Nasdaq Biotech Index and the TecDAX Index. The performance criteria can be met annually up to a maximum of 300% and up to 200% for the entire four-year period. If the specified performance criteria are met by less than 0% in one year, no shares will be earned for that year (entitlement). In any case, the maximum payout at the end of the four-year period is limited by a factor determined by the Group, which generally amounts to 1. However, in justified cases, the Supervisory Board may set this factor freely between 0 and 2, for example, if the level of payment is regarded as unreasonable in view of the general development of the Company. The right to receive a specific allocation of performance shares under the LTI Plan, however, occurs only at the end of the four-year vesting/performance period. At the end of the four-year waiting period, there is a six-month exercise period during which the Company can transfer the performance shares to the beneficiaries. The beneficiaries can choose the allocation date within this exercise period. If the number of repurchased shares is not sufficient for servicing the LTI Plan, MorphoSys reserves the right to pay a specific amount of the LTI Plan in cash in the amount of the performance shares at the end of the vesting period, provided the cash amount does not exceed 200% of the fair value of the performance shares on the grant date. In the event of a departure from the Company, the beneficiaries are generally entitled to the performance shares that have vested up to the date of their departure on a pro rata basis. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all performance shares forfeit without entitlement to compensation. If an accumulated period of absence of more than 90 days occurs during the four-year vesting period/performance period, the beneficiary is entitled to performance shares on a pro rata basis. A period of absence is defined as absence due to illness, continued payment of remuneration in the event of illness or a suspended service or employment relationship without continued payment of remuneration. If a change of control occurs during the four-year vesting period, all performance shares will become fully vested. In this case, the right to receive a specific allocation of performance shares under the LTI Plan occurs only at the end of the four-year vesting period. In 2021, personnel expenses resulting from performance shares under the Group’s 2019 LTI Plan amounted to €54,967 based on the fair value on the grant date (2020: €257,494; 2019: €720,764). If the number of repurchased shares is not sufficient for servicing the LTI Plan, MorphoSys reserves the right to pay a specific amount of the LTI Plan in cash in the amount of the performance shares at the end of the vesting period, provided the cash amount does not exceed 200% of the fair value of the performance shares on the grant date. In the event of a departure from the Company, the beneficiaries are generally entitled to the performance shares that have vested up to the date of their departure on a pro rata basis. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all performance shares forfeit without entitlement to compensation. If an accumulated period of absence of more than 90 days occurs during the four-year vesting period/performance period, the beneficiary is entitled to performance shares on a pro rata basis. A period of absence is defined as absence due to illness, continued payment of remuneration in the event of illness or a suspended service or employment relationship without continued payment of remuneration. If a change of control occurs during the four-year vesting period, all performance shares will become fully vested. In this case, the right to receive a specific allocation of performance shares under the LTI Plan occurs only at the end of the four-year vesting period. In 2021, personnel expenses resulting from performance shares under the Group’s 2019 LTI Plan amounted to €190,767 based on the fair value on the grant date (2020: €682,162; 2019: €1,294,974). The table below shows the development of the LTI plans in the financial year 2021. April 2017 Long-Term Incentive Program April 2018 Long-Term Incentive Program April 2019 Long-Term Incentive Program Outstanding on January 1, 2021 29,838 19,371 21,783 Granted 0 0 0 Adjustment due to Performance Criteria 16,053 0 0 Exercised (45,891) 0 0 Forfeited 0 (794) (1,796) Expired 0 0 0 Outstanding on December 31, 2021 0 18,577 19,987 Exercisable on December 31, 2021 0 0 0 Weighted-average Exercise Price (€) n/a n/a n/a The fair value of the performance shares from the Long-Term Incentive Plans from 2018 and 2019 has been determined using a Monte Carlo simulation. The expected volatility is based on the development of the share volatility of the last four years. Furthermore, the calculation of fair value equally considered the performance criteria of the absolute and relative performance of MorphoSys shares compared to the development of the Nasdaq Biotech Index and the TecDAX Index. The parameters and the fair value of each program are listed in the table below. April 2018 Long-Term Incentive Program April 2019 Long-Term Incentive Program Share Price on Grant Date in € 81.05 85.00 Exercise Price in € n/a n/a Expected Volatility of the MorphoSys share in % 35.95 37.76 Expected Volatility of the Nasdaq Biotech Index in % 25.10 18.61 Expected Volatility of the TecDAX Index in % 17.73 26.46 Performance Term of Program in Years 4.0 4.0 Dividend Yield in % n/a n/a Risk-free Interest Rate in % between between Fair Value on Grant Date in € 103.58 106.85 On April 1, 2020, MorphoSys established a performance share unit program (PSU program) for the Management Board and certain employees of the Company (beneficiaries). The program is considered a cash-settled, share-based payment and is accounted for accordingly. The PSU program is a performance-based program and is paid out in cash subject to the fulfillment of predefined performance criteria. The grant date was April 21, 2020; the vesting period/performance period is four years. If the predefined performance criteria for the respective period are 100% met, 25% of the performance share units become vested in each year of the four-year vesting period. The number of performance share units vested per year is calculated on the basis of the performance criteria of the absolute and relative development of the MorphoSys share price compared to the development of the Nasdaq Biotech Index and the TecDAX Index. The performance criteria can be met each year up to a maximum of 200%. If the defined performance criteria are met by less than 0% in any one year, no performance share units will be earned for that year. However, the right to receive a certain cash settlement from the PSU program does not arise until the end of the four-year vesting period/performance period. After the end of the four-year vesting period, there is a six-month period during which the performance shares can be transferred from the Company to the beneficiaries. MorphoSys reserves the right to settle the PSU program at the end of the vesting period in MorphoSys AG’s own ordinary shares equal to the amount of the performance share units earned. The currently available treasury stock is not sufficient to settle the vested awards. MorphoSys therefore accounts for the plan only as a cash-settled share-based payment. In the event of a departure from the Company, the beneficiaries generally retain the performance share units that have vested by the time of their departure. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all performance share units forfeit without entitlement to compensation. If an accumulated period of absence of more than 12 months occurs during the four-year vesting period/performance period, 1/48 of the performance share units are forfeited for each month of absence. A period of absence is defined as an absence due to illness or a period of inactive service or employment without continued payment of remuneration. If a change of control occurs during the four-year vesting period, all performance share units will become fully vested. In this case, the right to receive a specific allocation of performance share units under the PSU program occurs only at the end of the four-year vesting period. On June 1, 2020, MorphoSys established another performance share unit program (PSU program) for one member of the Management Board. The terms and conditions were identical to those of the April 1, 2020 program. In March 2021, the terms of the Performance Share Unit Programs (PSU Programs) of April 1, 2020 and June 1, 2020 for the Management Board and certain employees of the Company (beneficiaries) were amended so that the number of Performance Share Units still to be vested for the remaining three years is calculated on the basis of the performance criteria of the absolute performance of the MorphoSys share price and the relative performance of the MorphoSys share price compared to the performance of the EURO STOXX Total Market Pharmaceuticals & Biotechnology Index. Previously, the number of performance share units earned in the first year was calculated on the basis of the performance criteria of the absolute and relative performance of the MorphoSys share price compared to the performance of the Nasdaq Biotech Index and the TecDAX Index. If the predefined performance criteria for the respective period are 100% met, 25% of the performance share units become vested in the first year, and 75% become vested during the remaining three-year vesting period. The modification of the program’s terms concerns the respective remaining vesting periods/performance periods of the programs for the subsequent three years as of April 1, 2021 and June 1, 2021. The approval of the Management Board and certain employees of the Company (beneficiaries) to the modified program terms was obtained by April 17, 2021. The modification of the programs had no material impact on the fair values of the performance shares or on the period over which the personnel expenses are allocated. the performance criteria of the absolute share price development of the MorphoSys share, the relative development of the MorphoSys share price compared to the EURO STOXX Total Market Pharmaceuticals & Biotechnology Index and an assessment of the employee engagement. The performance criteria can be met each year up to a maximum of 200%. If the defined performance criteria are met by less than 0% in any one year, no performance share units will be earned for that year. However, the right to receive a certain cash settlement from the PSU program does not arise until the end of the four-year vesting period/performance period. After the end of the four-year vesting period, there is a six-month period during which the performance shares can be transferred from the Company to the beneficiaries. MorphoSys reserves the right to settle the PSU program at the end of the vesting period in MorphoSys AG’s own ordinary shares equal to the amount of the performance share units earned. The currently available treasury stock is not sufficient to settle the vested awards. MorphoSys therefore accounts for the plan only as a cash-settled share-based payment. In the event of a departure from the Company, the beneficiaries generally retain the performance share units that have vested by the time of their departure. In the event of a termination of a beneficiary for reasons of conduct or a revocation of the appointment of a member of the Management Board for reasons constituting good cause within the meaning of Section 626 (2) of the German Civil Code (BGB), all performance share units forfeit without entitlement to compensation. If an accumulated period of absence of more than 12 months occurs during the four-year vesting period/performance period, 1/48 of the performance share units are forfeited for each month of absence. A period of absence is defined as an absence due to illness or a period of inactive service or employment without continued payment of remuneration. If a change of control occurs during the four-year vesting period, all performance share units will become fully vested. In this case, the right to receive a specific allocation of performance share units under the PSU program occurs only at the end of the four-year vesting period. As of April 1, 2021, a total of 122,005 performance share units were granted to beneficiaries, consisting of 54,232 performance share units to the Management Board, 12,340 performance share units to other members of the Executive Committee and 55,433 performance share units to certain employees of the Company who are not members of the Executive Committee. For the calculation of the personnel expenses from share-based compensation, it was assumed for the PSU program 2021 that fifteen beneficiaries would leave the Company during the four-year period. On October 1, 2021, MorphoSys established another performance share unit program (PSU program) for certain employees of the Company who are not members of the Executive Committee. The terms and conditions were identical to those of the April 1, 2021 program, and a total of 11,209 performance share units were granted. The grant date was October 20, 2021. In 2021, personnel expenses under the Group’s 2021 performance share unit program amounted to €701,136. The table below shows the development of the performance share unit programs in the financial year 2021. April 2020 Performance Share Unit Program June 2020 Performance Share Unit Program April 2021 Performance Share Unit Program October 2021 Performance Share Unit Program Outstanding on January 1, 2021 27,494 8,361 0 0 Granted 0 0 122,005 11,209 Exercised 0 0 0 0 Forfeited (1,715) 0 (10,419) 0 Expired 0 0 0 0 Outstanding on December 31, 2021 25,779 8,361 111,586 11,209 Exercisable on December 31, 2021 0 0 0 0 Weighted-average Exercise Price (€) n/a n/a n/a n/a The fair values of the performance share units of the 2020 and 2021 PSU programs are determined using a Monte Carlo simulation. The expected volatility is based on the development of the share price volatility of the last four years. The calculation of fair values equally considered the performance criteria of the absolute performance of MorphoSys shares, the relative performance compared to the EURO STOXX Total Market Pharmaceuticals & Biotechnology Index, and an evaluation of employee engagement. The parameters and the fair value of each program are listed in the table below. April 2020 Performance Share Unit Program June 2020 Performance Share Unit Program April 2021 Performance Share Unit Program October 2021 Performance Share Unit Program Share Price in € on December 31, 2021 33.35 33.35 33.35 33.35 Exercise Price in € n/a n/a n/a n/a Expected Volatility of the MorphoSys share in % 41.71 40.44 45.99 44.34 Expected Volatility of the EURO STOXX Total Market Pharmaceuticals & Biotechnology Index in % 22.79 22.22 21.43 20.92 Remaining Performance Term of Program in Years 2.25 2.42 3.25 3.75 Dividend Yield in % n/a n/a n/a n/a Risk-free Interest Rate in % -0.65 -0.65 -0.65 -0.59 Fair Value on December 31, 2021, in € 2.52 4.10 11.82 19.88 On April 1, 2019, MorphoSys AG established a Long-Term Incentive Plan (LTI Plan) for selected employees of MorphoSys US Inc. (beneficiaries). This program is considered a share-based payment program with settlement in equity instruments and is accounted for accordingly. The LTI Plan is a performance-related share plan and will be paid out in ordinary shares (performance shares) of MorphoSys AG if predefined key performance criteria are achieved. The plan has a term of four years and comprises four one-year performance periods. If the predefined performance criteria for the respective period are 100% met, 25% of the performance shares become vested in each year. The number of shares vested per year is calculated based on key performance criteria of MorphoSys US Inc. during the annual performance period. The performance criteria can be met up to a maximum of 125% per year. If less than 0% of the defined performance criteria are met in any one year, no shares will be vested for that year. After the end of each one-year performance period, there is a six-month period during which the performance shares can be transferred from the Company to the beneficiaries. If the number of repurchased shares is not sufficient for servicing the LTI Plan, MorphoSys reserves the right to pay a specific amount of the LTI Plan in cash in the amount of the performance shares at the end of the vesting period, provided the cash amount does not exce |
Additional Notes
Additional Notes | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Additional Notes | Additional NotesObligations arising from Leases and Other Contracts The future minimum payments under non-cancelable leases of low-value assets, performance share unit programs and contracts for insurance and other services on December 31, 2021 were as follows: in 000' € Leases of Low-Value Assets and Short-Term Leases Performance Share Unit Programs Other Total Less than 1 Year 8 0 570 578 Between One and Five Years 25 5,105 10,894 16,024 More than 5 Years 0 0 0 0 Total 33 5,105 11,464 16,602 As of December 31, 2020, these future mininum payments were as follows. in 000' € Leases of Low-Value Assets and Short-Term Leases Performance Share Unit Programs Other Total Less than 1 Year 44 0 7,406 7,450 Between One and Five Years 0 1,868 992 2,860 More than 5 Years 0 0 0 0 Total 44 1,868 8,398 10,310 Additionally, the the company has contracts for outsourced studies whereas the services have not been rendered as of December 31, 2021 and which could result in future payment obligations. These amounts could be shifted or substantially lower due to changes in the study timeline or premature study termination. in million € 2021 2020 Less than 1 Year 138.9 111.7 Between One and Five Years 97.6 81.6 More than 5 Years 0.0 0.0 Total 236.5 193.3 Contingent liabilities are potential obligations from past events that exist only when the occurrence of one or more uncertain future events – beyond the Company’s control – is confirmed. Current obligations can represent a contingent liability if it is not probable enough that an outflow of resources justifies the recognition of a provision. Moreover, it is not possible to make a sufficiently reliable estimate of the sum of obligations. The Management Board is unaware of any proceedings that may result in a significant obligation for the Group or lead to a material adverse effect on the Group’s net assets, financial position or results of operations. If certain milestones are achieved by MorphoSys (for example, submitting an investigational new drug (IND) application for specific target molecules), this may trigger milestone payments to licensors of up to an aggregate of US$236.5 million (approximately €208.8 million) related to regulatory events or the achievement of sales targets. Monjuvi’s product sales trigger percentage-based royalty payments. Obligations may arise from enforcing the Company’s patent rights versus third parties. It is also conceivable that competitors may challenge the patents of the MorphoSys Group or that MorphoSys may come to the conclusion that its patents or patent families have been infringed upon by competitors. This could prompt MorphoSys to take legal action against competitors or lead competitors to file counterclaims against MorphoSys. Currently, there are no specific indications such obligations have arisen. By letter dated June 10, 2021, MorphoSys was notified by a licensor of the initiation of arbitration proceedings in the United States. The licensor alleges breach of contract and claims damages for the licensor’s argued loss of revenues. Despite the patent expiry in 2018 confirmed by the licensor at the time, this is now disputed and a significantly longer patent term is assumed. Taking into account the associated legal and consulting costs, the potential amount in dispute in the proceedings is in the low double-digit Euro million range and also includes a currently unspecified share of royalty income. A decision by the arbitration court is expected in the fourth quarter 2022. Based on the current assessment of the facts, MorphoSys believes that the arguments presented are unfounded and that the arbitration will likely be decided in MorphoSys’ favor. There was no arbitration decision and no other new developments in the third and fourth quarter of 2021. The assessment of potentially uncertain tax positions included the tax treatment of the financial liability from future payments to Royalty Pharma. In contrast to IFRS accounting, a deferred income item was recognized for tax purposes which will be realized over the term of the underlying license agreements. The Company assumes that the tax authorities will share this assessment and that this will not be objected in a future tax audit. Due to the remaining uncertainty and the significance of the potential tax risk, we reported a contingent income tax liability in accordance with IFRIC 23.A5, IAS 12.88 and IAS 37. A different tax assessment would have a significant impact in the form of an additional tax payment. For tax purposes, deferred income for the obligations to Royalty Pharma amounted to €988.9 million as of December 31, 2021 and the associated contingent tax liability upon non-acceptance of the deferral amounts to €223.1 million, determined utilizing deferred tax assets on loss carry forwards of €40.6 million, capitalized as of December 31, 2021. Fair Value Hierarchy and Measurement Methods The fair value is the price that would be achieved for the sale of an asset in an arm’s length transaction between independent market participants or the price to be paid for the transfer of a liability (disposal or exit price). Fair value is measured by using the same assumptions and taking into account the same characteristics of the asset or liability as would an independent market participant. Fair value is a market-based, not an entity-specific measurement. The fair value of non-financial assets is based on the best use of the asset by a market participant. For financial instruments, the use of bid prices for assets and ask prices for liabilities is permitted but not required if those prices best reflect the fair value in the respective circumstances. For simplification, mean rates are also permitted. MorphoSys applies the following hierarchy in determining and disclosing the fair value of financial instruments: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities to which the Company has access. Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (that is, unobservable inputs). The carrying amounts of certain financial assets and liabilities, such as financial assets at amortized cost, as well as accounts receivable and accounts payable, approximate their fair value because of their short- term maturities. Hierarchy Level 1 The fair value of financial instruments traded in active markets is based on the quoted market prices on the reporting date. A market is considered active if quoted prices are available from an exchange, dealer, broker, industry group, pricing service, or regulatory body that is easily and regularly accessible, and prices reflect current and regularly occurring market transactions at arm’s length conditions. For assets held by the Group, the appropriate quoted market price is the buyer’s bid price. Hierarchy Levels 2 and 3 The fair value of financial instruments not traded in active markets can be determined using valuation methods. In this case, fair value is estimated using the results of a valuation method that makes maximum use of market data and relies as little as possible on not observable market data. If all significant inputs required for measuring fair value by using valuation methods are observable, the instrument is allocated to Hierarchy Level 2. If significant inputs are not based on observable market data, the instrument is allocated to Hierarchy Level 3. Hierarchy Level 2 contains foreign exchange forward agreements to hedge exchange rate fluctuations, term deposits and restricted cash as well as in 2020 the debt component of the convertible bond. Future cash flows for these foreign exchange forward agreements are determined based on forward exchange rate curves. The fair value of these instruments corresponds to their discounted cash flows. The fair value of the term deposits and restricted cash is determined by discounting the expected cash flows at market interest rates. The fair value of the debt component of the convertible bonds was determined by calculating the present value of all cash flows associated with the liability using the applicable reference interest rate with an adjustment to reflect MorphoSys’ credit risk premium. Hierarchy Level 3 financial assets comprise equity investments, financial assets and financial liabilities from collaborations, in 2021 the debt component of the convertible bond as well as financial liabilities from future payments to Royalty Pharma. The underlying valuations are generally carried out by employees in the finance department who report directly to the Chief Financial Officer. The valuation process and results are reviewed and discussed among the persons involved on a regular basis. The financial assets from collaborations represent MorphoSys’ current reimbursement claim against Incyte from the expected future losses associated with the co-commercialization activities of Monjuvi as second-line treatment for relapsed or refractory diffuse large B-cell lymphoma (“DLBCL”) in the U.S. (as Incyte has agreed to compensate MorphoSys for 50% of said losses). To determine the fair value of financial assets from collaborations, expected cash inflows are discounted using market interest rates of financial instruments with comparable currencies and maturities, taking into account Incyte’s credit risk. The reconciliation and sensitivity analysis for the Hierarchy Level 3 financial assets are presented in Note 5.18 and in the heading "equity investments" below. For further information on financial liabilities carried at amortized cost whose fair value is assigned to hierarchy level 3, please refer to Notes 5.18 and 5.19.. Reclassifications between the hierarchy levels are generally taken into account as of the reporting dates. In 2021, the fair value measurement of the debt component of the convertible bond was reclassified from hierarchy level 2 to hierarchy level 3, as the entity's own credit risk is not observable as a significant parameter for the fair value measurement. In 2020, no transfers were made between the fair value hierarchy levels. The carrying amounts of current financial assets and liabilities at amortized cost approximate their fair values given their short maturities. The table below shows the fair values of financial assets and liabilities and the carrying amounts presented in the consolidated balance sheet. December 31, 2021; in 000' € Classification Financial Instrument Total Carrying Amount Fair Value Hierarchy Level Cash and Cash Equivalents AC 123,248 * * Other Financial Assets 853,686 thereof Money Market Funds FVTPL 8,875 8,875 1 thereof Fixed Term Deposits AC 844,811 * * Accounts Receivable AC 75,911 * * Financial Assets from Collaborations FVTPL 16,730 16,730 3 Other Receivables 2,227 thereof Forward Exchange Contracts used for Hedging FVTPL 0 0 2 thereof Non-Financial Assets n/a 2,227 n/a n/a Current Financial Asset 1,071,802 Prepaid Expenses and Other Assets 13,251 thereof Restricted Cash AC 4,059 4,059 2 thereof Non-Financial Assets n/a 9,192 n/a n/a Non-Current Financial Asset 13,251 Total 1,085,053 Accounts Payable and Accruals -188,077 thereof Accounts Payable FLAC -73,787 * * thereof Non-Financial Liabilities n/a -114,290 n/a n/a Bonds FLAC -423 * * Financial Liabilities from Collaborations FLAC -1,097 * * Financial Liabilities from Future Payments to Royalty Pharma FLAC -88,401 Current Financial Liabilities -277,998 Bonds FLAC -282,785 -304,025 3 Financial Liabilities from Collaborations FLAC -513,264 -514,169 3 Financial Liabilities from Future Payments to Royalty Pharma FLAC -1,167,775 -1,367,365 3 Non-Current Financial Liabilities -1,963,824 Total -2,241,822 * For these instruments the carrying amount is a reasonable approximation of fair value. December 31, 2020; in 000' € Classification Financial Instrument Total Carrying Amount Fair Value Hierarchy Level Cash and Cash Equivalents AC 109,795 * * Other Financial Assets 937,651 thereof Money Market Funds FVTPL 287,938 287,938 1 thereof Fixed Term Deposits AC 649,713 * * Accounts Receivable AC 83,354 * * Financial Assets from Collaborations FVTPL 42,870 42,870 3 Other Receivables 2,159 thereof Forward Exchange Contracts used for Hedging FVTPL 0 0 2 thereof Non-Financial Assets n/a 2,159 n/a n/a Current Financial Asset 1,175,829 Other Financial Assets AC 196,588 197,749 2 Prepaid Expenses and Other Assets 1,567 thereof Restricted Cash AC 1,384 1,384 2 thereof Non-Financial Assets n/a 183 n/a n/a Non-Current Financial Asset 198,155 Total 1,373,984 Accounts Payable and Accruals -128,554 thereof Accounts Payable FLAC -47,818 * * thereof Non-Financial Liabilities n/a -80,736 n/a n/a Bonds FLAC -423 * * Financial Liabilities from Collaborations FLAC -155 * * Current Financial Liabilities -129,132 Bonds FLAC -272,760 -334,124 2 Financial Liabilities from Collaborations FLAC -516,351 -617,178 3 Non-Current Financial Liabilities -789,111 Total -918,243 * For these instruments the carrying amount is a reasonable approximation of fair value. The totals of the carrying amounts of the financial instruments per measurement category are shown in the following overview. in 000' € 12/31/2021 12/31/2020 Financial Assets FVTPL 25,605 330,808 Financial Assets AC 1,048,029 1,040,834 Financial Liabilities FLAC (2,127,532) (837,507) Equity Investments The investment in adivo GmbH, Martinsried, Germany, is accounted for as equity financial instruments at fair value. Changes in fair value are recognized in equity (other comprehensive income reserve). This was irrevocably determined when the investments were first recognized. This investment is a strategic financial investment, and the Group considers this classification to be more meaningful. As of December 31, 2021, the fair value of the investment in adivo GmbH was measured at €0 (December 31, 2020: €0). Currency Stake in % Equity in Domestic Currency (in €) 1 Loss for the Year (in €) 1 adivo GmbH, Martinsried, Germany € 17.2 (681,809) (835,119) 1 Equity as of December 31, 2020 and loss for the year for the financial year January 1, to December 31, 2020 No observable market data is available for the determination of the fair value of the investment in adivo GmbH. This corresponds to hierarchy level 3 for the fair value. The change in the investment in adivo GmbH is shown below. in 000' € 2021 2020 Opening Balance January 1 0 387 Additions 0 0 Disposals 0 0 Through Other Comprehensive Income 0 (387) Through Profit or Loss 0 0 Closing Balance December 31 0 0 In the 2021 and 2020 financial years, no dividends from the investments were recognized in profit or loss, and there were no reclassifications of gains or losses made within equity. Net Result according to Measurement Categories The following net gains or losses resulted from financial instruments in the financial year. in 000' € 2021 2020 2019 FVTPL 10,983 (7,587) 2,014 AC 9,824 (19,475) 348 FLAC (104,568) 24,031 — Total (83,761) (3,031) 2,362 The net gains on financial assets at fair value through profit or loss (FVTPL) resulted from valuation effects from changes in the fair value of financial assets from collaborations, money market funds and derivatives used to hedge exchange rate fluctuations. Net losses on financial assets at amortized cost (AC) resulted from the application of the effective interest method for the term deposits, exchange rate fluctuations and risk provisions. The category financial liabilities at amortized cost (FLAC) includes the gains and losses from fair value changes due to changes in planning estimates and the effective interest rate from the financial liabilities from collaborations as well as from the application of the effective interest rate method for the financial liabilities from future payments to Royalty Pharma and the convertible bonds. The gross interest income and expenses from financial assets and liabilities measured at amortized cost are shown in the following table. The amounts for 2020 and 2019 have been adjusted compared with the 2020 financial reporting. in 000' € 2021 2020 2019 Interest Income AC 723 1,233 223 Interest Expenses AC (2,415) (1,021) (91) Interest Income FLAC 0 0 0 Interest Expenses FLAC (62,252) (17,783) 0 Total (63,944) (17,571) 132 The changes in risk provisions (see Note 2.7.1) recognized in the statement of profit or loss for the financial years 2021, 2020 and 2019 under the item impairment losses on financial assets were determined based on the rationale that negative values represent additions and positive values represent reversals of risk provisions. There were no impairments in the 2021 financial year. The increase in this allowance compared to January 1, 2021 was primarily the result of shorter maturities of financial assets at amortized cost for which impairment losses are determined. In the general impairment model, the risk provision is recognized for financial assets at amortized cost - cash and cash equivalents, parts of other financial assets (term deposits) - and in the simplified impairment model for accounts receivable. General Impairment Model Simplified Impairment Model Total in 000' € Stage 1 Stage 2 Stage 3 Stage 2 Stage 3 Balance as of January 1, 2020 (299) 0 0 (80) 0 (379) Unused Amounts Reversed 299 0 0 80 0 379 Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year (1,001) 0 0 (424) 0 (1,425) Change between Impairment Stages 0 0 0 0 0 0 Amounts written off during the Year as uncollectible 0 0 0 0 0 0 Balance as of December 31, 2020 (1,001) 0 0 (424) 0 (1,425) Balance as of January 1, 2021 (1,001) 0 0 (424) 0 (1,425) Unused Amounts Reversed 1,001 0 0 424 0 1,425 Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year (685) 0 0 (360) 0 (1,045) Change between Impairment Stages 0 0 0 0 0 0 Amounts written off during the Year as uncollectible 0 0 0 0 0 0 Balance as of December 31, 2021 (685) 0 0 (360) 0 (1,045) The gross carrying amounts of the Group's financial assets by credit risk rating class are as follows. Balance Sheet Item as of December 31, 2021 Internal Credit Rating Basis for Recognition of Expected Credit Loss Provision Gross Carrying Amount Cash and Cash Equivalents low Expected Twelve-Month Loss 123,248 Term Deposits low Expected Twelve-Month Loss 845,488 Accounts Receivable low Lifetime Expected Credit Losses 76,270 Balance Sheet Item as of December 31, 2020 Internal Credit Rating Basis for Recognition of Expected Credit Loss Provision Gross Carrying Amount Cash and Cash Equivalents low Expected Twelve-Month Loss 109,797 Term Deposits low Expected Twelve-Month Loss 847,300 Accounts Receivable low Lifetime Expected Credit Losses 83,778 The Group is also exposed to credit risk from debt instruments that are measured at fair value through profit or loss. This includes the items “Financial Assets at Fair Value through Profit or Loss” and “Financial Assets from Collaborations”. As of December 31, 2021, the maximum credit risk corresponded to the carrying amounts of these items amounting to €25.6 million (December 31, 2020: €330.8 million). One of the Group’s policies requires that all customers who wish to transact business on credit undergo a credit assessment based on external ratings. Nevertheless, the Group’s revenue and accounts receivable are still subject to credit risk from customer concentration. The Group’s single most significant customer accounted for €38.5 million of accounts receivables as of December 31, 2021 (December 31, 2020: €50.1 million), or 51% of the Group’s total accounts receivable at the end of 2021. The Group’s top three customers individually accounted for 36%, 14% and 9% of the total revenue in 2021. As of December 31, 2020, 60% of the Group’s accounts receivable balance related to a single customer; of the total revenue in 2020, three customers individually accounted for 78%, 14% and 1%. On December 31, 2019, one customer had accounted for 53% of the Group’s accounts receivable, and the top three customers in 2019 individually accounted for 45%, 31% and 13% of the Group’s revenue. The maximum credit risk (equal to the carrying amount) for rent deposits and other deposits on the reporting date amounted to €4.1 million (December 31, 2020: €1.4 million). Liquidity risk arises primarily from accounts payable, lease liabilities (refer to Note 5.9), bonds, financial liabilities from collaborations and financial liabilities from future payments to Royalty Pharma. Liquidity risk is managed on the basis of balance sheet and profit and loss figures. This is done by means of liquidity planning for the current year on a monthly basis, for the three subsequent years on an annual basis and a monthly target/actual comparison. The top priority is always to ensure sufficient liquidity so that all payment obligations can be met. The following table shows the the maturities of the cash flows of accounts payable and bonds at the balance sheet date. For the financial liabilities from collaborations, the non-discounted, future planned half profit sharing payments from Incyte for the sales of Monjuvi in the USA are presented. The financial liabilities from future payments to Royalty Pharma include the undiscounted, planned net sales in the coming years. There is no cash inflow and outflow at MorphoSys as the agreed percentage royalties and milestones are paid directly by Janssen, GSK and Roche to Royalty Pharma. As of December 31, 2021, financial liabilities from future payments to Royalty Pharma include an amount of € 1.5 million, which will result in a cash outflow for MorphoSys in 2022. Refer to Note 5.9 for the contractual cash flows of lease liabilities. in '000 €; due on December 31, 2021 in Less than 1 Year Between One and Five Years More than 5 Years Total Accounts Payable 73,787 0 0 73,787 Bonds 2,031 331,094 0 333,125 Financial Liabilities from Collaborations 1,140 167,669 530,242 699,052 Financial Liabilities from Future Payments to Royalty Pharma 89,845 505,938 1,051,077 1,646,860 in 000' €; due on December 31, 2020 in Less than 1 Year Between One and Five Years More than 5 Years Total Accounts Payable 47,818 0 0 47,818 Bonds 2,031 333,125 0 335,156 Financial Liabilities from Collaborations 161 180,347 529,338 709,846 Compared with the 2020 financial reporting, accounts payable also include licenses payable, which were presented separately in the previous year (refer to Note 5.13). The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. There were no financial instruments pledged as collateral as of December 31, 2021. Market risk represents the risk that changes in market prices, such as foreign exchange rates, interest rates or equity prices, will affect the Group‘s results of operations or the value of the financial instruments held. The Group is exposed to both currency and interest rate risks. Currency Risk The consolidated financial statements are prepared in euros. Both revenues and expenses of the Group are incurred in euros and US dollars. Throughout the year, the Group monitors the necessity to hedge foreign exchange rates to minimize currency risk and addresses this risk by using derivative financial instruments. The use of derivatives is subject to a Group guideline approved by the Management Board, which represents a written guideline for dealing with derivatives. In accordance with the Group's hedging policy, only highly probable future cash flows and clearly determinable receivables that can be realized within a period of twelve months are hedged. MorphoSys enters into foreign exchange option and forward exchange contracts to hedge its foreign exchange exposure arising from US dollar cash flows. As of December 31, 2021, there was no unsettled foreign exchange forward agreement (December 31, 2020: no unsettled foreign exchange forward agreement; December 31, 2019: one unsettled foreign exchange forward agreements). The unrealized gross gains in prior years from foreign exchange forward agreements were recorded in the finance result in the respective years (2021: €0; 2020: €0; 2019: €0.4 million). The Group’s exposure to foreign currency risk based on the carrying amounts of the items is shown in the table below. as of December 31, 2021; in 000' € US$ Other Cash and Cash Equivalents 106,188 0 Other Financial Assets 96,192 0 Accounts Receivable 42,754 0 Financial Assets from Collaborations 16,730 0 Restricted Cash (included in Other Assets) 3,397 0 Accounts Payable and Accruals (107,691) (339) Financial Liabilities from Collaborations (514,362) 0 Total (356,792) (339) as of December 31, 2020; in 000' € US$ Other Cash and Cash Equivalents 76,582 0 Other Financial Assets 172,460 0 Accounts Receivable 28,456 0 Financial Assets from Collaborations 42,870 0 Restricted Cash (included in Other Assets) 713 0 Accounts Payable and Accruals (51,436) (52) Financial Liabilities from Collaborations (516,506) 0 Total (246,861) (52) The financial liabilities from future payments to Royalty Pharma are dependent on future royalty income, which is determined on the basis of sales in US dollars. The transfer of assigned license revenues is settled in Euros. Refer to Note 5.19 for a sensitivity analysis on the impact of a change in the foreign exchange rate. Different foreign exchange rates and their impact on financial assets and liabilities were simulated in a sensitivity analysis to determine the effects on profit or loss. Positive amounts would increase a consolidated net profit or decrease a consolidated net loss. Negative amounts would decrease a consolidated net profit or increase a consolidated net loss. The amounts for 2020 and 2019 have been adjusted compared with the 2020 financial reporting. in million € 2021 2020 2019 Increase of the Euro by 10% 39.3 16.8 (8.7) Decrease of the Euro by 10% (48.0) (25.6) 10.4 Interest Rate Risk The Group’s risk exposure to changes in interest rates mainly relates to fixed-term deposits and corporate bonds. Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these securities. The Group’s investment focus places the safety of an investment ahead of its return and the ability to plan future cash flows. Interest rate risks are limited because all securities can be liquidated within a maximum of two years and due to the mostly fixed interest rates during the term in order to ensure that planning is possible. In addition, changes in interest rates may affect the fair value of financial assets from collaborations. Different interest rates and their effect on existing other financial assets with variable interest rates and on financial assets from collaborations were simulated in a sensitivity analysis in order to determine the effect on profit or loss. Positive amounts would increase a consolidated net profit or decrease a consolidated net loss. Negative amounts would decrease a consolidated net profit or increase a consolidated net loss. in million € 2021 2020 2019 Increase of the variable Interest Rate by 0.5% 0.8 1.2 (0.3) Decrease of the variable Interest Rate by 0.5% (0.8) (1.4) 0.3 The Group is currently not subject to significant interest rate risks from the account payables reported on the balance sheet. The Management Board’s policy for capital management is to preserve a strong and sustainable capital base in order to maintain the confidence of investors, business partners, and the capital market and to support future business development. As of December 31, 2021, the equity ratio was 9.6% (December 31, 2020: 37.4%; see also the following overview). The equity ratio decreased mainly due to the initial recognition of the financial liabilities from future payments to Royalty Pharma. in 000' € 12/31/2021 12/31/2020 Stockholders’ Equity 244,876 621,322 In % of Total Capital 9.6 37.4 Total Liabilities 2,311,378 1,038,191 In % of Total Capital 90.4 62.6 Total Capital 2,556,254 1,659,513 There are no liabilities to banks. During the financial year, the Group made changes to its capital management by reflecting the financial liabilities from future payments to Royalty Pharma. The following overview contains the presentation and development of the liabilities from financing activities. “Amortizations from Effective Interest Method”, "Changes from Adjustments to Planing Assumptions" and "Transfer of Assigned License Revenues to Royalty Pharma" include non-cash movements, including accrued interest expense. in 000' € Lease Liabilities Bonds Financial Liabilities from Collaborations Financial Liabilities from Future Payments to Royalty Pharma Total Balance as of January 1, 2020 (42,557) 0 0 0 (42,557) Cash Flows 3,918 (319,946) (542,599) 0 (858,627) New Leases (5,286) 0 0 0 (5,286) Exchange differences 0 0 66,379 0 66,379 Changes recognized in Equity 0 49,217 0 0 49,217 Amortizations from Effective Interest Method (1,094) (2,454) (15,329) 0 (18,877) Changes from Adjustments to Planning Assumptions 0 0 (24,956) 0 (24,956) Balance as of December 31, 2020 (45,019) (273,183) (516,506) 0 (834,708) Balance as of January 1, 2021 (45,019) (273,183) (516,506) 0 (834,708) Cash Flows 4,286 2,031 0 (1,205,911) (1,199,594) New Leases (316) 0 0 0 (316) Disposal Leases 173 0 0 0 173 Exchange differences (538) 0 (39,346) (7,499) (47,383) Amortizations from Effective Interest Method (1,170) (12,056) (20,386) (29,811) (63,422) Changes from Adjustments to Planning Assumptions 0 0 61,876 (64,846) (2,970) Transfer of Assigned License Revenues to Royalty Pharma 0 0 0 51,890 51,890 Balance as of December 31, 2021 (42,584) (283,208) (514,362) (1,256,176) (2,096,329) The "Transfer of Assigned License Revenues to Royalty Pharma" include transactions whereas Janssen directly transfers to Royalty Pharma the settlement amount without influence by MorphoSys on timing and/or amount. As MorphoSys has not received or paid cash for these assigned license revenues, the related amounts have neither been included in the operating nor in the financing cash flow, respectively. The changes from the bonds recognized in equity in 2020 relate initially to the transfer of the conversion right to additional paid-in capital and conversions in subsequent periods. Partnerships currently exist with (in alphabetical order) Incyte and Xencor. In January 2020, MorphoSys and Incyte announced that the companies had signed a collaboration and license agreement for the continued global development and commercialization of MorphoSys’s proprietary anti-CD19 antibody tafasitamab. A detailed description of the agreement can be found in Note 5.18. In June 2010, MorphoSys and the U.S.-based biopharmaceutical company Xencor signed an exclusive global licensing and cooperation agreement under which MorphoSys receives exclusive global licensing rights to tafasitamab, the antibody for the treatment of cancer and other indications. The companies jointly conducted a phase 1/2a trial in the U.S. in patients with chronic lymphocytic leukemia. MorphoSys is solely responsible for the further clinical development after the successful completion of the phase 1 clinical trial and commercialization. Upon signing the license and cooperation agreement, Xencor received a payment of US$13.0 million (approximately €10.5 million) from MorphoSys. Xencor also received milestone payments from MorphoSys totaling US$65.5 million (approximately €53.8 million). These payments were then capitalized under in-process R&D programs. Xencor is entitled to development, regulatory and commercially related milestone payments. Furthermore, Xencor is also eligible to receive tiered royalty payments of tafasitamab in the mid single-digit to sub-teen double-digit percentage range based upon net sales of licensed antibody sold by us or our licensees. Our royalty obligations continue on a product-by-product and country-by-country basis until the later to occur of the expiration of the last valid claim in the licensed patent covering a licensed product in such country, or 11 years after the first sale of a licensed product following marketing authorization in such country. In November 2020, MorphoSys, Incyte and Xencor announced a clinical collaboration agreement to study the combination of tafasitamab, plamotamab and lenalidomide in patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL), first-line DLBCL and relapsed or refractory follicular lymphoma (FL). MorphoSys and Incyte will provide tafasitamab for the studies. The studies are sponsored and funded by Xencor a |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Basis of and Changes in Accounting Standards | Basis of and Changes in Accounting StandardsBasis of Application These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”), taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (IFRS IC). We have applied all standards and interpretations that were in force as of December 31, 2021 and adopted by the European Union (EU). As of December 31, 2021, there were no standards or interpretations that affected our consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 that were in effect, but not yet endorsed into European law. As a result, our consolidated financial statements comply with both the IFRSs published by the International Accounting Standards Board (IASB) and those adopted by the EU. These consolidated financial statements also take into account the supplementary provisions under commercial law, which must be applied in accordance with Section 315e (1) of the German Commercial Code (Handelsgesetzbuch – HGB). In accordance with the regulations of the United States Securities and Exchange Commission, the statement of profit or loss is presented for a comparative period of three years. This extends beyond the comparative period of two years in accordance with the requirements of IFRS as adopted by the EU. The consolidated financial statements as of the reporting dates of December 31, 2021 and 2020, as well as the periods from January 1 through December 31 for the years 2021, 2020 and 2019, comprise MorphoSys AG and its subsidiaries (collectively, the “MorphoSys Group” or the “Group”). MorphoSys AG prepares the consolidated financial statements for the largest and the smallest consolidated group. All figures in this report were rounded to the nearest euro, thousand euros or million euros. By virtue of MorphoSys’ business model, the COVID-19 pandemic has had a limited impact on MorphoSys’ net assets and financial position in 2021. The ongoing COVID-19 pandemic, however, has had a negative impact on the results of operations especially in 2021, specifically on lower than expected sales of Monjuvi. Furthermore, this also extends the uncertainties of planning assumptions relating to future Monjuvi-sales, which have significant effects on the financial assets and liabilities from collaborations. In addition, the adherence to the time schedule of the clinical studies was associated with higher expenses. There have been no material asset impairments that have been recognized in connection with COVID-19. Structural Changes to the Segment Reporting As of the first quarter of 2021, MorphoSys no longer presents the previous segment information for the Proprietary Development and Partnered Discovery segments as part of the regular internal reporting to the Management Board as the Company’s chief operating decision-maker. Internal reporting focuses exclusively on the key value drivers of future revenues from product sales, further market approvals for tafasitamab, and Group royalties. The previous segment reporting was published for the last time for external purposes as of December 31, 2020. Reporting now comprises only the consolidated statement of profit or loss and no longer includes separate segment reporting. With the acquisition of Constellation, efforts related to the marketing approvals of pelabresib and CPI-0209 will expand, but this does not result in any changes in the assessment of the segment reporting. Structural Changes to the Consolidated Statement of Profit or Loss The change in the Company’s internal management and corresponding financial guidance for the 2021 financial year also prompted changes in the presentation of the consolidated statement of profit or loss. The following changes were implemented for the first time with the reporting of 2021: • Presentation of the components of revenue "Product Sales", "Royalties" and "Licenses, Milestones and Other" • Introduction of the item "Gross Profit" on the statement of profit or loss as the difference between revenues and cost of sales • "Operating Expenses" include research and development, as well as selling, general and administrative expenses. In this context, total operating expenses for 2020 were adjusted by €9.2 million (2019: €12.1 million) as the cost of sales are no longer included in this sum line item in order to provide comparable prior year information. • Introduction of the item "Impairment of goodwill" on the statement of profit or loss as a component of "Operating expenses". In this context, research and development expenses for 2020 have been adjusted by €2.1 million to provide comparable information for the comparative period. • The item "Earnings before Interest and Taxes" (EBIT) on the statement of profit or loss has been discontinued • Introduction of the item "Operating Profit (+) / Loss (-)" on the statement of profit or loss as the difference between the statement’s items "Gross Profit" and "Operating Expenses" The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Structural Changes to the Consolidated Balance Sheet To improve readability, adjustments were made to the presentation in the consolidated balance sheet. The following changes were implemented for the first time for the reporting in 2021: • Consolidation of the asset items "Financial Asset at Fair Value through Profit or Loss" and "Other Financial Assets at Amortized Cost" into the item "Other Financial Assets" • Asset items "Inventories, Net", "Property, Plant and Equipment, Net" and "Right-of-Use Assets, Net" have the term "Net", "Prepaid Expenses and Other Current Assets" has the term "Current" and "Prepaid Expenses and Other Assets, Net of Current Portion" has the term "Net of Current Portion" deleted • Consolidation of the asset items "Patents, net", "Licenses, net", "Licenses for Marketed Products", "In-process R&D Programs" and "Software, net" into the item "Intangible Assets" • Change in the name of current and non-current liability line items "Other Provisions" to "Provisions" and "Convertible Bond" to "Bonds" • Deletion of the term "current portion" for all current liability items and "excluding current portion" for all non-current liability items The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Structural Changes to the Consolidated Statement of Changes in Stockholders' Equity To improve readability, adjustments were made to the consolidated statement of changes in stockholders' equity. The following changes were implemented for the first time for the reporting in 2021: • Change in the name of "Compensation Related to the Grant of Stock Options and Performance Shares" to "Expenses through Share-based Payment Transactions and Issue of Convertible Instruments" • Change in the name of "Transfer of Treasury Stock to Related Parties" to "Transfer of Treasury Stock to Members of the Management Board" and of "Exercise of Convertible Bonds Issued" to "Exercise of Convertible Bonds Issued to Related Parties" The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Structural Changes to the Consolidated Statement of Cash Flows The aggregation of items and changes in the titles of balance sheet items resulted in corresponding changes in the cash flow statement: • Consolidation of the items "Net (Gain) / Loss of Financial Assets at Fair Value through Profit or Loss" and "Net (Gain) / Loss of Financial Assets at Amortized Cost" into the item "Net (Gain) / Loss of Other Financial Assets" • Consolidation of the items "Recognition of Contract Liability" and "Contract Liability" into the item "Contract Liability" • Consolidation of the items "Cash Payments to Acquire Financial Assets at Fair Value through Profit or Loss" and "Cash Payments to Acquire Other Financial Assets at Amortized Cost" into the item "Cash Payments to Acquire Other Financial Assets" • Consolidation of the items "Cash Receipts from Sales of Financial Assets at Fair Value through Profit or Loss" and "Cash Receipts from Sales of Other Financial Assets at Amortized Cost" into the item "Cash Receipts from Sales of Other Financial Assets" • Split of the item "Cash Receipts from (+) / Cash Payments for (–) Derivative Financial Instruments" into "Cash Receipts from Derivative Financial Instruments" and "Cash Payments for Derivative Financial Instruments" • Change in the name of "Non Cash Effective Change of Financial Liabilities at Amortized Cost" to "Non Cash Effective Change of Bonds", "Accounts Payable and Accruals, Lease Liabilities, Tax Liabilities and Other Provisions" to "Accounts Payable and Accruals, Lease Liabilities, Tax Liabilities and Provisions", of "Cash Payments for Acquisitions of Shares at Fair Value through Other Comprehensive Income" to Cash Payments for Acquisitions" and of "Cash Proceeds in Connection with Convertible Bonds Granted to Related Parties" to "Cash Proceeds in Connection with Exercised Stock Options and Convertible Bonds" The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. Unless stated otherwise, the accounting policies set out below were applied consistently to all periods presented in these consolidated financial statements. The accounting standards applied generally correspond to the policies used in the prior year. New or Revised Standards and Interpretations Adopted for the first Time in the Financial Year Standard / Interpretation Mandatory Application for financial years starting on Adopted by the European Union Possible Impact on MorphoSys IFRS 16 (A) Covid-19-Related Rent Concessions beyond 30 June 2021 01/01/2021 yes none IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (A) Interest Rate Benchmark Reform – Phase 2 01/01/2021 yes yes IFRS 4 (A) Deferral of IFRS 9 01/01/2021 yes none (A) Amendments The impact on the consolidated financial statements from the amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 is not considered to be material and are therefore not explained separately. Standards with the remark "none" do not have an impact on the consolidated financial statements. New or Revised Standards and Interpretations not yet Mandatorily Applicable The following new or revised standards that were not yet mandatory in the reporting period or have not yet been adopted by the European Union, have not been applied prematurely. The effects on the consolidated financial statements of standards marked with “yes” are considered probable and are currently being examined by the Group. Only significant effects are described in more detail. The impact on the consolidated financial statements of the amendments to IAS 1, IAS 8 and IAS 12 are not considered material and, therefore, not explained separately. Standards with the comment “none” are not expected to have a material impact on the consolidated financial statements. Standard / Interpretation Mandatory Application for financial years starting on Adopted by the European Union Possible Impact on MorphoSys IFRS 3 (A) Reference to the Conceptual Framework 01/01/2022 yes none IFRS 17 and IFRS 17 (A) Insurance Contracts and Amendments to IFRS 17 01/01/2023 yes none IFRS 17 (A) Initial Application of IFRS 17 and IFRS 9 — Comparative Information 01/01/2023 no none IAS 1 (A) Classification of Liabilities as Current or Non-current 01/01/2023 no yes IAS 1 (A) Disclosure of Accounting Policies 01/01/2023 no yes IAS 8 (A) Definition of Accounting Estimates 01/01/2023 no yes IAS 12 (A) Deferred Tax related to Assets and Liabilities arising from a Single Transaction 01/01/2023 no yes IAS 16 (A) Property, Plant and Equipment — Proceeds before Intended Use 01/01/2022 yes none IAS 37 (A) Amended by Onerous Contracts — Cost of Fulfilling a Contract 01/01/2022 yes none Annual Improvements to International Financial Reporting Standards, 2018 – 2020 01/01/2022 yes none (A) Amendments |
Consolidation Principles | Consolidation PrinciplesConsolidated Companies and Scope of Consolidation MorphoSys AG, as the ultimate parent company, is located in Planegg, near Munich. MorphoSys AG has one wholly owned subsidiary, MorphoSys US Inc. (Boston, Massachusetts, USA). MorphoSys US Inc. in turn has a wholly owned subsidiary - Constellation Pharmaceuticals, Inc. (Cambridge, Massachusetts, USA). Constellation Pharmaceuticals, Inc. also has a wholly owned subsidiary, Constellation Securities Corp. (Cambridge, Massachusetts, USA). Constellation Pharmaceuticals, Inc. and Constellation Securities Corp. are collectively referred to as “Constellation”, and all entities constitute the “MorphoSys Group” or “Group”. Following the acquisition on July 15, 2021, Constellation Pharmaceuticals, Inc. was merged into MorphoSys Development Inc., which was incorporated as a wholly owned subsidiary of MorphoSys US Inc. on May 28, 2021, in accordance with the merger agreement. From this upward merger, Constellation Pharmaceuticals, Inc. remained as a wholly owned subsidiary of MorphoSys US Inc. The consolidated financial statements as of December 31, 2021, were prepared by the Management Board on March 15, 2022, by resolution of the Management Board, authorized for issue, and forwarded to the Supervisory Board for review and approval. The members of the Group’s Management Board are Jean-Paul Kress, M.D., as Chief Executive Officer (Chair of the Management Board), Sung Lee as Chief Financial Officer and Malte Peters, M.D., as Chief Research and Development Officer. Sung Lee assumed the position as Chief Financial Officer on February 2, 2021. Roland Wandeler, Ph.D., stepped down as a member of the Management Board with effect from the end of December 31, 2021. The following Group subsidiaries are included in the scope of consolidation, as shown in the table below. Company Purchase of Shares / Establishment Included in Basis of Consolidation since Constellation Pharmaceuticals, Inc., Cambridge, Massachusetts, USA July 2021 07/15/2021 Constellation Securities Corp., Cambridge, Massachusetts, USA July 2021 07/15/2021 MorphoSys US Inc., Boston, Massachusetts, USA July 2018 07/02/2018 These subsidiaries are fully consolidated as they are direct or indirect wholly owned subsidiaries. MorphoSys controls the subsidiaries due to its full power over the investees. Additionally, MorphoSys is subject to risk exposure and has rights to variable returns from its involvement with the investees. MorphoSys also has unlimited capacity to exert power over the investees to influence its returns. The Group does not have any entities consolidated as joint ventures using the equity method, nor does it exercise a significant influence. The assets and liabilities of the fully consolidated international entities are recognized using Group-wide uniform accounting and valuation methods. The consolidation methods applied have not changed from the previous year. Upon consolidation, the carrying amounts of the parent company’s investments in each subsidiary are offset against the parent’s share in the equity of each subsidiary. Inter-company assets and liabilities, income and expenses, and profits or losses arising from transactions between Group companies are eliminated in full. |
Principles of Foreign Currency Translation | Principles of Foreign Currency Translation The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency. The items included in the financial statements of each entity are measured using that functional currency. Transactions and Balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in other income or expenses. For monetary items relating to investing and financing activities, differences are recognized in finance income or finance expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Group Companies On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates. The exchange differences arising on translation for consolidation are recognized in “Other Comprehensive Income Reserve” (equity). |
Key Estimates and Assumptions | Key Estimates and Assumptions In preparing the consolidated financial statements, it is necessary to make estimates and assumptions that affect the carrying amounts of assets, liabilities and contingent liabilities at the balance sheet date and the amounts of income and expense recognized in the period under report. The actual results may differ from these estimates. The estimates and underlying assumptions are subject to continuous review and are based on historical experience and other factors, including the expectation of future events that are believed to be realistic under the prevailing circumstances. Any changes in estimates are recognized in the period in which the changes are made and in all relevant future periods. The resulting accounting-related estimates will, by definition, seldom correspond to the actual results. The estimates and assumptions that carry a significant risk of causing material adjustments to the carrying amounts of assets and liabilities in the next financial year are addressed below. Revenues Revenues from product sales, royalties, license fees, milestones are subject to assumptions regarding variable consideration components, probabilities of occurrence and individual selling prices within the scope of the accounting and measurement principles explained in Note 2.6.1. Accruals in connection with revenues from product sales are also affected by estimates and assumptions. Impairment of Financial Assets Impairment losses on financial assets in the form of debt instruments and accounts receivable are based on assumptions about credit risk. The Group exercises discretion in making these assumptions and in selecting the inputs to calculate the impairment based on past experience, current market conditions and forward-looking estimates at the end of each reporting period. Financial Assets and Liabilities from Collaborations For details on estimates and assumptions in connection with financial assets and liabilities from collaborations refer to Note 5.18. Leases In determining the lease term, all facts and circumstances are considered that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended. Licenses for Marketed Products The acquired licenses are amortized over their estimated useful life. An impairment loss is recognized when events or changes in circumstances indicate that the licenses are impaired. Intangible assets not yet available for use and Goodwill The Group performs an annual review to determine whether in-process R&D programs (intangible assets not yet available for use) or goodwill is subject to impairment in accordance with the accounting policies discussed in Note 2.7.9. The recoverable amounts from in-process R&D programs and cash-generating units have been determined using value-in-use calculations and are subjected to a sensitivity analysis. These calculations require the use of estimates (see Notes 5.10 and 5.11). Accruals The Group has entered into various research and development contracts with research institutions and other companies. These agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. The Group recognizes accruals for estimated ongoing research costs that have been incurred. When evaluating the appropriateness of the deferred expenses, the Group analyzes the progress of the studies, including the phase and completion of events, invoices received and contractually agreed costs. Significant judgments and estimates are made in determining the deferred balances at the end of any reporting period. Actual results may differ from the Group’s estimates. The Group’s historical accrual estimates have not been materially different from the actual costs. Financial Liabilities from Future Payments to Royalty Pharma For details on estimates and assumptions in connection with the financial liabilities from future payment to Royalty Pharma refer to Note 5.19. Income Taxes Income taxes comprise taxes levied in the individual countries on taxable profit and changes in deferred taxes. The income taxes reported are recognized on the basis of the statutory regulations in force or enacted as of the reporting date in the amount in which they are expected to be paid or refunded. Deferred taxes are recognized for tax-deductible or temporary taxable differences between the carrying amounts of assets and liabilities in the IFRS balance sheet and the tax base, as well as for tax effects arising from consolidation measures and tax reduction claims arising from loss carryforwards that are likely to be realized in subsequent years. Goodwill is excluded. The assessment of the recoverability of deferred tax assets considers the currently achieved total results of a legal entity as well as the expected future taxable results, derived from the corporate planning. The recognition of deferred tax assets on tax loss carryforwards requires management to make estimates and judgments about the amount of future taxable profit available against which the tax loss carryforwards can be utilized. Deferred tax assets on loss carryforwards are only recognized to the extent that sufficient taxable income is expected in the future. Uncertain tax positions are analyzed on an ongoing basis and, if taxes are sufficiently probable, risk provisions are recognized in an appropriate amount in each case. Uncertainties arise, among other things, from matters that are being discussed in ongoing tax audits but have not yet resulted in final findings or are under discussion due to disputed legal situations or new case law. As the estimates can change over time, for example, as a result of findings in the course of the tax audit or current case law, there will also be a corresponding effect on the amount of the required assessment of the risk provision. The amount of the expected tax liability or tax receivable reflects the amount representing the best estimate or the expected value, taking into account any existing tax uncertainties. For the assessment of the impairment of deferred tax assets, the planning assumptions are influenced by key estimates and mainly include the profit forecasts of the respective legal entities. Effects of Climate Change on Financial Reporting In fiscal year 2021, the company analyzed potential sustainability risks in the areas of climate change and water scarcity. In both areas, the Company has not identified any material risks to its business model. Therefore, the Company does not currently expect any material impact of sustainability risks on its financial reporting. |
Business Combinations | Business Combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition related costs are expensed in the general and administrative expenses as incurred. The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill and allocated to a cash-generating unit. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. |
Accounting policies applied to line items of profit or loss | Accounting Policies applied to Line Items of the Statement of Profit or LossRevenues Recognizing revenue from contracts with customers requires the following five-stage approach: • Identification of the contract • Identification of performance obligations • Determination of the transaction price • Allocation of the transaction price • Revenue recognition The Group’s revenues typically include revenue from product sales, royalties, license fees, milestone payments and service fees. Revenues from Product Sales Revenues from the sale of MorphoSys products are recognized at the transaction price at the time the customer obtains control of the product. This is defined as the point at which the customer receives the product. As a result, revenues are recognized based on a specific point in time. The transaction price represents the consideration expected by MorphoSys in exchange for the product and takes into account variable components. The variable consideration is only included in the transaction price if it is highly probable that there will not be a subsequent material adjustment to the transaction price. The most common elements of variable consideration related to product sales at MorphoSys are listed below and are determined according to the expected value approach. • Rebates and discounts agreed with government agencies, buying groups, specialty distributors and specialty pharmacies are accrued and deducted from revenues at the time the related revenues are recognized. They are calculated based on actual discounts and rebates granted, specific regulatory requirements, specific terms in individual agreements, product pricing and/or the anticipated sales channel mix. Because the Company recognizes revenue upon transfer of control of the product to specialty distributors and specialty pharmacies, and not upon transfer to the end-user (patient), for certain rebates the Company is required to estimate the mix of product sales between its sales channels in determining the amount of rebate that will ultimately be paid. • Discounts offered to customers are intended to encourage prompt payment and are deferred and recognized as revenue deductions at the time the related revenues are recognized. • Accruals for product returns are recognized as revenue deductions at the time the corresponding revenues are recognized. Variable consideration is deducted from trade receivables, in case these are directly paid to the direct customer. In case payments are to be made to another party, these are presented as accruals. Accruals for revenue deductions are adjusted to the actual amounts when rebates and discounts and cash discounts are realized. The accruals represent estimates of the related obligations, meaning that management’s judgment is required in estimating the impact of these revenue deductions. Royalties Revenue recognition for royalties (income based on a percentage of sales of a marketed product) is based on the same revenue recognition principles that apply to sales-based milestones, as described below. License Fees and Milestone Payments The Group recognizes revenues from license fees for intellectual property (IP) both at a point in time and over a period of time. The Group must make an assessment as to whether such a license represents a right-to-use the IP (at a point in time) or a right to access the IP (over time). Revenue for a right-to-use license is recognized by the Group when the licensee can use and benefit from the IP after the license term begins, e.g., the Group has no further obligations in the context of the out-licensing of a drug candidate or technology. A license is considered a right to access the intellectual property when the Group undertakes activities during the license term that significantly affect the IP, the customer is directly exposed to any positive or negative effects of these activities, and these activities do not result in the transfer of a good or service to the customer. Revenues from the right to access the IP are recognized on a straight-line basis over the license term. Milestone payments for research and development are contingent upon the occurrence of a future event and represent variable consideration. The Group’s management estimates at the contract’s inception that the most likely amount for milestone payments is zero. The most likely amount method of estimation is considered the most predictive for the outcome since the outcome is binary; e.g. achieving a specific success in clinical development (or not). The Group includes milestone payments in the total transaction price only to the extent that it is highly probable that a significant reversal of accumulated revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Sales-based milestone payments included in contracts for IP licenses are considered by the Group to be sales-based license fees because they are solely determined by the sales of an approved drug. Accordingly, such milestones are recognized as revenue once the sales of such drugs occur or at a later point if the performance obligation has not been fulfilled. Service Fees Service fees for the assignment of personnel to research and development collaborations are recognized as revenues in the period the services were provided. If a Group company acts as an agent, revenues are recognized on a net basis. Agreements with multiple Performance Obligations A Group company may enter into agreements with multiple performance obligations that include both licenses and services. In such cases, an assessment must be made as to whether the license is distinct from the services (or other performance obligations) provided under the same agreement. The transaction price is allocated to separate performance obligations based on the relative stand-alone selling price of the performance obligations in the agreement. The Group company estimates stand-alone selling prices for goods and services not sold separately on the basis of comparable transactions with other customers. The residual approach is the method used to estimate a stand-alone selling price when the selling price for a good or service is highly variable or uncertain. Principle-Agent Relationships In agreements involving two or more independent parties who contribute to the provision of a specific good or service to a customer, the Group company assesses whether it has promised to provide the specific good or service itself (the company acting as a principal) or to arrange for this specific good or service to be provided by another party (the company acting as an agent). Depending on the result of this assessment, the Group company recognizes revenues on a gross (principal) or net (agent) basis. A Group company is an agent and recognizes revenue on a net basis if its obligation is to arrange for another party to provide goods or services, i.e., the Group company does not control the specified good or service before it is transferred to the customer. Indicators to assist a company in determining whether it does not control the good or service before it is provided to a customer and is, therefore, an agent, include, but are not limited to, the following criteria: • Another party is primarily responsible for fulfilling the contract. • The company does not have inventory risk. • The company does not have discretion in establishing the price. No single indicator is determinative or weighted more heavily than other indicators. However, some indicators may provide stronger evidence than others, depending on the individual facts and circumstances. A Group company’s control needs to be substantive; obtaining the legal title to a good or service only momentarily before it is transferred to the customer does not necessarily indicate that a Group company is a principal. Generally, an assessment as to whether a Group company is acting as a principal or an agent in a transaction requires a considerable degree of judgment. Based on the relevant facts and circumstances, the assessment of an agreement may lead to the conclusion that the counterparty is a cooperation partner or partner rather than a customer because the contract parties share equally in the risk of co-developing a drug and in the future profits from the marketing of the approved drug. Operating expenses are allocated to the functional costs on the basis of cost centers or percentage allocation keys. Research and Development Expenses Research costs are expensed in the period in which they occur. Development costs are generally expensed as incurred. Development costs are recognized as an intangible asset when the criteria such as the probability of expected future economic benefits, as well as the reliability of cost measurement, are met. This line item contains personnel expenses, consumable supplies, impairment charges, impairment reversals, amortization and other costs related to intangible assets (additional information can be found in Note 5.10), costs for external services, infrastructure costs and depreciation as well as other costs. Selling Expenses The line item includes personnel costs, consumable supplies, amortization of intangible assets (software; additional information can be found in Note 5.10), costs for external services, infrastructure costs and depreciation as well as other costs. This item also includes all expenses for services provided by Incyte in connection with the joint US sales activities. General and Administrative Expenses The line item includes personnel costs, consumable supplies, amortization of intangible assets (software; additional information can be found in Note 5.10), costs for external services, infrastructure costs and depreciation as well as other costs. Expenses through Share-based Payment Transactions and Issue of Convertible Instruments The Group spreads the compensation expenses from the estimated fair values of share-based payments on the reporting date over the period in which the beneficiaries provide the services that triggered the granting of the share-based payments. Personnel expense is recognized in the respective functional area to which the beneficiary is allocated. Share-based compensation is considered when the Group acquires goods or services in exchange for shares or stock options (“settlement in equity instruments”) or other assets that represent the value of a specific number of shares or stock options (“cash settlement”). Additional information can be found in Note 6. the tax returns are considered unlikely to be accepted by the tax authorities (uncertain tax positions), a provision for income taxes is recognized. Tax refund claims from uncertain tax positions are recognized when it is probable that they can be realized. Current taxes reflect the expected tax liability on the taxable income for the year, based on the enacted or substantially enacted tax rates, as well as adjustments to the tax liability for previous years. Deferred tax assets or liabilities are calculated for temporary differences between the tax bases and the financial statement carrying amounts, including differences from consolidation, unused tax loss carryforwards, and unused tax credits. Measurement is based on enacted or substantively enacted tax rates and tax rules. Deferred tax assets are offset against deferred tax liabilities when the taxes are levied by the same taxation authority, and the entity has a legally enforceable right to offset current tax assets against current tax liabilities according to their maturity. Assessments as to the recoverability of deferred tax assets require the use of judgment regarding assumptions related to estimated future taxable profits. This includes the amounts of taxable future profits, the periods in which those profits are expected to occur, and the availability of tax planning opportunities. The Group records a deferred tax asset only when it is probable that a corresponding amount of taxable profit will be available against which the deductible temporary differences relating to the same taxation authority and the same taxable entity can be utilized. The analysis and forecasting required in this process are performed for individual jurisdictions by qualified local tax and financial professionals. Given the potential significance surrounding the underlying estimates and assumptions, group-wide policies and procedures have been designed to ensure consistency and reliability around the recoverability assessment process. Forecast operating results are based upon approved business plans, which are themselves subject to a well-defined process of control. As a matter of policy, especially strong evidence supporting the recognition of deferred tax assets is required if an entity has suffered a loss in either the current or the preceding period. Changes in deferred tax assets and liabilities are generally recognized through profit and loss in the consolidated statement of profit or loss, except for changes recognized directly in equity, and changes recognized in connection with a business combination, where the purchase price allocation results in deferred tax assets and liabilities being recognized as an offset against goodwill. Deferred tax assets are recognized only to the extent that it is likely that there will be future taxable income to offset. Deferred tax assets are reduced by the amount that the related tax benefit is no longer expected to be realized. |
Accounting policies applied to the line items of the balance sheet | Accounting Policies applied to Line Items of the Balance SheetThe balance sheet is presented on the basis of the current/non-current distinction. Current assets and liabilities are those that are due within a period of one year. Regardless of their maturity, accounts receivable, accounts payable and inventories are also deemed to be current if they are due or sold within the normal course of a business cycle, which can be longer than one year. Deferred taxes are presented as non-current assets and liabilities.Financial Instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and liabilities comprise non-derivative and derivative receivables and payables. The Group recognizes financial instruments at the point in time when it becomes the contractual party of the instrument. A normal market purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the obligation to buy or sell the asset was entered into. On initial recognition, the Group measures financial assets and financial liabilities at fair value, with the exception of trade receivables without a significant financing component, which are measured at the transaction price specified in section 2.6.1. When the financial asset is not subsequently measured at fair value in profit or loss, transaction costs directly attributable to the acquisition of that asset will be added to the fair value. Transaction costs of financial assets measured at fair value through profit or loss are recognized as expenses in profit or loss. Direct attributable transaction costs are deducted from the fair value if they are attributable to financial liabilities measured at amortized cost. Transaction costs are recognized directly in profit or loss if they are related to the issue of financial liabilities measured at fair value. Financial assets and liabilities are offset only when it is currently legally enforceable to offset the amounts and there is an intention to do so. The Group does not perform offsetting. Financial Assets Classification, Measurement and Disclosure The Group's financial assets include both debt instruments and equity instruments. A debt instrument is a contractual right to receive cash or another financial asset from another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable to the entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. The classification of financial assets (debt instruments) for subsequent measurement depends on the Group’s business model for managing the financial assets and the asset’s cash flow characteristics. The business model reflects how the Group manages its financial assets to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. A financial asset can give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This SPPI test involves an assessment of whether the cash flows of the instrument consist solely of payments of interest and principal. Interest is typically consideration for the time value of money and credit risk. Payments of principal are payments on the principal amount outstanding. Assets that are held in order to collect the contractual cash flows and for which these cash flows represent interest and principal payments only are measured at amortized cost (AC). Interest income from these financial assets is recognized in finance income using the effective interest method. Negative interests are recognized in Finance Expense. Gains and losses upon derecognition are recognized directly in profit or loss and recorded in the finance result. Impairment losses are recognized as a separate line item in profit or loss. The Group's financial assets at amortized cost comprise the balance sheet item "Cash and Cash Equivalents", part of the balance sheet item "Other Financial Assets" (term deposits), the balance sheet item "Accounts Receivable" and part of the balance sheet item "Prepaid Expenses and Other Assets" (restricted cash for e.g. rental deposits). The Group considers all bank balances, cash in hand and short-term deposits with a maturity of three months or less from the date of acquisition to be cash and cash equivalents. Assets that are held to collect the contractual cash flows and to sell the financial assets and where the cash flows represent principal and interest payments only are measured at fair value through other comprehensive income (FVOCI). The Group does not hold any financial assets that are measured at fair value through other comprehensive income. Assets that do not meet the criteria of the categories “at amortized cost” or “at fair value through other comprehensive income” are allocated to the category “at fair value through profit or loss” (FVTPL) Gains and losses on debt instruments that are subsequently measured at fair value through profit or loss are recognized in other income/expenses or the finance result in the period in which they occur. The Group's financial assets measured at fair value through profit or loss include part of the balance sheet item "Other Financial Assets" (money market funds) and the balance sheet item "Financial Assets from Collaborations". Derivatives with a positive fair value are recorded in the balance sheet item "Other Receivables" and derivatives with a negative fair value are recorded in the balance sheet item "Other Liabilities". MorphoSys does not apply hedge accounting. The Group reclassifies debt instruments only in case when there is a change in the business model for managing such assets. For investments in equity instruments that are not held for trading, classification depends on whether the Group has irrevocably elected, at the time of initial recognition when the instrument is acquired, to measure the equity instruments at fair value through other comprehensive income. If this option is not exercised, equity instruments are measured at fair value through profit or loss. The Group has exercised the option to measure all equity instruments held at fair value through other comprehensive income. As a result, after derecognition of such an instrument, no subsequent reclassification of these gains and losses to the consolidated income statement takes place. Dividends from such instruments continue to be recognized in profit or loss under other income when the Group's right to receive payment is established. Equity instruments include the equity investments made by the Group. Impairment and Reversal of Impairment Financial assets in the categories measured at amortised cost (AC) and at fair value through other comprehensive income (FVOCI) require the calculation of an impairment loss, which is recognized on the basis of expected credit losses. A distinction is made between a general and a simplified impairment model. Impairment losses on financial instruments are reported under impairment losses on financial assets. Reversals of impairment are recognized in income from reversals of impairment losses. Impairment losses on trade receivables are reported in other expenses. Amounts, which were written off previously, but are received in subsequent periods, are recognized in other income. Financial Instruments according to General Expected Credit Loss Model The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. When a debt instrument is recognized for the first time, an impairment loss is recognized in the amount of the expected loss for twelve months. The impairment method applied depends on whether there has been a significant increase in credit risk. If at the reporting date, the credit risk of a financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to twelve-month expected credit losses (Level 1). Where the expected lifetime of an asset is less than twelve months, expected losses are measured at its expected lifetime. Expected credit losses are based on the contractual cash flows multiplied by the premium of a credit default swap according to the expected maturity of the contracting party (Level 1). In case the credit risk of a financial instrument has increased significantly since initial recognition, the Group measures impairment for that financial instrument at an amount equal to the lifetime expected credit losses. The Group currently classifies an increase in credit risk on debt instruments as significant when the premium on a counterparty credit default swap has increased by 100 basis points since the initial recognition of the instrument or if the amount is more than 30 days overdue (Level 2). If there is an objective indication of impairment, the interest received must also be adjusted so that the interest as of this date is accrued based on the net carrying amount (carrying amount less risk provisions) of the financial instrument (Level 3). Financial Instruments according to Simplified Expected Credit Loss Model In the case of accounts receivable, the Group applies the simplified approach, which requires expected lifetime losses to be recognized from the initial recognition of the receivables (Level 2). In the event of objective evidence of impairment of trade receivables, such assets are reported as credit-impaired and the expected loss is calculated as the difference between the gross carrying amount and the present value of the expected cash flows discounted at the original effective interest rate (Level 3). All accounts receivable were aggregated to measure the expected credit losses. All accounts receivable are currently due from customers in the pharmaceutical industry with similar credit risk profiles. The impairment is determined on the basis of the premium for an industry credit default swap. In the event that accounts receivable cannot be grouped together, they are measured individually. Objective indications of the impairment of financial instruments may result from an overdue period of more than 90 days, significant financial difficulties on the part of the issuer or debtor, a breach of contract such as a default or delay in interest or principal payments, an increased probability of insolvency or other reorganization proceedings, or the disappearance of an active market for a financial asset due to financial difficulties. Financial instruments are impaired if, based on a reasonable estimate, they are not expected to be realized and one of the objective indications occurs. An indicator that there is no reasonable expectation of recovery is, among other things, when internal or external information indicates that the Group will not receive the outstanding contractual amounts in full. This is generally assumed if financial instruments are more than two years overdue. Derecognition Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial Liabilities Classification, Measurement and Disclosure Contracts for liabilities are examined to determine whether they are only equity or only debt in nature or contain components of both. If the economic substance of the contractual agreement contains both components, they are recognized separately as equity instruments and as financial liabilities. Financial liabilities are classified in the following categories: • Financial liabilities at fair value through profit or loss • Financial liabilities at amortized cost Subsequent measurement at fair value through profit or loss (FVTPL) can be irrevocably designated upon initial recognition or is performed for derivatives with a negative fair value. Gains or losses arising from changes in fair value are recognized in profit or loss in the financial result. The Group does not make a designation for measurement at fair value. Financial liabilities measured at amortized cost (FLAC) are measured using the effective interest method. Gains and losses are recognized in the income statement in other income/expenses or in the financial result using the effective interest method. For financial liabilities measured at amortized cost, an assessment is made at initial recognition as to whether separable embedded derivatives have been agreed in the contract. Embedded derivatives must be separated and recognized separately at fair value through profit or loss unless their terms are closely related to the host contract. The Group's financial liabilities measured at amortized cost include trade payables (part of the balance sheet item "Accounts Payable and Accruals"), the balance sheet items "Financial Liabilities from Collaborations" and the balance sheet items "Financial Liabilities from Future Payments to Royalty Pharma". For contracts with equity and liability components, the fair value of the liability component is determined at the time of initial recognition using the market interest rate applicable to comparable instruments. This amount is recognized as a financial liability measured at amortized cost until the contract is settled or becomes due. The component classified as equity is determined by the difference between the total value of the contract and the fair value of the liability component. The resulting amount, net of income tax effects, is recognized as part of equity in additional paid-in capital and is not adjusted in subsequent periods. Transaction costs associated with the instrument are allocated between the two components based on the allocation of proceeds. Transaction costs attributable to the debt component are deducted from the carrying amount of the debt component and are amortized over the life of the contract using the effective interest method. Such a contract includes the convertible bond in the balance sheet item "Bonds". The exercise of the conversion option does not give rise to a gain or loss, but rather to a derecognition of the liability and a recognition of equity. All amounts on financial liabilities at amortized cost that are payable within the next twelve months, are reported as a current liability. For bonds the undiscounted cash flows within the next twelve are considered as current. For the financial liabilities from collaborations and the financial liabilities from future payments to Royalty Pharma the planned payments in the next twelve months are discounted to determine the current liability. Derecognition A financial liability is derecognized when the underlying obligation is discharged, cancelled or expires. Inventories are measured at the lower value of production or acquisition cost and net realizable value under the first-in, first-out method. Acquisition costs comprise all purchase costs, including those incurred in bringing the inventories into operating condition, and take purchase price reductions into account, such as bonuses and discounts. Manufacturing costs comprise all directly attributable costs as well as reasonably allocated overhead. Net realizable value is the estimated selling price less the estimated expenses necessary for completion and sale. Inventories are divided into the categories of raw materials and supplies, as well as unfinished and finished goods. Inventory of tafasitamab used for clinical trials or research activities are presented as other current assets and once it is used costs are recognized in the income statement under research and development expenses when consumed. Prepaid expenses include expenses resulting from an outflow of liquid assets prior to the reporting date that are only recognized as expenses in the subsequent financial year. Such expenses usually involve maintenance contracts, sublicenses and upfront payments for external laboratory services not yet performed. Current other assets primarily consist of receivables from tax authorities from input tax surpluses, combination drugs as well as receivables from upfront payments. Measurement is at nominal value or acquisition cost less impairments. Property, plant and equipment are recorded at historical cost less accumulated depreciation (see Note 5.8) and any impairment losses (see Note 2.7.9). Historical cost includes expenditures directly related to the purchase at the time of the acquisition. Replacement purchases, building alterations and improvements are capitalized, whereas repair and maintenance expenses are recognized as expenses as they are incurred. Property, plant and equipment are depreciated on a straight-line basis over its estimated useful life (see table below). Leasehold improvements are depreciated on a straight-line basis over the shorter of either the asset’s estimated useful life or the remaining term of the lease. Asset Class Useful Life Depreciation Rates Office Equipment 8 years 13 % Laboratory Equipment 4 years 25 % Low-value Office and Laboratory Equipment Immediately 100 % Computer Hardware 3 years 33 % Permanent Improvements to Property/Buildings 10 years 10 % The residual values and useful lives of assets are reviewed at the end of each reporting period and adjusted when necessary. Borrowing costs that can be directly attributed to the acquisition, construction or production of a qualifying asset are not included in the acquisition or production costs. For lessees, a uniform approach is applied to the recognition of leases, according to which assets for the right-of-use assets of the leased assets and liabilities for the payment obligations entered into are required to be recognized in the balance sheet for all leases. At the time a leased asset becomes available for the Group’s use, a right-of-use asset and corresponding lease liability are recognized in the balance sheet. Right-of-use assets are measured at cost, which is calculated as the lease liability plus lease payments made at or before the date on which the asset is made available for use, less lease incentives received and additional initial direct costs and dismantling obligations. Subsequent measurement of right-of-use assets is at amortized cost. The right-of-use assets are amortized on a straight-line basis over the shorter of either the useful life or the term of the lease agreement and the amortization is recognized in profit or loss. The lease liability is the present value of the fixed and variable lease payments that are paid during the term of the lease less any lease incentives receivable. The discounting is carried out based on the implied interest rate underlying the lease contract if the rate can be determined. If not, discounting is carried out based on the lessee’s incremental borrowing rate, i.e., the interest rate a lessee would need to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value and condition to the right-of-use asset in a similar economic environment. In subsequent measurement, the carrying amount of the lease liability is increased to reflect the interest expense on the lease liability and reduced to reflect the lease payments made. Each lease installment is separated into a repayment portion and a financing expense portion. Finance expenses are recognized in profit or loss over the term of the lease. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. The payments for the redemption of lease liabilities and the payments attributable to the interest portion of the lease liabilities are allocated to cash flow from financing activities. For low-value leases and short-term leases (terms of less than twelve months), mainly technical equipment, use is made of the simplified application. Accordingly, no right-of-use assets or lease liabilities are recognized; instead, the lease payments are recognized as an expense over the term of the lease. Impairment losses are recognized in accordance with the principles described in Note 2.7.9. Development costs are capitalized as intangible assets when the corresponding capitalization criteria have been met, namely, clear specification of the product or procedure, technical feasibility, intention of completion, use, commercialization, coverage of development costs through future free cash flows, reliable determination of these free cash flows and availability of sufficient resources for completion of development and sale. Amortization of intangible assets is recorded in cost of sales or research and development expenses. Expenses to be classified as research expenses are allocated to research and development expenses. Subsequent expenditures for capitalized intangible assets are capitalized only when they substantially increase the future economic benefit of the specific asset to which they relate. All other expenditures are expensed as incurred. Patents Patents obtained by the Group are recorded at acquisition cost less accumulated amortization (see below) and any impairment (see Note 2.7.9). Patent costs are amortized on a straight-line basis over the lower of the estimated useful life of the patent (ten years) or the remaining patent term. Amortization starts when the patent is issued. Technology identified in the purchase price allocation for the acquisition of Sloning BioTechnology GmbH was recorded at the fair value at the time of acquisition, less accumulated amortization in subsequent measurement (useful life of 10 years). Licenses The Group has acquired license rights from third parties by making upfront license payments, paying annual fees to maintain the license and paying fees for sublicenses. The Group amortizes upfront license payments on a straight-line basis over the estimated useful life of the acquired license (8 to 13 years). The amortization period and method are reviewed at the end of each financial year. Sublicense fees are amortized on a straight-line basis over the term of the contract or the estimated useful life of the collaboration for contracts without a set duration. Licenses for Marketed Products The balance sheet item contains prepaid license fees and milestone payments for Monjuvi that are subsequently paid after the milestones have been reached. The Group amortizes those payments over the estimated useful life of the acquired license. The duration and method of amortization are reviewed at the end of each financial year. In the case of triggering events, the asset is tested for any impairment. Because the Group applies the cost accumulation approach, milestones in the near future are not taken into account. In-Process R&D Programs This line item contains capitalized payments from the in-licensing of compounds, as well as milestone payments for these compounds subsequently paid as milestones were achieved. Additionally, intangible assets identified in a business combination are included in this balance sheet item. No market approvals have been granted for those compounds. Internally Generated Intangible Assets In 2021, certain development costs related to tafasitamab and Monjuvi have been capitalized as internally generated intangible assets for the first time, as the recognition criteria, as stated above, are met. The development of these assets is currently not yet completed and therefore they are not yet subject to amortization. Until the development activities are completed, the capitalized assets will undergo an annual impairment test. Software Software is recorded at acquisition cost less accumulated amortization (see below) and any impairment (see Note 2.7.9). Amortization is recognized in profit or loss on a straight-line basis over the estimated useful life of three to five years. Software is amortized from the date the software is operational. Intangible Asset Class Useful Life Amortization Rates Patents 10 years 10 % Licenses and Licenses for Marketed Products 8 - 24 years 13% - 4% In-process R&D Programs and Internally Generated Intangible Assets Not yet amortized, Impairment Only — Software 3 to 5 years 33% - 20% The carrying amounts of the Group’s non-financial assets and inventories are reviewed at each reporting date for any indication of impairment. The non-financial asset’s recoverable amount and the inventory’s net realizable value are estimated if such indication exists. For goodwill and intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated at the same time each year or determined on an interim basis, if required. Impairment is recognized if the carrying amount of an asset or the cash-generating unit (CGU) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value-in-use or its fair value less the cost of disposal. In assessing value-in-use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purposes of impairment testing, assets that cannot be tested individually are grouped into the smallest group of assets that generates cash flows from ongoing use that are largely independent of the cash flows of other assets or CGUs. A ceiling test for the operating segment must be carried out for goodwill impairment testing. CGUs that have been allocated goodwill are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination may be allocated to groups of CGUs that are expected to benefit from the combination’s synergies. The Group’s corporate assets do not generate separate cash flows and are utilized by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and are tested for impairment as part of the impairment testing of the CGU that was allocated the corporate asset. Accounts payable are presented in Note 2.7.1 under financial liabilities at amortized cost. Accruals are recognized for obligations to third parties arising from past events that are uncertain in their timing or amount. Furthermore, accruals are only recognized for legal or factual obligations to third parties if the event’s occurrence is more likely than not. Accruals are recognized in the amount required to settle the respective obligation and discounted to the reporting date when the interest effect is material. The amount required to meet the obligation also includes expected price and cost increases. The interest portion of the addition to accruals is recorded in the finance result. The measurement of accruals is based on past experience and considers the circumstances in existence on the reporting date. These non-financial liabilities with a maturity of more than one year are discounted to their present value. Provisions mainly include cash-settled share-based payments. 2.7.11 Contract Liabilities Upfront payments from customers for services to be rendered by the Group and revenue that must be recognized over a period of time are deferred and measured at the nominal amount of cash received. For current contract liabilities, the corresponding rendering of services and revenue recognition is expected to occur within a twelve-month period following the reporting date. Deferred tax assets and liabilities are calculated using the liability method, which is commonly used internationally. Under this method, taxes expected to be paid or recovered in subsequent financial years are based on the applicable tax rate at the time of recognition. Deferred tax assets and liabilities are recorded separately in the balance sheet and take into account the future tax effect resulting from temporary differences between carrying amounts in the balance sheet for assets and liabilities and tax loss carryforwards. Deferred tax assets are offset against deferred tax liabilities when the taxes are levied by the same taxation authority and their maturity and the entity has a legally enforceable right to offset current tax assets against current tax liabilities. Deferred tax assets and liabilities may not be discounted. Deferred tax assets on loss carryforwards and temporary differences are recognized and measured on the basis of projected future taxable income. They are only recognized if sufficient taxable income is available in the future to utilize the deferred tax assets. In assessing the recoverability of deferred tax assets, only the effects on earnings of the reversal of temporary differences arising from deferred tax liabilities, the planned results from operating activities, and possible tax strategies are taken into account. The planned results are based on internal forecasts of the future earnings situation of the respective Group company for the assessment of recoverability in the case of loss carryforwards and the long-term planning of the respective company for the assessment of recoverability in the case of temporary differences. If there are doubts about the realizability of the loss carryforwards, no corresponding deferred tax assets are recognized in individual cases, or deferred tax assets already recognized are impaired. The tax deferrals recognized are subject to ongoing reviews of the underlying assumptions. Changes in assumptions or circumstances may necessitate adjustments, which may result in additional tax deferrals or their reversal. Deferred tax assets and liabilities are offset if they relate to the same tax authority, and the right to offset current tax assets and liabilities is legally enforceable. Deferred tax assets and liabilities are recognized on an undiscounted basis. If the items underlying the temporary differences, or tax expenses and income respectively, are recognized directly in equity, this also applies to the current taxes or deferred tax assets and liabilities attributable thereto. Common Stock Ordinary shares are classified as stockholders’ equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from stockholders’ equity. Treasury Stock Repurchases of the Company’s own shares at prices quoted on an exchange or at market value are recorded in this line item as a deduction from common stock. When common stock recorded as stockholders’ equity is repurchased, the amount of consideration paid, including directly attributable costs, is recognized as a deduction from stockholders’ equity net of taxes and classified as treasury shares. When treasury shares are subsequently sold or reissued, the proceeds are recognized as an increase in stockholders’ equity, and any difference between the proceeds from the transaction and the initial acquisition costs is recognized in additional paid-in capital. The allocation of treasury shares to beneficiaries under long-term incentive plans (in this case: performance shares) is reflected in this line item based on the set number of shares to be allocated after the expiration of the four-year vesting period (quantity structure) and multiplied by the weighted-average purchase price of the treasury shares (value structure). The adjustment is carried out directly in equity through a reduction in the line item “treasury stock,” which is a deduction from common stock, while simultaneously reducing additional paid-in capital. Further information can be found in Notes 6.2.1 and 6.2.2. Additional Paid-In Capital Additional paid-in capital mainly consists of personnel expenses resulting from the grant of share-based payments, the conversion option of the convertible bonds classified as equity, as well as the proceeds from newly created shares in excess of their nominal value. Other Comprehensive Income Reserve The line item “Other Comprehensive Income Reserve” includes changes in the fair value of equity instruments that are recognized in other comprehensive income and currency exchange differences that are not recognized in profit or loss. Accumulated Deficit The “Accumulated Deficit” line item consists of the Group’s accumulated consolidated net prof |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of New and Revised Standards and Interpretations | The accounting standards applied generally correspond to the policies used in the prior year. New or Revised Standards and Interpretations Adopted for the first Time in the Financial Year Standard / Interpretation Mandatory Application for financial years starting on Adopted by the European Union Possible Impact on MorphoSys IFRS 16 (A) Covid-19-Related Rent Concessions beyond 30 June 2021 01/01/2021 yes none IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (A) Interest Rate Benchmark Reform – Phase 2 01/01/2021 yes yes IFRS 4 (A) Deferral of IFRS 9 01/01/2021 yes none (A) Amendments The impact on the consolidated financial statements from the amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 is not considered to be material and are therefore not explained separately. Standards with the remark "none" do not have an impact on the consolidated financial statements. |
Summary of New and Revised Standards and Interpretations not yet Mandatorily Applicable | New or Revised Standards and Interpretations not yet Mandatorily Applicable The following new or revised standards that were not yet mandatory in the reporting period or have not yet been adopted by the European Union, have not been applied prematurely. The effects on the consolidated financial statements of standards marked with “yes” are considered probable and are currently being examined by the Group. Only significant effects are described in more detail. The impact on the consolidated financial statements of the amendments to IAS 1, IAS 8 and IAS 12 are not considered material and, therefore, not explained separately. Standards with the comment “none” are not expected to have a material impact on the consolidated financial statements. Standard / Interpretation Mandatory Application for financial years starting on Adopted by the European Union Possible Impact on MorphoSys IFRS 3 (A) Reference to the Conceptual Framework 01/01/2022 yes none IFRS 17 and IFRS 17 (A) Insurance Contracts and Amendments to IFRS 17 01/01/2023 yes none IFRS 17 (A) Initial Application of IFRS 17 and IFRS 9 — Comparative Information 01/01/2023 no none IAS 1 (A) Classification of Liabilities as Current or Non-current 01/01/2023 no yes IAS 1 (A) Disclosure of Accounting Policies 01/01/2023 no yes IAS 8 (A) Definition of Accounting Estimates 01/01/2023 no yes IAS 12 (A) Deferred Tax related to Assets and Liabilities arising from a Single Transaction 01/01/2023 no yes IAS 16 (A) Property, Plant and Equipment — Proceeds before Intended Use 01/01/2022 yes none IAS 37 (A) Amended by Onerous Contracts — Cost of Fulfilling a Contract 01/01/2022 yes none Annual Improvements to International Financial Reporting Standards, 2018 – 2020 01/01/2022 yes none (A) Amendments |
Summary of Consolidation Methods | The following Group subsidiaries are included in the scope of consolidation, as shown in the table below. Company Purchase of Shares / Establishment Included in Basis of Consolidation since Constellation Pharmaceuticals, Inc., Cambridge, Massachusetts, USA July 2021 07/15/2021 Constellation Securities Corp., Cambridge, Massachusetts, USA July 2021 07/15/2021 MorphoSys US Inc., Boston, Massachusetts, USA July 2018 07/02/2018 |
Summary of Estimated Useful Life of Property Plant and Equipment | Asset Class Useful Life Depreciation Rates Office Equipment 8 years 13 % Laboratory Equipment 4 years 25 % Low-value Office and Laboratory Equipment Immediately 100 % Computer Hardware 3 years 33 % Permanent Improvements to Property/Buildings 10 years 10 % |
Summary Of Useful Lives Of Intangible Assets Including Goodwill | Intangible Asset Class Useful Life Amortization Rates Patents 10 years 10 % Licenses and Licenses for Marketed Products 8 - 24 years 13% - 4% In-process R&D Programs and Internally Generated Intangible Assets Not yet amortized, Impairment Only — Software 3 to 5 years 33% - 20% |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Assets and Liabilities Resulting from the Acquisition | As of July 15, 2021, the acquired assets and liabilities resulting from the acquisition included the following items. in 000' € Fair Value Cash and Cash Equivalents 178,090 Other Financial Assets 118,909 Property, Plant and Equipment 1,572 In-process R&D Programs 719,399 Deferred Tax Asset 145,900 Prepaid Expenses and Other Assets 10,971 Accounts Payable and Accruals -147,791 Tax Liabilities -33 Deferred Tax Liability -183,878 Fair Value of Identifiable Net Assets and Liabilities 843,139 Goodwill on Acquisition Date 541,561 Consideration Paid 1,384,700 Cash and Cash Equivalents Acquired -178,090 Net Cash Outflow 1,206,610 |
Goodwill acquired | The following amount of goodwill was recognized as a result of the acquisition. in 000' € Consideration Paid 1,384,700 Fair Value of Identifiable Net Assets and Liabilities 843,139 Goodwill 541,561 |
Effects on Goodwill Acquired | The following table shows the effects on goodwill recognized in financial year. in 000' € Balance as of January 1, 2021 0 Initial Recognition 541,561 Impairment (230,715) Exchange differences 23,108 Balance as of December 31, 2021 333,955 |
Notes to the Profit or Loss S_2
Notes to the Profit or Loss Statement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Revenue | in 000' € 2021 2020 2019 Product Sales, Net 66,861 22,983 0 Royalties 65,576 42,467 31,788 License Fees 43 236,094 265 Milestone Payments 19,952 4,825 30,470 Service Fees 19,726 21,329 9,232 Other 7,454 0 0 Licenses, Milestones and Other 47,175 262,248 39,967 Total 179,612 327,698 71,755 |
Summary of Regional Distribution of Revenue | The following overview shows the Group’s regional distribution of revenue on the basis of the customer location: in 000' € 2021 2020 2019 Germany — — 145 Europe and Asia 23,328 8,640 39,322 USA and Canada 156,284 319,058 32,288 Total 179,612 327,698 71,755 |
Summary of Satisfaction of Performance Obligations | The following overview shows the timing of the satisfaction of performance obligations: in 000' € 2021 2020 2019 At a Point in Time 179,569 327,438 71,270 Over Time 43 260 485 Total 179,612 327,698 71,755 Of the total revenues generated in 2021, a total of €85.5 million were recognized from performance obligations that were fulfilled in previous periods and related to milestone payments and royalties (2020: €47.1 million; 2019: €62.0 million). |
Summary of Cost of Sales | Cost of sales consisted of the following: in 000' € 2021 2020 2019 Expensed Acquisition or Production Cost of Inventories 12,618 5,564 0 Personnel Expenses 11,630 11,054 3,233 Impairment (+) and Reversals of Impairment (-) on Inventories — (9,933) 8,685 Impairment, Amortization and Other Costs of Intangible Assets 7,409 2,251 0 External Services 289 128 49 Depreciation and Other Costs for Infrastructure 221 98 100 Other Costs 28 12 18 Total 32,195 9,174 12,085 |
Summary of Research and Development Expenses | Research and development expenses consisted of the following: in 000' € 2021 2020 2019 Personnel Expenses 65,941 32,331 28,468 Impairment (+) and Reversals of Impairment (-) on Inventories 0 (3,338) 0 Consumable Supplies 4,055 3,239 2,874 Impairment, Amortization and Other Costs of Intangible Assets 7,859 18,144 5,631 External Services 131,467 77,827 62,373 Depreciation and Other Costs for Infrastructure 11,773 8,669 5,944 Other Costs 4,116 2,498 3,142 Total 225,211 139,370 108,432 |
Summary of Selling Expenses | Selling expenses consisted of the following: in 000' € 2021 2020 2019 Personnel Expenses 63,517 52,823 6,804 Consumable Supplies 86 125 14 Amortization of Intangible Assets 138 8 11 External Services 51,265 50,727 14,313 Depreciation and Other Costs for Infrastructure 870 700 371 Other Costs 5,667 3,360 1,158 Total 121,543 107,743 22,671 |
Summary of General and Administrative Expenses | General and administrative expenses consisted of the following: in 000' € 2021 2020 2019 Personnel Expenses 32,589 29,892 22,574 Consumable Supplies 88 565 389 Amortization of Intangible Assets 596 55 39 External Services 35,892 15,557 10,049 Depreciation and Other Costs for Infrastructure 6,885 4,084 1,739 Other Costs 2,242 1,250 1,875 Total 78,292 51,403 36,665 |
Summary of Personnel Expenses | Personnel expenses consisted of the following: in 000' € 2021 2020 2019 Wages and Salaries 158,094 107,841 47,602 Social Security Contributions 11,191 8,043 5,686 Share-based Payment Expense 2,585 8,955 6,654 Other 1,807 1,261 1,138 Total 173,677 126,100 61,080 |
Summary of Average Number of Employees | The following number of employees as of December 31 of a given year were employed in the various functions and allocated to the segments as follows: 2021 2020 2019 Production 7 0 0 Research and Development 504 351 300 Selling 94 142 40 General and Administrative 127 122 86 Total 732 615 426 The average number of employees for the 2021 financial year was 678 (2020: 564; 2019: 374). |
Summary of Other Income and Expenses, Finance Income and Expenses | The other income is shown in the following overview. in 000' € 2021 2020 2019 Gain from Deconsolidation of Lanthio Entities 0 379 0 Gain on Foreign Exchange 7,640 13,656 233 Grant Income 5 61 98 Income from Other Items 545 489 474 Other Income 8,190 14,585 805 The other expenses are shown in the following overview. in 000' € 2021 2020 2019 Loss on Foreign Exchange (5,944) (4,581) (413) Expenses from Other Items (425) (594) (214) Other Expenses (6,369) (5,175) (627) The finance income is shown in the following overview. in 000' € 2021 2020 2019 Foreign Exchange Gains 18,782 7,160 121 Gains from Measurement at Fair Value 15,231 83,654 2,456 Income from Carrying Amount Adjustments of Financial Liabilities at Amortized cost 61,876 0 0 Interest Income 723 1,233 223 Finance Income 96,612 92,047 2,799 The finance expenses are shown in the following overview. in 000' € 2021 2020 2019 Foreign Exchange Losses (46,297) (31,694) (777) Losses from Measurement at Fair Value (4,247) (19,313) (442) Effective Interest Expenses from Financial Liabilities at Amortized Cost (62,252) (17,783) 0 Expenses from Carrying Amount Adjustments of Financial Liabilities at Amortized cost (64,846) (24,565) 0 Other Interest Expenses (2,415) (1,021) (91) Interest Expenses on Lease Liabilities (1,157) (1,174) (932) Bank Fees (242) (664) (31) Finance Expenses (181.456) (96.214) (2.272) |
Summary of Income Taxes and Benefits | in 000' € 2021 2020 2019 Current Tax Benefit / (Expense) (Thereof Regarding Prior Years: kEUR (96); 2020: kEUR 66; 2019: kEUR 0) 1,172 (67,073) (1) Deferred Tax Benefit / (Expenses) 75,419 142,472 3,507 Total Income Tax Benefit / (Expenses) 76,591 75,399 3,506 |
Summary of Reconciliation of Expected Income Tax Expense with Actual Income Tax Expense | in 000' € 2021 2020 2019 Earnings Before Income Taxes (591,051) 22,492 (106,520) Expected Tax Rate 26.675 % 26.675 % 26.675 % Expected Income Tax 157,663 (6,000) 28,414 Tax Effects Resulting from: Premium from Capital Increase by Incyte 0 14,182 0 Share-based Payment (547) (1,823) (387) Permanent Differences (58,971) 4,991 (411) Non-Tax-Deductible Items (1,992) (9,718) (151) Non-Recognition of Deferred Tax Assets on Temporary Differences (8,117) 0 0 Non-Recognition of Deferred Tax Assets on Current Year Tax Losses (7,817) 0 (24,285) Recognition of Deferred Tax Assets on Prior Year Temporary Differences 0 6,548 0 Effect from Utilization of Loss Carryforwards for which no Deferred Tax Assets were recognized 0 66,472 0 Tax Rate Differences to Local Tax Rates (3,721) 140 (1,461) Effect of Tax Rate Changes 0 0 1,789 Prior Year Taxes 96 0 0 Other Effects (3) 607 (2) Actual Income Tax 76,591 75,399 3,506 Effective Tax Rate 13.0 % (335.2) % 3.3 % |
Summary Of Detailed Information About In Limited Unlimited Carry Forward Tax Losses | in 000' € Carry-Forward of Tax Losses Tax Losses from Prior Years 0 Tax Losses absorbed from Constellation 563,697 Tax Losses from Current Year 138,257 Foreign Currency Translation Differences 22,795 Total Tax Losses as of December 31, 2021 724,749 Expected Deferred Tax Assets on Total Tax Losses 186,945 Non-Recognition of Deferred Tax Assets on Current Year Tax Losses (7,817) Deferred Tax Assets on Tax Losses 179,128 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | Deferred tax assets and deferred tax liabilities consisted of the following: in 000’s €, as of December 31 Deferred Tax Asset 2021 Deferred Tax Asset 2020 Deferred Tax Liability 2021 Deferred Tax Liability 2020 Financial Assets /Liabilities from Collaborations 137,184 137,778 531 5,475 Financial Liabilities from Future Payments to Royalty Pharma 43,611 0 2,092 0 Bonds 507 113 11,260 13,653 Leases 802 824 976 787 Intangible Assets 6,549 8,753 195,371 517 Inventories 2,255 1,328 0 0 Receivables and Other Assets 890 1,099 1,988 211 Property, Plant and Equipment 0 0 108 381 Provisions 5,880 2,581 0 2,723 Other Liabilities 0 0 0 980 Tax Losses 179,128 0 0 0 Offsetting (190,261) (19,670) (190,261) (19,670) Total 186,545 132,806 22,065 5,057 |
Schedule of Changes in Deferred Taxes | After netting, both the deferred tax assets and the deferred tax liabilities are of a non-current nature. Changes in Deferred Taxes in 2021 in 000' € Income / (Expense) Direct Recognition from Purchase Price Allocation Financial Assets /Liabilities from Collaborations 4,350 0 Financial Liabilities from Future Payments to Royalty Pharma 41,519 0 Bonds 2,787 0 Leases (211) 0 Intangible Assets (13,180) (183,878) Inventories 927 0 Receivables and Other Assets (1,986) 0 Property, Plant and Equipment 113 160 Provisions 4,363 1,659 Other Liabilities 980 0 Tax Losses 35,047 144,081 Foreign Currency Translation Differences 710 (710) Total 75,419 (38,688) |
Summary of Earnings per Share | The following table shows the reconciliation of basic earnings per share to diluted earnings per share (in €, except for disclosures in shares). 2021 2020 2019 Numerator (in €) Consolidated Net Profit / (Loss) - used in calculating Basic Earnings per Share (514,460,016) 97,890,576 (103,014,058) Interest in connection with Dilutive Shares 0 654,487 0 Profit used in calculating Diluted Earnings per Share (514,460,016) 98,545,063 (103,014,058) Denominator (in Shares) Weighted average Ordinary Shares Used in Calculating Basic Earnings per Share 33,401,069 32,525,644 31,611,155 Dilutive Shares 0 642,208 0 Weighted average Ordinary Shares and potential Ordinary Shares Used in Calculating Diluted Earnings per Share 33,401,069 33,167,852 31,611,155 Earnings per Share (in €) Basic (15.40) 3.01 (3.26) Diluted (15.40) 2.97 (3.26) |
Notes to the Balance Sheet (Tab
Notes to the Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Cash and Cash Equivalents | in 000' € 12/31/2021 12/31/2020 Bank Balances and Cash in Hand 123,248 109,797 Impairment 0 (2) Cash and Cash Equivalents 123,248 109,795 The presentation of the development of the expected twelve-month loss for cash and cash equivalents can be found in Note 7.4.1. |
Summary of Other Financial Assets | Other Financial Assets include, on the one hand, money market funds classified as FVTPL and on the other hand term deposits and bonds classified as AC. The financial assets at fair value, with changes recognized in profit or loss, are shown in the following overview. Unrealized in 000' € Maturity Cost Gross Profit Losses Market Value December 31, 2021 Money Market Funds daily 8,874 1 0 8,875 Total 8,875 December 31, 2020 Money Market Funds daily 288,050 293 (405) 287,938 Total 287,938 |
Summary of Other Financial Assets at Amortized Cost | The financial assets at amortized cost are shown in the following overview. in 000’ € Maturity Cost Effective Interest Income (+) / Expense (-) Impairment Carrying Amount December 31, 2021 Term Deposits, Current Portion 4 to 12 months 562,369 0 (491) 561,878 Bonds 4 to 12 months 285,144 (2,025) (185) 282,934 Total 844,812 December 31, 2020 Term Deposits, Current Portion 4 to 12 months 649,745 380 (412) 649,713 Bonds more than 12 months 197,827 (652) (587) 196,588 Total 846,301 |
Summary of Accounts Receivable by Region | The table below shows the accounts receivable by region as of the reporting date. in 000' € 12/31/2021 12/31/2020 Europe and Asia 6,368 4,452 USA and Canada 69,903 79,326 Impairment (360) (424) Total 75,911 83,354 |
Summary of Current Prepaid Expenses and Other Assets | The current prepaid expenses and other assets are shown in the following table. in 000' € 12/31/2021 12/31/2020 Combination Drugs 15,945 10,003 Receivables due from Tax Authorities from Input Tax Surplus 6,563 3,920 Upfront Fees for External Laboratory Services 1,724 1,210 Upfront Fees for Sublicenses 1,304 777 Other Prepayments 13,787 4,711 Total 39,323 20,621 |
Summary of Non-current Prepaid Expenses | The non-current prepaid expenses and other assets are shown in the following table. in 000' € 12/31/2021 12/31/2020 Prepaid Expenses 9,192 183 Other Assets 4,059 1,384 Total 13,251 1,567 |
Summary of Property, Plant and Equipment | in 000' € Office and Laboratory Equipment Furniture and Fixtures Total Cost January 1, 2021 20,041 3,942 23,983 Additions 3,334 367 3,701 Additions through Business Combination 1,488 134 1,622 Disposals (2,101) (67) (2,168) Exchange differences 6 232 238 December 31, 2021 22,768 4,608 27,376 Accumulated Depreciation and Impairment January 1, 2021 16,834 825 17,659 Depreciation Charge for the Year 2,165 678 2,843 Impairment 1,572 0 1,572 Disposals (1,764) (67) (1,831) Exchange differences 2 24 26 December 31, 2021 18,809 1,460 20,269 Carrying Amount January 1, 2021 3,207 3,117 6,324 December 31, 2021 3,959 3,148 7,107 Cost January 1, 2020 18,386 2,390 20,776 Additions 2,662 1,672 4,334 Disposals (1,006) (8) (1,014) Exchange differences (1) (112) (113) December 31, 2020 20,041 3,942 23,983 Accumulated Depreciation and Impairment January 1, 2020 15,654 469 16,123 Depreciation Charge for the Year 2,101 363 2,464 Disposals (921) (2) (923) Exchange differences 0 (5) (5) December 31, 2020 16,834 825 17,659 Carrying Amount January 1, 2020 2,732 1,921 4,653 December 31, 2020 3,207 3,117 6,324 |
Summary of Depreciation | Depreciation is contained in the following line items of profit or loss. in 000' € 2021 2020 2019 Cost of Sales — — — Research and Development 1,681 1,663 1,478 Research and Development (Impairment) 1,537 — 10 Selling 63 132 92 General and Administrative 1,089 692 396 Total 4,370 2,487 1,976 |
Summary Of Right of use Assets and Lease Liabilities | The development of the right-of-use assets and lease liabilities is shown below. Right-of-Use Assets Lease Liabilities in 000' € Building Cars Technical Equipment Total Balance as of January 1, 2020 42,586 238 336 43,160 42,557 Additions 4,660 196 12 4,868 5,286 Depreciation of Right-of-Use Assets (3,218) (162) (152) (3,532) 0 Interest Expenses on Lease Liabilities 0 0 0 0 1,173 Lease Payments 0 0 0 0 (3,918) Disposals (78) 0 0 (78) (79) Balance as of December 31, 2020 43,950 272 196 44,418 45,019 Balance as of January 1, 2021 43,950 272 196 44,418 45,019 Additions 0 166 1,219 1,385 316 Depreciation of Right-of-Use Assets (3,317) (141) (230) (3,688) 0 Interest Expenses on Lease Liabilities 0 0 0 0 1,170 Lease Payments 0 0 0 0 (4,286) Disposals 0 (51) 0 (51) (173) Exchange differences 418 0 3 421 538 Balance as of December 31, 2021 41,051 246 1,188 42,485 42,584 |
Summary of Impact of Lease Agreements | Lease agreements had the following effects on the statement of profit or loss. in 000' € 2021 2020 2019 Depreciation of Right-of-Use Assets 3,648 3,586 2,805 Interest Expenses on Lease Liabilities 1,157 1,174 932 Expenses for Short Term Leases 1,553 0 0 Expenses for Leases of Low Value Assets 17 81 41 Total 6,375 4,841 3,778 |
Summary Of Depreciation Right Of Use Assets | Depreciation of right-of-use assets is contained in the following line items of profit or loss. in 000' € 2021 2020 2019 Cost of Sales 221 98 100 Research and Development 1,636 1,991 1,985 Selling 79 145 123 General and Administrative 1,711 1,352 597 Total 3,648 3,586 2,805 |
Summary Of Maturity Analysis Of Lease Liabilities | The maturity analysis of the lease liabilities as of December 31, 2021 is as follows. December 31, 2021; in 000’ € Contractual Maturities of Financial Liabilities Less than 1 Year Between One and Five Years More than 5 Years Total Contractual Cash Flows Carrying Amount Liabilities Lease Liabilities 4,256 16,750 28,559 49,565 42,584 |
Summary of Intangible Assets | in 000' € Patents Licenses Licenses for Marketed Products In-process R&D Programs Internally Generated Intangible Assets Software Total Cost January 1, 2021 18,214 35,396 56,449 0 0 5,847 115,906 Additions 345 0 0 10,429 11,517 205 22,496 Additions through Business Combination 0 0 0 719,399 0 16 719,415 Disposals (309) (1,000) 0 0 0 (3,447) (4,756) Exchange differences 0 0 0 30,679 0 0 30,679 December 31, 2021 18,250 34,396 56,449 760,507 11,517 2,621 883,740 Accumulated Amortization and Impairment January 1, 2021 16,276 23,560 963 0 0 5,731 46,530 Amortization Charge for the Year 235 986 2,312 0 0 94 3,627 Impairment 2 0 0 0 0 14 16 Disposals (309) (999) 0 0 0 (3,447) (4,755) December 31, 2021 16,204 23,547 3,275 0 0 2,392 45,418 Carrying Amount January 1, 2021 1,938 11,836 55,486 0 0 116 69,376 December 31, 2021 2,046 10,849 53,174 760,507 11,517 229 838,322 Cost January 1, 2020 18,034 23,896 0 52,159 0 5,758 99,847 Additions 290 12,000 0 32,501 0 90 44,881 Disposals (110) (500) 0 (28,211) 0 (1) (28,822) Reclassification 0 0 56,449 (56,449) 0 0 0 December 31, 2020 18,214 35,396 56,449 0 0 5,847 115,906 Accumulated Amortization and Impairment January 1, 2020 15,053 21,546 0 16,475 0 5,651 58,725 Amortization Charge for the Year 990 206 963 0 0 81 2,240 Impairment 233 2,000 0 11,736 0 0 13,969 Disposals 0 (192) 0 (28,211) 0 (1) (28,404) December 31, 2020 16,276 23,560 963 0 0 5,731 46,530 Carrying Amount January 1, 2020 2,981 2,350 0 35,684 0 107 41,122 December 31, 2020 1,938 11,836 55,486 0 0 116 69,376 There were no material contractual commitments for the purchase of intangible assets as of the reporting date. |
Summary of Amortization of Intangible Assets | Amortization was included in the following line items of profit or loss. in 000' € 2021 2020 2019 Cost of Sales 2,312 963 0 Research and Development 1,272 1,258 1,444 Research and Development (Impairment) 13 13,969 1,639 Selling 2 5 11 General and Administrative 24 17 37 Total 3,623 16,212 3,131 |
Summary of Sensitivity Analysis R&D Programs | in million € +1% (1)% Change in Patient Numbers or Price obtained in the Market (revenue related) 14.5 (14.5) Change in WACC before Taxes (15.6) 15.9 Change in Foreign Exchange Rate for future Royalties and Net Sales (0.8) 0.8 |
Summary of Sensitivity Analysis Goodwill | in million € +1% (1)% Change in Patient Numbers or Price obtained in the Market (revenue related) 16.6 (16.6) Change in WACC before Taxes (19.1) 19.5 Change in Foreign Exchange Rate for future Royalties and Net Sales (0.8) 0.8 |
Summary of Accounts Payable and Accrued Liabilities | Accounts payable and accruals are listed in the following table. In the financial reporting 2020, licenses payable were presented separately. These have been included in accounts payable in 2021. The prior year’s presentation of the figures has been adjusted accordingly in order to provide comparable information for the previous years. in 000' € 12/31/2021 12/31/2020 Accounts Payable 73,787 47,818 Accruals 113,055 79,200 Other Liabilities 1,235 1,536 Total 188,077 128,554 |
Summary of Accrued Expenses | Accruals are shown in the following overview: in 000' € 12/31/2021 12/31/2020 Accruals for External Laboratory Services 65,026 43,500 Accrued Personnel Expenses for Payments to Employees and Management 29,666 17,320 Accruals for Outstanding Invoices 12,515 15,236 Accruals for Revenue Deductions from Product Sales 1,998 943 Accruals for Legal Fees 169 472 Accruals for Audit Fees and other related Costs 703 683 Accruals for License Payments 2,978 1,046 Total 113,055 79,200 |
Summary of Audit fees | The table below shows the total fees PwC GmbH received. in 000' € 12/31/2021 12/31/2020 Audit Fees 2,141 1,561 Fees for Other Assurance Services 116 70 Tax Service Fees 0 — Other Fees for Other Services 2 2 Total 2,258 1,633 The other assurance services comprised fees in connection with the non-financial group report as well as the audit of the content of the remuneration report. |
Summary of Tax Liabilities and Other Provisions | The table below shows the development of tax liabilities and current and non-current provisions in the 2021 financial year. in 000' € 01/01/2021 Additions Utilization Release 12/31/2021 Tax Liabilities 65,728 362 (65,562) 0 528 Provisions, current 0 2,549 0 0 2,549 Provisions, non-current 1,528 494 (445) 0 1,577 Total 67,256 3,405 (66,007) 0 4,654 |
Summary of Contract Liabilities | The changes in this item are shown in the table below. in 000' € 2021 2020 Opening Balance 2,616 1,686 Prepayments Received in the Financial Year 4,323 13,430 Revenues Recognized in the Reporting Period that was included in the Contract Liability at the Beginning of the Period (2,544) (1,571) Revenues Recognized for Received Prepayments and Services Performed in the Financial Year (4,142) (10,929) Closing Balance 253 2,616 thereof short-term 224 2,544 thereof long-term 29 72 |
Summary of Financial Assets from Collaborations | in 000' € 2021 2020 Balance as of January 1 42,870 0 Additions — 45,090 Cash Receipts (40,004) (12,677) Through Profit or Loss (in Finance Result) 13,864 10,457 Balance as of December 31 16,730 42,870 |
Summary Of Sensitivity Analysis Of Financial Liabilities from Collaborations | 12/31/2021 12/31/2020 in million € +1% (1)% +1% (1)% Change in Price obtained in the Market (revenue related) 9.7 (9.7) 11.2 (11.2) Change in Patient Numbers and Number of Doses administered (revenue related) 8.7 (8.7) 10.1 (10.1) Change in Manufacturing Costs and other Cost Components (cost related) (4.6) 4.6 (6.2) 6.2 Change in Patient Numbers and Number of Doses administered (cost related) (0.9) 0.9 (1.1) 1.1 |
Summary of Sensitivity Analysis of Financial Liabilities to Royalty Pharma at Inception | The estimates underlying the financial liability are subject to a sensitivity analysis below. This would have resulted in the following effects on the fair value of the financial liabilities upon initial recognition. In each case, one planning assumption is changed and all other estimates are kept constant. in million € +1% (1)% Change in variable Factors on Revenues 11.0 (11.0) Change in Foreign Exchange Rate for future Royalties and Net Sales (13.8) 14.1 |
Sensitivity Analysis Financial Liabilities from Future Payments to Royalty Pharma | As of December 31, 2021, percentage changes in significant estimates would have impacted the financial liabilities from future payments to Royalty Pharma measured at amortized costs as follows. in million € +1% (1)% Change in variable Factors on Revenues 11.4 (11.4) Change in Foreign Exchange Rate for future Royalties and Net Sales (14.4) 14.8 |
Summary of Composition and Development of Treasury Stock | In the years 2021 and 2020, the Group did not repurchase any of its own shares. The composition and development of this line item are listed in the table below. Number of Shares Value As of 12/31/2018 281,036 10,398,773 Transfer in 2019 (55,236) (2,041,523) As of 12/31/2019 225,800 8,357,250 Transfer in 2020 (94,386) (3,488,506) As of 12/31/2020 131,414 4,868,744 Transfer in 2021 (48,260) (1,783,690) As of 12/31/2021 83,154 3,085,054 |
Remuneration System for the M_2
Remuneration System for the Management Board and Employees of the Group (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary Of Development of Stock Options | The table below shows the development of the stock option plans in the financial year 2021. April 2017 Stock Option Plan April 2018 Stock Option Plan April 2019 Stock Option Plan October 2019 Stock Option Plan April 2020 Stock Option Plan Outstanding on January 1, 2021 72,650 64,255 73,183 57,078 107,042 Granted 0 0 0 0 0 Exercised (4,345) 0 0 0 0 Forfeited 0 (1,109) (3,512) 0 (6,692) Expired 0 0 0 0 0 Outstanding on December 31, 2021 68,305 63,146 69,671 57,078 100,350 Exercisable on December 31, 2021 68,305 0 0 0 0 Weighted-average Exercise Price (€) 55.52 81.04 87.86 106.16 93.66 |
Summary of Fair Value of Stock Options | The parameters and fair value of each program are listed in the table below. April 2018 Stock Option Plan April 2019 Stock Option Plan October 2019 Stock Option Plan April 2020 Stock Option Plan Share Price on Grant Date in € 81.05 85.00 98.10 94.90 Exercise Price in € 81.04 87.86 106.16 93.66 Expected Volatility of the MorphoSys share in % 35.95 37.76 38.02 39.86 Expected Volatility of the Nasdaq Biotech Index in % 25.10 18.61 18.17 25.32 Expected Volatility of the TecDAX Index in % 17.73 26.46 24.82 20.48 Performance Term of Program in Years 4.0 4.0 4.0 4.0 Dividend Yield in % n/a n/a n/a n/a Risk-free Interest Rate in % between 0.02 between 0.02 between 0.0 between -0.55 Fair Value on Grant Date in € 30.43 31.81 35.04 38.20 |
Summary of Development of the LTI plans | The table below shows the development of the LTI plans in the financial year 2021. April 2017 Long-Term Incentive Program April 2018 Long-Term Incentive Program April 2019 Long-Term Incentive Program Outstanding on January 1, 2021 29,838 19,371 21,783 Granted 0 0 0 Adjustment due to Performance Criteria 16,053 0 0 Exercised (45,891) 0 0 Forfeited 0 (794) (1,796) Expired 0 0 0 Outstanding on December 31, 2021 0 18,577 19,987 Exercisable on December 31, 2021 0 0 0 Weighted-average Exercise Price (€) n/a n/a n/a |
Summary of Fair Value of LTI Plans | The parameters and the fair value of each program are listed in the table below. April 2018 Long-Term Incentive Program April 2019 Long-Term Incentive Program Share Price on Grant Date in € 81.05 85.00 Exercise Price in € n/a n/a Expected Volatility of the MorphoSys share in % 35.95 37.76 Expected Volatility of the Nasdaq Biotech Index in % 25.10 18.61 Expected Volatility of the TecDAX Index in % 17.73 26.46 Performance Term of Program in Years 4.0 4.0 Dividend Yield in % n/a n/a Risk-free Interest Rate in % between between Fair Value on Grant Date in € 103.58 106.85 |
Summary of Development of Performance Share Unit Programs | The table below shows the development of the performance share unit programs in the financial year 2021. April 2020 Performance Share Unit Program June 2020 Performance Share Unit Program April 2021 Performance Share Unit Program October 2021 Performance Share Unit Program Outstanding on January 1, 2021 27,494 8,361 0 0 Granted 0 0 122,005 11,209 Exercised 0 0 0 0 Forfeited (1,715) 0 (10,419) 0 Expired 0 0 0 0 Outstanding on December 31, 2021 25,779 8,361 111,586 11,209 Exercisable on December 31, 2021 0 0 0 0 Weighted-average Exercise Price (€) n/a n/a n/a n/a |
Summary of Fair Value of Performance Shares Units | The parameters and the fair value of each program are listed in the table below. April 2020 Performance Share Unit Program June 2020 Performance Share Unit Program April 2021 Performance Share Unit Program October 2021 Performance Share Unit Program Share Price in € on December 31, 2021 33.35 33.35 33.35 33.35 Exercise Price in € n/a n/a n/a n/a Expected Volatility of the MorphoSys share in % 41.71 40.44 45.99 44.34 Expected Volatility of the EURO STOXX Total Market Pharmaceuticals & Biotechnology Index in % 22.79 22.22 21.43 20.92 Remaining Performance Term of Program in Years 2.25 2.42 3.25 3.75 Dividend Yield in % n/a n/a n/a n/a Risk-free Interest Rate in % -0.65 -0.65 -0.65 -0.59 Fair Value on December 31, 2021, in € 2.52 4.10 11.82 19.88 |
Summary of Development of Performance Shares under Morphosys US | The table below shows the development of the performance shares under the MorphoSys US Inc. 2019 LTI Plan in the financial year 2021. MorphoSys US Inc. - 2019 Long-Term Incentive Program Outstanding on January 1, 2021 9,118 Granted 0 Exercised (2,369) Forfeited (4,041) Expired 0 Outstanding on December 31, 2021 2,708 Exercisable on December 31, 2021 0 Weighted-average Exercise Price (€) n/a |
Summary of Development of RSU Plans | The table below shows the development of the performance shares under the MorphoSys US Inc. RSU Plans in the financial year 2021. MorphoSys US Inc. – October 2019 Restricted Stock Unit Plan MorphoSys US Inc. – April 2020 Restricted Stock Unit Plan MorphoSys US Inc. – October 2020 Restricted Stock Unit Plan MorphoSys US Inc. – April 2021 Restricted Stock Unit Plan MorphoSys US Inc. – October 2021 Restricted Stock Unit Plan Outstanding on January 1, 2021 12,717 39,770 7,678 0 0 Granted 0 0 0 67,724 36,827 Exercised 0 0 0 0 0 Forfeited (6,380) (19,264) (1,846) (24,728) (2,492) Expired 0 0 0 0 0 Outstanding on December 31, 2021 6,337 20,506 5,832 42,996 34,335 Exercisable on December 31, 2021 0 0 0 0 0 Weighted-average Exercise Price (€) n/a n/a n/a n/a n/a |
Summary of Development of Stock Options Plans, Constellation | The table below shows the development of the stock options plans in the financial year 2021. Constellation - October 2021 Stock Option Plan Outstanding on January 1, 2021 0 Granted 323,534 Exercised 0 Forfeited (29,941) Expired 0 Outstanding on December 31, 2021 293,593 Exercisable on December 31, 2021 0 Weighted-average Exercise Price (€) 44.91 |
Summary of Fair Value of Stock Options Plans, Constellation | The parameters and fair value of each program are listed in the table below. Constellation - October 2021 Stock Option Plan Share Price on Grant Date in € 40.75 Exercise Price in € 44.91 Expected Volatility of the MorphoSys share in % 40.51 Expected Volatility of the Nasdaq Biotech Index in % 24.95 Expected Volatility of the TecDAX Index in % 22.17 Performance Term of Program in Years 4.0 Dividend Yield in % n/a Risk-free Interest Rate in % between (0.70) and (0.22) Fair Value on Grant Date in € 16.67 |
Summary of Shares of Related Parties | Shares 1/1/2021 Additions Sales 12/31/2021 Management Board Jean-Paul Kress, M.D. 0 0 0 0 Sung Lee 1 — 2,250 0 2,250 Malte Peters, M.D. 3,313 4,143 0 7,456 Roland Wandeler, Ph.D. 2 0 0 0 0 Total 3,313 6,393 0 9,706 Supervisory Board Marc Cluzel, M.D., Ph.D 750 250 0 1,000 Michael Brosnan 0 5,000 0 5,000 Sharon Curran 0 0 0 0 George Golumbeski, Ph.D. 0 0 0 0 Wendy Johnson 500 63 0 563 Krisja Vermeylen 350 650 0 1,000 Total 1,600 5,963 0 7,563 |
Summary of Stock Options of Related Parties | Stock Options 1/1/2021 Additions Forfeitures Exercises 12/31/2021 Management Board Jean-Paul Kress, M.D. 81,989 0 0 0 81,989 Sung Lee 1 — 0 0 0 0 Malte Peters, M.D. 33,110 0 0 0 33,110 Roland Wandeler, Ph.D. 2 0 0 0 0 0 Total 115,099 0 0 0 115,099 |
Summary of Performance Shares of Related Parties | Performance Shares 1/1/2021 Additions Adjustment due to Performance Criteria 3 Forfeitures Allocations 4 12/31/2021 Management Board Jean-Paul Kress, M.D. 0 0 0 0 0 0 Sung Lee 1 — 0 0 0 0 0 Malte Peters, M.D. 9,047 0 (1,799) 0 (4,143) 3,105 Roland Wandeler, Ph.D. 2 0 0 0 0 0 0 Total 9,047 0 (1,799) 0 (4,143) 3,105 1 Sung Lee joined the Management Board of MorphoSys AG effective February 2, 2021. 2 Roland Wandeler, Ph.D., resigned as a member of the Management Board with effect from the end of December 31, 2021. 3 Adjustment due to established performance criteria. For performance criteria that have not yet been met, a target achievement of 100% is assumed. 4 Allocations are made as soon as performance shares are transferred within the six-month exercise period after the end of the four-year waiting period. |
Summary Of Remuneration of Key Management Personnel | The total compensation for key management personnel in 2021 and 2020 was as follows. in 000' € 2021 2020 Total Short-Term Employee Benefits 7,336,167 7,261,119 Total Post-Employment Benefits 443,372 424,300 Total Termination Benefits 806,297 2,443,409 Total Share-Based Payment 4,278,500 4,125,979 Total Compensation 12,864,336 14,254,807 |
Summary of Remuneration of Supervisory Board | Fixed Attendance Fees Total Compensation in € 2021 2020 2021 2020 2021 2020 Marc Cluzel, M.D., Ph.D 104,210 104,210 60,800 56,400 165,010 160,610 Michael Brosnan 57,284 57,284 31,800 28,400 89,084 85,684 Sharon Curran 45,284 45,284 29,400 30,000 74,684 75,284 George Golumbeski, Ph.D. 70,926 65,345 31,200 30,800 102,126 96,145 Wendy Johnson 51,284 49,579 44,800 39,200 96,084 88,779 Krisja Vermeylen 57,284 57,284 41,600 38,400 98,884 95,684 Frank Morich, M.D. 2 — 19,766 — 12,800 — 32,566 Total 386,272 398,752 239,600 236,000 625,872 634,752 1 The attendance fee contains expense allowances for the attendance at the Supervisory Board and the Committee meetings. |
Additional Notes (Tables)
Additional Notes (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Text block [abstract] | ||
Summary of Future Minimum Payments for Leases | The future minimum payments under non-cancelable leases of low-value assets, performance share unit programs and contracts for insurance and other services on December 31, 2021 were as follows: in 000' € Leases of Low-Value Assets and Short-Term Leases Performance Share Unit Programs Other Total Less than 1 Year 8 0 570 578 Between One and Five Years 25 5,105 10,894 16,024 More than 5 Years 0 0 0 0 Total 33 5,105 11,464 16,602 As of December 31, 2020, these future mininum payments were as follows. in 000' € Leases of Low-Value Assets and Short-Term Leases Performance Share Unit Programs Other Total Less than 1 Year 44 0 7,406 7,450 Between One and Five Years 0 1,868 992 2,860 More than 5 Years 0 0 0 0 Total 44 1,868 8,398 10,310 Additionally, the the company has contracts for outsourced studies whereas the services have not been rendered as of December 31, 2021 and which could result in future payment obligations. These amounts could be shifted or substantially lower due to changes in the study timeline or premature study termination. in million € 2021 2020 Less than 1 Year 138.9 111.7 Between One and Five Years 97.6 81.6 More than 5 Years 0.0 0.0 Total 236.5 193.3 | |
Summary of Fair Value of Financial Assets and Liabilities | December 31, 2021; in 000' € Classification Financial Instrument Total Carrying Amount Fair Value Hierarchy Level Cash and Cash Equivalents AC 123,248 * * Other Financial Assets 853,686 thereof Money Market Funds FVTPL 8,875 8,875 1 thereof Fixed Term Deposits AC 844,811 * * Accounts Receivable AC 75,911 * * Financial Assets from Collaborations FVTPL 16,730 16,730 3 Other Receivables 2,227 thereof Forward Exchange Contracts used for Hedging FVTPL 0 0 2 thereof Non-Financial Assets n/a 2,227 n/a n/a Current Financial Asset 1,071,802 Prepaid Expenses and Other Assets 13,251 thereof Restricted Cash AC 4,059 4,059 2 thereof Non-Financial Assets n/a 9,192 n/a n/a Non-Current Financial Asset 13,251 Total 1,085,053 Accounts Payable and Accruals -188,077 thereof Accounts Payable FLAC -73,787 * * thereof Non-Financial Liabilities n/a -114,290 n/a n/a Bonds FLAC -423 * * Financial Liabilities from Collaborations FLAC -1,097 * * Financial Liabilities from Future Payments to Royalty Pharma FLAC -88,401 Current Financial Liabilities -277,998 Bonds FLAC -282,785 -304,025 3 Financial Liabilities from Collaborations FLAC -513,264 -514,169 3 Financial Liabilities from Future Payments to Royalty Pharma FLAC -1,167,775 -1,367,365 3 Non-Current Financial Liabilities -1,963,824 Total -2,241,822 * For these instruments the carrying amount is a reasonable approximation of fair value. | December 31, 2020; in 000' € Classification Financial Instrument Total Carrying Amount Fair Value Hierarchy Level Cash and Cash Equivalents AC 109,795 * * Other Financial Assets 937,651 thereof Money Market Funds FVTPL 287,938 287,938 1 thereof Fixed Term Deposits AC 649,713 * * Accounts Receivable AC 83,354 * * Financial Assets from Collaborations FVTPL 42,870 42,870 3 Other Receivables 2,159 thereof Forward Exchange Contracts used for Hedging FVTPL 0 0 2 thereof Non-Financial Assets n/a 2,159 n/a n/a Current Financial Asset 1,175,829 Other Financial Assets AC 196,588 197,749 2 Prepaid Expenses and Other Assets 1,567 thereof Restricted Cash AC 1,384 1,384 2 thereof Non-Financial Assets n/a 183 n/a n/a Non-Current Financial Asset 198,155 Total 1,373,984 Accounts Payable and Accruals -128,554 thereof Accounts Payable FLAC -47,818 * * thereof Non-Financial Liabilities n/a -80,736 n/a n/a Bonds FLAC -423 * * Financial Liabilities from Collaborations FLAC -155 * * Current Financial Liabilities -129,132 Bonds FLAC -272,760 -334,124 2 Financial Liabilities from Collaborations FLAC -516,351 -617,178 3 Non-Current Financial Liabilities -789,111 Total -918,243 * For these instruments the carrying amount is a reasonable approximation of fair value. |
Summary of Carrying Amount of Financial Instruments | The totals of the carrying amounts of the financial instruments per measurement category are shown in the following overview. in 000' € 12/31/2021 12/31/2020 Financial Assets FVTPL 25,605 330,808 Financial Assets AC 1,048,029 1,040,834 Financial Liabilities FLAC (2,127,532) (837,507) | |
Summary of Investment At Fair Value (adivo GmbH) | Currency Stake in % Equity in Domestic Currency (in €) 1 Loss for the Year (in €) 1 adivo GmbH, Martinsried, Germany € 17.2 (681,809) (835,119) | |
Summary of Change in investment in Adivo GmbH | in 000' € 2021 2020 Opening Balance January 1 0 387 Additions 0 0 Disposals 0 0 Through Other Comprehensive Income 0 (387) Through Profit or Loss 0 0 Closing Balance December 31 0 0 | |
Summary of Net Gains or Losses resulted from Financial Instruments | The following net gains or losses resulted from financial instruments in the financial year. in 000' € 2021 2020 2019 FVTPL 10,983 (7,587) 2,014 AC 9,824 (19,475) 348 FLAC (104,568) 24,031 — Total (83,761) (3,031) 2,362 | |
Summary of Gross Gains or Losses resulted from Financial Instruments | The gross interest income and expenses from financial assets and liabilities measured at amortized cost are shown in the following table. The amounts for 2020 and 2019 have been adjusted compared with the 2020 financial reporting. in 000' € 2021 2020 2019 Interest Income AC 723 1,233 223 Interest Expenses AC (2,415) (1,021) (91) Interest Income FLAC 0 0 0 Interest Expenses FLAC (62,252) (17,783) 0 Total (63,944) (17,571) 132 | |
Summary of Changes in Impairment Losses for Credit Risk | General Impairment Model Simplified Impairment Model Total in 000' € Stage 1 Stage 2 Stage 3 Stage 2 Stage 3 Balance as of January 1, 2020 (299) 0 0 (80) 0 (379) Unused Amounts Reversed 299 0 0 80 0 379 Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year (1,001) 0 0 (424) 0 (1,425) Change between Impairment Stages 0 0 0 0 0 0 Amounts written off during the Year as uncollectible 0 0 0 0 0 0 Balance as of December 31, 2020 (1,001) 0 0 (424) 0 (1,425) Balance as of January 1, 2021 (1,001) 0 0 (424) 0 (1,425) Unused Amounts Reversed 1,001 0 0 424 0 1,425 Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year (685) 0 0 (360) 0 (1,045) Change between Impairment Stages 0 0 0 0 0 0 Amounts written off during the Year as uncollectible 0 0 0 0 0 0 Balance as of December 31, 2021 (685) 0 0 (360) 0 (1,045) | |
Summary of Gross Carrying Amounts of Financial Assets by Credit Risk | The gross carrying amounts of the Group's financial assets by credit risk rating class are as follows. Balance Sheet Item as of December 31, 2021 Internal Credit Rating Basis for Recognition of Expected Credit Loss Provision Gross Carrying Amount Cash and Cash Equivalents low Expected Twelve-Month Loss 123,248 Term Deposits low Expected Twelve-Month Loss 845,488 Accounts Receivable low Lifetime Expected Credit Losses 76,270 Balance Sheet Item as of December 31, 2020 Internal Credit Rating Basis for Recognition of Expected Credit Loss Provision Gross Carrying Amount Cash and Cash Equivalents low Expected Twelve-Month Loss 109,797 Term Deposits low Expected Twelve-Month Loss 847,300 Accounts Receivable low Lifetime Expected Credit Losses 83,778 | |
Summary of Contractual Cash Flows of Financial Liabilities | in '000 €; due on December 31, 2021 in Less than 1 Year Between One and Five Years More than 5 Years Total Accounts Payable 73,787 0 0 73,787 Bonds 2,031 331,094 0 333,125 Financial Liabilities from Collaborations 1,140 167,669 530,242 699,052 Financial Liabilities from Future Payments to Royalty Pharma 89,845 505,938 1,051,077 1,646,860 in 000' €; due on December 31, 2020 in Less than 1 Year Between One and Five Years More than 5 Years Total Accounts Payable 47,818 0 0 47,818 Bonds 2,031 333,125 0 335,156 Financial Liabilities from Collaborations 161 180,347 529,338 709,846 | |
Summary of Exposure to Foreign Currency Risk | The Group’s exposure to foreign currency risk based on the carrying amounts of the items is shown in the table below. as of December 31, 2021; in 000' € US$ Other Cash and Cash Equivalents 106,188 0 Other Financial Assets 96,192 0 Accounts Receivable 42,754 0 Financial Assets from Collaborations 16,730 0 Restricted Cash (included in Other Assets) 3,397 0 Accounts Payable and Accruals (107,691) (339) Financial Liabilities from Collaborations (514,362) 0 Total (356,792) (339) as of December 31, 2020; in 000' € US$ Other Cash and Cash Equivalents 76,582 0 Other Financial Assets 172,460 0 Accounts Receivable 28,456 0 Financial Assets from Collaborations 42,870 0 Restricted Cash (included in Other Assets) 713 0 Accounts Payable and Accruals (51,436) (52) Financial Liabilities from Collaborations (516,506) 0 Total (246,861) (52) | |
Summary of Sensitivity Analysis of Foreign Exchange Rates | in million € 2021 2020 2019 Increase of the Euro by 10% 39.3 16.8 (8.7) Decrease of the Euro by 10% (48.0) (25.6) 10.4 | |
Summary of Sensitivity Analysis of Variable Interest Rate Risk | in million € 2021 2020 2019 Increase of the variable Interest Rate by 0.5% 0.8 1.2 (0.3) Decrease of the variable Interest Rate by 0.5% (0.8) (1.4) 0.3 The Group is currently not subject to significant interest rate risks from the account payables reported on the balance sheet. | |
Summary of Capital Management | in 000' € 12/31/2021 12/31/2020 Stockholders’ Equity 244,876 621,322 In % of Total Capital 9.6 37.4 Total Liabilities 2,311,378 1,038,191 In % of Total Capital 90.4 62.6 Total Capital 2,556,254 1,659,513 | |
Summary of Net Liabilities and Other Changes which are presented in Operating Activities | in 000' € Lease Liabilities Bonds Financial Liabilities from Collaborations Financial Liabilities from Future Payments to Royalty Pharma Total Balance as of January 1, 2020 (42,557) 0 0 0 (42,557) Cash Flows 3,918 (319,946) (542,599) 0 (858,627) New Leases (5,286) 0 0 0 (5,286) Exchange differences 0 0 66,379 0 66,379 Changes recognized in Equity 0 49,217 0 0 49,217 Amortizations from Effective Interest Method (1,094) (2,454) (15,329) 0 (18,877) Changes from Adjustments to Planning Assumptions 0 0 (24,956) 0 (24,956) Balance as of December 31, 2020 (45,019) (273,183) (516,506) 0 (834,708) Balance as of January 1, 2021 (45,019) (273,183) (516,506) 0 (834,708) Cash Flows 4,286 2,031 0 (1,205,911) (1,199,594) New Leases (316) 0 0 0 (316) Disposal Leases 173 0 0 0 173 Exchange differences (538) 0 (39,346) (7,499) (47,383) Amortizations from Effective Interest Method (1,170) (12,056) (20,386) (29,811) (63,422) Changes from Adjustments to Planning Assumptions 0 0 61,876 (64,846) (2,970) Transfer of Assigned License Revenues to Royalty Pharma 0 0 0 51,890 51,890 Balance as of December 31, 2021 (42,584) (283,208) (514,362) (1,256,176) (2,096,329) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of New and Revised Standards and Interpretations (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
IFRS 16 A covid19 related rent concessions [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2021 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
IFRS 9 IAS 39 IFRS 7 IFRS 4 and IFRS 16A interest rate benchmark reform phase 2 [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2021 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | yes |
IFRS 4 (A) Deferral of IFRS 9 [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2021 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of New and Revised Standards and Interpretations, not yet Mandatorily Applicable (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
IFRS 3A reference to the conceptual framework [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2022 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
IFRS 17 and IFRS 17A insurance contracts and amendments to IFRS 17 [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2023 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
IFRS 17 A Initial application of IFRS 17 and IFRS 9 - Comparative information | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2023 |
Adopted by the European Union | no |
Possible Impact on MorphoSys | none |
IAS 1A classification of liabilities as current or noncurrent [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2023 |
Adopted by the European Union | no |
Possible Impact on MorphoSys | yes |
IAS 1A disclosure of accounting policies [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2023 |
Adopted by the European Union | no |
Possible Impact on MorphoSys | yes |
IAS 8A definition of accounting estimates [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2023 |
Adopted by the European Union | no |
Possible Impact on MorphoSys | yes |
IAS 12 (a) Deferred Tax related to Assets and Liabilities arising from a Single Transaction | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2023 |
Adopted by the European Union | no |
Possible Impact on MorphoSys | yes |
IAS 16A property plant and equipment proceeds before intended use [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2022 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
IAS 37A amended by onerous contracts cost of fulfilling a contract [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2022 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
Annual improvements to international financial reporting standards 2018 2020 [Member] | |
Disclosure of significant accounting policies [line items] | |
Mandatory application for financial years starting on | 01/01/2022 |
Adopted by the European Union | yes |
Possible Impact on MorphoSys | none |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Consolidation Methods (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Constellation Pharmaceuticals, Inc. | |
Disclosure of significant accounting policies [line items] | |
Purchase of Shares / Establishment | July 2021 |
Included in Basis of Consolidation since | 07/15/2021 |
Constellation Securities, Corp. | |
Disclosure of significant accounting policies [line items] | |
Purchase of Shares / Establishment | July 2021 |
Included in Basis of Consolidation since | 07/15/2021 |
MorphoSys US Inc., Boston, Massachusetts, USA [member] | |
Disclosure of significant accounting policies [line items] | |
Purchase of Shares / Establishment | July 2018 |
Included in Basis of Consolidation since | 07/02/2018 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021Rate | |
Office equipment [member] | |
Disclosure of significant accounting policies [line items] | |
Useful Life | 8 years |
Depreciation Rates | 13.00% |
Laboratory Equipment [member] | |
Disclosure of significant accounting policies [line items] | |
Useful Life | 4 years |
Depreciation Rates | 25.00% |
Low-value Office and Laboratory Equipment [member] | |
Disclosure of significant accounting policies [line items] | |
Useful Life | Immediately |
Depreciation Rates | 100.00% |
Computer Hardware [member] | |
Disclosure of significant accounting policies [line items] | |
Useful Life | 3 years |
Depreciation Rates | 33.00% |
Permanent Improvements to Property/Buildings [member] | |
Disclosure of significant accounting policies [line items] | |
Useful Life | 10 years |
Depreciation Rates | 10.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary Of Useful Lives Of Intangible Assets Including Goodwill (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Patents [member] | |
Disclosure Details Of Useful Lives Of Intangible Assets Including Goodwill [Line Items] | |
Useful Life | 10 years |
Amortisation rate | 10 |
Licenses and Licenses for Marketed Products [member] | |
Disclosure Details Of Useful Lives Of Intangible Assets Including Goodwill [Line Items] | |
Useful Life | 8 - 24 years |
Amortisation rate | 13% - 4 |
In-process R&D Programs and Internally Generated Intangible Assets [Member] | |
Disclosure Details Of Useful Lives Of Intangible Assets Including Goodwill [Line Items] | |
Useful Life | Not yet amortized, Impairment Only |
Amortisation rate | — |
Software [member] | |
Disclosure Details Of Useful Lives Of Intangible Assets Including Goodwill [Line Items] | |
Useful Life | 3 to 5 years |
Amortisation rate | 33% - 20 |
Business combinations - Additio
Business combinations - Additional Information (Details) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021EUR (€)Rate | Dec. 31, 2021EUR (€)Rate | Jul. 15, 2021USD ($)$ / sharesRateshares | Jul. 15, 2021EUR (€)€ / sharesRateshares | |
Acquisition Constellation [Line Items] | ||||
Price of Outstanding Shares of Constellation | (per share) | $ 34 | € 28.79 | ||
Shares acquired Constellation | shares | 42,811,957 | 42,811,957 | ||
Fair Value of Acquired Shares | $ 1,456,000,000 | € 1,233,000,000 | ||
Percentage of acquired shares in Constellation | Rate | 11.00% | 11.00% | 89.00% | 89.00% |
Shares of Constellation | shares | 48,094,531 | 48,094,531 | ||
Contingent consideration recognised as of acquisition date | $ 1,635,200,000 | € 1,384,700,000 | ||
Cash Inflows received from Royalty Pharma | $ 1,425,000,000 | € 1,300,000,000 | ||
Revenue of acquiree since acquisition date | € 0 | |||
Profit (loss) of acquiree since acquisition date | € (60,400,000) | € (645,700,000) | ||
Acquisition-related costs for the transaction of Constellation | € 19,200,000 |
Business combinations - Assets
Business combinations - Assets and Liabilities Acquired in Business Combinations (Details) - EUR (€) | Dec. 31, 2021 | Jul. 15, 2021 | Dec. 31, 2020 |
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | € 0 | ||
Cash and cash equivalents | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | € (178,090,000) | ||
Other financial assets [Member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (118,909,000) | ||
Property, plant and equipment [member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (1,572,000) | ||
In-process R&D Programs and Internally Generated Intangible Assets [Member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | € (719,400,000) | (719,399,000) | |
Deferred Tax Asset [Member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (145,900,000) | ||
Prepaid expenses and other assets | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (10,971,000) | ||
Accounts Payable and Other Accruals | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (147,791,000) | ||
Tax Liabilities [Member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (33,000) | ||
Deferred tax liability [Member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (183,878,000) | ||
Fair Value of Identifiable Net Assets and Liabilities | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (843,139,000) | ||
Goodwill on Acquisition Date | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (541,561,000) | ||
Consideration paid [member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | (1,384,700,000) | ||
Cash and cash equivalents acquired | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | 178,090,000 | ||
Net Cash Outflow [Member] | |||
Assets and Liabilities Acquired [Line Items] | |||
Fair Value | € (1,206,610,000) |
Business combinations - Goodwil
Business combinations - Goodwill Acquired (Details) - EUR (€) | Jul. 15, 2021 | Dec. 31, 2020 |
Goodwill Acquired [Line Items] | ||
Fair Value | € 0 | |
Consideration paid [member] | ||
Goodwill Acquired [Line Items] | ||
Fair Value | € 1,384,700,000 | |
Fair Value of Identifiable Net Assets and Liabilities | ||
Goodwill Acquired [Line Items] | ||
Fair Value | 843,139,000 | |
Goodwill on Acquisition Date | ||
Goodwill Acquired [Line Items] | ||
Fair Value | € 541,561,000 |
Business combinations - Effect
Business combinations - Effect of Goodwill Acquired (Details) - EUR (€) | Dec. 31, 2021 | Jul. 15, 2021 | Dec. 31, 2020 |
Effect of Goodwill [Line Items] | |||
Fair Value | € 0 | ||
Goodwill on Acquisition Date | |||
Effect of Goodwill [Line Items] | |||
Fair Value | € 541,561,000 | ||
Impairment [member] | |||
Effect of Goodwill [Line Items] | |||
Fair Value | € (230,715,000) | ||
Exchange rate differences | |||
Effect of Goodwill [Line Items] | |||
Fair Value | € 23,108,000 |
Business combinations - Effec_2
Business combinations - Effect of Goodwill Acquired - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Jul. 15, 2021EUR (€) | Jul. 15, 2021USD ($) | |
Effect of Goodwill [Line Items] | ||||
Liability from share-based payment, Constellation | € 71,900,000 | $ 84.9 | ||
Retention bonuses, Constellation | € 5,700,000 | |||
Severance payments, Constellation | 7,300,000 | |||
Milestone payment, Constellation | 6,300,000 | $ 7.4 | ||
Acquisition-related costs for the transaction of Constellation | € 19,200,000 | |||
Funding Bond Agreement with Royalty Pharma [Member] | ||||
Effect of Goodwill [Line Items] | ||||
Borrowings | 127,000,000 | |||
Funding Bond Agreement with Royalty Pharma [Member] | Top of range [member] | ||||
Effect of Goodwill [Line Items] | ||||
Borrowings | € 296,400,000 | 350 | ||
Funding Bond Agreement with Royalty Pharma [Member] | Bottom of range [member] | ||||
Effect of Goodwill [Line Items] | ||||
Borrowings | $ | $ 150 |
Notes to the Profit or Loss S_3
Notes to the Profit or Loss Statement - Summary Of Revenue (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | € 179,611,844 | € 327,698,465 | € 71,755,303 |
Product Sales [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | 66,861,000 | 22,983,000 | 0 |
License Fees [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | 43,000 | 236,094,000 | 265,000 |
Milestones Payments [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | 19,952,000 | 4,825,000 | 30,470,000 |
Service Fees Revenues [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | 19,726,000 | 21,329,000 | 9,232,000 |
Royalties [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | 65,576,000 | 42,467,000 | 31,788,000 |
Other [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | 7,454,000 | 0 | 0 |
License, Milestones and Other [Member] | |||
Disclosure Of Analysis Of Revenue Line Item [Line Items] | |||
Revenue | € 47,175,000 | € 262,248,000 | € 39,967,000 |
Notes to the Profit or Loss S_4
Notes to the Profit or Loss Statement - Summary Of Regional Distribution of Revenue (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Germany [member] | |||
Summary of Regional Distribution of Revenue [Line Items] | |||
Revenues | € 0 | € 0 | € 145,000 |
Europe and Asia [member] | |||
Summary of Regional Distribution of Revenue [Line Items] | |||
Revenues | 23,328,000 | 8,640,000 | 39,322,000 |
USA and Canada [member] | |||
Summary of Regional Distribution of Revenue [Line Items] | |||
Revenues | 156,284,000 | 319,058,000 | 32,288,000 |
Revenues | € 179,611,844 | € 327,698,465 | € 71,755,303 |
Notes to the Profit or Loss S_5
Notes to the Profit or Loss Statement - Summary of Satisfaction of Performance Obligations (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance obligations satisfied at point in time [member] | |||
Satisfaction of Performance Obligations [Line Items] | |||
Revenues | € 179,569,000 | € 327,438,000 | € 71,270,000 |
Performance obligations satisfied over time [member] | |||
Satisfaction of Performance Obligations [Line Items] | |||
Revenues | 43,000 | 260,000 | 485,000 |
Revenues | 179,611,844 | 327,698,465 | 71,755,303 |
Performance obligations fulfilled in previous periods | € 85,500,000 | € 47,100,000 | € 62,000,000 |
Notes to the Profit or Loss S_6
Notes to the Profit or Loss Statement - Summary of Cost of Sales (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of sales [line items] | |||
Cost of sales | € 32,194,705 | € 9,174,146 | € 12,085,198 |
Expensed Acquisition or Production Cost of Inventories [member] | |||
Cost of sales [line items] | |||
Cost of sales | 12,618,000 | 5,564,000 | 0 |
Personnel expenses [member] | |||
Cost of sales [line items] | |||
Cost of sales | 11,630,000 | 11,054,000 | 3,233,000 |
Impairment And Reversals Of Impairment On Inventories [Member] | |||
Cost of sales [line items] | |||
Cost of sales | 0 | 9,933,000 | 8,685,000 |
Other Operating expenses [member] | |||
Cost of sales [line items] | |||
Cost of sales | 28,000 | 12,000 | 18,000 |
Impairment, Amortization and Other Costs of Intangible Assets [member] | |||
Cost of sales [line items] | |||
Cost of sales | 7,409,000 | 2,251,000 | 0 |
External services [member] | |||
Cost of sales [line items] | |||
Cost of sales | 289,000 | 128,000 | 49,000 |
Depreciation and other costs for infrastructure [member] | |||
Cost of sales [line items] | |||
Cost of sales | € 221,000 | € 98,000 | € 100,000 |
Notes to the Profit or Loss S_7
Notes to the Profit or Loss Statement - Summary of Research and Development Expenses (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research And Development [line items] | |||
Research and development expenses | € (225,211,206) | € (139,369,832) | € (108,431,600) |
Personnel expenses [member] | |||
Research And Development [line items] | |||
Research and development expenses | (65,941,000) | (32,331,000) | (28,468,000) |
Impairment And Reversals Of Impairment On Inventories [Member] | |||
Research And Development [line items] | |||
Research and development expenses | 0 | (3,338,000) | 0 |
Consumable supplies [member] | |||
Research And Development [line items] | |||
Research and development expenses | (4,055,000) | (3,239,000) | (2,874,000) |
Other Operating expenses [member] | |||
Research And Development [line items] | |||
Research and development expenses | (4,116,000) | (2,498,000) | (3,142,000) |
Impairment, Amortization and Other Costs of Intangible Assets [member] | |||
Research And Development [line items] | |||
Research and development expenses | (7,859,000) | (18,144,000) | (5,631,000) |
External services [member] | |||
Research And Development [line items] | |||
Research and development expenses | (131,467,000) | (77,827,000) | (62,373,000) |
Depreciation and other costs for infrastructure [member] | |||
Research And Development [line items] | |||
Research and development expenses | € (11,773,000) | € (8,669,000) | € (5,944,000) |
Notes to the Profit or Loss S_8
Notes to the Profit or Loss Statement - Summary of Selling Expenses (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of selling expenses [line items] | |||
Selling expenses | € 121,542,621 | € 107,742,684 | € 22,671,481 |
Personnel expenses [member] | |||
Disclosure of selling expenses [line items] | |||
Selling expenses | 63,517,000 | 52,823,000 | 6,804,000 |
Consumable supplies [member] | |||
Disclosure of selling expenses [line items] | |||
Selling expenses | 86,000 | 125,000 | 14,000 |
Other Operating expenses [member] | |||
Disclosure of selling expenses [line items] | |||
Selling expenses | 5,667,000 | 3,360,000 | 1,158,000 |
Amortization of intangible assets [member] | |||
Disclosure of selling expenses [line items] | |||
Selling expenses | 138,000 | 8,000 | 11,000 |
External services [member] | |||
Disclosure of selling expenses [line items] | |||
Selling expenses | 51,265,000 | 50,727,000 | 14,313,000 |
Depreciation and other costs for infrastructure [member] | |||
Disclosure of selling expenses [line items] | |||
Selling expenses | € 870,000 | € 700,000 | € 371,000 |
Notes to the Profit or Loss S_9
Notes to the Profit or Loss Statement - Summary of General and Administrative Expenses (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | € 78,292,297 | € 51,403,257 | € 36,664,666 |
Personnel expenses [member] | |||
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | 32,589,000 | 29,892,000 | 22,574,000 |
Consumable supplies [member] | |||
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | 88,000 | 565,000 | 389,000 |
Other Operating expenses [member] | |||
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | 2,242,000 | 1,250,000 | 1,875,000 |
Amortization of intangible assets [member] | |||
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | 596,000 | 55,000 | 39,000 |
External services [member] | |||
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | 35,892,000 | 15,557,000 | 10,049,000 |
Depreciation and other costs for infrastructure [member] | |||
Disclosure of general and administrative expense [Line items] | |||
General and administrative expenses | € 6,885,000 | € 4,084,000 | € 1,739,000 |
Notes to the Profit or Loss _10
Notes to the Profit or Loss Statement - Summary of Personnel Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of personnel expense [line items] | |||
Employee benefits expense | € 173,677 | € 126,100 | € 61,080 |
Wages and Salaries [Member] | |||
Disclosure of personnel expense [line items] | |||
Employee benefits expense | 158,094 | 107,841 | 47,602 |
Social Security Contributions | |||
Disclosure of personnel expense [line items] | |||
Employee benefits expense | 11,191 | 8,043 | 5,686 |
Share-based Payment Expense | |||
Disclosure of personnel expense [line items] | |||
Employee benefits expense | 2,585 | 8,955 | 6,654 |
Other [Member] | |||
Disclosure of personnel expense [line items] | |||
Employee benefits expense | € 1,807 | € 1,261 | € 1,138 |
Notes to the Profit or Loss _11
Notes to the Profit or Loss Statement - Summary of Personnel Expenses - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Costs for defined-contribution plans | € 2.8 | € 0.8 | € 0.7 |
Notes to the Profit or Loss _12
Notes to the Profit or Loss Statement - Summary Of Average Number Of Employees (Detail) - Employees | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number Of Employees [Line Items] | |||
Number of employees | 732 | 615 | 426 |
Average number of employees | 678 | 564 | 374 |
Production | |||
Number Of Employees [Line Items] | |||
Number of employees | 7 | 0 | 0 |
Research and development [member] | |||
Number Of Employees [Line Items] | |||
Number of employees | 504 | 351 | 300 |
Selling [Member] | |||
Number Of Employees [Line Items] | |||
Number of employees | 94 | 142 | 40 |
General and administrative [member] | |||
Number Of Employees [Line Items] | |||
Number of employees | 127 | 122 | 86 |
Notes to the Profit or Loss _13
Notes to the Profit or Loss Statement - Impairment of Goodwill (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment Goodwill [Line Items] | |||
Impairment of Goodwill | € (230,700,000) | € (2,057,000) | € 0 |
Notes to the Profit or Loss _14
Notes to the Profit or Loss Statement - Summary of Other Income and Expenses, Finance Income and Expenses (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Gain from Deconsolidation of Lanthio Entities | € 0 | € 379,000 | € 0 |
Gain on Foreign Exchange from Operating Activities | 7,640,000 | 13,656,000 | 233,000 |
Grant Income | 5,000 | 61,000 | 98,000 |
Income from Other Items | 545,000 | 489,000 | 474,000 |
Other Income | 8,189,829 | 14,584,829 | 804,739 |
Loss on Foreign Exchange from Operating Activities | (5,944,000) | (4,581,000) | (413,000) |
Expenses from Other Items | (425,000) | (594,000) | (214,000) |
Other Expenses | (6,368,762) | (5,175,177) | (626,678) |
Foreign Currency Gains from Financial Assets from Collaborations | 18,782,000 | 7,160,000 | 121,000 |
Gain on Financial Assets at Fair Value through Profit or Loss | 15,231,000 | 83,654,000 | 2,456,000 |
Income from Carrying Amount Adjustments of Financial Liabilities at Amortized Cost | 61,876,000 | 0 | 0 |
Interest income | 723,000 | 1,233,000 | 223,000 |
Finance Income | 96,612,146 | 92,047,221 | 2,799,473 |
Foreign Currency Losses from Financial Assets from Collaborations | (46,297,000) | (31,694,000) | (777,000) |
Loss on Financial Assets at Fair Value through Profit or Loss | (4,247,000) | (19,313,000) | (442,000) |
Effective interest expense from Financial Liabilities at Amortized Cost | (62,252,000) | (17,783,000) | 0 |
Expenses from Carrying Amount Adjustments of Financial Liabilities at Amortized cost | (64,846,000) | (24,565,000) | 0 |
Interest expense | (2,415,000) | (1,021,000) | (91,000) |
Interest Expenses on Lease Liabilities | (1,157,000) | (1,174,000) | (932,000) |
Bank Fees | (242,000) | (664,000) | (31,000) |
Finance Expenses | € (181,456,484) | € (96,214,409) | € (2,272,369) |
Notes to the Profit or Loss _15
Notes to the Profit or Loss Statement - Summary of Income Taxes (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current Tax Benefit / (Expense) | € 1,172,000 | € (67,073,000) | € (1,000) |
Deferred Tax Benefit / (Expenses) | 75,419,000 | 142,472,000 | 3,507,000 |
Actual Income Tax | 76,590,860 | 75,398,566 | 3,506,419 |
Current tax expense (income) and adjustments for current tax of prior periods | € (96,000) | € 66,000 | € 0 |
Notes to the Profit or Loss _16
Notes to the Profit or Loss Statement - Summary of Income Taxes - Additional Information (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Corporate tax rate | 15.00% | ||
Solidarity surcharge | 5.50% | ||
Effective trade tax rate | 10.85% | ||
Expected Tax Rate | 26.675% | 26.675% | 26.675% |
Federal corporate income tax rate | 21.00% | ||
State income tax rate | 4.56% | ||
Percentage Of Income Taxable | 25.56% | ||
Actual Income Tax | € 76,590,860 | € 75,398,566 | € 3,506,419 |
Deferred tax income from temporary differences | 34,800,000 | ||
Deferred tax income capitalized | € 40,600,000 |
Notes to the Profit or Loss _17
Notes to the Profit or Loss Statement - Summary Of Detailed Information About In Limited Unlimited Carry Forward Tax Losses (Detail) - Unlimited Carry Forward Of Tax Losses [member] € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of Limited And Unlimited Carry Forward of Tax Losses [Line Items] | |
Tax Losses from Prior Years | € 0 |
Tax Losses from Constellation | 563,697 |
Tax Losses from Current Year | 138,257 |
Foreign Currency Translation | 22,795 |
Reclassification to Temporary Differences | 724,749 |
Expiry / Deconsolidation | 186,945 |
Utilization Of Tax Losses | (7,817) |
Total Tax Losses as of December 31, 2020 | € 179,128 |
Notes to the Profit or Loss _18
Notes to the Profit or Loss Statement - Summary of Reconciliation of Expected Income Tax Expense with Actual Income Tax Expense (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Earnings Before Income Taxes | € (591,051,000) | € 22,492,000 | € (106,520,000) |
Expected Tax Rate | 26.675% | 26.675% | 26.675% |
Expected Income Tax | € 157,663,000 | € (6,000,000) | € 28,414,000 |
Tax Effects Resulting from: | |||
Premium From Capital Increase By Incyte | 0 | 14,182,000 | 0 |
Share-based Payment | (547,000) | (1,823,000) | (387,000) |
Permanent Differences | (58,971,000) | 4,991,000 | (411,000) |
Non-Tax-Deductible Items | (1,992,000) | (9,718,000) | (151,000) |
Non-Recognition of Deferred Tax Assets on Temporary Differences | (8,117,000) | 0 | 0 |
Non-Recognition of Deferred Tax Assets on Current Year Tax Losses | (7,817,000) | 0 | (24,285,000) |
Recognition of Deferred Tax Assets on Prior Year Temporary Differences | 0 | 6,548,000 | 0 |
Recognition of Deferred Tax Assets on Tax Loss Carryforwards from Prior Years | 0 | 66,472,000 | 0 |
Tax Rate Differences to Local Tax Rates | (3,721,000) | 140,000 | (1,461,000) |
Effect of Tax Rate Changes | 0 | 0 | 1,789,000 |
Prior Year Taxes | 96,000 | 0 | 0 |
Other Effects | (3,000) | 607,000 | (2,000) |
Actual Income Tax | € 76,590,860 | € 75,398,566 | € 3,506,419 |
Average effective tax rate | 13.00% | (335.20%) | 3.30% |
Notes to the Profit or Loss _19
Notes to the Profit or Loss Statement - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | € (186,545,176) | € (132,806,097) |
Deferred Tax Liability | (22,065,000) | (5,057,000) |
Tax losses relative to US tax group | 69,900,000 | |
Deferred Tax assets on temporary differences not capitalized | 8,100,000 | |
Collaborations [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (137,184,000) | (137,778,000) |
Deferred Tax Liability | (531,000) | (5,475,000) |
Financial Liabilities from Future Payments to Royalty Pharma [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (43,611,000) | 0 |
Deferred Tax Liability | (2,092,000) | 0 |
Convertible Bonds [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (507,000) | (113,000) |
Deferred Tax Liability | (11,260,000) | (13,653,000) |
Leases [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (802,000) | (824,000) |
Deferred Tax Liability | (976,000) | (787,000) |
Intangible asset [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (6,549,000) | (8,753,000) |
Deferred Tax Liability | (195,371,000) | (517,000) |
Inventories [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (2,255,000) | (1,328,000) |
Deferred Tax Liability | 0 | 0 |
Receivables and other assets [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (890,000) | (1,099,000) |
Deferred Tax Liability | (1,988,000) | (211,000) |
Property, plant and equipment [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | 0 | 0 |
Deferred Tax Liability | (108,000) | (381,000) |
Other provisions [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (5,880,000) | (2,581,000) |
Deferred Tax Liability | 0 | (2,723,000) |
Other liabilities [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | 0 | 0 |
Deferred Tax Liability | 0 | (980,000) |
Tax Losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (179,128,000) | 0 |
Deferred Tax Liability | 0 | 0 |
Offsetting [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred Tax Asset | (190,261,000) | (19,670,000) |
Deferred Tax Liability | € (190,261,000) | € (19,670,000) |
Notes to the Profit or Loss _20
Notes to the Profit or Loss Statement - Schedule of Changes in Deferred Taxes (Detail) | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | € (40,600,000) |
Deferred tax liabilities recognised as of acquisition date | 38,700,000 |
Deferred tax assets recognised as of acquisition date | 145,900,000 |
Deferred tax items recognized against equity | 12,700,000 |
Collaborations [Member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 4,350,000 |
Recognized in Equity | 0 |
Financial Liabilities from Future Payments to Royalty Pharma [Member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 41,519,000 |
Recognized in Equity | 0 |
Convertible bonds [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 2,787,000 |
Recognized in Equity | 0 |
Leases [Member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | (211,000) |
Recognized in Equity | 0 |
Intangible asset [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | (13,180,000) |
Recognized in Equity | (183,878,000) |
Inventories [Member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 927,000 |
Recognized in Equity | 0 |
Receivables and other assets [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | (1,986,000) |
Recognized in Equity | 0 |
Property, plant and equipment [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 113,000 |
Recognized in Equity | 160,000 |
Other provisions [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 4,363,000 |
Recognized in Equity | 1,659,000 |
Other liabilities [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 980,000 |
Recognized in Equity | 0 |
Tax Losses [Member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 35,047,000 |
Recognized in Equity | 144,081,000 |
Foreign Currency Translation Differences [Members] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 710,000 |
Recognized in Equity | (710,000) |
Deferred Tax [member] | |
Disclosure of Reconciliation of Changes in Deferred Tax Liability Asset [line items] | |
Recognized in Profit or Loss | 75,419,000 |
Recognized in Equity | € (38,688,000) |
Notes to the Profit or Loss _21
Notes to the Profit or Loss Statement - Summary Of Reconciliation Of Earning Per Share (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator (in €) | |||
Consolidated Net Profit / (Loss) | € (514,460,016) | € 97,890,576 | € (103,014,058) |
Interest in connection with Dilutive Shares | 0 | 654,487 | 0 |
Profit used in calculating Diluted Earnings per Share | € (514,460,016) | € 98,545,063 | € (103,014,058) |
Weighted-average number of ordinary shares outstanding | 33,401,069 | 32,525,644 | 31,611,155 |
Dilutive Shares | 0 | 642,208 | 0 |
Weighted average number of ordinary shares used in calculating diluted earnings per share | 33,401,069 | 33,167,852 | 31,611,155 |
Earnings per Share (in €) | |||
Basic | € (15.40) | € 3.01 | € (3.26) |
Diluted | € (15.40) | € 2.97 | € (3.26) |
Notes to the Profit or Loss _22
Notes to the Profit or Loss Statement - Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€) | |
Weighted Average Number of Equity Shares Used In Computing Earnings per Share [abstract] | |||
Consolidated Net Loss | € | € 514,460,016 | € (97,890,576) | € 103,014,058 |
Shares Used in Computing Earnings per Share, Basic | 32,525,644 | ||
Number of stock options unvested | 41,632 | ||
Number of restricted stock units unvested | 108,576 | ||
Dilutive effect of convertible instruments on number of ordinary shares | 2,475,437 |
Notes to the Balance Sheet - Su
Notes to the Balance Sheet - Summary of Cash and Cash Equivalents (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||||
Bank Balances and Cash in Hand | € 123,248,000 | € 109,797,000 | ||
Cash and cash equivalents accumulated impairments | 0 | (2,000) | ||
Cash and Cash Equivalents | € 123,248,256 | € 109,794,680 | € 44,314,050 | € 45,459,836 |
Notes to the Balance Sheet - _2
Notes to the Balance Sheet - Summary of Other Financial Assets (Details) - Gross carrying amount [member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments [Line Items] | ||
Current financial assets available-for-sale | € 8,875 | € 287,938 |
Money market funds 1 [member] | ||
Investments [Line Items] | ||
Maturity | daily | daily |
Cost | € 8,874 | € 288,050 |
Gross Unrealized Gains | 1 | 293 |
Gross unrealized losses on financial assets available-for-sale | 0 | (405) |
Current financial assets available-for-sale | € 8,875 | € 287,938 |
Notes to the Balance Sheet - _3
Notes to the Balance Sheet - Summary of Other Financial Assets at Amortized Cost (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | € 844,812 | € 846,301 |
Term deposits, current portion [member] | ||
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | 561,878 | 649,713 |
Gross Unrealized Gains | 0 | 380 |
Impairment | € (491) | € (412) |
Maturity | 4 to 12 months | 4 to 12 months |
Loans to corporate entities [member] | ||
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | € 282,934 | |
Gross Unrealized Gains | (2,025) | |
Impairment | € (185) | |
Maturity | 4 to 12 months | |
Term deposits, net of current portion [member] | ||
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | € 196,588 | |
Gross Unrealized Gains | (652) | |
Impairment | € (587) | |
Maturity | more than 12 months | |
Gross carrying amount [member] | Term deposits, current portion [member] | ||
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | € 562,369 | € 649,745 |
Gross carrying amount [member] | Loans to corporate entities [member] | ||
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | € 285,144 | |
Gross carrying amount [member] | Term deposits, net of current portion [member] | ||
Other Financial Assets at Amortized Cost [Line Items] | ||
Cost | € 197,827 |
Notes to the Balance Sheet - _4
Notes to the Balance Sheet - Summary of Other Financial Assets - Additional Information(Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Net gain from disposal of available-for-sale financial assets | € 0.6 | € (6.1) | € 0.4 |
Interest expense/ income from financial assets at amortized cost | € (1.7) | € (0.5) | € 0.1 |
Notes to the Balance Sheet - _5
Notes to the Balance Sheet - Summary of Accounts Receivable by Region (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable [Line Items] | ||
Accounts Receivable | € 75,911 | € 83,354 |
Impairment [member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable | (360) | (424) |
Europe and Asia [member] | Gross carrying amount [member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable | 6,368 | 4,452 |
USA and Canada [member] | Gross carrying amount [member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable | € 69,903 | € 79,326 |
Notes to the Balance Sheet - _6
Notes to the Balance Sheet - Summary of Accounts Receivable - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Additional Information [Line Items] | |||
Non-interest bearing payment terms | between 30 and 180 days | ||
Single most important customer [member] | Credit risk [member] | |||
Additional Information [Line Items] | |||
Accounts receivable from customer | € 38.5 | € 50.1 | |
Percentage of accounts receivable | 51.00% | 60.00% | 53.00% |
Notes to the Balance Sheet - _7
Notes to the Balance Sheet - Summary of Other Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Receivables [Line Items] | ||
Other Receivables | € 1.1 | € 1.2 |
Notes to the Balance Sheet - _8
Notes to the Balance Sheet - Summary of Inventories (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Inventories [Line Items] | ||
Inventories | € 9,962,657 | € 20,755,187 |
Raw materials and supplies | 5,300,000 | 12,100,000 |
Current unfinished goods | 0 | 4,100,000 |
Current finished goods | 4,700,000 | € 4,500,000 |
Reversal of impairment loss recognised in profit or loss, inventories | 13,300,000 | |
Reversal of Impairment Loss of Inventories, recognized in Cost of Sales | 9,900,000 | |
Reversal of Impairment Loss of Inventories, recognized in R&D Expenses | € 3,300,000 |
Notes to the Balance Sheet - _9
Notes to the Balance Sheet - Summary of Income Tax Receivables (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Income tax Receivables [Line Items] | ||
Income Tax Receivables | € 1,089,078 | € 401,826 |
Notes to the Balance Sheet -_10
Notes to the Balance Sheet - Summary of Current Prepaid Expenses and Other Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Laboratory services [member] | ||
Prepaid Expenses and Other Current Assets [Line Items] | ||
Current prepaid expenses | € 1,724 | € 1,210 |
Sub licenses [member] | ||
Prepaid Expenses and Other Current Assets [Line Items] | ||
Current prepaid expenses | 1,304 | 777 |
Combination Drugs | 15,945 | 10,003 |
Receivables due from Tax Authorities from Input Tax Surplus | 6,563 | 3,920 |
Other Prepayments | 13,787 | 4,711 |
Total | € 39,323 | € 20,621 |
Notes to the Balance Sheet -_11
Notes to the Balance Sheet - Summary of Non-Current Prepaid Expenses (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Non-Current Prepaid Expenses [Line Items] | ||
Non-current prepaid expenses | € 9,192,000 | € 183,000 |
Other Current Assets | 4,059,000 | 1,384,000 |
Prepaid Expenses and Other Assets, Net of Current Portion | € 13,250,634 | € 1,567,259 |
Notes to the Balance Sheet -_12
Notes to the Balance Sheet - Summary of Prepaid Assets and Other Assets - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Impairment on combination compounds | € 3.5 | € 0.5 |
Non-current restricted cash | 3.8 | 1.2 |
Restricted Cash as Collateral for Credit Cards | € 0.2 | € 0.2 |
Notes to the Balance Sheet -_13
Notes to the Balance Sheet - Summary of Property, Plant and Equipment(Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Beginning balance | € 6,323,753 | € 4,653,000 |
Foreign exchange gain (loss) | 26,000 | (5,000) |
Ending balance | 7,106,783 | 6,323,753 |
Office equipment [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 3,207,000 | 2,732,000 |
Ending balance | 3,959,000 | 3,207,000 |
Furniture and fixtures [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 3,117,000 | 1,921,000 |
Ending balance | 3,148,000 | 3,117,000 |
Gross carrying amount [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 23,983,000 | 20,776,000 |
Additions | 3,701,000 | 4,334,000 |
Additions through business combinations | 1,622,000 | |
Disposals, property, plant and equipment | (2,168,000) | (1,014,000) |
Foreign exchange gain (loss) | 238,000 | (113,000) |
Ending balance | 27,376,000 | 23,983,000 |
Gross carrying amount [member] | Office equipment [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 20,041,000 | 18,386,000 |
Additions | 3,334,000 | 2,662,000 |
Additions through business combinations | 1,488,000 | |
Disposals, property, plant and equipment | (2,101,000) | (1,006,000) |
Foreign exchange gain (loss) | 6,000 | (1,000) |
Ending balance | 22,768,000 | 20,041,000 |
Gross carrying amount [member] | Furniture and fixtures [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 3,942,000 | 2,390,000 |
Additions | 367,000 | 1,672,000 |
Additions through business combinations | 134,000 | |
Disposals, property, plant and equipment | (67,000) | (8,000) |
Foreign exchange gain (loss) | 232,000 | (112,000) |
Ending balance | 4,608,000 | 3,942,000 |
Accumulated depreciation, amortisation and impairment [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | (17,659,000) | (16,123,000) |
Disposals, property, plant and equipment | 1,831,000 | 923,000 |
Depreciation Charge for the Year | 2,843,000 | 2,464,000 |
Impairment | 1,572,000 | |
Ending balance | (20,269,000) | (17,659,000) |
Accumulated depreciation, amortisation and impairment [member] | Office equipment [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | (16,834,000) | (15,654,000) |
Disposals, property, plant and equipment | 1,764,000 | 921,000 |
Foreign exchange gain (loss) | 2,000 | 0 |
Depreciation Charge for the Year | 2,165,000 | 2,101,000 |
Impairment | 1,572,000 | |
Ending balance | (18,809,000) | (16,834,000) |
Accumulated depreciation, amortisation and impairment [member] | Furniture and fixtures [member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | (825,000) | (469,000) |
Disposals, property, plant and equipment | 67,000 | 2,000 |
Foreign exchange gain (loss) | 24,000 | (5,000) |
Depreciation Charge for the Year | 678,000 | 363,000 |
Impairment | 0 | |
Ending balance | € (1,460,000) | € (825,000) |
Notes to the Balance Sheet -_14
Notes to the Balance Sheet - Summary of Depreciation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation Expense [Line Items] | |||
Depreciation | € 4,370 | € 2,487 | € 1,976 |
Cost of Sales [Member] | |||
Depreciation Expense [Line Items] | |||
Depreciation | 0 | 0 | 0 |
Research and development [member] | |||
Depreciation Expense [Line Items] | |||
Depreciation | 1,681 | 1,663 | 1,478 |
Impairment On Research And Development [Member] | |||
Depreciation Expense [Line Items] | |||
Depreciation | 1,537 | 0 | 10 |
Selling [member] | |||
Depreciation Expense [Line Items] | |||
Depreciation | 63 | 132 | 92 |
General and administrative [member] | |||
Depreciation Expense [Line Items] | |||
Depreciation | € 1,089 | € 692 | € 396 |
Notes to the Balance Sheet -_15
Notes to the Balance Sheet - Summary of Right of use Assets and Lease Liabilities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Right of use Assets and Lease Liabilities [Line Items] | |||
Beginning Balance | € 44,417,767 | € 43,160,000 | |
Lease liabilities | 42,584,000 | ||
Additions | 1,385,000 | 4,868,000 | |
Depreciation, right-of-use assets | (3,688,000) | (3,532,000) | |
Interest Expenses on Lease Liabilities | 1,157,000 | 1,174,000 | € 932,000 |
Disposals | (51,000) | (78,000) | |
Foreign exchange gain (loss) | 421,000 | ||
Ending Balance | 42,485,275 | 44,417,767 | 43,160,000 |
Buildings [member] | |||
Right of use Assets and Lease Liabilities [Line Items] | |||
Beginning Balance | 43,950,000 | 42,586,000 | |
Additions | 0 | 4,660,000 | |
Depreciation, right-of-use assets | (3,317,000) | (3,218,000) | |
Disposals | 0 | (78,000) | |
Foreign exchange gain (loss) | 418,000 | ||
Ending Balance | 41,051,000 | 43,950,000 | 42,586,000 |
Car [Member] | |||
Right of use Assets and Lease Liabilities [Line Items] | |||
Beginning Balance | 272,000 | 238,000 | |
Additions | 166,000 | 196,000 | |
Depreciation, right-of-use assets | (141,000) | (162,000) | |
Disposals | (51,000) | 0 | |
Foreign exchange gain (loss) | 0 | ||
Ending Balance | 246,000 | 272,000 | 238,000 |
Technical Equipment [Member] | |||
Right of use Assets and Lease Liabilities [Line Items] | |||
Beginning Balance | 196,000 | 336,000 | |
Additions | 1,219,000 | 12,000 | |
Depreciation, right-of-use assets | (230,000) | (152,000) | |
Disposals | 0 | 0 | |
Foreign exchange gain (loss) | 3,000 | ||
Ending Balance | 1,188,000 | 196,000 | 336,000 |
Lease Liabilities [Member] | |||
Right of use Assets and Lease Liabilities [Line Items] | |||
Lease liabilities | 42,584,000 | 45,019,000 | € 42,557,000 |
Additions | 316,000 | 5,286,000 | |
Depreciation, right-of-use assets, ll | 0 | 0 | |
Interest Expenses on Lease Liabilities | 1,170,000 | 1,173,000 | |
Lease Payments | (4,286,000) | (3,918,000) | |
Disposals | (173,000) | € (79,000) | |
Foreign Exchange gain (loss) - Lease Liabilities | € 538,000 |
Notes to the Balance Sheet -_16
Notes to the Balance Sheet - Summary of Impact of Lease Agreements (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impact of Leases [Line Items] | |||
Depreciation, right-of-use assets | € 3,648 | € 3,586 | € 2,805 |
Interest Expenses on Lease Liabilities | 1,157 | 1,174 | 932 |
Expense relating to short-term leases for which recognition exemption has been used | 1,553 | 0 | 0 |
Expense relating to leases of low-value assets for which recognition exemption has been used | 17 | 81 | 41 |
Impact On Profit Or Loss Due To Adoption Of Lease | € 6,375 | € 4,841 | € 3,778 |
Notes to the Balance Sheet -_17
Notes to the Balance Sheet - Summary of Depreciation of Right-of-Use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation Expense [Line Items] | |||
Depreciation, right-of-use assets | € 3,648 | € 3,586 | € 2,805 |
Cost Of Sales [Member] | |||
Depreciation Expense [Line Items] | |||
Depreciation, right-of-use assets | 221 | 98 | 100 |
Research and development [member] | |||
Depreciation Expense [Line Items] | |||
Depreciation, right-of-use assets | 1,636 | 1,991 | 1,985 |
Selling [member] | |||
Depreciation Expense [Line Items] | |||
Depreciation, right-of-use assets | 79 | 145 | 123 |
General and administrative [member] | |||
Depreciation Expense [Line Items] | |||
Depreciation, right-of-use assets | € 1,711 | € 1,352 | € 597 |
Notes to the Balance Sheet -_18
Notes to the Balance Sheet - Summary of Maturity Analysis of Lease Liabilities (Details) | Dec. 31, 2021EUR (€) |
Not later than one year [member] | |
Maturity of Lease Liabilities [Line Items] | |
Carrying Amount Liabilities | € 4,256 |
Later than one year and not later than five years [member] | |
Maturity of Lease Liabilities [Line Items] | |
Carrying Amount Liabilities | 16,750 |
Later than five years [member] | |
Maturity of Lease Liabilities [Line Items] | |
Carrying Amount Liabilities | 28,559 |
Carrying Amount Liabilities | 49,565 |
Lease liabilities | € 42,584,000 |
Notes to the Balance Sheet -_19
Notes to the Balance Sheet - Summary of Intangible Assets (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets [Line Items] | |||
Beginning balance | € 69,376,000 | € 41,122,000 | |
Amortization Charge for the Year | 3,623,000 | 16,212,000 | € 3,131,000 |
Ending balance | 838,322,000 | 69,376,000 | 41,122,000 |
Patents [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 1,938,000 | 2,981,000 | |
Ending balance | 2,046,000 | 1,938,000 | 2,981,000 |
Licenses and Licenses for Marketed Products [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 11,836,000 | 2,350,000 | |
Ending balance | 10,849,000 | 11,836,000 | 2,350,000 |
Licenses for Marketed Products [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 55,486,000 | 0 | |
Ending balance | 53,174,000 | 55,486,000 | 0 |
In-process R&D programs [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 0 | 35,684,000 | |
Ending balance | 760,507,000 | 0 | 35,684,000 |
Internally Generated Intangible Assets [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 0 | 0 | |
Ending balance | 11,517,000 | 0 | 0 |
Software [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 116,000 | 107,000 | |
Ending balance | 229,000 | 116,000 | 107,000 |
Gross carrying amount [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 115,906,000 | 99,847,000 | |
Additions | 22,496,000 | 44,881,000 | |
Additions through business combinations | 719,415,000 | ||
Disposals | 4,756,000 | 28,822,000 | |
Increase (decrease) through transfers, intangible assets and goodwill | 0 | ||
Exchange differences | 30,679,000 | ||
Ending balance | 883,740,000 | 115,906,000 | 99,847,000 |
Gross carrying amount [member] | Patents [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 18,214,000 | 18,034,000 | |
Additions | 345,000 | 290,000 | |
Additions through business combinations | 0 | ||
Disposals | 309,000 | 110,000 | |
Increase (decrease) through transfers, intangible assets and goodwill | 0 | ||
Exchange differences | 0 | ||
Ending balance | 18,250,000 | 18,214,000 | 18,034,000 |
Gross carrying amount [member] | Licenses and Licenses for Marketed Products [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 35,396,000 | 23,896,000 | |
Additions | 0 | 12,000,000 | |
Additions through business combinations | 0 | ||
Disposals | 1,000,000 | 500,000 | |
Increase (decrease) through transfers, intangible assets and goodwill | 0 | ||
Exchange differences | 0 | ||
Ending balance | 34,396,000 | 35,396,000 | 23,896,000 |
Gross carrying amount [member] | Licenses for Marketed Products [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 56,449,000 | 0 | |
Additions | 0 | 0 | |
Additions through business combinations | 0 | ||
Disposals | 0 | 0 | |
Increase (decrease) through transfers, intangible assets and goodwill | 56,449,000 | ||
Exchange differences | 0 | ||
Ending balance | 56,449,000 | 56,449,000 | 0 |
Gross carrying amount [member] | In-process R&D programs [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 0 | 52,159,000 | |
Additions | 10,429,000 | 32,501,000 | |
Additions through business combinations | 719,399,000 | ||
Disposals | 0 | 28,211,000 | |
Increase (decrease) through transfers, intangible assets and goodwill | (56,449,000) | ||
Exchange differences | 30,679,000 | ||
Ending balance | 760,507,000 | 0 | 52,159,000 |
Gross carrying amount [member] | Internally Generated Intangible Assets [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 0 | 0 | |
Additions | 11,517,000 | 0 | |
Additions through business combinations | 0 | ||
Disposals | 0 | 0 | |
Increase (decrease) through transfers, intangible assets and goodwill | 0 | ||
Exchange differences | 0 | ||
Ending balance | 11,517,000 | 0 | 0 |
Gross carrying amount [member] | Software [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 5,847,000 | 5,758,000 | |
Additions | 205,000 | 90,000 | |
Additions through business combinations | 16,000 | ||
Disposals | 3,447,000 | 1,000 | |
Increase (decrease) through transfers, intangible assets and goodwill | 0 | ||
Exchange differences | 0 | ||
Ending balance | 2,621,000 | 5,847,000 | 5,758,000 |
Accumulated depreciation, amortisation and impairment [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | (46,530,000) | (58,725,000) | |
Disposals | (4,755,000) | (28,404,000) | |
Amortization Charge for the Year | 3,627,000 | 2,240,000 | |
Impairment Loss of Intangible Assets and Goodwill | 16,000 | 13,969,000 | |
Ending balance | (45,418,000) | (46,530,000) | (58,725,000) |
Accumulated depreciation, amortisation and impairment [member] | Patents [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | (16,276,000) | (15,053,000) | |
Disposals | (309,000) | 0 | |
Amortization Charge for the Year | 235,000 | 990,000 | |
Impairment Loss of Intangible Assets and Goodwill | 2,000 | 233,000 | |
Ending balance | (16,204,000) | (16,276,000) | (15,053,000) |
Accumulated depreciation, amortisation and impairment [member] | Licenses and Licenses for Marketed Products [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | (23,560,000) | (21,546,000) | |
Disposals | (999,000) | (192,000) | |
Amortization Charge for the Year | 986,000 | 206,000 | |
Impairment Loss of Intangible Assets and Goodwill | 0 | 2,000,000 | |
Ending balance | (23,547,000) | (23,560,000) | (21,546,000) |
Accumulated depreciation, amortisation and impairment [member] | Licenses for Marketed Products [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | (963,000) | 0 | |
Disposals | 0 | 0 | |
Amortization Charge for the Year | 2,312,000 | 963,000 | |
Impairment Loss of Intangible Assets and Goodwill | 0 | 0 | |
Ending balance | (3,275,000) | (963,000) | 0 |
Accumulated depreciation, amortisation and impairment [member] | In-process R&D programs [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 0 | (16,475,000) | |
Disposals | 0 | (28,211,000) | |
Amortization Charge for the Year | 0 | 0 | |
Impairment Loss of Intangible Assets and Goodwill | 0 | 11,736,000 | |
Ending balance | 0 | 0 | (16,475,000) |
Accumulated depreciation, amortisation and impairment [member] | Internally Generated Intangible Assets [Member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | 0 | 0 | |
Disposals | 0 | 0 | |
Amortization Charge for the Year | 0 | 0 | |
Impairment Loss of Intangible Assets and Goodwill | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Accumulated depreciation, amortisation and impairment [member] | Software [member] | |||
Intangible Assets [Line Items] | |||
Beginning balance | (5,731,000) | (5,651,000) | |
Disposals | (3,447,000) | (1,000) | |
Amortization Charge for the Year | 94,000 | 81,000 | |
Impairment Loss of Intangible Assets and Goodwill | 14,000 | 0 | |
Ending balance | € (2,392,000) | € (5,731,000) | € (5,651,000) |
Notes to the Balance Sheet -_20
Notes to the Balance Sheet - Summary of Amortization of Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization Expenses [Line Items] | |||
Amortization Charge for the Year | € 3,623 | € 16,212 | € 3,131 |
Cost Of Sales [Member] | |||
Amortization Expenses [Line Items] | |||
Amortization Charge for the Year | 2,312 | 963 | 0 |
Research and development [member] | |||
Amortization Expenses [Line Items] | |||
Amortization Charge for the Year | 1,272 | 1,258 | 1,444 |
Impairment Loss of Intangible Assets and Goodwill | 13 | 13,969 | 1,639 |
Selling [member] | |||
Amortization Expenses [Line Items] | |||
Amortization Charge for the Year | 2 | 5 | 11 |
General and administrative [member] | |||
Amortization Expenses [Line Items] | |||
Amortization Charge for the Year | € 24 | € 17 | € 37 |
Notes to the Balance Sheet -_21
Notes to the Balance Sheet - Summary of In process R&D Programs (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
R&D Programs [Line Items] | ||
Beta factor | 90.00% | 90.00% |
WACC before Tax | 8.50% | 8.50% |
Fair Value | € 0 | |
Tafasitamab [Member] | ||
R&D Programs [Line Items] | ||
Milestone payments were Capitalized | € 10,400 | |
Beta factor | 90.00% | |
WACC before Tax | 8.10% | |
Pelabresib [Member] | ||
R&D Programs [Line Items] | ||
Capitalized R&D Program | € 717,400 | |
CPI-0209 [Member] | ||
R&D Programs [Line Items] | ||
Capitalized R&D Program | € 2,000 | |
R&D Program | ||
R&D Programs [Line Items] | ||
Beta factor | 170.00% | |
WACC before Tax | 12.80% |
Notes to the Balance Sheet -_22
Notes to the Balance Sheet - Summary of Sensitivity Analysis R&D Programs (Details) - In-process R&D programs [member] € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Change In Price Obtained In The Market Revenue Related [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | € 14.5 |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | (14.5) |
Change in WACC before Taxes [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | (15.6) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 15.9 |
Change in Foreign Exchange Rate for future Royalties and Net Sales [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | (0.8) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | € 0.8 |
Notes to the Balance Sheet -_23
Notes to the Balance Sheet - Summary of Goodwill (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill Acquired [Line Items] | |||
Goodwill | € 335,574,009 | € 1,619,233 | |
Perpetual growth rate | 1.00% | ||
Fair Value | 0 | ||
Impairment of Goodwill | € (230,700,000) | € (2,057,000) | € 0 |
Beta factor | 90.00% | 90.00% | |
WACC before Tax | 8.50% | 8.50% | |
Goodwill [member] | |||
Goodwill Acquired [Line Items] | |||
Change in WACC before Tax | 1.00% | ||
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | € 200,000 | ||
Slonomics Technology [Member] | Goodwill [member] | |||
Goodwill Acquired [Line Items] | |||
Goodwill | € 1,600,000 | ||
Perpetual growth rate | 1.00% | ||
Constellation Pharmaceuticals, Inc. | Goodwill [member] | |||
Goodwill Acquired [Line Items] | |||
Goodwill | € 564,700,000 | ||
Fair Value | 333,955,000 | ||
Impairment of Goodwill | € (230,714,620) | ||
Beta factor | 170.00% | ||
WACC before Tax | 14.10% |
Notes to the Balance Sheet -_24
Notes to the Balance Sheet - Summary of Sensitivity Analysis of Goodwill (Details) - Goodwill of Constellation [Member] € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Change In Price Obtained In The Market Revenue Related [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | € 16.6 |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | (16.6) |
Change in WACC before Taxes [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | (19.1) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 19.5 |
Change in Foreign Exchange Rate for future Royalties and Net Sales [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | (0.8) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | € 0.8 |
Notes to the Balance Sheet -_25
Notes to the Balance Sheet - Summary of Deferred Tax Assets (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Deferred Tax Asset | € 186,545,176 | € 132,806,097 |
Notes to the Balance Sheet -_26
Notes to the Balance Sheet - Summary of Accounts Payables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable [Line Items] | ||
Trade Accounts Payable | € 73,787 | € 47,818 |
Accruals | 113,055 | 79,200 |
Other current liabilities | 1,235 | 1,536 |
Accounts payable and accrued expenses current | € 188,077 | € 128,554 |
Notes to the Balance Sheet -_27
Notes to the Balance Sheet - Summary of Accrued Expenses (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses [Line Items] | ||
Audit fees and other audit-related costs | € (2,258) | € (1,633) |
Accrued expenses [member] | ||
Accrued Expenses [Line Items] | ||
External laboratory services | 65,026 | 43,500 |
Accrued personnel expenses for payments to employees and management | 29,666 | 17,320 |
Accrued Outstanding Expense | 12,515 | 15,236 |
Accruals for Revenue Deductions from Product Sales | 1,998 | 943 |
Expenses for legal advice | 169 | 472 |
Audit fees and other audit-related costs | 703 | 683 |
License payments | 2,978 | 1,046 |
Accrued Liabiity Current | € 113,055 | € 79,200 |
Notes to the Balance Sheet -_28
Notes to the Balance Sheet - Summary of Audit fees (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Audit fees [Line Items] | ||
Audit fees | € 2,141 | € 1,561 |
Other audit-related costs | 116 | 70 |
Tax service fees | 0 | 0 |
Other fees and other services | 2 | 2 |
Audit fees and other audit-related costs | € 2,258 | € 1,633 |
Notes to the Balance Sheet -_29
Notes to the Balance Sheet - Summary of Tax Liabilities and Other Provisions (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Start Balance [Member] | ||
Tax Provisions [Line Items] | ||
Tax liabilities, current and non-current | € (65,728) | |
Current provisions | 0 | |
Non-current provisions | (1,528) | |
Tax provisions and current and non-current other provisions | (67,256) | |
Additions [Member] | ||
Tax Provisions [Line Items] | ||
Tax liabilities, current and non-current | € (362) | |
Current provisions | 2,549 | |
Non-current provisions | (494) | |
Tax provisions and current and non-current other provisions | (3,405) | |
Utilizations [Member] | ||
Tax Provisions [Line Items] | ||
Tax liabilities, current and non-current | (65,562) | |
Current provisions | 0 | |
Non-current provisions | (445) | |
Tax provisions and current and non-current other provisions | (66,007) | |
Release [Member] | ||
Tax Provisions [Line Items] | ||
Tax liabilities, current and non-current | 0 | |
Current provisions | 0 | |
Non-current provisions | 0 | |
Tax provisions and current and non-current other provisions | 0 | |
End Balance [Member] | ||
Tax Provisions [Line Items] | ||
Tax liabilities, current and non-current | (528) | |
Current provisions | 2,549 | |
Non-current provisions | (1,577) | |
Tax provisions and current and non-current other provisions | € (4,654) | € (67,300) |
Notes to the Balance Sheet -_30
Notes to the Balance Sheet - Summary of Contract Liabilities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract Liabilities [Line Items] | |||
Contract liabilities | € 253,000 | € 2,616,000 | € 1,686,000 |
Contract Liabilities Prepayments Received | 4,323,000 | 13,430,000 | |
Revenue that was included in contract liability balance at beginning of period | (2,544,000) | (1,571,000) | |
Revenue Recognized for Received Prepayments and Services Performed | (4,142,000) | (10,929,000) | |
Contract Liability - thereof short-term | 223,862 | 2,543,903 | |
Contract Liability - thereof long-term | € 28,731 | € 71,829 |
Notes to the Balance Sheet -_31
Notes to the Balance Sheet - Summary of Deferred Tax Liabilities (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Deferred Tax Liability | € 22,065,419 | € 5,057,465 |
Notes to the Balance Sheet -_32
Notes to the Balance Sheet - Summary of Bonds (Details) | 12 Months Ended |
Dec. 31, 2021EUR (€)Rateshares | |
Bonds [Line Items] | |
Nominal amount bond | Rate | 100.00% |
Issue of convertible instruments | € | € 49,200,000 |
Liability Component of Convertible Bond | € | 270,700,000 |
Interest expense on debt instruments issued | € | € 325,000,000 |
Morphosys AG [Member] | Unsecured Convertible Bond [Member] | |
Bonds [Line Items] | |
Ordinary Shares Issued | shares | 3,250 |
Morphosys AG [Member] | Unsecured Convertible Bond [Member] | Bottom of range [member] | |
Bonds [Line Items] | |
Nominal value of the convertible bond | € | € 325,000,000 |
Morphosys AG [Member] | Unsecured Convertible Bond [Member] | Top of range [member] | |
Bonds [Line Items] | |
Nominal value of the convertible bond | € | € 100,000 |
XETRA [Member] | Convertible Bond [Member] | |
Bonds [Line Items] | |
Debt Coupon Rate | Rate | 0.625% |
Debt Conversion Price | 131.29 |
Morphosys [member] | Convertible Bond [Member] | |
Bonds [Line Items] | |
Redemption Percentage of Debt Instrument When Market Price of Shares Fall Down | Rate | 130.00% |
Redemption Percentage Based on Outstanding Nominal Amount | Rate | 20.00% |
Proportion of voting rights held in subsidiary | Rate | 30.00% |
Bearer Ordinary Shares [Member] | Morphosys [member] | |
Bonds [Line Items] | |
Intial Conversion of Coveritible Bonds to Ordinary Shares | shares | 2,475,436 |
Notes to the Balance Sheet -_33
Notes to the Balance Sheet - Summary of Financial Assets from Collaborations (Details) - Level 3 of fair value hierarchy [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Assets from Collaborations [Line Items] | |||
Fair value of the financial asset | € 16,730 | € 42,870 | € 0 |
Additions | 0 | 45,090 | |
Cash Receipts | (40,004) | (12,677) | |
Other Financial Assets | € 13,864 | € 10,457 |
Notes to the Balance Sheet -_34
Notes to the Balance Sheet - Summary of Financial Assets from Collaborations - Additional Information (Details) € in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)Rate | Dec. 31, 2021EUR (€) | Dec. 31, 2021EUR (€)Rate | Dec. 31, 2020EUR (€) | |
Additional Information [Line Items] | ||||
Revenue Recognition Milestone Method Revenue Recognized | € 971,200 | |||
Percentage on share of profit loss of associates and joint ventures | Rate | 50.00% | 50.00% | ||
Financial assets | € 1,373,984 | |||
Current financial liabilities | € 277,998 | 129,132 | ||
Non-current financial liabilities | € 1,963,824 | € 789,111 | ||
Change in Expected Sales Revenues | Rate | 1.00% | 1.00% | ||
Incyte [member] | ||||
Additional Information [Line Items] | ||||
Financial assets | $ 18.9 | € 16,700 | ||
Percentage of shares in development cost | Rate | 55.00% | 55.00% | ||
Current financial liabilities | $ 1.2 | € 1,100 | ||
Non-current financial liabilities | $ 581.3 | € 513,300 | ||
Morphosys [member] | ||||
Additional Information [Line Items] | ||||
Percentage of shares in development cost | Rate | 45.00% | 45.00% | ||
Top of range [member] | ||||
Additional Information [Line Items] | ||||
Revenue Recognition Milestone Method Revenue Recognized | $ | $ 1,100 | |||
Top of range [member] | Financial Assets from Collaborations [Member] | ||||
Additional Information [Line Items] | ||||
Change in Fair Value | € 17,300 | |||
Top of range [member] | Incyte [member] | ||||
Additional Information [Line Items] | ||||
Percentage of future development costs for clinical trials | Rate | 100.00% | 100.00% | ||
Bottom of range [member] | Financial Assets from Collaborations [Member] | ||||
Additional Information [Line Items] | ||||
Change in Fair Value | € 16,200 |
Notes to the Balance Sheet -_35
Notes to the Balance Sheet - Summary of Sensitivity Analysis Financial Assets from Collaborations (Details) - Financial Liabilities From Collaborations [Member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change In Price Obtained In The Market Revenue Related [Member] | ||
Sensitivity Analysis [Line Items] | ||
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € (9.7) | € (11.2) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 9.7 | 11.2 |
Change In Patient Numbers And Number Of Doses Administered Revenue Related [Member] | ||
Sensitivity Analysis [Line Items] | ||
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (8.7) | (10.1) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 8.7 | 10.1 |
Change In Manufacturing Costs And Costs Related Components Cost Related [Member] | ||
Sensitivity Analysis [Line Items] | ||
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (4.6) | (6.2) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 4.6 | 6.2 |
Change In Patient Numbers And Number Of Doses Administered Cost Related [Member] | ||
Sensitivity Analysis [Line Items] | ||
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (0.9) | (1.1) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 0.9 | € 1.1 |
Notes to the Balance Sheet -_36
Notes to the Balance Sheet - Summary of Financial Liabilities from Future Payments to Royalty Pharma (Details) | Jul. 14, 2021€ / shares | Dec. 31, 2021EUR (€)Rateshares | Dec. 31, 2021EUR (€)Rate | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€)Rate | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($)Rate | Jul. 29, 2021EUR (€)€ / shares | Jul. 16, 2021EUR (€)€ / sharesshares | Jul. 16, 2021USD ($)shares | Jul. 15, 2021EUR (€) | Jul. 15, 2021USD ($) | Apr. 01, 2021EUR (€)Rate |
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Cash Inflows received from Royalty Pharma | € 1,300,000,000 | $ 1,425,000,000 | |||||||||||||
Financial Liabilities from Future Payments to Royalty Pharma | € 88,401,374 | € 88,401,374 | € 88,401,374 | € 0 | |||||||||||
Financial Liabilities from Future Payments to Royalty Pharma | 1,167,774,786 | 1,167,774,786 | 1,167,774,786 | 0 | |||||||||||
Contingent Purchase Price | 84,700,000 | € 42.3 | |||||||||||||
Revenues | 179,611,844 | 327,698,465 | € 71,755,303 | ||||||||||||
Par value per share | € / shares | € 1 | ||||||||||||||
Additional paid-in capital | € 833,320,689 | € 833,320,689 | € 833,320,689 | € 748,978,506 | |||||||||||
Market interest rate | Rate | 6.50% | 6.50% | 6.50% | 6.50% | |||||||||||
Funding Bond Agreement with Royalty Pharma [Member] | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Borrowings | 127,000,000 | ||||||||||||||
Funding Bond Agreement with Royalty Pharma [Member] | Bottom of range [member] | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Borrowings | $ | 150,000,000 | ||||||||||||||
Funding Bond Agreement with Royalty Pharma [Member] | Top of range [member] | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Borrowings | 296,400,000 | 350,000,000 | |||||||||||||
Royalty Purchase Agreement [Member] | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Cash Inflows received from Royalty Pharma | € 1,206,700,000 | 1,425,000,000 | |||||||||||||
Financial Liabilities from Future Payments to Royalty Pharma | € 58,400,000 | € 58,400,000 | € 58,400,000 | $ 69,000,000 | |||||||||||
Contingent Purchase Price | $ 100,000,000 | € 50 | |||||||||||||
Percentage of Royalties from Net Sales | Rate | 100.00% | ||||||||||||||
Percentage of Future Royalties | Rate | 80.00% | 80.00% | 80.00% | 80.00% | |||||||||||
Revenues | € 62,900,000 | ||||||||||||||
Equity interests of acquirer | € 84,700,000 | $ 100,000,000 | |||||||||||||
Shares acquired Royalty Pharma | shares | 3,289,004 | 3,289,004 | |||||||||||||
Increase (decrease) in number of shares outstanding | shares | 1,337,552 | ||||||||||||||
Par value per share | € / shares | € 63.35 | ||||||||||||||
Weighted-average Price | € / shares | € 6.85 | ||||||||||||||
Share premium | € 9,200,000 | ||||||||||||||
Additional paid-in capital | € 83,300,000 | ||||||||||||||
Transaction costs on Financial Liabilities | € 800,000 | $ 900,000 | |||||||||||||
Implied interest rate | Rate | 14.00% | 14.00% | 14.00% | 14.00% | |||||||||||
Liability from sale of royalties | € 1,193,300,000 | € 1,193,300,000 | € 1,193,300,000 | ||||||||||||
Increase (decrease) in equity | € 1,300,000 | ||||||||||||||
GSK [Member] | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Percentage of Future Milestone Payments | Rate | 100.00% | ||||||||||||||
Roche | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Percentage of Future Royalties | Rate | 60.00% | ||||||||||||||
Royalty Pharma | |||||||||||||||
Financial Liabilities Royalty Pharma [Line Items] | |||||||||||||||
Percentage of future Net Sales | Rate | 3.00% | ||||||||||||||
Revenues | € 25.4 | $ 30 |
Notes to the Balance Sheet -_37
Notes to the Balance Sheet - Summary of Sensitivity Analysis FL Royalty Pharma at inception (Details) - Financial Liabilities from Future Payments to Royalty Pharma [Member] | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Change in future Royalties and Net Sales [Member] | at inception [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 11,000,000 |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (11,000,000) |
Change in future Royalties and Net Sales [Member] | Reporting date [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 11,400,000 |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (11,400,000) |
Change in Foreign Exchange Rate for future Royalties and Net Sales [Member] | at inception [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (13,800,000) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 14,100,000 |
Change in Foreign Exchange Rate for future Royalties and Net Sales [Member] | Reporting date [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (14,400,000) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 14,800,000 |
Notes to the Balance Sheet -_38
Notes to the Balance Sheet - Summary of Sensitivity Analysis of Financial Liabilities from Future Payments to Royalty Pharma (Details) - Financial Liabilities from Future Payments to Royalty Pharma [Member] | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Change in future Royalties and Net Sales [Member] | Reporting date [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 11,400,000 |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (11,400,000) |
Change in future Royalties and Net Sales [Member] | at inception [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 11,000,000 |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (11,000,000) |
Change in Foreign Exchange Rate for future Royalties and Net Sales [Member] | Reporting date [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (14,400,000) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 14,800,000 |
Change in Foreign Exchange Rate for future Royalties and Net Sales [Member] | at inception [Member] | |
Sensitivity Analysis [Line Items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (13,800,000) |
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 14,100,000 |
Notes to the Balance Sheet -_39
Notes to the Balance Sheet - Summary of Common Stock (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock [Line Items] | ||
Common Stock | € 34,231,943 | € 32,890,046 |
Effect of Share Issuance | 1,341,897 | |
No-par value per share | € 1 | |
Conditional Capital 2016 III [Member] | ||
Common Stock [Line Items] | ||
Number of stock options excercised | 4,345 |
Notes to the Balance Sheet -_40
Notes to the Balance Sheet - Summary of Authorized Capital (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | May 19, 2021 | Dec. 31, 2020 | |
Authorized Capital [Line Items] | |||
Authorized shares | 7,287,025 | 15,214,050 | |
Authorized Capital I [Member] | |||
Authorized Capital [Line Items] | |||
Authorized shares | 4,861,376 | ||
Authorized Capital II [Member] | |||
Authorized Capital [Line Items] | |||
Authorized shares | 3,289,004 | ||
Increase (decrease) in number of shares outstanding | 1,337,552 | ||
Authorized Capital III [Member] | |||
Authorized Capital [Line Items] | |||
Authorized shares | 315,000 | ||
Authorized Capital 2018 [Member] | |||
Authorized Capital [Line Items] | |||
Authorized shares | 11,768,314 | ||
Authorized Capital 2020 | |||
Authorized Capital [Line Items] | |||
Authorized shares | 3,286,539 |
Notes to the Balance Sheet -_41
Notes to the Balance Sheet - Summary of Conditional Capital (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | May 19, 2021 | Dec. 31, 2020 | |
Conditional Capital [Line Items] | |||
Number of shares of Conditional Capital | 7,816,101 | 7,630,728 | |
Unsecured Convertible Bond [Member] | Top of range [member] | Morphosys AG [Member] | |||
Conditional Capital [Line Items] | |||
Notional amount, per cent | € 0.10 | ||
Conditional Capital 2021 I [Member] | |||
Conditional Capital [Line Items] | |||
Number of shares of Conditional Capital | 3,289,004 | ||
Conditional Capital 2018 III [Member] | |||
Conditional Capital [Line Items] | |||
Number of shares of Conditional Capital | 13,415 | ||
Conditional Capital 2016 I [Member] | |||
Conditional Capital [Line Items] | |||
Number of shares of Conditional Capital | 2,832,099 | ||
Conditional Capital 2016 III [Member] | |||
Conditional Capital [Line Items] | |||
Number of shares of Conditional Capital | 253,772 | ||
Number of stock options excercised | 4,345 |
Notes to the Balance Sheet -_42
Notes to the Balance Sheet - Summary of Treasury Shares (Details) - EUR (€) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2021 | Dec. 31, 2018 | |
Treasury Shares [Line Items] | |||||
Treasury Stock shares | 83,154 | 131,414 | 225,800 | 281,036 | |
As of | € 3,085,054 | € 4,868,744 | € 8,357,250 | € 10,398,773 | |
Transfer in | (48,260) | (94,386) | (55,236) | ||
Increase (decrease) in trasury stock amount due to transfer | € (1,783,690) | € (3,488,506) | € (2,041,523) | ||
Exercises | (3,950) | ||||
Ordinary Shares Outstanding | 34,148,789 | 32,758,632 | |||
2017 long-term incentive plan [member] | |||||
Treasury Shares [Line Items] | |||||
Exercises | (45,891) | ||||
Treasury stock, value | € 1,696,131 | ||||
Ordinary Shares Issued | 45,891 | ||||
Morphosys US 2019 Long-term Incentive Plan [Member] | |||||
Treasury Shares [Line Items] | |||||
Treasury stock, value | € 87,558 | ||||
Morphosys US 2019 Long-term Incentive Plan [Member] | MorphoSys US Inc. [member] | |||||
Treasury Shares [Line Items] | |||||
Exercises | (2,369) |
Notes to the Balance Sheet -_43
Notes to the Balance Sheet - Summary of Additional Paid-in Capital (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Additional Paid-In Capital [Line Items] | |||
Additional paid-in capital | € 833,320,689 | € 748,978,506 | |
Issue of equity | 84,638,605 | 80,498,098 | |
Debt Related Transaction Cost | 91,417 | ||
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments | 2,587,931 | 7,455,761 | € 6,654,470 |
Exercise of Stock Options Issued | 241,234 | ||
Increase in Capital Reserve | 84,342,183 | ||
Additional paid-in capital [member] | |||
Additional Paid-In Capital [Line Items] | |||
Issue of equity | 83,301,053 | 79,590,657 | |
Expenses through Share-based Payment Transactions and Issue of Convertible Instruments | 2,587,931 | € 7,455,761 | € 6,654,470 |
Exercise of Stock Options Issued | € 236,889 |
Notes to the Balance Sheet -_44
Notes to the Balance Sheet - Summary of Accumulated Deficit (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Consolidated Net Profit / (Loss) | € (514,460,016) | € 97,890,576 | € (103,014,058) |
Accumulated Deficit | € (672,349,226) | € (157,889,210) |
Notes to the Balance Sheet -_45
Notes to the Balance Sheet - Summary of Other Comprehensive Income Reserve (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Reserve of exchange differences on translation | € 52,785,077 | € 2,238,905 |
Reserve of change in value of time value of options | € (27,486) | € (27,486) |
Remuneration System for the M_3
Remuneration System for the Management Board and Employees of the Group - 2017 Stock Option Plan (Details) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)shares€ / sharesRate | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Stock Option Plans [Line Items] | |||
Subscription right | Rate | 110.00% | ||
Exercisable stock options | 72,650 | ||
Exercisable Shares | 79,935 | ||
Exercised Stock Options | 3,950 | ||
Management board [member] | |||
Stock Option Plans [Line Items] | |||
Exercisable stock options | 8,197 | ||
Exercisable Shares | 9,017 | ||
Exercised Stock Options | 0 | ||
Executive Committee [Member] | |||
Stock Option Plans [Line Items] | |||
Exercisable stock options | 16,996 | ||
Current and Former Employees | |||
Stock Option Plans [Line Items] | |||
Exercisable stock options | 60,435 | ||
Exercisable Shares | 66,497 | ||
Two Thousand Seventeen Stock Option Plan [Member] | |||
Stock Option Plans [Line Items] | |||
Exercisable stock options | 68,305 | ||
Exercised Stock Options | 4,345 | ||
Personnel expenses | € | € 2,757 | € 62,780 | € 252,393 |
Exercise price of outstanding share options | € / shares | € 55.52 | ||
Two Thousand Seventeen Stock Option Plan [Member] | Executive Committee [Member] | |||
Stock Option Plans [Line Items] | |||
Exercisable stock options | 4,018 | ||
Exercisable Shares | 4,421 | ||
Exercised Stock Options | 0 |
Remuneration System for the M_4
Remuneration System for the Management Board and Employees of the Group - 2018 Stock Option Plan (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Option Plans [Line Items] | |||
Subscription right | 110.00% | ||
April 2018 stock option plan [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 25.00% | ||
Weighted-average Price | € 81.04 | ||
Personnel expenses | € 52,795 | € 251,855 | € 704,954 |
April 2018 stock option plan [member] | Top of range [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 200.00% | ||
April 2018 stock option plan [member] | Weighted average [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 100.00% | ||
April 2018 stock option plan [member] | Bottom of range [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 0.00% |
Remuneration System for the M_5
Remuneration System for the Management Board and Employees of the Group - 2019 Stock Option Plan (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Option Plans [Line Items] | |||
Subscription right | 110.00% | ||
April 2019 stock option plan [Member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 25.00% | ||
Weighted-average Price | € 87.86 | ||
Personnel expenses | € 625,806 | € 1,570,241 | € 1,718,087 |
April 2019 stock option plan [Member] | Top of range [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 200.00% | ||
April 2019 stock option plan [Member] | Weighted average [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 100.00% | ||
April 2019 stock option plan [Member] | Bottom of range [member] | |||
Stock Option Plans [Line Items] | |||
Subscription right | 0.00% | ||
October 2019 Stock Option Plan [Member] | |||
Stock Option Plans [Line Items] | |||
Weighted-average Price | € 106.16 |
Remuneration System for the M_6
Remuneration System for the Management Board and Employees of the Group - 2020 Stock Option Plan (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Option Plans [Line Items] | ||
Subscription right | 110.00% | |
2020 stock option plan [member] | ||
Stock Option Plans [Line Items] | ||
Weighted-average Price | € 93.66 | |
Subscription right | 25.00% | |
Personnel expenses | € 1,033,944 | € 1,990,326 |
2020 stock option plan [member] | Top of range [member] | ||
Stock Option Plans [Line Items] | ||
Subscription right | 200.00% | |
2020 stock option plan [member] | Weighted average [member] | ||
Stock Option Plans [Line Items] | ||
Subscription right | 100.00% | |
2020 stock option plan [member] | Bottom of range [member] | ||
Stock Option Plans [Line Items] | ||
Subscription right | 0.00% |
Remuneration System for the M_7
Remuneration System for the Management Board and Employees of the Group - Summary of Development of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2021shares€ / shares | Dec. 31, 2020shares | |
Development of Stock Options [Line Items] | ||
Exercised Stock Options | 3,950 | |
Exercisable stock options | 72,650 | |
Two Thousand Seventeen Stock Option Plan [Member] | ||
Development of Stock Options [Line Items] | ||
Outstanding | 68,305 | 72,650 |
Additions | 0 | |
Exercised Stock Options | 4,345 | |
Forfeitures | 0 | |
Expired | 0 | |
Exercisable stock options | 68,305 | |
April 2018 stock option plan [member] | ||
Development of Stock Options [Line Items] | ||
Outstanding | 63,146 | 64,255 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Forfeitures | 1,109 | |
Expired | 0 | |
Exercisable stock options | 0 | |
Weighted-average Price | € / shares | € 81.04 | |
April 2019 stock option plan [Member] | ||
Development of Stock Options [Line Items] | ||
Outstanding | 69,671 | 73,183 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Forfeitures | 3,512 | |
Expired | 0 | |
Exercisable stock options | 0 | |
Weighted-average Price | € / shares | € 87.86 | |
October 2019 Stock Option Plan [Member] | ||
Development of Stock Options [Line Items] | ||
Outstanding | 57,078 | 57,078 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Forfeitures | 0 | |
Expired | 0 | |
Exercisable stock options | 0 | |
Weighted-average Price | € / shares | € 106.16 | |
2020 stock option plan [member] | ||
Development of Stock Options [Line Items] | ||
Outstanding | 100,350 | 107,042 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Forfeitures | 6,692 | |
Expired | 0 | |
Exercisable stock options | 0 | |
Weighted-average Price | € / shares | € 93.66 |
Remuneration System for the M_8
Remuneration System for the Management Board and Employees of the Group - Summary of Fair Value of Stock Options(Details) | Apr. 01, 2019 | Apr. 01, 2018 | Apr. 30, 2020EUR (€)€ / sharesRate | Oct. 31, 2019EUR (€)€ / sharesRate | Apr. 30, 2019EUR (€)€ / sharesRate | Apr. 30, 2018EUR (€)€ / sharesRate | Oct. 20, 2020 | Dec. 31, 2021EUR (€)yr |
Fair Value of Stock Options [Line Items] | ||||||||
Performance Term of Share Based Program, Years | yr | 4 | |||||||
April 2018 stock option plan [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Share Price on Grant Date in | € / shares | € 81.05 | |||||||
Exercise Price in € | € | € 81.04 | |||||||
Risk-free Interest Rate | between 0.02 | |||||||
Fair Value on | € | € 30.43 | |||||||
April 2018 stock option plan [member] | Morphosys Share [Member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 35.95% | |||||||
April 2018 stock option plan [member] | NASDAQ Biotech index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 25.10% | |||||||
April 2018 stock option plan [member] | TecDAX index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 17.73% | |||||||
April 2019 stock option plan [Member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Share Price on Grant Date in | € / shares | € 85 | |||||||
Exercise Price in € | € | € 87.86 | |||||||
Risk-free Interest Rate | between 0.02 | |||||||
Fair Value on | € | 31.81 | |||||||
April 2019 stock option plan [Member] | Morphosys Share [Member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 37.76% | |||||||
April 2019 stock option plan [Member] | NASDAQ Biotech index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 18.61% | |||||||
April 2019 stock option plan [Member] | TecDAX index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 26.46% | |||||||
October 2019 Stock Option Plan [Member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Share Price on Grant Date in | € / shares | € 98.10 | |||||||
Exercise Price in € | € | € 106.16 | |||||||
Risk-free Interest Rate | between 0.0 | |||||||
Fair Value on | € | 35.04 | |||||||
October 2019 Stock Option Plan [Member] | Morphosys Share [Member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 38.02% | |||||||
October 2019 Stock Option Plan [Member] | NASDAQ Biotech index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 18.17% | |||||||
October 2019 Stock Option Plan [Member] | TecDAX index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 24.82% | |||||||
2020 stock option plan [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Share Price on Grant Date in | € / shares | € 94.90 | |||||||
Exercise Price in € | € | € 93.66 | |||||||
Risk-free Interest Rate | between -0.55 | |||||||
Fair Value on | € | € 38.20 | |||||||
2020 stock option plan [member] | Morphosys Share [Member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 39.86% | |||||||
2020 stock option plan [member] | NASDAQ Biotech index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 25.32% | |||||||
2020 stock option plan [member] | TecDAX index [member] | ||||||||
Fair Value of Stock Options [Line Items] | ||||||||
Expected Volatility | 20.48% |
Remuneration System for the M_9
Remuneration System for the Management Board and Employees of the Group - 2016 Long-term Incentive Plan (Details) - 2016 Long-Term Incentive Plan [Member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Incentive Plans [Line Items] | |||
Performance criteria | 173.50% | ||
Company factor | 100.00% | ||
Number of Performance Shares | 91,037 | ||
Personnel expenses | € 0 | € 4,921 | € 141,473 |
Management board [member] | |||
Long-term Incentive Plans [Line Items] | |||
Number of Performance Shares | 13,677 | ||
Executive Committee [Member] | |||
Long-term Incentive Plans [Line Items] | |||
Number of Performance Shares | 8,754 | ||
Current and Former Employees | |||
Long-term Incentive Plans [Line Items] | |||
Number of Performance Shares | 68,606 |
Remuneration System for the _10
Remuneration System for the Management Board and Employees of the Group - 2017 Long-term Incentive Plan (Details) - 2017 Long-term Incentive Plan [Member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Incentive Plans [Line Items] | |||
Performance criteria | 130.00% | ||
Company factor | 100.00% | ||
Number of Performance Shares | 45,891 | ||
Personnel expenses | € 3,530 | € 80,383 | € 323,165 |
Management board [member] | |||
Long-term Incentive Plans [Line Items] | |||
Number of Performance Shares | 4,143 | ||
Executive Committee [Member] | |||
Long-term Incentive Plans [Line Items] | |||
Number of Performance Shares | 2,030 | ||
Current and Former Employees | |||
Long-term Incentive Plans [Line Items] | |||
Number of Performance Shares | 39,718 |
Remuneration System for the _11
Remuneration System for the Management Board and Employees of the Group - 2018 Long-term Incentive Plan (Details) - 2018 Long-term Incentive Plan [Member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Incentive Plans [Line Items] | |||
Personnel expenses | € 54,967 | € 257,494 | € 720,764 |
Performance criteria | 100.00% | ||
Company factor | 100.00% | ||
Percentage of shares vested | 25.00% | ||
Top of range [member] | |||
Long-term Incentive Plans [Line Items] | |||
Performance criteria | 300.00% | ||
Company factor | 200.00% | ||
Bottom of range [member] | |||
Long-term Incentive Plans [Line Items] | |||
Performance criteria | 0.00% | ||
Company factor | 0.00% | ||
Weighted average [member] | |||
Long-term Incentive Plans [Line Items] | |||
Performance criteria | 200.00% |
Remuneration System for the _12
Remuneration System for the Management Board and Employees of the Group - 2019 Long-term Incentive Plan (Details) - 2019 Long-term Incentive Plan [Member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Incentive Plans [Line Items] | |||
Personnel expenses | € 190,767 | € 682,162 | € 1,294,974 |
Percentage of shares vested | 25.00% | ||
Company factor | 100.00% | ||
Performance criteria | 100.00% | ||
Top of range [member] | |||
Long-term Incentive Plans [Line Items] | |||
Company factor | 200.00% | ||
Performance criteria | 300.00% | ||
Bottom of range [member] | |||
Long-term Incentive Plans [Line Items] | |||
Company factor | 0.00% | ||
Performance criteria | 0.00% | ||
Weighted average [member] | |||
Long-term Incentive Plans [Line Items] | |||
Performance criteria | 200.00% |
Remuneration System for the _13
Remuneration System for the Management Board and Employees of the Group - Summary of Development of LTI Plans (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Development of LTIP Plans [Line Items] | ||
Exercisable stock options | 72,650 | |
Exercises | (3,950) | |
2017 long-term incentive plan [member] | ||
Development of LTIP Plans [Line Items] | ||
Outstanding | 0 | 29,838 |
Exercisable stock options | 0 | |
Additions | 0 | |
Adjustment due to Performance Criteria | 16,053 | |
Exercises | (45,891) | |
Number of share options forfeited in share-based payment arrangement | 0 | |
Expired | 0 | |
2018 long-term incentive program [member] | ||
Development of LTIP Plans [Line Items] | ||
Outstanding | 18,577 | 19,371 |
Exercisable stock options | 0 | |
Additions | 0 | |
Adjustment due to Performance Criteria | 0 | |
Exercises | 0 | |
Number of share options forfeited in share-based payment arrangement | (794) | |
Expired | 0 | |
Two Thousand Nineteen Long Term Incentive Program [Member] | ||
Development of LTIP Plans [Line Items] | ||
Outstanding | 19,987 | 21,783 |
Exercisable stock options | 0 | |
Additions | 0 | |
Adjustment due to Performance Criteria | 0 | |
Exercises | 0 | |
Number of share options forfeited in share-based payment arrangement | (1,796) | |
Expired | 0 |
Remuneration System for the _14
Remuneration System for the Management Board and Employees of the Group - Summary of Fair Value of LTI Plans (Details) | Apr. 01, 2018 | Apr. 30, 2019EUR (€)€ / shares | Apr. 30, 2018EUR (€)€ / shares | Dec. 31, 2021yr |
Fair Value of LTI Plans [Line Items] | ||||
Performance Term of Share Based Program, Years | 4 | |||
2018 long-term incentive program [member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Share Price on Grant Date in | € / shares | € 81.05 | |||
Performance Term of Share Based Program, Years | 4 | |||
Risk-free Interest Rate | between | |||
Fair Value on | € | € 103.58 | |||
2018 long-term incentive program [member] | Morphosys Share [Member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Expected Volatility | 35.95% | |||
2018 long-term incentive program [member] | NASDAQ Biotech index [member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Expected Volatility | 25.10% | |||
2018 long-term incentive program [member] | TecDAX index [member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Expected Volatility | 17.73% | |||
Two Thousand Nineteen Long Term Incentive Program [Member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Share Price on Grant Date in | € / shares | € 85 | |||
Performance Term of Share Based Program, Years | 4 | |||
Risk-free Interest Rate | between | |||
Fair Value on | € | € 106.85 | |||
Two Thousand Nineteen Long Term Incentive Program [Member] | Morphosys Share [Member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Expected Volatility | 37.76% | |||
Two Thousand Nineteen Long Term Incentive Program [Member] | NASDAQ Biotech index [member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Expected Volatility | 18.61% | |||
Two Thousand Nineteen Long Term Incentive Program [Member] | TecDAX index [member] | ||||
Fair Value of LTI Plans [Line Items] | ||||
Expected Volatility | 26.46% |
Remuneration System for the _15
Remuneration System for the Management Board and Employees of the Group - 2020 Performance Share Unit Program(Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2020 | Apr. 01, 2020 | |
2020 June Performance Share Unit [Member] | ||||
Performance Share Unit Programs [Line Items] | ||||
Performance criteria | 100.00% | |||
2020 June Performance Share Unit [Member] | Top of range [member] | ||||
Performance Share Unit Programs [Line Items] | ||||
Percentage of shares vested | 75.00% | |||
2020 June Performance Share Unit [Member] | Bottom of range [member] | ||||
Performance Share Unit Programs [Line Items] | ||||
Percentage of shares vested | 25.00% | |||
2020 April Performance Share Unit [Member] | ||||
Performance Share Unit Programs [Line Items] | ||||
Percentage of shares vested | 25.00% | |||
Expense from cash-settled share-based payment transactions | € (1,083,058) | € 1,166,194 | ||
2020 April Performance Share Unit [Member] | Top of range [member] | ||||
Performance Share Unit Programs [Line Items] | ||||
Performance criteria | 200.00% | |||
2020 April Performance Share Unit [Member] | Bottom of range [member] | ||||
Performance Share Unit Programs [Line Items] | ||||
Performance criteria | 0.00% |
Remuneration System for the _16
Remuneration System for the Management Board and Employees of the Group - 2021 Performance Share Unit Program(Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 01, 2021 | Apr. 01, 2021 | |
Executive Committee [Member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance share units | 1,865 | ||
2021 April Performance Share Unit [Member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance criteria | 100.00% | ||
Percentage of shares vested | 25.00% | ||
Performance share units | 122,005 | ||
Expense from cash-settled share-based payment transactions | € 701,136 | ||
2021 April Performance Share Unit [Member] | Management board [member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance share units | 54,232 | ||
2021 April Performance Share Unit [Member] | Executive Committee [Member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance share units | 12,340 | ||
2021 April Performance Share Unit [Member] | Current and Former Employees | |||
Performance Share Unit Programs [Line Items] | |||
Performance share units | 55,433 | ||
2021 April Performance Share Unit [Member] | Top of range [member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance criteria | 200.00% | ||
2021 April Performance Share Unit [Member] | Bottom of range [member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance criteria | 0.00% | ||
2021 October Performance Share Unit [Member] | |||
Performance Share Unit Programs [Line Items] | |||
Performance share units | 11,209 |
Remuneration System for the _17
Remuneration System for the Management Board and Employees of the Group - Summary of Development of Performance Share Unit Programs (Details) | 12 Months Ended | |
Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€) | |
Development of Performance Shares [Line Items] | ||
Exercised Stock Options | shares | 3,950 | |
Exercisable stock options | shares | 72,650 | |
2020 April Performance Share Unit [Member] | ||
Development of Performance Shares [Line Items] | ||
Outstanding | 25,779 | 27,494 |
Granted | € 0 | |
Exercised Stock Options | 0 | |
Exercisable stock options | shares | 0 | |
Forfeitures | 1,715 | |
Expired | 0 | |
2020 June Performance Share Unit [Member] | ||
Development of Performance Shares [Line Items] | ||
Outstanding | 8,361 | 8,361 |
Granted | € 0 | |
Exercised Stock Options | 0 | |
Exercisable stock options | shares | 0 | |
Forfeitures | 0 | |
Expired | 0 | |
2021 April Performance Share Unit [Member] | ||
Development of Performance Shares [Line Items] | ||
Outstanding | 111,586 | 0 |
Granted | € 122,005 | |
Exercised Stock Options | 0 | |
Exercisable stock options | shares | 0 | |
Forfeitures | 10,419 | |
Expired | 0 | |
2021 October Performance Share Unit [Member] | ||
Development of Performance Shares [Line Items] | ||
Outstanding | 11,209 | 0 |
Granted | € 11,209 | |
Exercised Stock Options | 0 | |
Exercisable stock options | shares | 0 | |
Forfeitures | 0 | |
Expired | 0 |
Remuneration System for the _18
Remuneration System for the Management Board and Employees of the Group - Summary of Fair Value of Performance Shares (Details) | 12 Months Ended |
Dec. 31, 2021EUR (€)yr€ / sharesRate | |
Fair Value of Performance Shares [Line Items] | |
Performance Term of Share Based Program, Years | yr | 4 |
2020 April Performance Share Unit [Member] | |
Fair Value of Performance Shares [Line Items] | |
Share Price on Grant Date in | € / shares | € 33.35 |
Performance Term of Share Based Program, Years | yr | 2.25 |
Risk-free Interest Rate | -0.65 |
Fair Value on | € | € 2.52 |
2020 April Performance Share Unit [Member] | Morphosys Share [Member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 41.71% |
2020 April Performance Share Unit [Member] | NASDAQ Biotech index [member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 22.79% |
2020 June Performance Share Unit [Member] | |
Fair Value of Performance Shares [Line Items] | |
Share Price on Grant Date in | € / shares | € 33.35 |
Performance Term of Share Based Program, Years | yr | 2.42 |
Risk-free Interest Rate | -0.65 |
Fair Value on | € | € 4.10 |
2020 June Performance Share Unit [Member] | Morphosys Share [Member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 40.44% |
2020 June Performance Share Unit [Member] | NASDAQ Biotech index [member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 22.22% |
2021 April Performance Share Unit [Member] | |
Fair Value of Performance Shares [Line Items] | |
Share Price on Grant Date in | € / shares | € 33.35 |
Performance Term of Share Based Program, Years | yr | 3.25 |
Risk-free Interest Rate | -0.65 |
2021 April Performance Share Unit [Member] | Morphosys Share [Member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 45.99% |
2021 April Performance Share Unit [Member] | NASDAQ Biotech index [member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 21.43% |
2021 October Performance Share Unit [Member] | |
Fair Value of Performance Shares [Line Items] | |
Performance Term of Share Based Program, Years | yr | 3.75 |
Risk-free Interest Rate | -0.59 |
Fair Value on | € | € 19.88 |
2021 October Performance Share Unit [Member] | Morphosys Share [Member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 44.34% |
2021 October Performance Share Unit [Member] | NASDAQ Biotech index [member] | |
Fair Value of Performance Shares [Line Items] | |
Expected Volatility | 20.92% |
Remuneration System for the _19
Remuneration System for the Management Board and Employees of the Group - Morph. US 2019 Long-term Incentive Program (Details) - Morphosys US 2019 Long-term Incentive Plan [Member] | 7 Months Ended | 12 Months Ended | ||||
Oct. 18, 2021shares | Dec. 31, 2021EUR (€)€ / shares | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Apr. 01, 2021Rate | Apr. 01, 2019Rate | |
Morph US LTIP [Line Items] | ||||||
Personnel expenses | € | € (503,206) | € 38,888 | € 1,076,158 | |||
Target Achievement | 77.00% | |||||
Performance criteria | 100.00% | |||||
Percentage of shares vested | 25.00% | |||||
Allocations | shares | 2,369 | |||||
Exercise price of outstanding share options | € / shares | € 33.35 | |||||
Top of range [member] | ||||||
Morph US LTIP [Line Items] | ||||||
Performance criteria | 200.00% | |||||
Bottom of range [member] | ||||||
Morph US LTIP [Line Items] | ||||||
Performance criteria | 0.00% | |||||
Weighted average [member] | ||||||
Morph US LTIP [Line Items] | ||||||
Performance criteria | 125.00% |
Remuneration System for the _20
Remuneration System for the Management Board and Employees of the Group - Summary of Development of Performance Shares Morph. US (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Shares under Morphosys US [Line Items] | ||
Exercised Stock Options | 3,950 | |
Exercisable stock options | 72,650 | |
Morphosys US 2019 Long-term Incentive Plan [Member] | MorphoSys US Inc. [member] | ||
Performance Shares under Morphosys US [Line Items] | ||
Outstanding | 2,708 | 9,118 |
Additions | 0 | |
Exercised Stock Options | 2,369 | |
Forfeitures | 4,041 | |
Expired | 0 | |
Exercisable stock options | 0 |
Remuneration System for the _21
Remuneration System for the Management Board and Employees of the Group - 2019 LTIP Restricted Stock Unit Plan (Details) - 2019 Morph. US RSU [Member] - EUR (€) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 06, 2021 | Nov. 30, 2020 | Dec. 13, 2019 | |
LTIP Restricted Stock Unit Plan [Line Items] | ||||||
Exercise price of outstanding share options | € 44.63 | € 94.14 | € 127.90 | |||
Personnel expenses | € (383,159) | € 600,445 | € 269,415 | |||
Percentage of shares vested | 33.30% | |||||
Performance criteria | 100.00% | |||||
Bottom of range [member] | ||||||
LTIP Restricted Stock Unit Plan [Line Items] | ||||||
Performance criteria | 0.00% | |||||
Top of range [member] | ||||||
LTIP Restricted Stock Unit Plan [Line Items] | ||||||
Performance criteria | 125.00% |
Remuneration System for the _22
Remuneration System for the Management Board and Employees of the Group - 2020 LTIP Restricted Stock Unit Plan (Details) - EUR (€) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 06, 2021 | Nov. 30, 2020 | Apr. 01, 2020 | |
Two thousand Twenty April restricted Stock Unit plan [Member] | |||||
LTIP Restricted Stock Unit Plan [Line Items] | |||||
Performance criteria | 100.00% | ||||
Percentage of shares vested | 33.30% | ||||
Exercise price of outstanding share options | € 33.35 | € 44.63 | € 94.14 | ||
Personnel expenses | € (462,243) | € 1,916,267 | |||
Two thousand Twenty April restricted Stock Unit plan [Member] | Top of range [member] | |||||
LTIP Restricted Stock Unit Plan [Line Items] | |||||
Performance criteria | 125.00% | ||||
Two thousand Twenty April restricted Stock Unit plan [Member] | Bottom of range [member] | |||||
LTIP Restricted Stock Unit Plan [Line Items] | |||||
Performance criteria | 0.00% | ||||
Two thousand Twenty October restricted Stock Unit plan [Member] | |||||
LTIP Restricted Stock Unit Plan [Line Items] | |||||
Exercise price of outstanding share options | € 44.63 | € 94.14 |
Remuneration System for the _23
Remuneration System for the Management Board and Employees of the Group - 2021 LTIP Restricted Stock Unit Plan (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Oct. 01, 2021 | Aug. 06, 2021 | Apr. 01, 2021 | |
2021 April Restricted Stock Unit Plan [Member] | ||||
LTIP Restricted Stock Unit Plan [Line Items] | ||||
Performance criteria | 100.00% | |||
Percentage of shares vested | 33.30% | |||
Exercise price of outstanding share options | € 33.35 | € 44.63 | ||
Personnel expenses | € 1,260,750 | |||
2021 April Restricted Stock Unit Plan [Member] | Top of range [member] | ||||
LTIP Restricted Stock Unit Plan [Line Items] | ||||
Performance criteria | 125.00% | |||
2021 April Restricted Stock Unit Plan [Member] | Bottom of range [member] | ||||
LTIP Restricted Stock Unit Plan [Line Items] | ||||
Performance criteria | 0.00% | |||
2021 October Restricted Stock Unit Plan [Member] | ||||
LTIP Restricted Stock Unit Plan [Line Items] | ||||
Performance criteria | 175.00% | |||
Exercise price of outstanding share options | € 33.35 | |||
Number of restricted shares vested | 36,827 |
Remuneration System for the _24
Remuneration System for the Management Board and Employees of the Group - Summary of Development of RSU Plans (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Development of RSU Plans [Line Items] | ||
Exercised Stock Options | 3,950 | |
Exercisable stock options | 72,650 | |
2019 Morph. US RSU [Member] | ||
Development of RSU Plans [Line Items] | ||
Outstanding | 6,337 | 12,717 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Number of share options forfeited in share-based payment arrangement | (6,380) | |
Expired | 0 | |
Exercisable stock options | 0 | |
Two thousand Twenty April restricted Stock Unit plan [Member] | ||
Development of RSU Plans [Line Items] | ||
Outstanding | 20,506 | 39,770 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Number of share options forfeited in share-based payment arrangement | (19,264) | |
Expired | 0 | |
Exercisable stock options | 0 | |
Two thousand Twenty October restricted Stock Unit plan [Member] | ||
Development of RSU Plans [Line Items] | ||
Outstanding | 5,832 | 7,678 |
Additions | 0 | |
Exercised Stock Options | 0 | |
Number of share options forfeited in share-based payment arrangement | (1,846) | |
Expired | 0 | |
Exercisable stock options | 0 | |
2021 April Restricted Stock Unit Plan [Member] | ||
Development of RSU Plans [Line Items] | ||
Outstanding | 42,996 | 0 |
Additions | 67,724 | |
Exercised Stock Options | 0 | |
Number of share options forfeited in share-based payment arrangement | (24,728) | |
Expired | 0 | |
Exercisable stock options | 0 | |
2021 October Restricted Stock Unit Plan [Member] | ||
Development of RSU Plans [Line Items] | ||
Outstanding | 34,335 | 0 |
Additions | 36,827 | |
Exercised Stock Options | 0 | |
Number of share options forfeited in share-based payment arrangement | (2,492) | |
Expired | 0 | |
Exercisable stock options | 0 |
Remuneration System for the _25
Remuneration System for the Management Board and Employees of the Group - Long-Term Cash Incentive Plan (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | |
Cash Incentive Plan [Line Items] | ||||
Liabilities from share-based payment transactions | € 500,000 | € 800,000 | ||
Long-Term Cash Incentive Plan [Member] | ||||
Cash Incentive Plan [Line Items] | ||||
Percentage of shares vested | 33.30% | |||
Target Achievement | 100.00% | |||
Expense from cash-settled share-based payment transactions | € 117,395 | € 325,513 | ||
Payments to and on behalf of employees | 500,000 | |||
Liabilities from share-based payment transactions | € 400,000 | € 300,000 | ||
Long-Term Cash Incentive Plan [Member] | Top of range [member] | ||||
Cash Incentive Plan [Line Items] | ||||
Performance criteria | 125.00% | |||
Long-Term Cash Incentive Plan [Member] | Bottom of range [member] | ||||
Cash Incentive Plan [Line Items] | ||||
Performance criteria | 50.00% |
Remuneration System for the _26
Remuneration System for the Management Board and Employees of the Group - Constellation 2021 Stock Option Plan (Details) | 12 Months Ended | |
Dec. 31, 2021EUR (€)shares€ / sharesRate | Oct. 01, 2021Rate | |
Constellation Stock Plan [Line Items] | ||
Subscription right | 110.00% | |
2021 October Stock Option Plan Constellation [Member] | ||
Constellation Stock Plan [Line Items] | ||
Subscription right | 25.00% | |
Performance criteria | 100.00% | |
Weighted-average Price | € / shares | € 44.91 | |
Personnel expenses | € | € 711,223 | |
Additions | shares | 323,534 | |
2021 October Stock Option Plan Constellation [Member] | Top of range [member] | ||
Constellation Stock Plan [Line Items] | ||
Performance criteria | 200.00% | |
2021 October Stock Option Plan Constellation [Member] | Bottom of range [member] | ||
Constellation Stock Plan [Line Items] | ||
Performance criteria | 0.00% |
Remuneration System for the _27
Remuneration System for the Management Board and Employees of the Group - Summary of Development of Constellation of Stock Option Plan (Details) | 12 Months Ended | |
Dec. 31, 2021shares€ / shares | Dec. 31, 2020shares | |
Development of Stock Options Plans [Line Items] | ||
Exercised Stock Options | 3,950 | |
Exercisable stock options | 72,650 | |
2021 October Stock Option Plan Constellation [Member] | ||
Development of Stock Options Plans [Line Items] | ||
Outstanding | 293,593 | 0 |
Additions | 323,534 | |
Exercised Stock Options | 0 | |
Forfeitures | 29,941 | |
Expired | 0 | |
Weighted-average Price | € / shares | € 44.91 | |
Exercisable stock options | 0 |
Remuneration System for the _28
Remuneration System for the Management Board and Employees of the Group - Summary of Fair Value of Constellation Stock Option Plan (Details) | 12 Months Ended |
Dec. 31, 2021EUR (€)yr€ / sharesRate | |
Fair Value of Stock Option Plans [Line Items] | |
Performance Term of Share Based Program, Years | yr | 4 |
2021 October Stock Option Plan Constellation [Member] | |
Fair Value of Stock Option Plans [Line Items] | |
Share Price on Grant Date in | € / shares | € 40.75 |
Excercise Price | € | € 44.91 |
Risk-free Interest Rate | between (0.70) and (0.22) |
Fair Value on | € | € 16.67 |
2021 October Stock Option Plan Constellation [Member] | Morphosys Share [Member] | |
Fair Value of Stock Option Plans [Line Items] | |
Expected Volatility | 40.51% |
2021 October Stock Option Plan Constellation [Member] | NASDAQ Biotech index [member] | |
Fair Value of Stock Option Plans [Line Items] | |
Expected Volatility | 24.95% |
2021 October Stock Option Plan Constellation [Member] | TecDAX index [member] | |
Fair Value of Stock Option Plans [Line Items] | |
Expected Volatility | 22.17% |
Remuneration System for the _29
Remuneration System for the Management Board and Employees of the Group - Summary of Related Parties (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
JeanPaul Kress M D [Member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 0 | 0 |
Additions | € 0 | |
Sales | € 0 | |
Sung Lee [Member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 2,250 | 0 |
Additions | € 2,250 | |
Sales | € 0 | |
Malte Peters M D [Member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 7,456 | 3,313 |
Additions | € 4,143 | |
Sales | € 0 | |
Roland Wandeler Ph D [Member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 0 | 0 |
Additions | € 0 | |
Sales | € 0 | |
Management board [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 9,706 | 3,313 |
Additions | € 6,393 | |
Sales | € 0 | |
Dr. Marc Cluzel [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 1,000 | 750 |
Additions | € 250 | |
Sales | € 0 | |
Michael Brosnan [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 5,000 | 0 |
Additions | € 5,000 | |
Sales | € 0 | |
Sharon Curran [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 0 | 0 |
Additions | € 0 | |
Sales | € 0 | |
Dr George Golumbeski [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 0 | 0 |
Additions | € 0 | |
Sales | € 0 | |
Wendy Johnson [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 563 | 500 |
Additions | € 63 | |
Sales | € 0 | |
Krisja Vermeylen [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 1,000 | 350 |
Additions | € 650 | |
Sales | € 0 | |
Supervisory board [member] | ||
Related Parties [Line Items] | ||
Number Of Shares Issued To Related Parties | 7,563 | 1,600 |
Additions | € 5,963 | |
Sales | € 0 |
Remuneration System for the _30
Remuneration System for the Management Board and Employees of the Group - Summary of Stock Options of Related Parties (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options of Related Parties [Line Items] | ||
Exercised Stock Options | 3,950 | |
JeanPaul Kress M D [Member] | ||
Stock Options of Related Parties [Line Items] | ||
Outstanding | 81,989 | 81,989 |
Additions | 0 | |
Forfeitures | 0 | |
Exercised Stock Options | 0 | |
Sung Lee [Member] | ||
Stock Options of Related Parties [Line Items] | ||
Outstanding | 0 | 0 |
Additions | 0 | |
Forfeitures | 0 | |
Exercised Stock Options | 0 | |
Malte Peters M D [Member] | ||
Stock Options of Related Parties [Line Items] | ||
Outstanding | 33,110 | 33,110 |
Additions | 0 | |
Forfeitures | 0 | |
Exercised Stock Options | 0 | |
Roland Wandeler Ph D [Member] | ||
Stock Options of Related Parties [Line Items] | ||
Outstanding | 0 | 0 |
Additions | 0 | |
Forfeitures | 0 | |
Exercised Stock Options | 0 | |
Management board [member] | ||
Stock Options of Related Parties [Line Items] | ||
Outstanding | 115,099 | 115,099 |
Additions | 0 | |
Forfeitures | 0 | |
Exercised Stock Options | 0 |
Remuneration System for the _31
Remuneration System for the Management Board and Employees of the Group - Summary of Performance Shares of Related Parties (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Share [Member] | ||
Performance Shares of Related Parties [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement | 3,105 | 9,047 |
Additions | 0 | |
Expired | (1,799) | |
Forfeitures | 0 | |
Allocations | (4,143) | |
JeanPaul Kress M D [Member] | Performance Share [Member] | ||
Performance Shares of Related Parties [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement | 0 | 0 |
Additions | 0 | |
Expired | 0 | |
Forfeitures | 0 | |
Allocations | 0 | |
Sung Lee [Member] | Performance Share [Member] | ||
Performance Shares of Related Parties [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement | 0 | 0 |
Additions | 0 | |
Expired | 0 | |
Forfeitures | 0 | |
Allocations | 0 | |
Malte Peters M D [Member] | Performance Share [Member] | ||
Performance Shares of Related Parties [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement | 3,105 | 9,047 |
Additions | 0 | |
Expired | (1,799) | |
Forfeitures | 0 | |
Allocations | (4,143) | |
Roland Wandeler Ph D [Member] | ||
Performance Shares of Related Parties [Line Items] | ||
Expired | 0 | |
Roland Wandeler Ph D [Member] | Performance Share [Member] | ||
Performance Shares of Related Parties [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement | 0 | 0 |
Additions | 0 | |
Forfeitures | 0 | |
Allocations | 0 |
Remuneration System for the _32
Remuneration System for the Management Board and Employees of the Group - Summary of Remuneration of Key Management Personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Remuneration of Key Management Personnel [Line Items] | ||
Key management personnel compensation, short-term employee benefits | € 7,336,167 | € 7,261,119 |
Key management personnel compensation, post-employment benefits | 443,372 | 424,300 |
Key management personnel compensation, termination benefits | 806,297 | 2,443,409 |
Total Share-Based Payment | 4,278,500 | 4,125,979 |
Key management personnel compensation | € 12,864,336 | € 14,254,807 |
Remuneration System for the _33
Remuneration System for the Management Board and Employees of the Group - Summary of Remuneration of Supervisory Board (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | € 625,872 | € 634,752 |
Dr. Marc Cluzel [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 165,010 | 160,610 |
Wendy Johnson [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 89,084 | 85,684 |
Sharon Curran [Member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 74,684 | 75,284 |
Dr George Golumbeski [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 102,126 | 96,145 |
Sharon Curran [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 96,084 | 88,779 |
Michael Brosnan [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 98,884 | 95,684 |
Dr. Frank Morich [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 0 | 32,566 |
Fixed compensation [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 386,272 | 398,752 |
Fixed compensation [member] | Dr. Marc Cluzel [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 104,210 | 104,210 |
Fixed compensation [member] | Wendy Johnson [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 57,284 | 57,284 |
Fixed compensation [member] | Sharon Curran [Member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 45,284 | 45,284 |
Fixed compensation [member] | Dr George Golumbeski [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 70,926 | 65,345 |
Fixed compensation [member] | Sharon Curran [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 51,284 | 49,579 |
Fixed compensation [member] | Michael Brosnan [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 57,284 | 57,284 |
Fixed compensation [member] | Dr. Frank Morich [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 0 | 19,766 |
Attendance fee [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 239,600 | 236,000 |
Attendance fee [member] | Dr. Marc Cluzel [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 60,800 | 56,400 |
Attendance fee [member] | Wendy Johnson [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 31,800 | 28,400 |
Attendance fee [member] | Sharon Curran [Member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 29,400 | 30,000 |
Attendance fee [member] | Dr George Golumbeski [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 31,200 | 30,800 |
Attendance fee [member] | Sharon Curran [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 44,800 | 39,200 |
Attendance fee [member] | Michael Brosnan [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | 41,600 | 38,400 |
Attendance fee [member] | Dr. Frank Morich [member] | ||
Remuneration of Supervisory Board [Line Items] | ||
Remuneration of Supervisory Board | € 0 | € 12,800 |
Remuneration System for the _34
Remuneration System for the Management Board and Employees of the Group - Related Parties - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€) | Apr. 01, 2021shares | Dec. 31, 2019EUR (€) | |
Related Parties [Line Items] | ||||
Exercisable stock options | 72,650 | |||
Exercised Stock Options | 3,950 | |||
Exercisable Shares | 79,935 | |||
Key management personnel compensation | € | € 12,864,336,000 | € 14,254,807,000 | ||
Long-term incentive compensation | € | 4,278,500,000 | 4,125,979,000 | ||
Post-employment benefits | € | 443,372,000 | 424,300,000 | ||
Liability for severance payment | € | 806,296 | |||
Accrued expenses for payments to key management personnel | € | 3,300,000 | 3,000,000 | ||
Liabilities from share-based payment transactions | € | € 500,000 | € 800,000 | ||
Management board [member] | ||||
Related Parties [Line Items] | ||||
Exercisable stock options | 8,197 | |||
Exercised Stock Options | 0 | |||
Exercisable Shares | 9,017 | |||
Key management personnel compensation | € | € 9,718,350 | 11,532,252 | ||
Performance-unrelated compensation | € | 3,759,850 | 5,529,112 | ||
Performance-related compensation | € | 2,680,000 | 2,478,346 | ||
Long-term incentive compensation | € | 3,278,500 | 3,524,794 | ||
Post-employment benefits | € | 806,297 | 2,443,409 | ||
Compensation of former Employees | € | € 4,600,000 | € 600,000 | ||
Executive Committee [Member] | ||||
Related Parties [Line Items] | ||||
Performance share units | 1,865 | |||
Exercisable stock options | 16,996 | |||
2021 April Performance Share Unit [Member] | ||||
Related Parties [Line Items] | ||||
Performance share units | 122,005 | |||
Exercisable stock options | 0 | |||
Exercised Stock Options | € | 0 | |||
2021 April Performance Share Unit [Member] | Management board [member] | ||||
Related Parties [Line Items] | ||||
Performance share units | 54,232 | |||
Fair Value on | € | € 11.82 | |||
2021 April Performance Share Unit [Member] | Executive Committee [Member] | ||||
Related Parties [Line Items] | ||||
Performance share units | 12,340 | |||
2017 Long-term Incentive Plan [Member] | ||||
Related Parties [Line Items] | ||||
Number of Performance Shares | 45,891 | |||
2017 Long-term Incentive Plan [Member] | Management board [member] | ||||
Related Parties [Line Items] | ||||
Number of Performance Shares | 4,143 | |||
2017 Long-term Incentive Plan [Member] | Executive Committee [Member] | ||||
Related Parties [Line Items] | ||||
Number of Performance Shares | 2,030 | |||
Two Thousand Seventeen Stock Option Plan [Member] | ||||
Related Parties [Line Items] | ||||
Exercisable stock options | 68,305 | |||
Exercised Stock Options | 4,345 | |||
Two Thousand Seventeen Stock Option Plan [Member] | Executive Committee [Member] | ||||
Related Parties [Line Items] | ||||
Exercisable stock options | 4,018 | |||
Exercised Stock Options | 0 | |||
Exercisable Shares | 4,421 |
Additional Notes - Summary of O
Additional Notes - Summary of Obligations arising from Leases (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating lease [Line Items] | ||
Future Minimum Leases Payments Of Low Value Assets And Other Short Term Leases | € 33,000 | € 44,000 |
Future Minimum Payments Performance Share And Unit Programs | 5,105,000 | 1,868,000 |
Other | 11,464,000 | 8,398,000 |
contractual obligation | 16,602,000 | 10,310,000 |
Future payment commitments for clinical studies | 236,500,000 | 193,300,000 |
Not later than one year [member] | ||
Disclosure of operating lease [Line Items] | ||
Future Minimum Leases Payments Of Low Value Assets And Other Short Term Leases | 8,000 | 44,000 |
Future Minimum Payments Performance Share And Unit Programs | 0 | 0 |
Other | 570,000 | 7,406,000 |
contractual obligation | 578,000 | 7,450,000 |
Future payment commitments for clinical studies | 138,900,000 | 111,700,000 |
Later than one year and not later than five years [member] | ||
Disclosure of operating lease [Line Items] | ||
Future Minimum Leases Payments Of Low Value Assets And Other Short Term Leases | 25,000 | 0 |
Future Minimum Payments Performance Share And Unit Programs | 5,105,000 | 1,868,000 |
Other | 10,894,000 | 992,000 |
contractual obligation | 16,024,000 | 2,860,000 |
Future payment commitments for clinical studies | 97,600,000 | 81,600,000 |
Later than five years [member] | ||
Disclosure of operating lease [Line Items] | ||
Future Minimum Leases Payments Of Low Value Assets And Other Short Term Leases | 0 | 0 |
Future Minimum Payments Performance Share And Unit Programs | 0 | 0 |
Other | 0 | 0 |
contractual obligation | 0 | 0 |
Future payment commitments for clinical studies | € 0 | € 0 |
Additional Notes - Summary of C
Additional Notes - Summary of Contingent Liabilities (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Jun. 01, 2010USD ($) | Jun. 01, 2010EUR (€) | |
Disclosure of contingent liabilities [line items] | ||||||
Milestone payment | $ 65.5 | € 53.8 | ||||
Contingent liabilities [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Milestone payment | $ 236.5 | € 208.8 | ||||
Deferred income from Obligations to Royalty Pharma | € 988.9 | |||||
Contingent liabilities incurred in relation to interests in associates | € 223.1 | |||||
Increase (decrease) in deferred tax liability (asset) | € 40.6 |
Additional Notes - Summary of F
Additional Notes - Summary of Fair Value Level of Financial Assets and Liabilities (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Level [Line Items] | ||||
Cash and Cash Equivalents | € 123,248,256 | € 109,794,680 | € 44,314,050 | € 45,459,836 |
Other Financial Assets | 853,686,102 | 937,651,314 | ||
Accounts Receivable | 75,911,000 | 83,354,000 | ||
Financial Assets from Collaborations | 16,729,924 | 42,870,499 | ||
Other Receivables | 2,227,000 | 2,159,000 | ||
Other receivables, thereof non-financial assets | 2,159,000 | |||
Current financial assets | 1,071,802,000 | 1,175,829,000 | ||
Prepaid Expenses and Other Assets, Net of Current Portion | 13,250,634 | 1,567,259 | ||
thereof Non-Financial Assets | 183,000 | |||
Non-current financial assets | 13,251,000 | 198,155,000 | ||
Financial assets | 1,373,984,000 | |||
Accounts Payable and Accruals | 188,077,185 | 128,554,203 | ||
Other Non-Financial Liabilities | (114,290,000) | (80,736,000) | ||
Financial Liabilities from Future Payments to Royalty Pharma | 88,401,374 | 0 | ||
Current financial liabilities | 277,998,000 | 129,132,000 | ||
Financial Liabilities from Future Payments to Royalty Pharma | 1,167,774,786 | 0 | ||
Non-current financial liabilities | 1,963,824,000 | 789,111,000 | ||
Financial liabilities | (2,241,822,000) | (918,243,000) | ||
Financial liabilities at amortised cost [member] | ||||
Fair Value Level [Line Items] | ||||
Trade and other current payables | (73,787,000) | (47,818,000) | ||
Current Portion of Convertible Bond | (423,000) | |||
Current Portion of Financial Liabilities from Collaborations | (155,000) | |||
Financial Liabilities from Future Payments to Royalty Pharma | (88,401,000) | |||
Financial Liabilities from Future Payments to Royalty Pharma | (1,167,775,000) | |||
Fair value [member] | Financial liabilities at amortised cost [member] | ||||
Fair Value Level [Line Items] | ||||
Financial Liabilities from Future Payments to Royalty Pharma | (1,367,365,000) | |||
Level 3 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Other Financial Assets | 13,864,000 | 10,457,000 | ||
Level 3 of fair value hierarchy [member] | Financial liabilities at amortised cost [member] | ||||
Fair Value Level [Line Items] | ||||
Current Portion of Financial Liabilities from Collaborations | (1,097,000) | |||
Noncurrent Financial Liabilities from Collaboration | (513,264,000) | (516,351,000) | ||
Level 3 of fair value hierarchy [member] | Fair value [member] | Financial liabilities at amortised cost [member] | ||||
Fair Value Level [Line Items] | ||||
Noncurrent Financial Liabilities from Collaboration | (514,169,000) | (617,178,000) | ||
Level 2 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Other receivables, thereof non-financial assets | 2,227,000 | |||
Financial assets | 1,085,053,000 | |||
Level 2 of fair value hierarchy [member] | Financial liabilities at amortised cost [member] | ||||
Fair Value Level [Line Items] | ||||
Current Portion of Convertible Bond | (423,000) | |||
Noncurrent Convertible Bond | (282,785,000) | (272,760,000) | ||
Level 2 of fair value hierarchy [member] | Fair value [member] | Financial liabilities at amortised cost [member] | ||||
Fair Value Level [Line Items] | ||||
Noncurrent Convertible Bond | (304,025,000) | (334,124,000) | ||
Financial assets at amortised cost, category [member] | ||||
Fair Value Level [Line Items] | ||||
Cash and Cash Equivalents | 123,248,000 | 109,795,000 | ||
Investments, fixed term deposits | 844,811,000 | 649,713,000 | ||
Accounts Receivable | 75,911,000 | 83,354,000 | ||
Long-term restricted cash | 4,059,000 | |||
Financial assets at amortised cost, category [member] | Fair value [member] | ||||
Fair Value Level [Line Items] | ||||
Long-term restricted cash | 4,059,000 | |||
Financial assets at amortised cost, category [member] | Level 1 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Non-current Investments | 196,588,000 | |||
Financial assets at amortised cost, category [member] | Level 1 of fair value hierarchy [member] | Fair value [member] | ||||
Fair Value Level [Line Items] | ||||
Non-current Investments | 197,749,000 | |||
Financial assets at amortised cost, category [member] | Level 2 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Long-term restricted cash | 1,384,000 | |||
Financial assets at amortised cost, category [member] | Level 2 of fair value hierarchy [member] | Fair value [member] | ||||
Fair Value Level [Line Items] | ||||
Long-term restricted cash | 1,384,000 | |||
Financial assets at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Current investments | 8,875,000 | 287,938,000 | ||
Financial assets at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member] | Fair value [member] | ||||
Fair Value Level [Line Items] | ||||
Current investments | 8,875,000 | 287,938,000 | ||
Financial assets at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Financial Assets from Collaborations | 16,730,000 | 42,870,000 | ||
Financial assets at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member] | Fair value [member] | ||||
Fair Value Level [Line Items] | ||||
Financial Assets from Collaborations | 16,730,000 | 42,870,000 | ||
Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | ||||
Fair Value Level [Line Items] | ||||
Thereof forward exchange contracts used for hedging | 0 | 0 | ||
Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | Fair value [member] | ||||
Fair Value Level [Line Items] | ||||
Thereof forward exchange contracts used for hedging | 0 | € 0 | ||
Other financial assets [Member] | ||||
Fair Value Level [Line Items] | ||||
thereof Non-Financial Assets | € 9,192,000 |
Additional Notes - Carrying Amo
Additional Notes - Carrying Amount of Financial Instruments (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | € 25,605 | € 330,808 |
Financial assets at amortised cost | 1,048,029 | 1,040,834 |
Financial liabilities at amortised cost | € (2,127,532) | € (837,507) |
Additional Notes - Summary of I
Additional Notes - Summary of Investment adivo GmbH (Details) - Adivo GmbH [Member] | 12 Months Ended |
Dec. 31, 2021EUR (€)Rate | |
Adivo GmbH [Line Items] | |
Percentage of voting equity interests acquired | Rate | 17.20% |
Equity method investment accounted in domestic currency | € (681,809) |
Foreign exchange gain (loss) | € (835,119) |
Currency | € |
Fair Value of Adivo GmbH | € 0 |
Additional Notes - Summary of_2
Additional Notes - Summary of Changes Investment Adivo GmbH (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Adivo GmbH [Line Items] | |||
Additions | € 0 | € 0 | |
Decrease through derecognition, financial assets | 0 | 0 | |
Through Other Comprehensive Income | 0 | (387) | |
Gains (losses) on financial assets at fair value through profit or loss | 0 | 0 | |
Adivo GmbH | € 0 | € 0 | € 387 |
Additional Notes - Net Gains or
Additional Notes - Net Gains or Losses from Financial Instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial instruments [Line Items] | |||
Net Gains or Losses from Financial Instruments | € (83,761) | € (3,031) | € 2,362 |
Financial assets at fair value through profit or loss, category [member] | |||
Financial instruments [Line Items] | |||
Net Gains or Losses from Financial Instruments | 10,983 | (7,587) | 2,014 |
Other financial assets at amortised cost [member] | |||
Financial instruments [Line Items] | |||
Net Gains or Losses from Financial Instruments | 9,824 | (19,475) | 348 |
Financial liabilities at amortised cost [member] | |||
Financial instruments [Line Items] | |||
Net Gains or Losses from Financial Instruments | € (104,568) | € 24,031 | € 0 |
Additional Notes - Summary of_3
Additional Notes - Summary of Interest Income and Expense of Financial Instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial instruments [Line Items] | |||
Interest Income on Other Financial Assets at Amortized Cost | € 723 | € 1,233 | € 223 |
Interest Expenses on Financial Assets at Amortised Cost | (2,415) | (1,021) | (91) |
Interest expense on other financial liabilities | (62,252) | (17,783) | 0 |
Interest Revenue for Financial Liabilities | 0 | 0 | 0 |
Gross Gains (Losses) on Financial Instruments | € (63,944) | € (17,571) | € 132 |
Additional Notes - Summary of_4
Additional Notes - Summary of Changes in Impairment Losses for Credit Risk (Details) - Credit risk [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment losses [Line Items] | |||
Impairment loss on financial asset | € (1,045) | € (1,425) | € (379) |
Unused Amounts Reversed | 1,425 | 379 | |
Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year | (1,045) | (1,425) | |
Increase (Decrease) in impairment stages | 0 | 0 | |
Amounts written off during the Year as uncollectible | 0 | 0 | |
General impairment model [member] | Stage 1 [member] | |||
Impairment losses [Line Items] | |||
Impairment loss on financial asset | (685) | (1,001) | (299) |
Unused Amounts Reversed | 1,001 | 299 | |
Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year | (685) | (1,001) | |
Increase (Decrease) in impairment stages | 0 | 0 | |
Amounts written off during the Year as uncollectible | 0 | 0 | |
General impairment model [member] | Stage 2 [member] | |||
Impairment losses [Line Items] | |||
Impairment loss on financial asset | 0 | 0 | 0 |
Unused Amounts Reversed | 0 | 0 | |
Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year | 0 | 0 | |
Increase (Decrease) in impairment stages | 0 | 0 | |
Amounts written off during the Year as uncollectible | 0 | 0 | |
General impairment model [member] | Stage 3 [member] | |||
Impairment losses [Line Items] | |||
Impairment loss on financial asset | 0 | 0 | 0 |
Unused Amounts Reversed | 0 | 0 | |
Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year | 0 | 0 | |
Increase (Decrease) in impairment stages | 0 | 0 | |
Amounts written off during the Year as uncollectible | 0 | 0 | |
Simplified impairment model [member] | Stage 2 [member] | |||
Impairment losses [Line Items] | |||
Impairment loss on financial asset | (360) | (424) | (80) |
Unused Amounts Reversed | 424 | 80 | |
Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year | (360) | (424) | |
Increase (Decrease) in impairment stages | 0 | 0 | |
Amounts written off during the Year as uncollectible | 0 | 0 | |
Simplified impairment model [member] | Stage 3 [member] | |||
Impairment losses [Line Items] | |||
Impairment loss on financial asset | 0 | 0 | € 0 |
Unused Amounts Reversed | 0 | 0 | |
Increase in Impairment Losses for Credit Risks recognized in Profit or Loss during the Year | 0 | 0 | |
Increase (Decrease) in impairment stages | 0 | 0 | |
Amounts written off during the Year as uncollectible | € 0 | € 0 |
Additional Notes - Summary of G
Additional Notes - Summary of Gross Carrying Amount of Financial Assets by Credit Risk (Details) - Low [member] - Credit risk [member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalent [member] | ||
Gross Carrying Amount by Credit Risk [Line Items] | ||
Internal Credit Rating | low | low |
Basis for Recognition of Expected Credit Loss Provision | Expected Twelve-Month Loss | Expected Twelve-Month Loss |
Gross Carrying Amount | € 123,248 | € 109,797 |
Other financial assets at amortised cost [member] | ||
Gross Carrying Amount by Credit Risk [Line Items] | ||
Internal Credit Rating | low | low |
Basis for Recognition of Expected Credit Loss Provision | Expected Twelve-Month Loss | Expected Twelve-Month Loss |
Gross Carrying Amount | € 845,488 | € 847,300 |
Accounts Receivable [member] | ||
Gross Carrying Amount by Credit Risk [Line Items] | ||
Internal Credit Rating | low | low |
Basis for Recognition of Expected Credit Loss Provision | Lifetime Expected Credit Losses | Lifetime Expected Credit Losses |
Gross Carrying Amount | € 76,270 | € 83,778 |
Additional Notes - Summary of_5
Additional Notes - Summary of Credit risk - Additional Information (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Risk [Line Items] | |||
Maximum credit risk corresponded to carrying amounts of debt instruments | € 25.6 | € 330.8 | |
Rent deposits [member] | |||
Credit Risk [Line Items] | |||
Maximum credit risk of financial guarantees | € 4.1 | € 1.4 | |
Customer 1 [Member] | |||
Credit Risk [Line Items] | |||
Percentage of accounts receivable | 36.00% | 78.00% | 45.00% |
Customer 2 [Member] | |||
Credit Risk [Line Items] | |||
Percentage of accounts receivable | 14.00% | 14.00% | 31.00% |
Customer 3 [Member] | |||
Credit Risk [Line Items] | |||
Percentage of accounts receivable | 9.00% | 1.00% | 13.00% |
Additional Notes - Summary of_6
Additional Notes - Summary of Contractual Cash Flows of Financial Liabilities (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Flows Financial Liabilities [Line Items] | ||
Trade Accounts Payable | € 73,787,000 | € 47,818,000 |
Financial Liabilities from Future Payments to Royalty Pharma | 88,401,374 | 0 |
Future Cash Outflow from Financial Liabilities from Royalty Pharma | 1,500,000 | |
Later than one year [member] | ||
Cash Flows Financial Liabilities [Line Items] | ||
Trade Accounts Payable | 73,787,000 | 47,818,000 |
Convertible bonds due to related parties | 2,031,000 | |
Financial Liabilities from Collaboration | 1,140,000 | 161,000 |
Financial Liabilities from Future Payments to Royalty Pharma | 89,845,000 | |
Bearer bonds | 2,031,000 | |
Later than one year and not later than five years [member] | ||
Cash Flows Financial Liabilities [Line Items] | ||
Trade Accounts Payable | 0 | 0 |
Convertible bonds due to related parties | 331,094,000 | |
Financial Liabilities from Collaboration | 167,669,000 | 180,347,000 |
Financial Liabilities from Future Payments to Royalty Pharma | 505,938,000 | |
Bearer bonds | 333,125,000 | |
Later than five years [member] | ||
Cash Flows Financial Liabilities [Line Items] | ||
Trade Accounts Payable | 0 | 0 |
Convertible bonds due to related parties | 0 | |
Financial Liabilities from Collaboration | 530,242,000 | 529,338,000 |
Financial Liabilities from Future Payments to Royalty Pharma | 1,051,077,000 | |
Bearer bonds | 0 | |
Maturity, total [Member] | ||
Cash Flows Financial Liabilities [Line Items] | ||
Trade Accounts Payable | 73,787,000 | 47,818,000 |
Convertible bonds due to related parties | 333,125,000 | |
Financial Liabilities from Collaboration | 699,052,000 | 709,846,000 |
Financial Liabilities from Future Payments to Royalty Pharma | € 1,646,860,000 | |
Bearer bonds | € 335,156,000 |
Additional Notes - Summary of E
Additional Notes - Summary of Exposure to Foreign Currency Risk (Details) - Gross carrying amount [member] - Currency risk [member] € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) |
US [member] | ||||
Foreign Currency Risk [Line Items] | ||||
Cash and Cash Equivalents | $ | $ 106,188 | $ 76,582 | ||
Other Financial Assets | $ | 96,192 | 172,460 | ||
Accounts Receivable | $ | 42,754 | 28,456 | ||
Financial Assets from Collaborations | $ | 16,730 | 42,870 | ||
Restricted Cash (included in Other Assets, Net of Current Portion) | $ | 3,397 | 713 | ||
Accounts payable and accruals current | $ | (107,691) | 51,436 | ||
Financial Liabilities from Collaboration | $ | (514,362) | (516,506) | ||
Foreign currency risk exposure, net | $ | $ (356,792) | $ (246,861) | ||
Other Currency [member] | ||||
Foreign Currency Risk [Line Items] | ||||
Cash and Cash Equivalents | € | € 0 | € 0 | ||
Other Financial Assets | € | 0 | 0 | ||
Accounts Receivable | € | 0 | 0 | ||
Financial Assets from Collaborations | € | 0 | 0 | ||
Restricted Cash (included in Other Assets, Net of Current Portion) | € | 0 | 0 | ||
Accounts payable and accruals current | € | (339) | 52 | ||
Financial Liabilities from Collaboration | € | 0 | 0 | ||
Foreign currency risk exposure, net | € | € (339) | € (52) |
Additional Notes - Summary of S
Additional Notes - Summary of Sensitivity Analysis of Foreign Exchange Rate (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Exchange Rates [Line Items] | |||
Derivative financial instruments unrealized gross gain loss | € 0 | ||
Increase of Euro 10% [Member] | |||
Foreign Exchange Rates [Line Items] | |||
Foreign Exchange, Sensitivity Analysis | 39,300,000 | € 16,800,000 | € (8,700,000) |
Decrease Euro 10% [Member] | |||
Foreign Exchange Rates [Line Items] | |||
Foreign Exchange, Sensitivity Analysis | € (48,000,000) | (25,600,000) | 10,400,000 |
Currency risk [member] | |||
Foreign Exchange Rates [Line Items] | |||
Derivative financial instruments unrealized gross gain loss | € 0 | € 400,000 |
Additional Notes - Summary of_7
Additional Notes - Summary of Sensitivity Analysis of Variable Interest Rate (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase Variable Interest Rate 10% [Member] | |||
Sensitivity Analysis Variable [Line Items] | |||
Foreign Exchange, Sensitivity Analysis | € 0.8 | € 1.2 | € (0.3) |
Decrease Variable Interest Rate 10% [Member] | |||
Sensitivity Analysis Variable [Line Items] | |||
Foreign Exchange, Sensitivity Analysis | € (0.8) | € (1.4) | € 0.3 |
Additional Notes - Summary of_8
Additional Notes - Summary of Capital Management (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capital Management [Line Items] | ||||
Stockholders' Equity | € 244,875,943 | € 621,322,017 | € 394,701,772 | € 488,372,634 |
In % of Total Capital | 9.60% | 37.40% | ||
Total Liabilities | € 2,311,378,273 | € 1,038,191,003 | ||
In % of Total Capital | 90.40% | 62.60% | ||
Total Capital | € 2,556,254,216 | € 1,659,513,020 |
Additional Notes - Summary of N
Additional Notes - Summary of Net Liabilities and Other Changes which are presented in Operating Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities | |||
Net Liabilities and other Changes [Line Items] | |||
Liabilities arising from financing activities | € (42,584) | € (45,019) | € (42,557) |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | 4,286 | 3,918 | |
Increase through new leases, liabilities arising from financing activities | (316) | (5,286) | |
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (538) | 0 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 0 | ||
Depreciation and Amortization | 1,094 | 1,170 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | 0 | |
Disposal of Leases | 173 | ||
Transfer of Assigned License Revenues to Royalty Pharma | 0 | ||
Convertible Bond [Member] | |||
Net Liabilities and other Changes [Line Items] | |||
Liabilities arising from financing activities | (283,208) | (273,183) | 0 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | 2,031 | (319,946) | |
Increase through new leases, liabilities arising from financing activities | 0 | 0 | |
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | 0 | 0 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 49,217 | ||
Depreciation and Amortization | 2,454 | 12,056 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 0 | 0 | |
Disposal of Leases | 0 | ||
Transfer of Assigned License Revenues to Royalty Pharma | 0 | ||
Financial Liabilities From Collaborations [Member] | |||
Net Liabilities and other Changes [Line Items] | |||
Liabilities arising from financing activities | (514,362) | (516,506) | 0 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | 0 | (542,599) | |
Increase through new leases, liabilities arising from financing activities | 0 | 0 | |
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (39,346) | 66,379 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 0 | ||
Depreciation and Amortization | 15,329 | 20,386 | |
Increase (decrease) through other changes, liabilities arising from financing activities | 61,876 | (24,956) | |
Disposal of Leases | 0 | ||
Transfer of Assigned License Revenues to Royalty Pharma | 0 | ||
Financial Liabilities from Future Payments to Royalty Pharma [Member] | |||
Net Liabilities and other Changes [Line Items] | |||
Liabilities arising from financing activities | (1,256,176) | 0 | 0 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | (1,205,911) | 0 | |
Increase through new leases, liabilities arising from financing activities | 0 | 0 | |
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (7,499) | 0 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 0 | ||
Depreciation and Amortization | 0 | 29,811 | |
Increase (decrease) through other changes, liabilities arising from financing activities | (64,846) | 0 | |
Disposal of Leases | 0 | ||
Transfer of Assigned License Revenues to Royalty Pharma | 51,890 | ||
Sub Total of Liabilities | |||
Net Liabilities and other Changes [Line Items] | |||
Liabilities arising from financing activities | (2,096,329) | (834,708) | € (42,557) |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | (1,199,594) | (858,627) | |
Increase through new leases, liabilities arising from financing activities | (316) | (5,286) | |
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (47,383) | 66,379 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 49,217 | ||
Depreciation and Amortization | 18,877 | 63,422 | |
Increase (decrease) through other changes, liabilities arising from financing activities | € (2,970) | (24,956) | |
Disposal of Leases | 173 | ||
Transfer of Assigned License Revenues to Royalty Pharma | € 51,890 |
Additional Notes - Summary of_9
Additional Notes - Summary of Geographical Disclosures (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Germany [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets, excluding deferred tax assets | € 132.9 | € 311.6 |
Capital Expenditure | 24.5 | 47.6 |
US [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets, excluding deferred tax assets | 1,103.8 | 8.3 |
Capital Expenditure | € 1.7 | € 1.6 |
Additional Notes - Summary of A
Additional Notes - Summary of Agreements Related to Proprietary Clinical Development (Details) - Jun. 01, 2010 € in Millions, $ in Millions | USD ($) | EUR (€) |
Agreements related to Property [Line Items] | ||
Additional Payments | $ 13 | € 10.5 |
Milestone payment | $ 65.5 | € 53.8 |
Additional Notes - Summary o_10
Additional Notes - Summary of Agreements Related to Clinical Development trough Partners (Details) $ in Millions | Jul. 01, 2019EUR (€) | Nov. 01, 2018USD ($) | Nov. 01, 2018EUR (€) | Nov. 01, 2017USD ($) | Nov. 01, 2017EUR (€) | Jun. 01, 2013EUR (€) | Jun. 01, 2010USD ($) | Jun. 01, 2010EUR (€) |
Clinical Agreements [Line Items] | ||||||||
Additional Payments | $ 13 | € 10,500,000 | ||||||
Milestone payment | $ 65.5 | € 53,800,000 | ||||||
Agreements Related to Clinical Development Through Partners [Member] | ||||||||
Clinical Agreements [Line Items] | ||||||||
Additional Payments | $ 3.5 | € 3,100,000 | $ 20 | € 16,800,000 | € 423,000,000 | |||
Upfront Payment | 1.5 | 1,200,000 | € 22,500,000 | |||||
Milestone payment | € 22,000,000 | 1 | 800,000 | 8 | 7,100,000 | |||
Clinical milestone payments | € 16,000,000 | $ 99 | € 87,400,000 | $ 90.5 | € 79,900,000 |