Thursday, PDL BioPharma, Inc. (PDLI) reported an increase in profit for the second quarter, reflecting an 18% increase in revenue due to higher sales of Avastin, Lucentis and Tysabri, as well as cost reduction measures.
Net income for the quarter increased to $77.24 million or $0.47 per share from $33.93 million or $0.24 per share in the previous year.
Net income from continuing operations for the quarter was $77.24 million or $0.47 per share, compared to $94.85 million or $0.63 per share last year.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter increased 18% to $125.86 million from $106.53 million last year. The increase was due primarily to royalty revenues driven by higher product sales of Avastin, and Lucentis, which are marketed by Genentech, Inc., a subsidiary of F. Hoffman-LaRoche Ltd., and sales of Tysabri, which is marketed by Elan Corporation Plc. and Biogen Idec Inc.
Six analysts had a consensus revenue estimate of $124.38 million for the company.
Total general and administrative expenses from continuing operations in the second quarter of 2009 were $5.6 million compared with $10.9 million in the second quarter of 2008. The decrease was primarily driven by the company's reduced cost structure.
For the six-month period, net income from continuing operations was $114.69 million or $0.69 per share, compared to $132.60 million or $0.90 per share in the same period of the previous year. Revenues for the period increased to $188.49 million from $156.72 million a year ago.
The company announced a dividend of $0.50, for the second time in the fiscal 2009, payable on October 1, 2009 to all stockholders as on September 17, 2009.
Looking forward, the company reaffirmed its previous revenue guidance in the range of $310 to $325 million excluding MedImmune royalties for the fiscal 2009. Analysts currently expect the company to report revenues of $330.72 million for the full year.
PDL raised its full year earnings guidance, including including MedImmune, to $200 million to $215 million from its previous guidance of $185 million to $200 million. Analysts currently expect the company to report earnings of $1.19 per share for the year.
PDLI closed Thursday's regular trading at $8.76, up 0.04 or 0.46%, on a volume of 3.99 million shares on the Nasdaq. In after hours, the stock further gained $0.17 or 1.91%, trading at $8.93.
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