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PDL BioPharma Provides Third Quarter 2013 Revenue Guidance of $97 Million
Date:9/9/2013

INCLINE VILLAGE, Nev., Sept. 9, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced revenue guidance for the third quarter ending September 30, 2013, of approximately $97 million, as compared with actual revenue of $85 million for the third quarter of 2012, an approximate 14 percent increase.

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The forecasted growth in revenues is driven by increased second quarter 2013 sales for Avastin®, Herceptin®, Lucentis®, Xolair®, Kadcyla®, Perjeta®, and Actemra® for which PDL receives royalties in the third 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 third quarter royalty payment received from Genentech included royalties based on worldwide sales.

Revenue guidance for t
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SOURCE PDL BioPharma, Inc.
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