Will MorphoSys Trade Profitability for More Products, More Opportunities, and More Risk?

Morphosys is a rare biotech company in that it is both an R&D driven enterprise and is profitable at the same time, thanks mostly to a variety of antibody discovery deals it has signed over the years with pharmaceutical partners. As the company brings more product candidates into the clinic will its profitability become a strategic liability, imposing limits on how much it can spend to drive products forward?