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

2009 2008 Cash, cash equivalents, short-term investments and restricted cash $193,192 $147,527 Total assets $219,065 $191,142 Total stockholders' deficit $(422,297) $(352,569) PDL BIOPHARMA, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW DATA (in thousands) (unaudited) Three Months Ended March 31, 2009 2008 Net income (loss) $37,457 $(61,875) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (3,596) 33,769 Changes in assets and liabilities (6,148) (1,225) Net cash provided by (used in) operating activities $27,713 $(29,331)

                                     PDL BIOPHARMA, INC.
                   SUPPLEMENTAL INFORMATION ON DISCONTINUED OPERATIONS (1)
                                       (in thousands)
                                         (unaudited)

    Biotechnology Operations                              Three Months
                                                         Ended March 31,
                                                     2009              2008
    Net revenues                                     $-              $7,124
    Total costs and expenses                          -             (15,325)
    Income tax expense (benefit)                      -                 (3
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SOURCE PDL BioPharma, Inc.
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