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PDL BioPharma Announces Second Quarter 2013 Financial Results
Date:8/8/2013

INCLINE VILLAGE, Nev., Aug. 8, 2013  /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the second quarter and six months ended June 30, 2013.

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Royalty revenues for the second quarter of 2013 increased 14 percent to $143.6 million from $125.9 million reported in the second quarter of 2012. For the first six months of 2013, royalty revenues increased 16 percent to $235.5 million from $203.2 million reported in the comparable period of 2012.

Royalty revenues for the second quarter of 2013 are based on first quarter 2013 product sales by PDL's licensees. The royalty revenue growth year to date is driven by increased sales by PDL's licensees in the fourth quarter of 2012 and first quarter of 2013 of Avastin®, Herceptin®, Lucentis®, Perjeta®, Kadcyla®, Tysabri®, and Actemra®.  Net sales of Avastin, Herceptin, Lucentis, Xolair, Perjeta, and Kadcyla are subject to a tiered royalty rate except in the case when the product is ex-U.S. Manufactured and Sold, in which case it is subject to a flat three percent royalty rate.

General and administrative expenses for the second quarter of 2013 were $6.8 million, compared with $5.1 million in the same quarter of 2012. For the six months ended June 30, 2013, general and administrative expenses were $14.0 million compared to $12.1 million in the comparable period of 2012. The increase in expenses for both the quarter and six months ended June 30, 2013, was a result of increased legal expenses related to litigation.

Net income for the second quarter of 2013 was $93.7 million, or $0.62 per diluted share, as
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SOURCE PDL BioPharma, Inc.
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