Morphosys raises 2013 profit expectations on cancer programme

FRANKFURT Thu Oct 24, 2013 2:18pm EDT

FRANKFURT Oct 24 (Reuters) - German biotech company Morphosys raised its profit expectations for this year again due to higher revenues and lower costs at its cancer treatment alliance with U.S. partner Celgene.

Morphosys now expects earnings before interest and taxes (EBIT) of between 7 million euros ($9.7 million) and 10 million euros, after previously predicting EBIT of 2 million euros to 6 million euros, it said on Thursday after stock markets closed.

Revenues will come in at the upper end of the predicted range of 74 million to 78 million euros, it said.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article