SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 5, 2012
PDL BioPharma, Inc.
(Exact name of Company as specified in its charter)
000-19756
(Commission File Number)
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Delaware
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94-3023969
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.)
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Incorporation)
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932 Southwood Boulevard
Incline Village, Nevada 89451
(Address of principal executive offices, with zip code)
(775) 832-8500
(Company’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
On November 5, 2012, PDL BioPharma, Inc. (the Company) issued a press release announcing the financial results for the third quarter ended September 30, 2012. A copy of this earnings release is attached hereto as Exhibit 99.1. The Company will host an earnings call and webcast on November 5, 2012, during which the Company will discuss its financial results for the third quarter ended September 30, 2012.
Item 7.01 Regulation FD Disclosure.
Presentation Materials
On November 5, 2012, the Company posted to its website a set of presentation materials that it will use during its earnings call and webcast to assist participants with understanding the Company’s financial results. A copy of this presentation is attached hereto at Exhibit 99.2
Information Sheet
On November 5, 2012, the Company distributed to analysts covering the Company’s securities a summary of certain information regarding the Company’s net income, dividends, acquisitions, debt and licensed product development and sales (the Information Sheet) to assist those analysts in valuing the Company’s securities. The Information Sheet and its associated tables are attached hereto as Exhibit 99.3.
Limitation of Incorporation by Reference
In accordance with General Instruction B.2. of Form 8-K, the information in this report, including the exhibits, is furnished pursuant to Items 2.02 and 7.01 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Cautionary Statements
This filing and its exhibits include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could impair the Company’s royalty assets or business are disclosed in the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, as updated by subsequent quarterly reports, filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.
Item 9.01 Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
99.2
99.3
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Press Release
Presentation
Information Sheet
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PDL BIOPHARMA, INC.
(Company)
By: /s/ Bruce W. Tomlinson
Bruce W. Tomlinson
Vice President and
Chief Financial Officer
Dated: November 5, 2012
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
99.2
99.3
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Press Release
Presentation
Information Sheet
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Exhibit 99.1
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Contacts:
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| Bruce Tomlinson | Jennifer Williams |
| PDL BioPharma, Inc. |
Cook Williams Communications
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| 775-832-8500 | 360-668-3701 |
| bruce.tomlinson@pdl.com | jennifer@cwcomm.org |
PDL BioPharma Announces Third Quarter 2012 Financial Results
INCLINE VILLAGE, NV, November 5, 2012 – PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the third quarter and nine months ended September 30, 2012.
Royalty revenues for the third quarter of 2012 increased two percent to $85.2 million from $83.4 million reported in the third quarter of 2011. For the first nine months of 2012, royalty revenues increased three percent to $288.5 million from $278.8 million reported in the comparable period of 2011. Total revenue for the first nine months of 2012 of $288.5 million is flat when compared to total revenue for the first nine months of 2011 of $289.2 million, as a result of a one-time settlement payment of $10 million from UCB Pharma received in 2011.
Royalty revenues for the third quarter of 2012 are based on second quarter 2012 product sales by PDL’s licensees. The growth in royalty revenues was driven primarily by increased royalties from second quarter 2012 sales of Avastin®, which is marketed by Genentech and Roche, and Lucentis® and Xolair®, which are marketed by Genentech and Novartis. Royalty revenue for the third quarter is net of payments made under PDL’s February 2011 settlement agreement with Novartis Pharma AG.
General and administrative expenses for the third quarter of 2012 were $5.6 million, compared with $4.0 million in the same quarter of 2011. For the nine months ended September 30, 2012, general and administrative expenses were $17.7 million compared to $13.5 million in the comparable period of 2011. The increase in expenses for both the quarter and nine months ended September 30, 2012, is primarily due to expenses related to efforts to acquire new revenue generating assets, compensation related expenses and litigation expenses.
Net income for the third quarter of 2012 was $48.6 million, or $0.32 per diluted share, as compared with net income of $45.9 million, or $0.28 per diluted share, in the same quarter of 2011. Net income for the first nine months of 2012 was $162.3 million, or $1.08 per diluted share, as compared with net income of $160.5 million, or $0.88 per diluted share, in the same period of 2011.
Net cash provided by operating activities in the first nine months of 2012 was $158.6 million, compared with $124.6 million for the first nine months of 2011. At September 30, 2012, PDL had cash, cash equivalents and investments of $160.4 million, compared with $227.9 million at December 31, 2011.
Recent Developments
Revenue Interests Purchase Agreement with AxoGen, Inc.
In October 2012, PDL entered into a Revenue Interests Purchase Agreement (Royalty Agreement) with AxoGen, Inc. pursuant to which PDL will receive high single digit royalties on AxoGen’s net revenues generated by the sale, distribution or other use of AxoGen’s products. The Royalty Agreement has an eight year term, and is subject to agreed-upon minimum payments beginning in the fourth quarter of 2014 and the right to require AxoGen to repurchase the revenue contract at the end of the fourth year. AxoGen has been granted certain rights to call the revenue contract in years five through eight. The total consideration PDL paid to AxoGen for the royalty rights was $20.8 million, including $19 million paid to AxoGen at the closing of the transaction and $1.8 million paid to AxoGen in August 2012, pursuant to an Interim Revenue Interest Purchase Agreement (Interim Agreement) between AxoGen and PDL. The Interim Agreement was terminated in connection with the execution of the Royalty Agreement. AxoGen was required to use a portion of the proceeds from the Royalty Agreement to pay the outstanding balance under its existing credit facility. AxoGen plans to use the remainder of the proceeds to support the business plan for its products. The royalty rights are secured by the cash and accounts receivable of AxoGen.
Credit Agreement with Wellstat Diagnostics, LLC
In November 2012, PDL loaned to Wellstat Diagnostics, LLC (Wellstat) pursuant to a Credit Agreement (Credit Agreement) $40 million to be used by Wellstat in its development and commercialization of small point of care diagnostic systems that can perform a wide variety of tests targeting the clinical diagnostics market. Of the $40 million borrowed, Wellstat Diagnostics will use approximately $11.6 million to repay an existing credit facility between PDL and the holders of Wellstat’s equity interests. Wellstat is required to repay the outstanding principal and a specific target internal rate of return amount to PDL at maturity or upon the occurrence of certain key events such as a sale of Wellstat Diagnostics or substantially all of its assets or if Wellstat Diagnostics misses a specified revenue target for fiscal year 2017. The loan will be considered repaid at any time the aggregate amount of all payments made by Wellstat to PDL, including interest and any royalty payments, equals specified target internal rates of return set forth in the Credit Agreement. The target internal rates of return depend on whether the date of repayment is on or after December 31, 2014, and is higher after December 31, 2014. Outstanding principal under the Credit Agreement bears interest at the rate of 5.0% per annum, payable quarterly in arrears, in cash or paid-in-kind notes that add to the principal balance. Upon commercialization of Wellstat's diagnostic systems, PDL will receive a low double digit royalty on Wellstat Diagnostics' net revenues. The Credit Agreement matures at its latest on December 31, 2021.
2012 Dividends
On January 18, 2012, PDL’s Board of Directors declared regular quarterly dividends of $0.15 per share of common stock, payable on March 14, June 14, September 14 and December 14 of 2012 to stockholders of record on March 7, June 7, September 7 and December 7 of 2012, the record dates for each of the dividend payments, respectively. On September 14, 2012, PDL paid the third quarterly dividend to stockholders of record totaling $21 million using earnings generated in the third quarter of 2012.
Revenue Guidance for 2012
As previously announced, PDL will continue to provide revenue guidance for each quarter in the third month of that quarter. Fourth quarter 2012 revenue guidance will be provided in December.
Conference Call Details
PDL will hold a conference call to discuss financial results at 4:30 p.m. ET today, November 5, 2012.
To access the live conference call via phone, please dial (877) 303-9145 from the United States and Canada or (760) 536-5203 internationally. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately one hour after the call through November 12, 2012, and may be accessed by dialing (855) 859-2056 from the United States and Canada or (404) 537-3406 internationally. The replay passcode is 55617262.
To access the live and subsequently archived webcast of the conference call, go to the Company’s website at http://www.pdl.com and go to “Company Presentations & Events.” Please connect to the website at least 15 minutes prior to the call to allow for any software download that may be necessary. A slide presentation relating to the call will be available via the webcast link on the PDL website.
About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new revenue generating assets and maximizing value for its shareholders. For more information, please visit www.pdl.com.
NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's royalty assets, restrict or impede the ability of the Company to invest in new revenue generating assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission and updated by subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.
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PDL BIOPHARMA, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
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(In thousands, except per share amounts)
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Three Months Ended
September 30, |
Nine Months Ended
September 30, |
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2012
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2011
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2012
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2011
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Revenues:
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Royalties
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$ | 85,231 | $ | 83,370 | $ | 288,479 | $ | 278,833 | ||||||||
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License and other
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- | 400 | - | 10,400 | ||||||||||||
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Total revenues
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85,231 | 83,770 | 288,479 | 289,233 | ||||||||||||
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General and administrative expenses
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5,647 | 3,960 | 17,737 | 13,516 | ||||||||||||
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Operating income
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79,584 | 79,810 | 270,742 | 275,717 | ||||||||||||
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Non-operating expense, net
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Loss on repurchase of convertible notes
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- | - | - | (766 | ) | |||||||||||
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Interest and other income, net
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1,867 | 130 | 2,385 | 463 | ||||||||||||
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Interest expense
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(6,514 | ) | (9,007 | ) | (23,087 | ) | (27,941 | ) | ||||||||
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Total non-operating expense, net
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(4,647 | ) | (8,877 | ) | (20,702 | ) | (28,244 | ) | ||||||||
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Income before income taxes
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74,937 | 70,933 | 250,040 | 247,473 | ||||||||||||
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Income tax expense
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26,362 | 25,017 | 87,779 | 87,026 | ||||||||||||
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Net income
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$ | 48,575 | $ | 45,916 | $ | 162,261 | $ | 160,447 | ||||||||
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Net income per share
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Basic
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$ | 0.35 | $ | 0.33 | $ | 1.16 | $ | 1.15 | ||||||||
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Diluted
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$ | 0.32 | $ | 0.28 | $ | 1.08 | $ | 0.88 | ||||||||
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Weighted average shares outstanding
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Basic
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139,715 | 139,680 | 139,693 | 139,665 | ||||||||||||
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Diluted
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149,626 | 167,019 | 150,678 | 186,756 | ||||||||||||
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Cash dividends declared per common share
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$ | - | $ | - | $ | 0.60 | $ | 0.60 | ||||||||
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PDL BIOPHARMA, INC.
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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(Unaudited)
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(In thousands)
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||||||||
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September 30,
2012
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December 31,
2011
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Cash, cash equivalents and investments
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$ | 160,367 | $ | 227,946 | ||||
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Total assets
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$ | 249,896 | $ | 269,471 | ||||
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Non-recourse notes payable
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$ | - | $ | 93,370 | ||||
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Convertible notes payable
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$ | 307,337 | $ | 316,615 | ||||
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Total stockholders' deficit
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$ | (115,484 | ) | $ | (204,273 | ) | ||
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PDL BIOPHARMA, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW DATA
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(Unaudited)
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(In thousands)
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Nine Months Ended
September 30, |
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2012
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2011
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Net income
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$ | 162,261 | $ | 160,447 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities
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18,095 | 34,393 | ||||||
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Changes in assets and liabilities
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(21,734 | ) | (70,204 | ) | ||||
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Net cash provided by operating activities
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$ | 158,622 | $ | 124,636 | ||||
Exhibit 99.2
Exhibit 99.3
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
Following are some of the key points regarding PDL’s third quarter 2012 financial and business results.
Net Income
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·
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Net income for the third quarter of 2012 was $48.6 million, or $0.32 per diluted share, as compared with net income of $45.9 million, or $0.28 per diluted share, in the same quarter of 2011.
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2012 Dividends
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·
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In January 2012, we declared a regular, quarterly dividend of $0.15 per share of common stock payable on March 14, June 14, September 14 and December 14 to stockholders of record on March 7, June 7, September 7 and December 7.
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·
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We paid $0.15 per share of common stock, or $21.0 million, on September 14, 2012, to our stockholders of record on September 7, 2012 as part of our regular, quarterly dividend policy for 2012.
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Revenue Generating Assets
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·
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PDL completed a transaction with Wellstat Diagnostics, LLC on November 2, 2012, in which PDL provided $40 million to Wellstat in return for interest and royalties on Wellstat’s diagnostic system.
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o
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Wellstat was founded by Samuel J. Wohlstadter, the company’s chief executive officer who was also a founder of Amgen, Applied Biosystems, IGEN (a diagnostics system company that was acquired by Roche for approximately $1.4 billion), BioVeris (a diagnostics system company that was also acquired by Roche for approximately $600 million), and Hyperion Catalysis.
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o
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Wellstat is developing a point of care diagnostic system that utilizes a disposable cartridge system, requires no user intervention, relies on standard blood collection techniques and can achieve results comparable to, or better than, central testing laboratories.
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·
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PDL completed a transaction with AxoGen, Inc., on October 5, 2012, in which PDL provided $20.8 million to AxoGen in return for royalties on certain AxoGen products.
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o
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AxoGen is a regenerative medicine company dedicated to advancing the science and commercialization of surgical solutions for peripheral nerve repair.
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·
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These are PDL’s second and third publicly-announced transactions.
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o
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On July 10, 2012, PDL entered into a credit agreement with Merus Labs International under which PDL made available up to $55 million to Merus secured by, among other things, its approved drug for overactive bladder.
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Non-recourse Notes
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The final payment was made on our Non-Recourse Note during the third quarter of 2012. This $300 million securitization was entered into in November 2009 and most of the proceeds were paid to shareholders as a special dividend in December 2009. Approximately 60% of PDL’s Genentech/Roche royalties were obligated to repay this Note. We anticipate that our free cash flows will increase as a result of retiring this Note.
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Page 1
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
Current Conversion Rates of Convertible Notes
| Convertible Notes | Conversion Rate per $1,000 Principal Amount | Approximate Conversion Price Per Common Share | Effective Date | Principal Balance Outstanding | |||||||||
| May 2015 Notes 3.75% | 145.4893 | $ | 6.87 | September 5, 2012 | $ | 155,250,000 | |||||||
| Series 2012 Notes 2.875% | 166.264 | $ | 6.01 | September 5, 2012 | $ | 179,000,000 | |||||||
| February 2015 Notes 2.875% | 166.264 | $ | 6.01 | September 10, 2012 | $ | 1,000,000 | |||||||
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·
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PDL entered into a bond hedge that effectively increases the conversion price in the May 2015 Notes to $8.09.
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Page 2
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
Updates on Approved Royalty Bearing Products
AvastinTM (bevacizumab):
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On October 31, 2012, Roche announced that the European Commission has approved Avastin in combination with standard chemotherapy (carboplatin and gemcitabine) as a treatment for women with first recurrence of platinum-sensitive ovarian cancer.
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On August 10, 2012, Genentech/Roche announced that a Phase 3 trial investigating Avastin plus radiation and chemotherapy in first line treatment of patients with newly diagnosed glioblastoma met its co-primary endpoint of a significant improvement in progression free survival.
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o
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Data for final overall survival, the other co-primary endpoint, are expected in 2013.
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HerceptinTM (trastuzumab):
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In its October 16, 2012, conference call with the financial community, Roche reported worldwide sales growth of 12% in the first three quarters of 2012.
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Based on data presented at the European Society of Medical Oncology, neither six month treatment nor two year treatment with Herceptin appears to confer patient benefit beyond the current standard of care of one year treatment.
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Lucentis™ (ranibizumab):
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In its October 16, 2012, call with the financial community, Roche reported that Lucentis US market share declined by 8% in the first three quarters of 2012 with sales in AMD starting to stabilize.
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On August 10, 2012, FDA approved Lucentis for treatment of diabetic macular edema (DME).
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Genentech launched Lucentis for DME on August 15, 2012, with a price of $1,170 per 0.3 mg dose equal to the cost of the 0.5 mg dose of Lucentis, which is approved in the U.S. for macular edema secondary to retinal vein occlusion (RVO) and wet age-related macular degeneration (AMD).
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Lucentis is already approved for this indication in EU.
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ActemraTM (tocilizumab):
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On October 15, 2012, Genentech/Roche announced that the label had been expanded to include patients who had an inadequate response to one or more disease-modifying antirheumatic drugs (DMARDs).
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·
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In its October 16, 2012, call with the financial community, Roche reported worldwide sales growth of 34% in the first three quarters of 2012.
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Perjeta™ (pertuzumab):
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On June 8, 2012, Genentech and Roche announced the U.S. Food and Drug Administration (FDA) approval of Perjeta in combination with Herceptin and docetaxel for the first line treatment of patients with HER2+ metastatic breast cancer.
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•
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Price is $5,900 per month.
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•
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Genentech and Roche have notified PDL of its status as a licensed product.
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•
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PDL began receiving royalties in 3Q12 based on sales occuring in 2Q12.
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•
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Royalties will be subject to the tiered system applicable to Avastin, Herceptin, Lucentis and Xolair sales.
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·
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Genentech and Roche projected peak sales in excess of $1 billion annually for Perjeta.
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•
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In its October 16, 2012, call with the financial community, Roche reported that Perjeta has a 31% new patient share in first line setting in US.
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·
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In the adjuvant setting, Phase 2 data showed that patients on Perjeta, Herceptin and docetaxel had a pathologic complete response or pCR of 45.8% compared to 29% for those HER2+ breast cancer patients receiving only Herceptin and docetaxel.
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•
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Perjeta is currently being studied in Phase 3 in the adjuvant setting.
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Page 3
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
Updates on Select Development Stage Potential Royalty Bearing Products
TDM-1 (trastuzumab emtansine):
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·
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Genentech/Roche estimate annual peak sales in excess of $1 billion.
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·
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On June 2, 2012, Roche/Genentech said that the Phase 3 trial of second line therapy in patients with metastatic HER2+ breast cancer comparing treatment with T-DM1 versus treatment with Tykerb and Xeloda showed:
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o
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Significant improvement in PFS of 35% (9.6 months v. 6.4 months);
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o
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One-year survival of 84.7% compared to 77.0%;
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o
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Response rate of 43.6% compared to 30.8%; and
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o
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Grade 3 or higher AE’s of 40.8% compared to 57.0%
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·
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On August 27, 2012, Genentech/Roche announced that it had filed in US for approval as second line therapy in patients with metastatic HER2+ breast cancer.
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o
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Roche said that it expects to make a similar filing in EU shortly.
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·
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On October 1, 2012, Genentech/Roche announced that Phase 3 trial of T-DM1 as second line therapy in metastatic HER2+ breast cancer patients comparing treatment with T-DM1 versus treatment with Tykerb and Xeloda reduced the risk of death by 32%, meeting the trial’s coprimary endpoint.
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Bapineuzumab:
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·
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Both US Phase 3 trials in apoE4 and non-apoE4 carrier did not meet the primary co-endpoints of the trials.
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o
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Further development in mild-to-moderate Alzheimer’s patients has been terminated.
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Solanezumab:
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·
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On August 24, 2012, Lilly announced that both of its Phase 3 trials did not meet the primary endpoints of cognitive and functional benefit.
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o
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A pre-specified secondary subgroup analysis of the pooled data from both trials showed that solanezumab slowed the cognitive decline in patients with mild disease but not patients with moderate disease.
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·
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On October 8, 2012, Lilly disclosed that the reduction in cognitive decline was 34% (p=.001) and there was a 17% reduction in functional decline as measured by ADCS-ADL that was not statistically significant (p=.057).
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·
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On October 8, 2012, researchers at the Alzheimer’s Disease Cooperative Study reported that, based on their independent analysis of the data, there was a statistically significant reduction in cognitive decline as measured by ADAS Cog14 in the mild and moderate patients in the pooled data from both Phase 3 trials.
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·
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Lilly said that it plans to discuss the data with regulatory authorities, and that its Phase 3 extension study is fully enrolled and on-going.
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·
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If solanezumab were to receive marketing authorization, PDL would receive a patent royalty of 3% in addition to a 12.5 year know-how royalty of 2% from date of first sale.
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Page 4
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
Forward-looking Statements
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's royalty assets, restrict or impede the ability of the Company to invest in new royalty bearing assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, and updated by subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.
Page 5
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
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Royalty Revenue by Product ($ in 000's) *
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Avastin
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Q1
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Q2
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Q3
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Q4
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Total
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2012
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23,215
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41,670
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25,955
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-
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90,841
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2011
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22,283
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41,967
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23,870
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22,886
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111,006
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2010
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16,870
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44,765
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29,989
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24,922
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116,547
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2009
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13,605
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35,161
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21,060
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15,141
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84,966
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2008
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9,957
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30,480
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19,574
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12,394
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72,405
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2007
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8,990
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21,842
|
17,478
|
9,549
|
57,859
|
|
2006
|
10,438
|
15,572
|
15,405
|
12,536
|
53,952
|
|
Herceptin
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
25,702
|
44,628
|
30,433
|
-
|
100,763
|
|
2011
|
25,089
|
42,209
|
31,933
|
21,812
|
121,042
|
|
2010
|
23,402
|
38,555
|
27,952
|
25,441
|
115,350
|
|
2009
|
16,003
|
32,331
|
26,830
|
18,615
|
93,779
|
|
2008
|
14,092
|
34,383
|
28,122
|
20,282
|
96,880
|
|
2007
|
19,035
|
28,188
|
22,582
|
14,802
|
84,608
|
|
2006
|
15,142
|
19,716
|
21,557
|
20,354
|
76,769
|
|
Lucentis
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
10,791
|
27,938
|
12,552
|
-
|
51,280
|
|
2011
|
8,878
|
24,313
|
12,157
|
10,750
|
56,099
|
|
2010
|
7,220
|
19,091
|
10,841
|
8,047
|
45,198
|
|
2009
|
4,621
|
12,863
|
8,123
|
6,152
|
31,759
|
|
2008
|
3,636
|
11,060
|
7,631
|
4,549
|
26,876
|
|
2007
|
2,931
|
6,543
|
6,579
|
3,517
|
19,570
|
|
2006
|
-
|
-
|
289
|
3,335
|
3,624
|
|
Xolair
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
5,447
|
8,609
|
6,504
|
-
|
20,560
|
|
2011
|
4,590
|
7,621
|
5,916
|
5,823
|
23,949
|
|
2010
|
3,723
|
6,386
|
4,980
|
4,652
|
19,741
|
|
2009
|
2,665
|
5,082
|
4,085
|
3,722
|
15,553
|
|
2008
|
1,488
|
4,866
|
3,569
|
2,927
|
12,850
|
|
2007
|
1,684
|
3,942
|
3,332
|
2,184
|
11,142
|
|
2006
|
2,263
|
2,969
|
3,041
|
2,495
|
10,768
|
|
Perjeta
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
-
|
-
|
58
|
-
|
58
|
|
Tysabri
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
11,233
|
12,202
|
11,749
|
-
|
35,184
|
|
2011
|
9,891
|
10,796
|
11,588
|
11,450
|
43,725
|
|
2010
|
8,791
|
8,788
|
8,735
|
9,440
|
35,754
|
|
2009
|
6,656
|
7,050
|
7,642
|
8,564
|
29,912
|
|
2008
|
3,883
|
5,042
|
5,949
|
6,992
|
21,866
|
|
2007
|
839
|
1,611
|
2,084
|
2,836
|
7,370
|
|
2006
|
-
|
-
|
-
|
237
|
237
|
|
Actemra
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
1,705
|
2,074
|
2,145
|
-
|
5,923
|
|
2011
|
913
|
1,136
|
1,401
|
1,460
|
4,910
|
|
2010
|
1,587
|
237
|
315
|
688
|
2,827
|
|
2009
|
585
|
537
|
909
|
1,197
|
3,228
|
|
2008
|
44
|
-
|
146
|
369
|
559
|
|
2007
|
32
|
-
|
-
|
17
|
49
|
|
2006
|
-
|
-
|
-
|
-
|
-
|
|
* As reported to PDL by its licensees
|
|||||
|
Totals may not sum due to rounding
|
|||||
Page 6
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
|
Reported Net Sales Revenue by Product ($ in 000's) *
|
|
Avastin
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
1,502,757
|
1,573,727
|
1,551,327
|
-
|
4,627,810
|
|
2011
|
1,597,461
|
1,582,705
|
1,581,095
|
1,469,994
|
6,231,255
|
|
2010
|
1,506,788
|
1,596,892
|
1,594,707
|
1,646,218
|
6,344,605
|
|
2009
|
1,345,487
|
1,295,536
|
1,439,730
|
1,514,053
|
5,594,806
|
|
2008
|
980,715
|
1,084,930
|
1,180,427
|
1,239,382
|
4,485,454
|
|
2007
|
678,068
|
746,587
|
797,013
|
875,084
|
3,096,752
|
|
2006
|
439,318
|
516,052
|
570,551
|
592,897
|
2,118,817
|
|
Herceptin
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
1,515,255
|
1,625,313
|
1,663,695
|
-
|
4,804,264
|
|
2011
|
1,391,568
|
1,559,975
|
1,642,898
|
1,432,771
|
6,027,211
|
|
2010
|
1,270,846
|
1,349,512
|
1,300,934
|
1,409,310
|
5,330,602
|
|
2009
|
1,210,268
|
1,133,993
|
1,226,435
|
1,278,626
|
4,849,323
|
|
2008
|
1,105,426
|
1,195,215
|
1,211,982
|
1,186,806
|
4,699,428
|
|
2007
|
891,761
|
949,556
|
979,602
|
1,015,033
|
3,835,952
|
|
2006
|
529,585
|
659,719
|
761,099
|
803,576
|
2,753,979
|
|
Lucentis
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
1,079,092
|
1,086,543
|
1,097,541
|
-
|
3,263,176
|
|
2011
|
887,757
|
943,418
|
1,052,809
|
1,075,015
|
3,958,999
|
|
2010
|
721,967
|
698,890
|
745,376
|
804,684
|
2,970,917
|
|
2009
|
462,103
|
469,736
|
555,296
|
615,212
|
2,102,347
|
|
2008
|
363,615
|
393,682
|
460,167
|
454,922
|
1,672,386
|
|
2007
|
224,820
|
219,579
|
299,995
|
322,300
|
1,066,695
|
|
2006
|
-
|
-
|
10,689
|
157,742
|
168,431
|
|
Xolair
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
310,234
|
314,638
|
347,796
|
-
|
972,669
|
|
2011
|
267,754
|
277,642
|
310,874
|
314,911
|
1,171,182
|
|
2010
|
228,859
|
225,878
|
251,055
|
263,389
|
969,179
|
|
2009
|
184,669
|
181,086
|
211,006
|
219,693
|
796,454
|
|
2008
|
137,875
|
169,521
|
177,179
|
183,753
|
668,329
|
|
2007
|
129,172
|
130,700
|
144,250
|
147,754
|
551,876
|
|
2006
|
95,241
|
99,354
|
112,608
|
118,002
|
425,204
|
|
Perjeta
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
-
|
-
|
5,080
|
-
|
5,080
|
|
Tysabri
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
374,430
|
401,743
|
391,623
|
-
|
1,167,796
|
|
2011
|
329,696
|
356,876
|
388,758
|
381,618
|
1,456,948
|
|
2010
|
293,047
|
287,925
|
293,664
|
316,657
|
1,191,292
|
|
2009
|
221,854
|
229,993
|
257,240
|
285,481
|
994,569
|
|
2008
|
129,430
|
163,076
|
200,783
|
233,070
|
726,359
|
|
2007
|
30,468
|
48,715
|
71,972
|
94,521
|
245,675
|
|
2006
|
-
|
-
|
-
|
7,890
|
7,890
|
|
Actemra
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
56,662
|
66,624
|
71,505
|
-
|
194,791
|
|
2011
|
30,433
|
35,370
|
46,709
|
48,671
|
161,183
|
|
2010
|
52,908
|
5,405
|
10,493
|
22,919
|
91,725
|
|
2009
|
19,504
|
17,920
|
30,313
|
39,888
|
107,625
|
|
2008
|
1,452
|
1,377
|
5,981
|
12,305
|
21,115
|
|
2007
|
-
|
-
|
-
|
1,137
|
1,137
|
|
2006
|
-
|
-
|
-
|
-
|
-
|
|
* As reported to PDL by its licensees
|
|||||
|
Totals may not sum due to rounding
|
|||||
Page 7
PDL BioPharma, Inc.
Q3-2012
November 5, 2012
|
Manufacturing Location & Sales - Genentech / Roche & Novartis ($ in 000's) *
|
|
Avastin Sales
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
2012 - Q3
|
|
US Made & Sold
|
719,967
|
688,966
|
684,878
|
652,824
|
724,483
|
679,914
|
|
US Made & ex-US Sold
|
548,710
|
587,975
|
375,830
|
448,037
|
532,979
|
428,976
|
|
ex-US Made & Sold
|
314,028
|
304,155
|
409,286
|
401,896
|
316,265
|
442,437
|
|
Total
|
1,582,705
|
1,581,095
|
1,469,994
|
1,502,757
|
1,573,727
|
1,551,327
|
|
US Made & Sold
|
45%
|
44%
|
47%
|
43%
|
46%
|
44%
|
|
US Made & ex-US Sold
|
35%
|
37%
|
26%
|
30%
|
34%
|
28%
|
|
ex-US Made & Sold
|
20%
|
19%
|
28%
|
27%
|
20%
|
29%
|
|
Herceptin Sales
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
2012 - Q3
|
|
US Made & Sold
|
442,903
|
445,395
|
453,168
|
456,920
|
497,109
|
503,612
|
|
US Made & ex-US Sold
|
642,670
|
495,086
|
612,908
|
523,353
|
466,477
|
545,625
|
|
ex-US Made & Sold
|
474,402
|
702,416
|
366,695
|
534,982
|
661,727
|
614,459
|
|
Total
|
1,559,975
|
1,642,898
|
1,432,771
|
1,515,255
|
1,625,313
|
1,663,695
|
|
US Made & Sold
|
28%
|
27%
|
32%
|
30%
|
31%
|
30%
|
|
US Made & ex-US Sold
|
41%
|
30%
|
43%
|
35%
|
29%
|
33%
|
|
ex-US Made & Sold
|
30%
|
43%
|
26%
|
35%
|
41%
|
37%
|
|
Lucentis Sales
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
2012 - Q3
|
|
US Made & Sold
|
409,674
|
422,335
|
428,884
|
433,428
|
412,131
|
385,746
|
|
US Made & ex-US Sold
|
533,745
|
630,474
|
646,131
|
645,665
|
674,411
|
711,795
|
|
ex-US Made & Sold
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
943,418
|
1,052,809
|
1,075,015
|
1,079,092
|
1,086,543
|
1,097,541
|
|
US Made & Sold
|
43%
|
40%
|
40%
|
40%
|
38%
|
35%
|
|
US Made & ex-US Sold
|
57%
|
60%
|
60%
|
60%
|
62%
|
65%
|
|
ex-US Made & Sold
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
|
Xolair Sales
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
2012 - Q3
|
|
US Made & Sold
|
167,608
|
184,837
|
188,728
|
185,505
|
193,600
|
211,702
|
|
US Made & ex-US Sold
|
-
|
-
|
-
|
-
|
-
|
-
|
|
ex-US Made & Sold
|
110,034
|
126,037
|
126,184
|
124,729
|
121,039
|
136,094
|
|
Total
|
277,642
|
310,874
|
314,911
|
310,234
|
314,638
|
347,796
|
|
US Made & Sold
|
60%
|
59%
|
60%
|
60%
|
62%
|
61%
|
|
US Made & ex-US Sold
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
|
ex-US Made & Sold
|
40%
|
41%
|
40%
|
40%
|
38%
|
39%
|
|
Perjeta Sales
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
2012 - Q3
|
|
US Made & Sold
|
-
|
-
|
-
|
-
|
-
|
5,080
|
|
US Made & ex-US Sold
|
-
|
-
|
-
|
-
|
-
|
-
|
|
ex-US Made & Sold
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
-
|
-
|
-
|
-
|
-
|
5,080
|
|
Total Sales
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
2012 - Q3
|
|
US Made & Sold
|
1,740,152
|
1,741,534
|
1,755,657
|
1,728,678
|
1,827,323
|
1,786,053
|
|
US Made & ex-US Sold
|
1,725,125
|
1,713,535
|
1,634,869
|
1,617,054
|
1,673,867
|
1,686,395
|
|
ex-US Made & Sold
|
898,464
|
1,132,608
|
902,165
|
1,061,607
|
1,099,031
|
1,192,990
|
|
Total
|
4,363,741
|
4,587,677
|
4,292,691
|
4,407,339
|
4,600,221
|
4,665,438
|
|
US Made & Sold
|
40%
|
38%
|
41%
|
39%
|
40%
|
38%
|
|
US Made & ex-US Sold
|
40%
|
37%
|
38%
|
37%
|
36%
|
36%
|
|
ex-US Made & Sold
|
21%
|
25%
|
21%
|
24%
|
24%
|
26%
|
|
* As reported to PDL by its licensees
|
||||||
|
Totals may not sum due to rounding
|
||||||
Page 8