PDL BioPharma's Third-Quarter Revenue Grew 14%
PDL BioPharma forecasts revenue for the quarter ending September 30, 2013, its third, to land at approximately $97 million. This guidance represents a 14% improvement over the $85 million it generated in the same period last year. This comes after it reported revenue growth in the second quarter of this year at approximately 14% year over year.
PDL expects revenue growth to be primarily driven by royalties for the sales of Avastin, Herceptin, Lucentis, Xolair, Perjeta, and Kadcyla, which are all drugs sold by Roche, a Swiss health-care company that acquired Genentech in March 2009. Avastin, Herceptin, and Lucentis accounted for approximately 87% of PDL's total revenue in the second quarter of this year.
It should be noted the guidance provided by PDL is net of the estimated amount that is paid to Novartis AG per a February 2011 settlement regarding the sales of Lucentis. The settlement stipulates that PDL pays Novartis dependent on the total sales of Lucentis, which is less than the royalties PDL receives from those sales.
PDL BioPharma is a biopharmaceutical company that through patented processes creates antibodies, which allow the human body to fight and defend against invasion from foreign substances, primarily pathogens and toxins.
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