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Morphosys triples Q1 loss as new subsidiary ramps up costs

Reuters
·1-min read

FRANKFURT (Reuters) - German drugmaker Morphosys reported a three-fold increase in its quarterly net loss on Wednesday due to higher costs after the acquisition of U.S. cancer specialist Constellation Pharmaceuticals.

The group said its net loss tripled to 122.7 million euros ($129.19 million) in the first quarter of 2022 from 41.6 million euros last year due to new research and development expenses and financing-related payments after its Constellation acquisition.

Morphosys bought the rival in July to expand its pipeline with advanced experimental cancer drugs, which are expensive to research, and is paying royalties under a deal it had struck with investor Royalty Pharma to pay for the acquisition.

The drugmaker confirmed the 2022 financial targets it published in January and reiterated in March as well as May.

($1 = 0.9498 euros)

(Reporting by Zuzanna Szymanska, editing by Kirsti Knolle)