Tuesday, PDL BioPharma, Inc. (PDLI) said it expects fourth-quarter revenue of approximately $57 million, compared with $69 million in the year-ago.
The year ago fourth-quarter results included two installment payments of $12.5 million from Alexion Pharmaceuticals, Inc. (ALXN) and a one-time $1.8 million payment from Genentech, Inc. (DNA) for the exercise of options to four additional antigens and extension of the option period under its license agreement for two antigens.
Royalty revenues are based on third-quarter product sales by PDL's licensees and include $3.2 million for Synagis, which is marketed by MedImmune, Inc. Compared to 2008 sales, underlying product sales of Avastin and Lucentis increased by greater than 25%, Tysabri sales increased by 23% and Synagis sales decreased by more than 25%.
Royalties from sales of Herceptin decreased 8% despite an 8% increase in underlying Herceptin sales because of a change in the sales mix of U.S. manufactured Herceptin and non-U.S. manufactured Herceptin.
PDLI closed Tuesday's regular trading at $6.70, up $0.20 or 3.08%, on the Nasdaq. In after hours, the stock further gained $0.20 or 2.99%, trading at $6.90.
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