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PDL BioPharma Announces First Quarter 2012 Financial Results
Date:5/3/2012

INCLINE VILLAGE, Nev., May 3, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the first quarter ended March 31, 2012.

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Royalty revenues for the first quarter of 2012 increased five percent over the same period of 2011. Total revenues for the first quarter of 2012 were $77.3 million, compared to $83.3 million for the same period of 2011. Total revenue for the first quarter of 2011 included a one-time settlement payment of $10 million from UCB Pharma.

Royalty revenues for the first quarter of 2012 are based on fourth quarter 2011 product sales by PDL's licensees. The growth in royalty revenues was driven primarily by increased royalties from fourth quarter 2011 sales of Herceptin®, which is marketed by Genentech and Roche, Lucentis® and Xolair®, which are marketed by Genentech and Novartis, and Tysabri®, which is marketed by Elan and Biogen Idec.  Royalty revenue for the first quarter is net of payments made under our February 2011 settlement agreement with Novartis Pharma AG.

General and administrative expenses for the first quarter of 2012 were $6.9 million, compared with $5.8 million in the same period of 2011. The increase in expenses is mainly due to expenses incurred with the tender offer and exchange transactions for the 2.875% Series 2012 Convertible Senior Notes due February 15, 2015 (Series 2012 Notes) and our efforts to acquire new royalty assets.

Net income for the first quarter of 2012 was $40.2 million, or $0.29 per diluted share as compared with net income of $44.5 million, or $0.25 per diluted share in the comparable quarter of 2011. Adjusting for the non-cash interest expense associated with our Series 2012 Notes and 3.75%
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SOURCE PDL BioPharma, Inc.
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