PDL BioPharma Sees Nearly $97 Mln Of Revenue In Q3 - Quick Facts

(RTTNews) - PDL BioPharma Inc. (PDLI) said it expects third-quarter revenue to be around $97 million. The forecasted revenue growth is driven by higher second-quarter 2013 sales for Avastin, Herceptin, Lucentis, Xolair, Kadcyla, Perjeta, and Actemra for which PDL gets royalties in the third quarter of 2013. Sales of Avastin, Herceptin, Lucentis, Xolair, Perjeta, and Kadcyla are subject to a tiered royalty rate for product that is made or sold in the U.S. and a flat royalty rate of three percent for product that is manufactured an sold outside of the U.S. (ex-US manufactured and sold).

The third quarter royalty payment received from Genentech included royalties based on worldwide sales. Revenue guidance for the third quarter of 2013 is net of an estimated payment due under our February 2011 settlement deal with Novartis AG.