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PDL BioPharma Provides Third Quarter 2012 Royalty Revenue Guidance of $85 Million
Date:9/6/2012

INCLINE VILLAGE, Nev., Sept. 6, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced royalty revenue guidance for the third quarter ending September 30, 2012, of approximately $85 million, as compared with actual royalty revenue of $83 million for the third quarter of 2011, a two percent increase. 

(Logo: http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

The forecasted growth in royalty revenues is driven by increased second quarter 2012 sales of Herceptin®, Lucentis® and Xolair® for which PDL receives royalties in the third quarter of 2012. Third quarter revenues will include royalties on second quarter sales of Perjeta®, which was approved in the U.S. on June 8, 2012.  Sales of Avastin®, Herceptin, Lucentis, Xolair and Perjeta (the Genentech Products) are subject to a tiered royalty rate for product that is made or sold in the United States and a flat royalty rate of three percent for product that is manufactured and sold outside of the United States (ex-US manufactured and sold).  The net sales thresholds and the applicable royalty rates for the Genentech Products are outlined below:   Genentech Products Made or Sold in US

Royalty RateNet sales up to $1.5 billion

3.0%Net sales between $1.5 billion and $2.5 billion

2.5%Net sales between $2.5 billion and $4.0 billion

2.0%Net sales exceeding $4.0 billion

1.0%Genentech Products Made and Sold ex-USNet sales

3.0%The third quarter royalty payment received from Genentech included royalties based on worldwide sales.

Revenue guidance for the third quarter of 2012 is net of an estimated payment due under our February 2011 settlement agreement with Novartis AG (Novartis
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SOURCE PDL BioPharma, Inc.
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