MorphoSys Reports Q3 Profit; Confirms 2018 Guidance - Quick Facts

(RTTNews) - MorphoSys AG (MOR, MPSYY.PK) reported third-quarter consolidated net result of 30.2 million euros compared to a negative net result of 24.0 million euros, previous year. Basic earnings per share was 0.96 euros compared to a loss of 0.83 euros. EBIT was 30.1 million euros compared to a negative EBIT of 23.5 million euros, reflecting in particular the up-front payment made by Novartis under the MOR106 license agreement.

Group revenues were 55.0 million euros compared to 15.0 million euros, prior year. The company said the revenue increase was mainly driven by the up-front payment of 47.5 million euros for the license agreement for MOR106 with Novartis.

MorphoSys confirmed its 2018 financial guidance which had been increased after signing an agreement with Novartis for MOR106 in July 2018. In the light of the recent positive development of Tremfya royalties, MorphoSys expects revenues on the upper end of the guided range from 67 million euros to 72 million euros for 2018. EBIT are expected to be negative in a range of 55 million euros to negative EBIT of 65 million euros.