Navigation Links
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.

(Logo: http://photos.prnewswire.com/prnh/20110822/SF55808LOGO )

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 the third quarter of 2013 is net of an estimated payment due under our February 2011 settlement agreement with Novartis AG (Novartis). PDL pays to Novartis certain amounts based on net sales of Lucentis, made by Novartis, during calendar year 2011 and beyond. The amount paid is less than we receive in royalties on such sales.

Reported worldwide sales for Avastin increased approximately 13 percent in the second quarter of 2013 when compared to the same period in 2012.  Ex-U.S. manufactured and sold Avastin sales represented 38 percent of total Avastin sales in the second quarter of 2013 as compared with 29 percent in the second quarter of 2012.

Reported worldwide sales for Herceptin increased approximately 1 percent in the second quarter of 2013 when compared to the same period in 2012. Ex-U.S. manufactured and sold Herceptin sales represented 38 percent of total Herceptin sales in the second quarter of 2013 as compared with 37 percent in the second quarter of 2012.

Reported worldwide sales for Lucentis increased approximately 9 percent in the second quarter of 2013 when compared to the same period in 2012. All sales of Lucentis were from inventory produced in the United States.

Reported worldwide sales for Tysabri®, a Biogen Idec product, decreased approximately 1 percent for the second quarter of 2013 compared to the same period in 2012. Tysabri royalties are determined at a flat rate as a percentage of sales regardless of location of manufacture or sale.

The sales information presented above is based on information provided by PDL's licensees in their quarterly reports to the Company as well as from public disclosures made by PDL's licensees.

About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new income generating assets and maximizing value for its shareholders. For more information, please visit www.pdl.com.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.

Forward-looking Statements
This press release contains forward-looking statements. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Factors that may cause differences between current expectations and actual results include, but are not limited to, the following:

  • The expected rate of growth in royalty-bearing product sales by PDL's existing licensees;
  • The relative mix of royalty-bearing Genentech products manufactured and sold outside the U.S. versus made or sold in the U.S.;
  • The ability of our licensees to receive regulatory approvals to market and launch new royalty-bearing products and whether such products, if launched, will be commercially successful;
  • The productivity of acquired income generating assets may not fulfill our revenue forecasts and, if secured by collateral, we may be undersecured and unable to recuperate our capital expenditures in the transaction;
  • Changes in any of the other assumptions on which PDL's projected royalty revenues are based;
  • The outcome of pending litigation or disputes, including PDL's current dispute with Genentech related to ex-U.S. sales of Genentech licensed products;
  • The change in foreign currency exchange rate;
  • Positive or negative results in PDL's attempt to acquire income generating assets; and
  • The failure of licensees to comply with existing license agreements, including any failure to pay royalties due.
  • Other factors that may cause PDL's actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are discussed in PDL's filings with the SEC, including the "Risk Factors" sections of its annual report filed with the SEC. Copies of PDL's filings with the SEC may be obtained at the "Investors" section of PDL's website at www.pdl.com. PDL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in PDL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.


    '/>"/>
    SOURCE PDL BioPharma, Inc.
    Copyright©2012 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Biopharma M&A Trends Hold Steady, But Deals Declined in 2011
    2. Enox Biopharma, Inc. To Present Today At IN3 Medical Device 360 Conference In London
    3. Alder BioPharmaceuticals Inc. Initiates Phase 1 Clinical Study of Antibody Therapeutic Candidate for Treatment of Migraine, ALD403
    4. Keryx Biopharmaceuticals, Inc. To Host Conference Call on First Quarter 2012 Financial Results
    5. Genesis Biopharma Announces Termination of Previously Announced Proposed Public Offering
    6. Keryx Biopharmaceuticals, Inc. Announces First Quarter 2012 Financial Results
    7. S1 Biopharma Expands Focus to Include Male Sexual Health
    8. New Study Details Foreign Efforts To Lure Biopharmaceutical Companies
    9. Keryx Biopharmaceuticals Announces Upcoming Poster Presentation of Zerenex™ (ferric citrate) at the 49th ERA-EDTA Congress
    10. Cell Therapeutics Aequus BioPharma Validates its Proprietary GlycoPolymer Technology for the Extension of the Half-life of Therapeutic Protein Drugs
    11. Galena Biopharma, Inc. Investor Presentation Now Available for On-demand Viewing at RetailInvestorConferences.com
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:10/11/2017)... -- Caris Life Sciences ® , a leading innovator in ... medicine, today announced that St. Jude Medical Center,s Crosson ... as its 17 th member. Through participation with ... Institute will help develop standards of care and best ... cancer treatment more precise and effective. ...
    (Date:10/10/2017)... , Oct. 10, 2017  NDS received FDA 510(k) clearance in ... medical-grade battery-powered display stand specifically designed for endoscopy environments. An innovative ... into a clinical solution to support the improvement of patient outcomes, ... Design ... Solution ...
    (Date:10/5/2017)... Oct. 5, 2017  In response to the ... and Maxillofacial Surgeons (AAOMS) released prescribing recommendations that ... be used as a first-line therapy to manage ... Recognizing the value and ... Paper "Opioid Prescribing: Acute and Postoperative Pain Management" ...
    Breaking Medicine Technology:
    (Date:10/13/2017)... ... October 13, 2017 , ... Global Healthcare Management’s 4th Annual Kids Fun ... NJ. This free event, sponsored by Global Healthcare Management’s CEO, Jon Letko, is ... is geared towards children of all ages; it is a non-competitive, non-timed event, which ...
    (Date:10/13/2017)... ... 13, 2017 , ... “The Journey: From the Mountains to the Mission Field”: ... souls in the Philippines. “The Journey: From the Mountains to the Mission Field” is ... Bible. She has taught all ages and currently teaches a class of ladies at ...
    (Date:10/12/2017)... ... October 12, 2017 , ... Planet Fitness, one of the ... today its plans to open a flagship location in Covington, LA at 401 N. ... To Go store next to Office Depot in the Holiday Square shopping center. Its ...
    (Date:10/12/2017)... ... 2017 , ... Asante, a nationally recognized health system in ... existing home health joint venture through an agreement, effective October 1, 2017, to ... home health company with Asante, delivering clinically integrated care, for the past eight ...
    (Date:10/12/2017)... ... October 12, 2017 , ... Leading pediatric oncology experts at ... for the 49th Congress of the International Society of Paediatric Oncology (SIOP) ... Center for Cancer and Blood Disorders at Children’s National, and Stephen P. ...
    Breaking Medicine News(10 mins):