PDL BioPharma Q2 Profit Rises - Quick Facts

(RTTNews) - PDL BioPharma Inc. (PDLI) reported that its second-quarter net income increased to $93.7 million, or $0.62 per share, from $73.5 million, or $0.52 per share, in the same quarter of 2012. The company said the increase in net income is primarily due to the 14 percent increase in royalty revenues, and the release of a tax liability of $5.7 million which reduced the effective tax rate for the quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Royalty revenues for the second quarter of 2013 increased 14 percent to $143.6 million from $125.9 million reported in the second quarter of 2012. Analysts expected revenue of $138.20 million for the quarter.