MorphoSys Stock Falls After Trimming Upper End Of 2021 Revenue Outlook

MorphoSys AG MOR expects group revenues of €155 million to €180 million (previously: €150 to € 200 million, provided on March 15 and reiterated on May 5, 2021).
The updated revenue guidance primarily reflects updated Monjuvi product sales expectations.
MorphoSys now expects operating expenses of €435 million to € 465 million (previously €355 to € 385million).
R&D expenses now are expected to comprise 52 to 57% of Group operating expenses (previously 45-50%), excluding one-time transaction-related costs.
The updated guidance for operating expenses mainly reflects the acquisition of Constellation Pharmaceuticals.
The revised numbers also include one-time transaction costs of €36 million.
As a result of the updated Monjuvi product sales expectations, the balance sheet position "financial liabilities from collaborations, net of current portion" is reduced from €547.6 million to €445.9 million.
Full results will be published as planned on July 28.
Price Action: MOR shares are down 5% at $15.37 during the premarket session on the last check Monday.