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PDL BioPharma Announces Third Quarter 2012 Financial Results
Date:11/5/2012

INCLINE VILLAGE, Nev., Nov. 5, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the third quarter and nine months ended September 30, 2012.

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Royalty revenues for the third quarter of 2012 increased two percent to $85.2 million from $83.4 million reported in the third quarter of 2011. For the first nine months of 2012, royalty revenues increased three percent to $288.5 million from $278.8 million reported in the comparable period of 2011. Total revenue for the first nine months of 2012 of $288.5 million is flat when compared to total revenue for the first nine months of 2011 of $289.2 million, as a result of a one-time settlement payment of $10 million from UCB Pharma received in 2011.

Royalty revenues for the third quarter of 2012 are based on second quarter 2012 product sales by PDL's licensees. The growth in royalty revenues was driven primarily by increased royalties from second quarter 2012 sales of Avastin®, which is marketed by Genentech and Roche, and Lucentis® and Xolair®, which are marketed by Genentech and Novartis. Royalty revenue for the third quarter is net of payments made under PDL's February 2011 settlement agreement with Novartis Pharma AG.

General and administrative expenses for the third quarter of 2012 were $5.6 million, compared with $4.0 million in the same quarter of 2011. For the nine months ended September 30, 2012, general and administrative expenses were $17.7 million compared to $13.5 million in the comparable period of 2011. The increase in expenses for both the quarter and nine months ended September 30, 2012, is primarily due to expenses related to efforts to acquire new revenue generating as
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SOURCE PDL BioPharma, Inc.
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