PDL BioPharma - Q318 results
PDL reported Q318 revenues of $67.9m, up 8.2% compared to Q317 and up 45.8% sequentially, with that growth mainly due to an increase in the fair value of the Assertio (formerly Depomed) royalty rights. Noden Product revenue of $17.8m was up 17.9% compared to Q317 but was down 31.2% sequentially, mainly due to the bulk purchasing by distribution partner Orphan Pacific for the Japanese market launch in Q218. Importantly, PDL recently announced a $100m stock repurchase program which at current prices would buy back approximately 25% of the common shares outstanding.PDL BioPharma is engaged in acquiring commercial stage pharmaceutical assets as well as late clinical stage pharmaceutical products. The company operates in three segments: Pharmaceutical, which consists of prescription medicine products sold under the name Tekturna?, Tekturna HCT?, Rasilez?, and Rasilez HCT?; Medical Devices, which consists of the LENSAR? Laser System; and Income Generating Assets, which consists of notes and other long-term receivables, royalty rights and hybrid notes/royalty receivables, equity investments and royalties from issued patents in the United States and elsewhere, covering the humanization of antibodies, which it refers to as the Queen et al. patents.
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