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PDL BioPharma Announces First Quarter 2009 Financial Results
Date:5/7/2009

- Revenues From Continuing Operations Increase 25 Percent to $62.6 Million -

- Conference Call Today at 4:30 p.m. Eastern Time -

INCLINE VILLAGE, Nev., May 7 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today reported financial results for the first quarter ended March 31, 2009.

Total revenues from continuing operations for the first quarter of 2009 were $62.6 million, a 25 percent increase from $50.2 million for the same period in 2008. The increase was primarily due to increases in royalty revenues driven by higher product sales of Avastin(R), Herceptin(R) and Lucentis(R), which are marketed by Genentech, Inc., a subsidiary of F. Hoffman-La Roche Ltd., and sales of Tysabri(R), which is marketed by Elan Corporation, Plc. Royalty revenues are based on fourth quarter product sales by PDL's licensees and include those for Synagis(R), which is marketed by MedImmune, Inc.

"We were pleased to begin fulfilling the goal of income distribution to stockholders by paying our first post-spin-off dividend in April, a result of the revenues and profits PDL is generating from royalties on a diversified portfolio of successful products," said John McLaughlin, president and chief executive officer of PDL BioPharma. "Our new and focused strategy seeks to optimize our assets to benefit stockholders without the diversion, expense, and considerable risk of research and development."

Total general and administrative expenses from continuing operations in the first quarter of 2009 were $4.7 million compared with $12.7 million in the first quarter of 2008. The decrease was primarily driven by the Company's reduced cost structure. Significant expense items for the first quarter of 2009 included $1.6 million in legal fees for patent prosecution, patent defense and corporate complia
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SOURCE PDL BioPharma, Inc.
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