PDL BioPharma Q4 Results Miss Estimates

(RTTNews) - Biotechnology company PDL BioPharma, Inc. (PDLI) reported Monday a profit for the fourth quarter that increased from last year, primarily reflecting a 27 percent increase in royalty revenues. However, both earnings per share and quarterly revenues missed analysts' expectations.

The Incline Village, Nevada-based company reported net income of $61.09 million or $0.39 per share for the fourth quarter, higher than $49.41 million or $0.34 per share in the prior-year quarter.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased to $110.14 million from $86.05 million in the same quarter last year, but missed five Wall Street analysts' consensus estimate of $115.22 million for the quarter.

Royalties grew 27 percent to $109.64 million from $86.05 million last year. License and other revenues totaled $500 million.

For fiscal 2013, the company reported net income of $264.53 million or $1.66 per share, higher than $211.67 million or $1.45 per share in the prior year. Total revenues for the full year increased 18 percent to $442.92 million from $374.53 million in the previous year.

Analysts expected the company to report full-year 2013 earnings of $1.77 per share on annual revenues of $448.01 million.

Looking ahead, the company said it will provide revenue guidance for the first quarter of fiscal 2014 later in the month.

PDLI closed Monday's regular trading session at $8.64, up $0.07 or 0.82% on a volume of 3.31 million shares. However, the stock lost $0.24 or 2.78% in after-hours trading.