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PDL BioPharma Provides Fourth Quarter 2013 Revenue Guidance of $109 Million
Date:12/10/2013

INCLINE VILLAGE, Nev., Dec. 10, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced revenue guidance for the fourth quarter ending December 31, 2013, of approximately $109 million, as compared with actual revenue of $86 million for the fourth quarter of 2012, an approximate 27 percent increase.

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The forecasted growth in revenues is driven by increased third quarter 2013 sales for Avastin®, Herceptin®, Lucentis®, Xolair®, Kadcyla®, Perjeta®, and Actemra® for which PDL receives royalties in the fourth quarter of 2013, along with the addition of the royalty payments from PDL's purchase of Depomed's diabetes-related royalties.

Queen et al. Royalties

Sales of Avastin®, Herceptin®, Lucentis®, Xolair®, Perjeta®, and Kadcyla® (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 (ex-US manufactured and sold). The net sales thresholds and the applicable royalty rates for the Genentech Products are outlined below:Genentech Products Made or Sold in USRoyalty RateNet sales up to $1.5 billion3.0%Net sales between $1.5 billion and up to $2.5 billion2.5%Net sales between $2.5 billion and up to $4.0 billion2.0%Net sales exceeding $4.0 billion1.0%Genentech Products Made and Sold ex-USNet sales3.0%The fourth quarter royalty payment received from Ge
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SOURCE PDL BioPharma, Inc.
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