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PDL BioPharma Provides Fourth Quarter 2011 Revenue Guidance of $72 Million
Date:12/19/2011

INCLINE VILLAGE, Nev., Dec. 19, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced revenue guidance for the fourth quarter ending December 31, 2011 of approximately $72 million, as compared with actual results of $76 million for the fourth quarter of 2010, a five percent decrease. Total anticipated revenue for the year ended December 31, 2011 is $361 million as compared with actual results of $345 million for the year ended December 31, 2010, a five percent increase.

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The forecasted fourth quarter 2011 revenue decline is primarily driven by reduced royalties from third quarter 2011 sales of Avastin® and Herceptin® partially offset by increased royalties from third quarter 2011 sales of Lucentis® and Tysabri®. Sales of Avastin, Herceptin, Lucentis, and Xolair® (the Genentech Products) 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 the Genentech Products are outlined below:Genentech Products Made or Sold in US

Royalty RateNet sales up to $1.5 billion

3.0%Net sales between $1.5 billion and $2.5 billion

2.5%Net sales between $2.5 billion and $4.0 billion

2.0%Net sales exceeding $4.0 billion

1.0% 

 Genentech Products Made and Sold ex-US

 Net sales

3.0%The revenue guidance for the fourth quarter is net of the estimated payment due under our February 2011 settlement agreement with Novartis, which is based on a portion of the royalties that the Company receives for Lucentis sales made
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SOURCE PDL BioPharma, Inc.
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