Morphosys increases 2019 guidance thanks to milestone payment

BERLIN: Shares in Morphosys rose on Wednesday after the German biotech group hiked its 2019 guidance thanks to a clinical development programme which resulted in it receiving a payment of 22 million euros ($24.85 million) from a licensing partner.

Morphosys now expects to post a loss before interest and tax (EBIT) of between 105 million euros to 115 million euros ($129.92 mln-$118.62 mln loss), an improvement from its previous forecast of a 127 million euros to 137 million euros loss.

It also raised its revenue forecast to 65-72 million euros from its previous prediction of 43-50 million euros.

Shares were up 2.5% at 1120 GMT.