PDL BioPharma Provides Second Quarter 2012 Royalty Revenue Guidance of $125 Million vs $122M Est

PDL BioPharma, Inc. (PDL)

today announced royalty revenue guidance for the second quarter ending June 30, 2012, of approximately $125 million, as compared with actual royalty revenue of $122 million for the second quarter of 2011, a two percent increase. The forecasted growth in royalty revenues is driven by increased first quarter 2012 sales of Herceptin®, Lucentis®, Xolair® and Tysabri® for which PDL receives royalties in the second quarter of 2012. Sales of Avastin®, Herceptin, Lucentis and Xolair (the Genentech Products) are subject to a tiered royalty rate for product that is made or sold in the United States and a flat royalty rate of three percent for product that is manufactured and sold outside of the United States (ex-US manufactured and sold).