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PDL BioPharma Provides First Quarter 2011 Revenue Guidance of $83 Million
Date:3/7/2011

INCLINE VILLAGE, Nev., March 7, 2011 /PRNewswire/ --  PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced revenue guidance for the first quarter ending March 31, 2011 of approximately $83 million, as compared with actual results of $62 million for the first quarter of 2010, an expected 34 percent year-over-year increase.  Included in first quarter revenue guidance is the $10 million settlement received from UCB Pharma S.A. (UCB) in January 2010 resolving all legal disputes between the two companies, including those relating to UCB's pegylated humanized antibody fragment, Cimzia®, and PDL's patents known as the Queen et al. patents.

Royalty revenues included in first quarter 2011 revenue guidance are $73 million as compared with actual royalty revenues of $62 million for the first quarter of 2010, an expected 18 percent year-over-year increase. The forecasted growth is primarily driven by increased fourth quarter 2010 sales of Herceptin®, Lucentis® and Tysabri® for which PDL received royalties in the first quarter of 2010.  Also contributing to the expected increase are increased royalties from sales of Avastin® that was both manufactured and sold outside of the United States.  Ex-U.S. manufactured and sold Avastin sales represented 19 percent of total Avastin sales in the fourth quarter of 2010 as compared with five percent of total Avastin sales for same period in 2009. The first quarter royalty payment recently received from Genentech included royalties generated on all worldwide sales.

Sales of Avastin, Herceptin and Lucentis are subject to a tiered royalty rate for product that is made or sold in the United States and a flat royalty rate of three percent for product that is manufactured and sold outside of the United States.  The net sales thresholds and the applicable royalty rates for product that is m
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SOURCE PDL BioPharma, Inc.
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