MorphoSys Surpasses 2005 Revenue, Profit Guidance as Receipts Surge 52 Percent

NEW YORK, Feb. 3 (GenomeWeb News) - MorphoSys today said that revenue for 2005 increased 52 percent, causing total receipts and profit to surpass earlier projections, according to preliminary financial data.

Total receipts for the 12 months ended Dec. 31, 2005, increased to €33.5 million ($40.2 million) from €22 million year over year.

Net income surged to €4.7 million from €300,000 last year.

The company had recently forecast that net income would be €3.5 million on revenues of €31.5 million. But an earlier-than-planned succession of performance-based payments within existing collaborations made shortly before the end of the year helped the company surpass those projections.

MorphoSys said it will publish its audited financial statements on Feb. 24.