PDL BioPharma Issues Q2 Royalty Guidance
PDL BioPharma is expecting a healthy bump in its royalty revenue for the current quarter, which ends on June 30. The company has issued guidance for the period, estimating that it will take in royalty revenue of around $143 million. That would represent a 13% increase over the Q2 2012 figure of $126 million.
PDL BioPharma's optimism derives from the relatively robust sales of the key pharmaceutical products it draws revenue from. The company said sales of treatments made by key customer Genentech climbed in Q1. Genentech manufactures prominent drugs such as Avastin and Kadcyla. In addition, PDL BioPharma said sales of Biogen Idec's multiple sclerosis medication Tysabri grew by 12% on a year-over-year basis in Q1.
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