MorphoSys reports 16% revenue growth
German synthetic antibody specialist MorphoSys has reported solid figures for the first quarter of 2008, driven by its partnership with Swiss drug major Novartis (Marketletter December 10, 2007).
The firm reported a 16% rise in revenue to 16.3 million euros ($25.2 million) versus the like period of 2007. 74%, or 12.0 million, euros of the revenue was attained through the firm's therapeutic antibodies division, with the rest coming from its AbD research antibodies. This was an increased contribution over the similar period of 2007, when just 62% of revenue came from therapeutic antibodies.
Net profit more than quadrupled, advancing to 3.3 million euros vs the disappointing figure of only 600,000 euros from the like period of 2007, bringing the firm's earnings per share up to 0.44 euros. As a result of the positive figure, the company reaffirmed its full-year 2008 guidance, predicting total revenues of between 73.0 million euros and 77.0 million euros.
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