MARTINSRIED, Germany, July 27, 2006 (PRIMEZONE) -- MorphoSys AG (Frankfurt:MOR) (Prime Standard Segment, TecDAX) today provided an increased guidance for the financial year 2006. On the basis of new collaborations and the expansion of the collaboration with Novartis, an outperformance of revenues versus guidance was identified for the current year in the amount of up to EUR 2 million, which could increase 2006 revenues from EUR 50 million to up to EUR 52 million. Scope for reduction on expense guidance for the full year was also given, with a decrease in expenses of up to EUR 3 million, which could decrease expenses for the full year 2006 from EUR 49 million to EUR 46 million. The impact of these changes could result in earnings before interest and taxes (EBIT) of up to EUR 6 million. Future Company financial guidance will be provided on an EBIT basis only. For comparative purposes, non-operating expenses are estimated at approx. EUR 1 million, resulting in a potential net profit of up to EUR 5 million (original guidance: EUR 1 million).
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About MorphoSys: MorphoSys develops and applies innovative technologies for the production of synthetic antibodies, which accelerate drug discovery and target characterization. Founded in 1992, the Company's proprietary Human Combinatorial Antibody Library (HuCAL) technology is used by researchers worldwide for human antibody generation. The Company currently has licensing agreements and/or research collaborations with Bayer (USA), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (USA), Centocor Inc. (USA), Daiichi Sankyo & Co., Ltd. (Japan), GPC Biotech AG (Germany), Hoffmann-La Roche AG (Switzerland), ImmunoGen Inc. (USA), Merck & Co., Inc. (USA), Novartis AG (Switzerland), Novoplant GmbH (Germany), OncoMed Pharmaceuticals Inc. (USA), Pfizer Inc. (USA), ProChon Biotech Ltd. (Israel), Schering AG (Germany), Schering-Plough (USA), Shionogi & Co., Ltd. (Japan), Xoma Ltd. (USA) and others. Additionally, MorphoSys is active in the antibody research market through its AbD Serotec business unit. The unit was founded in 2003 for the purpose of exploiting the MorphoSys non-therapeutic antibody markets. MorphoSys's activities in the research antibody segment were significantly strengthened through the acquisition of the U.K. and U.S.-based Biogenesis Group in January 2005 and Serotec Group in 2006. For further information please visit the corporate website at: http://www.morphosys.com/.
Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbour provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Factors that may affect future operations and business prospects include, but are not limited to, clinical and scientific results and developments concerning corporate collaborations and the company's proprietary rights.