PDL BioPharma, Inc.

http://www.pdl.com

Protein Design Labs Incorporated, Freemont CA, United States of America.

PDL is a leader in the development of humanized monoclonal antibodies for the prevention and treatment of a variety of disease conditions. PDL currently has antibodies under development for autoimmune
Protein Design Labs Incorporated - Company Profile

Ticker -
PRW - Financial Information

PDL BioPharma Announces Third Quarter 2009 Financial Results

Wednesday 28th of October 2009 7:30

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 and quarterly reports 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.

-Financial statements below-

                                        PDL BIOPHARMA, INC.
                          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (in thousands, except per share amounts)
                                           (unaudited)


                                        Three Months Ended  Nine Months Ended
                                          September 30,      September 30,
                                          -------------      -------------
                                          2009     2008      2009      2008
                                          ----     ----      ----      ----
    Revenues                            $71,446  $68,817  $259,932  $225,537
    General and administrative expenses   5,255   11,999    15,538    35,633
                                          -----   ------    ------    ------
        Operating income                 66,191   56,818   244,394   189,904
    Gain from repurchase of convertible
     notes                                  323        -     1,518         -
    Interest and other income, net          214    3,209       860    12,540
    Interest expense                     (3,105)  (3,555)  (10,036)  (10,665)
                                         ------   ------   -------   -------

        Income from continuing
         operations before income taxes  63,623   56,472   236,736   191,779
    Income tax expense                   17,217    6,161    75,636     8,869
                                         ------    -----    ------     -----
        Income from continuing
         operations                      46,406   50,311   161,100   182,910
    Income (loss) from discontinued
     operations, net of  income
     taxes (1)                                -    5,380         -  (155,162)
                                        -------  -------  --------   -------
        Net income                      $46,406  $55,691  $161,100   $27,748
                                        =======  =======  ========   =======

    Income (loss) per basic share
        Continuing operations             $0.39    $0.42     $1.35     $1.54
        Discontinued operations               -     0.05         -     (1.31)
                                            ---     ----       ---     -----
          Net income per basic share      $0.39    $0.47     $1.35     $0.23
                                          =====    =====     =====     =====

    Income (loss) per diluted share
        Continuing operations             $0.29    $0.34     $0.97     $1.25
        Discontinued operations               -     0.04         -     (1.02)
                                            ---     ----       ---     -----
          Net income per diluted share    $0.29    $0.38     $0.97     $0.23
                                          =====    =====     =====     =====

    Cash dividends declared per
     common share                            $-       $-     $1.00        $-
                                            ===      ===     =====       ===

    Shares used to compute income
     (loss) per basic share             119,411  119,267   119,366   118,540
                                        =======  =======   =======   =======
    Shares used to compute income
     (loss) per diluted share           168,576  152,812   172,248   152,302
                                        =======  =======   =======   =======


    (1) The financial results associated with both PDL's former commercial
    operations which were sold in March 2008 and PDL's former biotechnology
    operations which were spun off in December 2008 have been presented as
    discontinued operations for the three and nine months ended September 30,
    2008.  There were no discontinued operations for the three and nine months
    ended September 30, 2009.



                                PDL BIOPHARMA, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEET DATA
                                  (in thousands)
                                    (unaudited)

                                                   September 30,  December 31,
                                                        2009          2008
                                                        ----          ----
    Cash, cash equivalents, short-term
     investments and restricted cash                   $222,418      $147,527
    Total assets                                       $264,451      $191,142
    Total stockholders' deficit                       $(242,392)    $(352,569)



                CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW DATA
                                  (in thousands)
                                    (unaudited)

                                                          Nine Months Ended
                                                            September 30,
                                                          ---------------
                                                         2009          2008
                                                         ----          ----
    Net income                                         $161,100       $27,748
    Adjustments to reconcile net income
     to net cash provided by operating activities        (4,474)       49,014
    Changes in assets and liabilities                   (23,822)       15,084
                                                        -------        ------
    Net cash provided by operating activities          $132,804       $91,846
                                                       ========       =======

SOURCE PDL BioPharma, Inc.

Source PR Newswire


www.prnewswire.co.uk

Browse news from 2009

Download PDF