NEW YORK (GenomeWeb News) — MorphoSys today said fourth-quarter revenues increased 44 percent as operating expenses, coming largely from R&D, spiked 115 percent and profit turned to a loss.
Total receipts for the three months ended Dec. 31, 2006, increased to €14 million ($18.5 million) from €9.7 million year over year.
MorphoSys said operating expenses increased to €15.7 million from €7.3 million year over year. The increase “was mainly due to higher product and technology development, in addition to restructuring costs in the UK.”
The company posted a €100,000 loss for the quarter compared with an €800,000 profit in the year-ago period.
MorphoSys said it had around €66 million in cash, cash equivalents, and available-for-sale financial assets as of Dec. 31.
MorphoSys said it expects 2007 revenues for the MophoSys Group of between €7 million and €10 million, with roughly two-thirds coming from its Therapeutic Antibodies segment.
In January, MorphoSys purchased the UK antibody supplier Serotec for £20 million. The deal expanded the company’s antibody business and gives MorphoSys distribution channels in the UK, US, France, and Scandinavia.