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news.MorphoSys, a biotechnology company that develops novel antibodies for therapeutic, diagnostic and research applications, has reported group revenues of EUR48.6m for the first quarter ended 31 March 2011, compared to EUR20.6m for the same period in 2010.
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For the first quarter of 2011, the company has reported a net profit of EUR18.8m, or EUR0.81 per diluted share, compared to EUR3.2m, or EUR0.14 per diluted share, for the same period in 2010.
Total operating expenses for the first quarter of 2011 were EUR19.9m, compared to EUR15.9m for the same period last year.
The company’s other operating income was EUR0.1m, compared to EUR0.01m for the same period prior year.
Total research and development expenses rose by EUR3.4m or 37% to EUR12.7m, mainly due to investment in proprietary product and technology development (including segment allocations) amounting to EUR7.2m.
MorphoSys CEO Simon Moroney said the successful installation of their HuCAL technology at Novartis was the most significant event during the first quarter.
"Financially, the double digit million Euro payment associated with this milestone led us to a record quarter and will help us to achieve more than 20% revenue growth in 2011," Moroney said.