INCLINE VILLAGE, Nev., June 8 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced revenue guidance for the second quarter ended June 30, 2009 of approximately $125 million, as compared with $106 million for the second quarter of 2008. The increase is due primarily to royalty revenues driven by higher product sales of Avastin(R), and Lucentis(R), which are marketed by Genentech, and sales of Tysabri(R), which is marketed by Elan. Royalty revenues are based on first quarter product sales by PDL's licensees and include $18.7 million for Synagis(R), which is marketed by MedImmune. Also included in the second quarter revenue estimate is the second and final installment of $12.5 million from Alexion based on the companies' December 2008 settlement and license agreement. When compared with 2008, royalty revenue for foreign sourced sales was negatively impacted by changes in foreign exchange rates; approximately 50 percent of underlying product sales is in currencies other than U.S. dollars.
The above guidance is preliminary and actual published results may differ from such guidance. PDL plans to release its financial results for the second quarter 2009 on August 6, and will hold a conference call to discuss financial results and provide an update on company activities. Additional information regarding the call will be announced in late July.
About PDL BioPharma, Inc.
PDL BioPharma pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. PDL is focused on maximizing the value of its antibody humanization patents and related assets. The company receives royalties on sales of a number of humanized antibody products marketed today and also may receive royalty payme
|SOURCE PDL BioPharma, Inc.|
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