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PDL BioPharma Announces First Quarter 2013 Financial Results
Date:5/9/2013

INCLINE VILLAGE, Nev., May 9, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the first quarter ended March 31, 2013.

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Royalty revenues for the first quarter of 2013 increased 19 percent over the same period of 2012. Total revenues for the first quarter of 2013 were $91.8 million compared to $77.3 million for the same period in 2012. 

Royalty revenues for the first quarter of 2013 are based on fourth quarter 2012 product sales by PDL's licensees. The growth in royalty revenues was driven primarily by increased royalties from fourth quarter 2012 sales of Avastin®, Herceptin®, Lucentis®, Tysabri®, and Actemra®.  

General and administrative expenses for the first quarter of 2013 were $7.2 million compared with $6.9 million in the same period of 2012.

Net income for the first quarter of 2013 was $53.5 million or $0.36 per diluted share as compared with $40.2 million, or $0.29 per diluted share in the comparable quarter of 2012. The increase in net income is due to the 19 percent increase in royalty revenues and the resulting 33 percent increase in net income.

Net cash provided by operating activities in the first quarter of 2013 was $54.0 million compared with net cash provided by operating activities of $17.9 million for the first quarter of 2012.  At March 31, 2013, PDL had cash, cash equivalents and investments of $187.2 million, compared with $148.7 million at December 31, 2012.

Recent DevelopmentsStructured Financing and Royalty Transaction with Avinger
On April 18, 2013, PDL entered into a Credit Agreement wit
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SOURCE PDL BioPharma, Inc.
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