MorphoSys AG Updates FY23 Monjuvi U.S. Net Product Sales From $80M-$95M To $85M-$95M
Portfolio Pulse from Benzinga Newsdesk
MorphoSys AG has updated its FY23 financial guidance, raising the lower end of its Monjuvi U.S. net product sales forecast from $80M to $85M, with the upper end remaining at $95M. The gross margin for Monjuvi sales is expected to be approximately 75%, and the profit/loss is split 50/50 with Incyte. R&D expenses are projected to be between €290M to €315M, and SG&A expenses between €140M to €155M. Tremfya royalties will be recorded as revenue but passed on to Royalty Pharma, and no significant cash-accretive revenues from milestones are expected in 2023. Sales of tafasitamab outside the U.S. to Incyte will result in zero gross profit/margin.
November 15, 2023 | 9:05 pm
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MorphoSys AG has updated its FY23 guidance, increasing the lower end of its Monjuvi U.S. net product sales forecast and maintaining a steady gross margin. The company will continue to share profits with Incyte and pass Tremfya royalties to Royalty Pharma.
The updated financial guidance, particularly the increase in the lower end of the Monjuvi U.S. net product sales forecast, is a positive signal for investors, indicating a potentially stronger revenue performance than previously expected. This could lead to a short-term positive impact on MorphoSys' stock price. The consistent gross margin and shared profits with Incyte suggest a stable partnership, while the pass-through of Tremfya royalties to Royalty Pharma is already factored into investor expectations.
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