The German antibody discovery company MorphoSys AG has one particularly rare characteristic for an R&D-intensive biotech company: it is profitable. Thanks to a raft of discovery and development alliances that are beginning to mature and a healthy reagents business, MorphoSys can look forward to growing its revenue base for years to come.
But the company's unusual circumstances invite a question that seems ill-suited to the current climate of financial frugality. Being profitable...