MorphoSys AG : Q2 topped estimates, meaningful upside remains, need for equity in 2023
>Q2 better due to royalties and licenses and milestones - The company achieved € 59.4m in revenues and an EBIT of -€ 55.1m in Q2. This is better than the € 48m in revenues and EBIT of -€ 78.6m we estimated. Monjuvi net product sales were slightly better at € 21.7m in Q2 vs our forecast of € 21.0m. The main deviation comes from licences, milestone and royalty revenues. Overall, we like that Q2 was better than estimated. FY guidance detailed - Managemen...MorphoSys is engaged in development and commercialization of antibodies for therapeutic applications. Co. operates in two segments: Partnered Discovery, which operates therapeutic development programs for drug candidates in cooperation with biotechnology and pharmaceutical companies; and Proprietary Development, which is engaged in the development of therapeutic antibodies in the area of inflammatory disease and oncology on a proprietary basis. As of Dec 31 2013, Co.'s proprietary antibody compounds in clinical trials included MOR103 in the areas of rheumatoid arthritis and multiple sclerosis; MOR202 in the field of multiple myeloma; and MOR208 in the field of malignant B-cell diseases.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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