First-quarter profit up 6% for MorphoSys

30 April 2009

German antibody developer MorphoSys' profit rose by 6% year-on-year in the first three months of 2009, due to rising sales in both the company's businesses.

The firm's net income increased to 3.5 million euros ($4.6 million) versus 3.3 million euros in the year before. However, as of March 31, the group had 136.1 million euros in cash and cash equivalents, down 1% on the end of last year.

Turnover rocketed 17% to 19.1 million euros, comprising: 14.3 million euros from therapeutic antibodies; and 12.0 million euros from AbD research antibodies, up 19% and 14%, respectively.

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