German biotechnology firm MorphoSys AG (MPSYY.PK) Tuesday reported a turnaround to profit in its fourth-quarter benefited by higher revenues and lower operating expenses. Further, the company said it completed the sale of its research and diagnostic business unit AbD Serotec to Bio-Rad on January 10 to focus on therapeutic business and the deal strengthened its cash position.
For the fourth quarter, the company posted consolidated net profit of 3.2 million euros, compared to a loss of 4.8 million euros in the previous year.
Earnings before interest and taxes, or EBIT, totaled 4.4 million euros, as against a loss of 8 million euros reported last year. Recent quarter included a loss of 0.1 million euros from discontinued operations.
The company said it experienced strong progress in its pipeline of proprietary and partnered therapeutic antibody candidates, including MOR103 and MOR208, gantenerumab, CNTO1959 and BYM338.
Simon Moroney, chief executive officer of the company stated, "Major advances in our proprietary programs were the decisive events of the year. The positive reaction of the market illustrates the importance of these programs for the Company's value proposition."
Quarterly revenues increased to 16.5 million euros from 12.3 million euros in the preceding year. Operating expenses dropped to 12.2 million euros from 20.4 million euros a year ago.
For the full-year 2012, consolidated net profit declined to 1.9 million euros from 8.2 million euros a year earlier. On a per share basis, earnings were 0.08 euros, down from 0.36 euros per share last year. Annual revenues declined 37 percent to 51.9 million euros.
For full year 2013, MorphoSys expects total revenues of 48 million euros to 52 million euros, without taking into account a successful out-licensing of one of its proprietary compounds.
The company said its main goals for 2013 are expansion and progress of its therapeutic antibody pipeline and further development and exploitation of technology platforms.
On Frankfurt's Xetra, the shares are currently trading at 28.5 euros, down 2.68 percent.
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