PDL BioPharma Announces Second Quarter 2009 Financi... ( ...)

PDL BioPharma Announces Second Quarter 2009 Financial Results

Date:7/30/2009

INCLINE VILLAGE, Nev., July 30 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today reported financial results for the second quarter ended June 30, 2009.

Total revenues from continuing operations for the second quarter of 2009 were $125.9 million, an 18 percent increase from $106.5 million for the same period in 2008. The increase was due primarily to royalty revenues driven by higher product sales of Avastin(R), and Lucentis(R), which are marketed by Genentech, Inc., a subsidiary of F. Hoffman-LaRoche Ltd., and sales of Tysabri(R), which is marketed by Elan Corporation Plc. and Biogen Idec Inc. Royalty revenues are based on first quarter 2009 product sales by PDL's licensees and include $18.9 million for Synagis(R), which is marketed by MedImmune, Inc. Also included in the second quarter revenue was the second and final installment of $12.5 million from Alexion Pharmaceuticals, Inc. 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.

"We have seen significant increases in sales of Tysabri and other products in our licensing portfolio, demonstrating that these products are fulfilling the promise of the underlying humanization technology," said John McLaughlin, president and chief executive officer of PDL BioPharma. "We paid our first post spin-off dividend to stockholders this quarter, and expect to pay the second dividend on October 1 as we continue to optimize our assets to benefit stockholders."

Total general and administrative expenses from continuing operations in the second quarter of 2009 were $5.
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