MorphoSys sees 100% 1st-qtr income rise

German antibody drug specialist MorphoSys AG says that, in the quarter ended March 31, 2006, its revenues surged 100% on the like, year-ago period, to 14.8 million euros ($19.0 million) and, on the strength of this, the firm saw a record quarterly net profit of 4.9 million euros versus 500,000 euros in first-quarter 2005. Diluted net income per share amounted to 0.78 euro.

Morphosys' therapeutic antibodies segment showed a very good performance. Income from this unit reached 9.9 million euros, representing 67% of total revenues, driven by success-based payments that amounted to 3.9 million euros. The firm's antibody design unit, comprising the Serotec, Biogenesis and Antibodies by Design brands, contributed 4.9 million euros, or 33% of total revenues.

The Frankfurt-headquartered drugmaker noted that the 56% organic renvenue growth it achieved in the quarter does not include income from its recent acquisition of the UK's Serotec which, its says, has established the firm as a market leader among dedicated European research antibody suppliers.