MorphoSys' first-half profit doubles on accord

Germany synthetic antibody specialist MorphoSys AG says that its first-half 2008 revenues increased 16 % year-on-year to 33.3 million euros ($52.0 million), as operating profit more than doubled to 8.0 million euros and net profit reached 6.3 million euros from 2.0 million euros.

Income from the firm's Therapeutic Antibodies segment accounted for 73%, or 24.3 million euros of total revenues versus 18.7 million euros in the comparable period last year, while its AbD Research Antibody unit generated 27% of total turnover, or 9.0 million euros, down from 9.9 million euros in first-half 2007.

MorphoSys says that its overall revenue growth was driven primarily by higher levels of funded research and licensing fees in its TAb segment, in large part from the strategic partnership with Novartis signed at the end of last year (Marketletter December 10, 2007).