By Andrea Figueras
Morphosys, the German biopharmaceutical company, announced improved financial performance in the second quarter of the year. Despite a decline in revenue, lower costs helped narrow net and operating losses.
Strong Improvement in Financials
Morphosys reported a significant decrease in net loss for Q2, reducing it to 74 million euros ($81.2 million) compared to the previous year’s loss of EUR235 million. The company also saw a reduction in operating loss, with figures dropping from EUR55.1 million to EUR50.5 million.
Revenue Decline Offset by Cost Reductions
Although revenue dipped by 10% to EUR53.2 million, Morphosys successfully mitigated the impact through cost-cutting measures. The quarterly sales of Monjuvi, the company’s main product which treats lymphoma, remained stable at EUR21.7 million.
Positive Outlook for Monjuvi
Morphosys maintains a positive outlook for Monjuvi, anticipating net product sales in the U.S. to range between $80 million and $95 million for the year. The company expects a gross margin of 75% to 80% for Monjuvi and estimates research-and-development expenses to be between EUR290 million and EUR315 million.