PDL BioPharma Inc expects higher royalty revenue guidance of USD86m for Q4 2012
Dec 07, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Monoclonal antibodies company PDL BioPharma Inc (PDL) (nasdaqgs:PDLI) stated on Thursday its royalty revenue outlook of about USD86m for the fourth quarter ending 31 December 2012.
This reflects a growth of 18% when compared with actual royalty revenue of USD73m for the fourth quarter of 2011.
For the year ended 31 December 2012, the total anticipated revenue is USD374m , up 3% when compared with actual results of USD362m for the year ended 31 December 2011. Revenues in 2011 include a one-time legal settlement payment of USD10m.
The company said that the forecasted growth in royalty revenues is driven by increased third quarter 2012 sales for all licensed products for which it receives royalties in the Q4 of 2012. Its Q4 revenues are expected to include USD250,000 in royalties on Q3 sales of FDA approved Perjeta. Sales of Avastin, Herceptin, Lucentis, Xolair and Perjeta are subject to a tiered royalty rate for product that is made or sold in the US and a flat royalty rate of 3% for product that is manufactured and sold outside of the US.
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