MorphoSys revenues jump 139% for 2000

German biotechnology company MorphoSys AG reports that year-end 2000revenues reached 13.1 million euros ($12.3 million). The sales revenue was driven mainly by increased collaborations and HuCAL licensing deal fees, representing 24% and 21% of total turnover, respectively. 2000 was "extremely successful for MorphoSys," according to the firm's chief executive, Simon Moroney, who added that it has signed eight collaboration agreements, six with new partners, and hit six commercial milestones.

In the fourth quarter of 2000, the company adopted Securities and Exchange accounting bulletin 101 (SAB 101), and will record a cumulative effect of the change in accounting principles related to revenue recognition of contract revenues recognized in prior periods. As a result, MorphoSys will record a one-time, non-cash charge of 3.2 million euros relating to these revenues. Moreover, it says, after giving effect to the adjustment of SAB 101, MorphoSys' year-end 2000 revenues will be 8.4 million euros.