Date:5/3/2012

t of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's royalty assets, restrict or impede the ability of the Company to invest in new royalty bearing assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission and updated by subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.PDL BIOPHARMA, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA(Unaudited)(In thousands, except per share amounts)Three Months EndedMarch 31,20122011Revenues:Royalties$77,344$73,336License and other-10,000Total revenues77,34483,336General and administrative expenses6,9455,779Operating income70,39977,557Non-operating expense, netInterest and other income90175Interest expense(8,700)(9,154)Non-operating expense, net(8,610)(8,979)Income before income taxes61,78968,578Income tax expense 21,60524,033Net income$40,184$44,545Net income per shareBasic$
.29$
.32Diluted$
.29$
.25Cash dividends declared per common share$
.60$
.60Weighted average shares outstandingBasic139,680139,640Diluted140,204184,954PDL BIOPHARMA, INC.RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP(Unaudited)(In thousands, except per share amounts)Three Months Ended
March 31,20122011Net income

$40,184$44,545Add Back:Amortization of Series 2012 Notes and May 2015 Notes debt discount, net of estimated taxes

1,596-Non-GAAP net income

41,78044,545Add back interest expense for implied conversion of convertible notes included in determination of
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SOURCE PDL BioPharma, Inc. Copyright©2010 PR Newswire. All rights reserved

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