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MorphoSys generates second-quarter revenues of €11.7 million
By Lisa Kerner
Charlotte, N.C., July 28 - MorphoSys AG said for the second-quarter 2006 it generated revenues of €11.7 million, up from €7.9 million in the same quarter of 2005.
The company's total operating expenses increased to €10.8 million from €6.5 million in the second-quarter 2005.
Profit from operations for the quarter was down at €0.9 million from €1.4 million for same period in 2005.
MorphoSys had a net loss of €0.4 million in the second quarter of 2006, compared with a net profit of €1.3 million during the same period of 2005.
For the first half of 2006, the company's revenues increased by 72% to €26.5 million from €15.4 million for the first six months of 2005.
Total operating expenses for the first six months were up to €21.0 million from €13.3 million in the same period of 2005. MorphoSys attributed the increase to the acquisition of the Serotec Group, which increased operating expenses by €5.6 million.
The company reported an increased net profit for the six-month period of €4.5 million, compared with a net profit of €1.8 million in the previous year.
In the first half of 2006, MorphoSys achieved a net income of €4.5 million, or €0.70 per diluted share, up from the prior-year period's reported net income of €1.8 million, or €0.31 per diluted share.
At June 30, MorphoSys had cash, cash equivalents and available-for-sale financial assets totaling €64.9 million, up from €53.6 million on Dec. 31, 2005.
MorphoSys increased its revenue guidance for 2006 to up to €52 million from €50 million.
Company highlights for the quarter include expanding the antibody collaboration with Novartis until May 2011 and formation of a two-year license agreement with Schering-Plough Corp. to develop HuCAL-derived therapeutic antibodies.
Munich, Germany-based MorphoSys develops and applies technologies for the production of synthetic antibodies for drug discovery.
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