Morphosys raises 2013 profit expectations on cancer programme

FRANKFURT Thu Oct 24, 2013 2:21pm EDT

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FRANKFURT (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.

($1 = 0.7245 euros)

(Reporting by Peter Dinkloh; Editing by Anthony Barker)

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