MorphoSys — Update 16 December 2015

MorphoSys

MOR208 and MOR202 data at ASH

Pipeline update

Pharma & biotech

17 December 2015

Price	€56.16
Market cap	€1,488m
€/US$1.09
Net cash (€m) at 30 September 2015		303.5

Shares in issue	26.5m
Free float	92%
Code	MOR

Primary exchange	Frankfurt
Secondary exchange	OTC

Share price performance

%	1m	3m	12m
Abs	1.3	(10.3)	(32.8)
Rel (local)	3.7	(12.3)	(38.6)

52-week high/low

€86.80

€52.95

Business description

MorphoSys is a German biotechnology company. It uses its proprietary technologies to develop human antibodies and peptides for therapeutic use and has 25 antibodies in its clinical pipeline. Its lead proprietary R&D programmes are MOR208 for DLBCL and CLL, as well as MOR202 for MM.

Next events

Bimagrumab pivotal data	Early 2016
MOR209 Phase I data	2016
Guselkumab data from three pivotal trials	2016

Analysts

Maxim Jacobs	+1 646 653 7027
Christian Glennie	+44 (0)20 3077 5727

healthcare@edisongroup.com

Edison profile page

MorphoSys is a research client of Edison Investment Research Limited

At the American Society of Hematology (ASH) annual meeting, compelling early combination data on MOR208 and MOR202 were presented. MOR208 with lenalidomide in previously untreated chronic lymphocytic leukemia (CLL) patients demonstrated a 100% (four/four) response rate in evaluable patients. In the relapsed/refractory CLL population, the combination demonstrated a 43% (3/7) response rate. MOR202 in combination with lenalidomide or pomalidomide demonstrated a 50% (three/six) response rate in relapsed/refractory multiple myeloma (MM) patients.

Year end	Revenue (€m)	PBT* (€m)	EPS* (€)	DPS (€)	P/E (x)	Yield (%)
12/13	78.0	14.0	0.44	0.0	N/A	N/A
12/14	64.0	(1.6)	(0.01)	0.0	N/A	N/A
12/15e	104.9	23.7	0.74	0.0	N/A	N/A
12/16e	48.5	(72.3)	(1.88)	0.0	N/A	N/A

Note: *PBT and EPS are normalised, excluding intangible amortisation, exceptional items and share-based payments.

MOR208 continues to progress

At ASH, MOR208 data in non-Hodgkin’s lymphoma (NHL) and CLL were presented. While the NHL poster was a minor update, the CLL combination data were new and promising, despite the small size of the study. MorphoSys plans to initiate an 80-patient Phase II in combination with lenalidomide in second-line, relapsed/refractory DLBCL patients in Q415. It also plans to initiate a 120-patient Phase II trial in CLL in combination with idelalisib in BTKi-failures in Q116.

MOR202 combination data promising

In the dose escalation portion of a Phase I/IIa study of MOR202 in relapsed/
refractory MM patients, the drug demonstrated a 33% (three/nine) response rate when given once weekly with dexamethasone and a 50% (three/six) response rate when either lenalidomide or pomalidomide was added. The company expects to continue this trial and add further cohorts testing the 16mg/kg dose with both lenalidomide and pomalidomide. A pivotal trial is expected to commence in 2017.

A full pipeline

In total, MorphoSys has 104 programmes (90 partnered, 13 proprietary and one out-licensed) in its pipeline, with 25 (21 partnered, three proprietary and one out-licensed) of these in the clinic. Importantly, two of the partnered programmes, bimagrumab and guselkumab, are expected to have NDA filings in 2016

Valuation: DCF valuation of €1.79bn

We have slightly increased our valuation for MorphoSys to €1.79bn (€67.84 per share) from €1.78bn (€67.24 per share), mainly due to a stronger dollar since our last note somewhat mitigated by a lower cash level. Upcoming catalysts include the initiation of additional MOR208 trials and pivotal trial data for bimagrumab, partnered with Novartis, in sporadic inclusion body myositis in H116.

Additional pipeline data at ASH

At the ASH meeting in Orlando, MorphoSys presented a total of five posters: two on MOR208, its anti-CD19 antibody, and three on MOR202, its anti-CD38 antibody. While some of the data were previously released at conferences, there were compelling new data that demonstrated compelling efficacy when MOR208 and MOR202 are used in combination with lenalidomide or pomalidomide.

MOR208: Compelling data in NHL and CLL

MOR208 is the company’s lead programme and based on data from a 92-patient Phase IIa in multiple subtypes of non-Hodgkin’s lymphoma (NHL), evaluable DLBCL patients exhibited a 36% response rate (see Exhibit 1).

Exhibit 1: MOR208 response rate in NHL patients

Source: ASH 2015, Abstract 1528

Importantly, responses have occurred early and have been relatively durable, lasting up to 20.3 months so far (see Exhibit 2).

Exhibit 2: MOR208 duration of response data in NHL patients

Source: ASH 2015, Abstract 1528

MorphoSys plans to initiate an 80-patient Phase II in combination with lenalidomide in second-line, relapsed/refractory diffuse large B-cell lymphoma (DLBCL) patients in Q415 and a pivotal study with 320 patients in combination with bendamustine commencing in 2017. Annual incidence of DLBCL is around 26,000 new cases, with around one-third becoming relapsed/refractory to treatment, according to ASH.

With regard to CLL, data were presented from a 16-patient trial of both previously untreated and relapsed/refractory patients with a median of three prior therapies treated with MOR208 in combination with lenalidomide. Of the four evaluable previously untreated patients, 100% responded to the drug. Of those with prior therapies, three out of seven (43%) responded (see Exhibit 3). Importantly, responses tended to improve over time.

Exhibit 3: MOR208 in combination with lenalidomide in CLL patients

Source: ASH 2015, Abstract 2953

MorphoSys plans to initiate a 120-patient Phase II trial in combination with idelalisib in BTKi-failures with CLL in Q116. There are an estimated 14,620 new cases of CLL with 4,650 deaths. Our model is currently assuming a 30% chance of success with peak sales of $1.48bn, which assumes 12.5% penetration into the NHL and CLL markets and a $30-45k drug price, which could be conservative given recent trends in oncology drug prices. We await further data before increasing our probability of success, as so far the data in both DLBCL and CLL have been from small samples and the studies have been uncontrolled.

MOR202: More efficacy in combination

MOR202 had promising data presented at the most recent ASCO, EHA and International Myeloma Workshop (IMW) meetings. In an ongoing Phase I/IIa dose-escalation study in MM, 33% of patients receiving clinically relevant doses of MOR202 (4-16mg/kg weekly) were able to achieve a response to therapy. For those with lenalidomide or pomalidomide added to therapy, the response rate increased to 50% (see Exhibit 4).

Exhibit 4: MOR202 responses in multiple myeloma

Source: ASH 2015, Abstract 3035

Also, despite this being a heavily pre-treated population (median of four lines of prior therapy in the MOR202 arm, three lines in the arm in combination with pomalidomide and two lines in the arm in combination with lenalidomide), five out of six of the responses are ongoing (see Exhibit 5).

Exhibit 5: MOR202 duration of response in multiple myeloma

Source: ASH 2015, Abstract 3035

The question is what type of efficacy is needed to be confident in the success of MOR202. There is quite a bit of data on the use of different regimens (dexamethasone, lenalidomide, pomalidomide, as well as the competing anti-CD38 antibodies daratumumab and SAR650984) in MM available (see Exhibit 6), providing an idea of what the response rate needs to be.

Exhibit 6: Comparison of different regimens in multiple myeloma

Study	Regimen	Phase	Sample Size	Prior lines	Response rate
Lokhorst et al, 2015	16mg/kg daratumumab	I/II	42	4	36%
Lokhorst et al, 2015	8mg/kg daratumumab	I/II	30	4	10%
Weber et al, 2007	dexamethasone	III	176	≥2	20%
Dimopoulos et al, 2007	dexamethasone	III	175	≥2	24%
San Miguel et al, 2013	dexamethasone	III	153	5	10%
Richardson et al, 2009	lenalidomide	II	222	3	26%
Weber et al, 2007	lenalidomide + dexamethasone	III	177	≥2	61%
Dimopoulos et al, 2007	lenalidomide + dexamethasone	III	176	≥2	60%
Richardson et al, 2014	pomalidomide	II	108	5	18%
Lacy et al, 2009	pomalidomide + dexamethasone	II	60	2	63%
Leleu et al, 2013	pomalidomide + dexamethasone	II	43	5	35%
Richardson et al, 2014	pomalidomide + dexamethasone	II	113	5	33%
San Miguel et al, 2013	pomalidomide + dexamethasone	III	302	5	31%
Martin et al, 2014	SAR650984	I	30	6.5	27%
Raab et al, 2015	4-16mg/kg MOR202 + dexamethasone	I/IIa	9	4	33%
Raab et al, 2015	8mg/kg MOR202 + dexamethasone + lenalidomide	I/IIa	3	2	33%
Raab et al, 2015	8mg/kg MOR202 + dexamethasone + pomalidomide	I/IIa	3	3	67%

Source: Nooka et al, 2015. Treatment options for relapsed and refractory multiple myeloma. Blood 2015 125: 3085-3099. ASH 2015, ASH 2014, Lokhorst et al, 2015. Targeting CD38 with Daratumumab Monotherapy in Multiple Myeloma. NEJM 2015; 373:1207-1219

One major caveat to any comparison is that the MOR202 trial is still in the dose-ranging phase and it appears that full target occupancy occurs at the 16mg/kg level for MOR202 (though saturation begins to be seen at the 8mg/kg level) when given once a week, so doses below that level are likely suboptimal. Based on the data so far, only two patients have received this optimal level of therapy. There will be additional cohorts of MOR202 at the 16mg/kg level in combination with both pomalidomide and lenalidomide that will be evaluated and we expect additional updates on those over the course of 2016.

MOR202 also has a best-in-class infusion tolerability profile, with only 6% of patients having mild infusion reactions when treated with MOR202 + dexamethasone. The competitive products have c 50% of patients reporting infusion reactions despite mandatory co-medication with steroids and, in the case of daratumumab, the initial dose is infused over eight hours to limit the infusion reactions, whereas MOR202 takes only two hours to infuse.

Our model is currently assuming a 30% chance of success with peak sales of $883m, which assumes 20% penetration into the MM markets and a $30-45k drug price, which could be conservative given recent trends in oncology drug prices. We await further data at the optimal doses before increasing our probability of success.

Valuation

We have slightly increased our valuation for MorphoSys to €1.79bn (€67.84 per share) from €1.78bn (€67.24 per share), mainly due to a stronger dollar since our last note somewhat mitigated by a lower net cash level. Upcoming catalysts include the initiation of additional MOR208 trials and pivotal trial data for bimagrumab, partnered with Novartis, in sporadic inclusion body myositis in H116.

Exhibit 7: Valuation of MorphoSys

Value driver (indication)	Launch date	Peak sales	Likelihood of success	Royalty/margin	Value (€m)	Value per share (€)
Partnered discovery					138.7	5.24
MOR103 royalties (RA)	2021	$2.69bn	40%	15%	236.1	8.92
MOR103 royalties (MS)	2021	$1.50bn	15%	15%	65.2	2.47
MOR103 milestones	Risk-adjusted milestones: €20m in 2015, €50m in 2016, €50m in 2017, €150m in 2018, €50m in 2019.				67.5	2.55
MOR202 royalties ex-Europe (MM)	2019	$480m	30%	22.5%	66.9	2.53
MOR202 profits in Europe (MM)	2019	$400m	30%	35%	86.4	3.27
MOR202 milestones	Risk-adjusted milestones: $50m in 2016, $25m in 2018, $75m in 2019.				39.8	1.51
MOR208 royalties ex-Europe (CLL, ALL, NHL)	2019	$675m	30%	22.5%	118.3	4.47
MOR208 profits in Europe (CLL, ALL, NHL)	2019	$805m	30%	32.5%	203.9	7.71
MOR209 royalties in US (CRPC)	2022	$440m	15%	15%	13.6	0.51
MOR209 profits in Europe (CRPC)	2022	$490m	15%	35%	37.7	1.43
MOR209 milestones	Risk-adjusted milestones to Emergent Biosolutions: €10m in 2018, €50m in 2016, €30m in 2021, €40m in 2022.				(5.5)	(0.21)
Gantenerumab* royalties (AD)	2019	$3.52bn	20%	5.5-7%	100.9	3.81
Bimagrumab* royalties (cachexia)	2017	$1.20bn	60%	5%	93.2	3.52
Guselkumab* royalties (psoriasis)	2017	$1.75bn	50%	5%	107.2	4.05
CNTO6785* royalties (RA)	2019	$1.35bn	30%	5%	39.4	1.49
LFG316* royalties (AMD)	2018	$875m	30%	5%	34.1	1.29
CNTO3157* royalties (asthma)	2019	$740m	30%	5%	21.6	0.82
Tarextumab* royalties (cancer)	2017	$750m	30%	5%	29.2	1.10
VAY736* royalties (autoimmune diseases)	2019	$750m	30%	5%	21.9	0.83
LJM716* royalties (cancer)	2019	$750m	30%	5%	21.9	0.83
BHQ880* royalties (MM)	2018	$540m	15%	5%	8.8	0.33
Other royalties - OMP-18R5, BI 836845, PFE-1, and BAY 94-9343, NOV-7, NOV-8, NOV-9, NOV-10, NOV-11, BPS-804	2018-21	$750m per product	10%	5%	66.9	2.53
Cost of proprietary drug discovery	Risk-adjusted DCF valuation of cash flows until 2021; WACC: 12.5%.				(129.6)	(4.90)
Unallocated costs	DCF valuation of cash flows until 2021; WACC: 12.5%.				(22.9)	(0.86)
Other	Grants, capital expenditure, depreciation, and changes in working capital.				30.3	1.14
Net cash at Q315					303.5	11.47
Total					1,794.9	67.84

Source: Edison Investment Research. Note: *Non-proprietary products. WACC of 12.5% was used on all potential product royalties. Tax rate = 30%.

Financials

At its Q315 results, MorphoSys reconfirmed its guidance for the year of revenues of €101-106m, with €56-63m in proprietary R&D expenses (which does not include R&D related to partner discovery) and €9-16m worth of EBIT. Due to the more aggressive focus on its internal pipeline, proprietary R&D expenses are likely to be much higher in 2016 than they will be for 2015, although we are not likely to receive clarity on the extent of the increase until early 2016.

The issue for the company is that by the end of 2017, its Novartis discovery collaboration may end (although Novartis has an option to extend it by two years). As this collaboration provides MorphoSys with €40m in annual funding, the end of this collaboration, coupled with a more aggressive R&D strategy, could accelerate the timeline for the next capital raise. However, bimagrumab, partnered with Novartis for sporadic inclusion body myositis (sIBM), and guselkumab, partnered with Johnson & Johnson for psoriasis, are expected to be filed for approval in 2016 and could therefore start to provide MorphoSys with mid-single digit royalties starting in 2017. Adding in potential upfront payments from future collaborations (especially for MOR208 and MOR202), these royalties may more than make up for any lost revenue from Novartis and may delay any cash shortfall and the need for additional capital.

Exhibit 8: Financial summary

	2013	2014	2015e	2016e
Year end 31 December	IFRS	IFRS	IFRS	IFRS
PROFIT & LOSS
Revenue	77,960	63,978	104,875	48,482
Cost of Sales	0	0	0	0
Gross Profit	77,960	63,978	104,875	48,482
R&D Expenses	(49,152)	(55,963)	(75,449)	(112,721)
Sales, General and Administrative Expenses	(18,770)	(14,146)	(14,427)	(14,718)
EBITDA	18,050	(1,764)	23,748	(72,606)
Operating Profit (before GW and except.)	13,216	(3,211)	21,041	(73,175)
Intangible Amortisation	(3,291)	(2,688)	(1,452)	(5,559)
Exceptionals/Other	0	0	0	0
Operating Profit	9,925	(5,899)	19,589	(78,734)
Net Interest	756	1,590	2,635	861
Exceptionals/Other	0	0	0	0
Profit Before Tax (norm)	13,972	(1,621)	23,676	(72,315)
Profit Before Tax (FRS 3)	10,681	(4,309)	22,224	(77,873)
Tax	(3,310)	1,296	(4,364)	23,362
Discontinued operations	5,951	0	0	0
Profit After Tax (norm)	10,662	(325)	19,312	(48,953)
Profit After Tax (FRS 3)	13,322	(3,013)	17,860	(54,511)

Average Number of Shares Outstanding (m)	24.5	25.9	26.0	26.0
EPS - normalised (c)	43.5	(1.3)	74.4	(188.0)
EPS - FRS 3 (c)	54.4	(11.6)	68.8	(209.3)
Dividend per share (c)	0.0	0.0	0.0	0.0

Gross Margin (%)	100.0	100.0	100.0	100.0
EBITDA Margin (%)	23.2	N/A	N/A	N/A
Operating Margin (before GW and except.) (%)	N/A	N/A	N/A	N/A

BALANCE SHEET
Fixed Assets	41,089	104,083	101,057	96,626
Intangible Assets	35,150	45,980	82,369	77,537
Tangible Assets	2,168	3,558	3,643	4,043
Other	3,772	54,545	15,045	15,045
Current Assets	406,567	322,395	311,834	247,505
Stocks	731	556	529	529
Debtors	10,270	14,991	22,986	10,626
Cash	271,336	145,766	111,775	36,445
Other	124,230	161,083	176,543	199,905
Current Liabilities	(35,407)	(32,703)	(36,375)	(18,435)
Creditors	(17,190)	(17,831)	(29,365)	(13,575)
Short term borrowings	0	0	0	0
Deferred revenues	(15,267)	(14,075)	(4,166)	(4,196)
Other short term liabilities	(2,950)	(797)	(2,844)	(664)
Long Term Liabilities	(60,104)	(44,972)	(11,240)	(11,268)
Long term borrowings	(299)	(252)	(244)	(244)
Deferred revenues	(59,169)	(44,677)	(3,828)	(3,856)
Other long term liabilities	(637)	(43)	(7,168)	(7,168)
Net Assets	352,145	348,803	365,276	314,427

CASH FLOW
Operating Cash Flow	90,374	(11,921)	(24,741)	(72,313)
Net Interest	143	645	341	861
Tax	(1,380)	(2,942)	(4,542)	(2,180)
Capex	(5,558)	(20,474)	(8,606)	(1,697)
Acquisitions/disposals	36,580	0	0	0
Financing	132,725	(3,919)	(24,389)	0
Dividends	0	0	0	0
Other	(2,324)	0	370	0
Net Cash Flow	250,561	(38,611)	(61,568)	(75,330)
Opening net debt/(cash)	(130,338)	(390,496)	(352,548)	(296,949)
HP finance leases initiated	0	0	0	0
Exchange rate movements	4	(1)	(0)	0
Other	9,592	664	5,969	0
Closing net debt/(cash)	(390,496)	(352,548)	(296,949)	(221,619)

Source: Edison Investment Research, company reports

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2015 Edison Investment Research Limited. All rights reserved. This report has been commissioned by MorphoSys and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Equities

Equities by Sector

Sectors

Megatrends

Thematics

Latest

Edison explains: Europe’s ageing buildings

Stock of the month – PZ Cussons

Q226 reflections: Leadership swings back – the value case holds

Audiovisual

Latest

The Metals Company – equity proposition

Vantage: Rockwood Strategic – UK small-cap value and active engagement

Bull, Bear & Beyond – Living REIT: executive interview

About Edison

Corporates

Investors

Careers

MorphoSys — Update 16 December 2015

Latest

ZOO Digital — Rebuilt for a market that now pays for speed

IP Group — Interesting call option on anti-obesity programme

bp — Strong Q2 as portfolio focus narrows

PZ Cussons — Adjusted operating profit ahead of expectations

Mersen — Electrical Power drives guidance upgrade

Entertainment One — Update 16 December 2015

Equities

Equities by Sector

Sectors

Megatrends

Thematics

Latest

Edison explains: Europe’s ageing buildings

Stock of the month – PZ Cussons

Q226 reflections: Leadership swings back – the value case holds

Audiovisual

Latest

The Metals Company – equity proposition

Vantage: Rockwood Strategic – UK small-cap value and active engagement

Bull, Bear & Beyond – Living REIT: executive interview

About Edison

Corporates

Investors

Careers

MorphoSys — Update 16 December 2015

Latest

ZOO Digital — Rebuilt for a market that now pays for speed

IP Group — Interesting call option on anti-obesity programme

bp — Strong Q2 as portfolio focus narrows

PZ Cussons — Adjusted operating profit ahead of expectations

Mersen — Electrical Power drives guidance upgrade

Entertainment One — Update 16 December 2015

Subscribe to Edison