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PDL BioPharma Announces Fourth Quarter and Full Year 2009 Financial Results and Provides First Quarter 2010 Revenue Guidance
Date:3/2/2010

94.2 million in 2008. For the fourth quarter of 2009, total revenues from continuing operations were $58.3 million, compared with $68.7 million for the same period of 2008. Included in 2008 fourth quarter revenues was the first of two $12.5 million settlement installments from Alexion Pharmaceuticals.  The second payment was received and recognized in the second quarter of 2009.

Royalty revenues for the fourth quarter of 2009 are based on third quarter product sales by PDL's licensees and include $3.2 million for Synagis®, which is marketed by MedImmune. When compared with the fourth quarter of 2008, underlying product sales of Avastin®, which is marketed by Genentech and Roche, Lucentis®, which is marketed by Genentech and Novartis, and Tysabri®, which is marketed by Elan and Biogen Idec, increased by more than 20 percent each. Royalties from sales of Herceptin®, marketed by Genentech and Roche, decreased eight percent despite an eight percent increase in underlying Herceptin sales because of a change in the sales mix of ex-U.S. based manufactured and sold Herceptin (for which PDL receives a flat three percent royalty rate) and U.S. manufactured or sold Herceptin (for which the fourth quarter effective rate received from Genentech was one percent).   Changes in foreign currency conversion rates did not have a significant impact in the fourth quarter of 2009 when compared to the same period in 2008.


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SOURCE PDL BioPharma, Inc.
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