MorphoSys raises 2013 guidance

MorphoSys AG (Xetra:MOR; Pink:MPSYF) raised its 2013 EBIT and revenue guidance as result of "positive revenue development" and lower than anticipated costs for MOR202, which is in a Phase I/II trial for relapsed or refractory multiple myeloma (MM). MorphoSys now expects EBIT of EUR 7-EUR 10 million ($9.6-$13.7 million), up from EUR 2-EUR 6 million ($2.7-$8.2 million) previously. The company also now expects full-year revenues to be at the upper end of its EUR 74-EUR 78 million ($101.2-$106.6 million) guidance. In June, MorphoSys partnered with Celgene Corp. (NASDAQ:CELG) to co-develop MOR202, an anti-CD38 mAb (see BioCentury, July 15). ...