INCLINE VILLAGE, Nev., June 11, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced royalty revenue guidance for the second quarter ending June 30, 2013, of approximately $143 million, as compared with actual royalty revenue of $126 million for the second quarter of 2012, an approximate 14 percent increase.
The forecasted growth in royalty revenues is driven by increased first quarter 2013 sales for all licensed products for which PDL receives royalties in the second quarter of 2013. 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 US
Royalty RateNet sales up to $1.5 billion
3.0%Net sales between $1.5 billion and up to $2.5 billion
2.5%Net sales between $2.5 billion and up to $4.0 billion
2.0%Net sales exceeding $4.0 billion
1.0%Genentech Products Made and Sold ex-USNet sales
3.0%The second quarter royalty payment received from Genentech included royalties based on worldwide sales.
Revenue guidance for the second quarter of 2013 is net of an estimated payment due under our February 2011 settlement agreement with Novartis AG'/>"/>
SOURCE PDL BioPharma, Inc.
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