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PDL BioPharma Announces Second Quarter 2012 Financial Results
Date:8/2/2012

INCLINE VILLAGE, Nev., Aug. 2, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the second quarter and six months ended June 30, 2012.

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Royalty revenues for the second quarter of 2012 increased three percent to $125.9 million from $122.1 million reported in the second quarter of 2011. For the first six months of 2012, royalty revenues increased four percent to $203.2 million from $195.5 million reported in the comparable period of 2011. Total revenue for the first six months of 2012 of $203.2 million is one percent lower than total revenue for the first six months of 2011 of $205.5 million, as a result of a one-time settlement payment of $10 million from UCB Pharma received in 2011.

Royalty revenues for the second quarter of 2012 are based on first quarter 2012 product sales by PDL's licensees. The growth in royalty revenues was driven primarily by increased royalties from first quarter 2012 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 second quarter is net of payments made under PDL's February 2011 settlement agreement with Novartis Pharma AG.

General and administrative expenses for the second quarter of 2012 were $5.1 million, compared with $3.8 million in the same quarter of 2011. For the six months ended June 30, 2012, general and administrative expenses were $12.1 million compared to $9.6 million in the comparable period of 2011. The increase in expenses for both the quarter and six months ended June 30, 2012, is primarily due to expense
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SOURCE PDL BioPharma, Inc.
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