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PDL BioPharma Provides Fourth Quarter 2009 Revenue Guidance of Approximately $57 Million
Date:12/1/2009

INCLINE VILLAGE, Nev., Dec. 1 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced revenue guidance for the fourth quarter ended December 31, 2009 of approximately $57 million, as compared with $69 million for the fourth quarter of 2008. Included in fourth quarter 2008 results was the first of two installment payments of $12.5 million from Alexion. Also included in fourth quarter 2008 results was a one-time $1.8 million payment from Genentech for the exercise of options to four additional antigens and extension of the option period for two antigens under its license agreement with PDL.

Royalty revenues 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 2008, underlying product sales of Avastin® and Lucentis®, for which the average royalty rate paid in the fourth quarter was 1%, increased by greater than 25% and sales of Tysabri®, for which the underlying royalty rate is 3%, increased by 23%. Underlying product sales of Synagis®, for which the average royalty rate was 3%, decreased by more than 25%. Royalties from sales of Herceptin® decreased 8% despite an 8% increase in underlying Herceptin sales because of a change in the sales mix of ex-US manufactured Herceptin for which the Company receives a flat 3% royalty rate and US manufactured Herceptin for which the fourth quarter effective rate received from Genentech/Roche for US manufactured products was 1%.

The above guidance is preliminary and actual published results may differ from such guidance. PDL plans to release its financial results for the fourth quarter 2009 in late February 2010 and will hold a conference call to discuss financial results and provide an update on company activities. Additional infor
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SOURCE PDL BioPharma, Inc.
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