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PDL BioPharma Announces Second Quarter 2009 Financial Results
Date:7/30/2009

's website at www.pdl.com. PDL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in PDL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

                       -Financial statements below-


                             PDL BIOPHARMA, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands, except per share amounts)
                                 (unaudited)

                                        Three                Six
                                     Months Ended        Months Ended
                                       June 30,            June 30,
                                       --------            --------
                                      2009      2008      2009      2008
                                      ----      ----      ----      ----
    Revenues                      $125,864  $106,532  $188,486  $156,720
    General and administrative
     expenses                        5,590    10,925    10,283    23,634
                                     -----    ------    ------    ------
        Operating income           120,274    95,607   178,203   133,086
    Gain from repurchase of
     convertible notes               1,195         -     1,195         -
    Interest and other income,
     net                               310     4,467       646     9,331
    Interest expense                (3,357)   (3,555)   (6,931)   (7,110)
      
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SOURCE  PDL BioPharma, Inc.
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