MorphoSys reports 1Q15 earnings

MorphoSys AG (Xetra:MOR; Pink:MPSYF) reported 1Q15 revenues of EUR 70.4 million ($78.5 million), up from 1Q14 revenues of EUR 15.9 million ($17.7 million). The gains were largely due to the receipt of deferred revenues and a one-time payment from Celgene Corp. (NASDAQ:CELG) to cover 2015 development costs for MOR202. In March, the partners terminated a 2013 deal to co-develop the compound worldwide and co-commercialize it in Europe.

MorphoSys' shares fell sharply that month after it regained rights to the human mAb against CD38, even though the company also increased its full-year revenue guidance to EUR 101-EUR 106 million ($109-$114.4 million), up from a prior estimate of EUR 58-EUR 63 million ($62.6-$68 million) (see BioCentury Extra, March 26). ...