PDL BioPharma Announces Second Quarter 2009 Financi...(6 million compared with $10.9 million in...),Health

Date:7/30/2009

6 million compared with $10.9 million in the second quarter of 2008. The decrease was primarily driven by the Company's reduced cost structure. Significant expense items for the second quarter of 2009 are legal fees of $2.7 million, professional fees and insurance of $1.0 million, compensation and benefits of $0.8 million, costs associated with monetization efforts of $0.3 million and non-cash stock compensation costs of $0.2 million. Net income for the second quarter of 2009 was $77.2 million, or $0.47 per diluted share, compared with a net income of $33.9 million in the same period of 2008, or a net income of $0.24 per diluted share.

Also in the second quarter, the Company made open market purchases totaling $55 million of its 2% convertible notes due in 2012 and its 2.75% convertible notes due in 2023.

Net cash provided by operating activities was $103.4 million for the first half of 2009 as compared with net cash provided by operating activities of $7.5 million for the first half of 2008. At June 30, 2009, PDL had cash, cash equivalents, short-term investments and restricted cash of $192.7 million, compared with $147.5 million at December 31, 2008.

2009 Dividends

PDL previously announced that it would pay two dividends to its stockholders in 2009 of $0.50 per share. The first dividend, totaling $59.7 million, was paid on April 1, 2009 to all stockholders who owned shares of PDL on March 16, 2009. The second dividend will be paid on October 1, 2009 to all stockholders who own shares of PDL on September 17, 2009.

2009 Financial Guidance

PDL reaffirms its previous revenue guidance and continues to anticipate strong revenue growth in 2009 increasing from 2008 to a range of $310 to $325 million excluding MedImmune royalties. Revenue growth expectations are primarily driven by increases in product sales of Avastin, Herceptin, Lucentis and Tysabri.

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SOURCE PDL BioPharma, Inc. Copyright©2009 PR Newswire. All rights reserved

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