UPDATE: PDL Biopharma Misses Q4 Views, Shares Decline After Hours

Shares of

dropped around 6% in after-hours trading after the company reported weaker-than-expected financial results for the fourth quarter. The Incline Village, Nevada-based company posted quarterly net income of $55.1 million, or $0.32 per diluted share, down from $61.1 million, or $0.39 per diluted share, in the year-ago period. Its total revenue rose to $117.1 million from $112.0 million. However, analysts were expecting earnings of $0.57 per share on revenue of $158.15 million. Operating expenses increased to $17.7 million, from $7.9 million in 2013. In 2014, net cash provided by operating activities rose to $292.3 million, versus $269.7 million in 2013. At December 31, 2014, the company had cash, cash equivalents and investments of $293.7 million, versus $99.5 million at December 31, 2013. PDL BioPharma shares fell 5.99% to $6.93 in after-hours trading.