UNITED STATES
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): May 12, 2014
PDL BioPharma, Inc.
(Exact name of Company as specified in its charter)
000-19756
(Commission File Number)
Delaware | 94-3023969 | |
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) | |
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:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On May 12, 2014, PDL BioPharma, Inc. (the Company) issued a press release announcing the financial results for the first quarter ended March 31, 2014. A copy of this earnings release is attached hereto as Exhibit 99.1. The Company will host an earnings call and webcast on May 12, 2014, during which the Company will discuss its financial results for the first quarter ended March 31, 2014.
Item 7.01 Regulation FD Disclosure.
Presentation Materials
On May 12, 2014, 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 May 12, 2014, the Company distributed to analysts covering the Company’s securities a summary of certain information regarding the Company’s net income, dividends, recent transactions 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.
Exhibit No. | Description | |
99.1 | Press Release | |
99.2 | Presentation | |
99.3 | Information Sheet | |
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/ Peter S. Garcia | |
Peter S. Garcia | ||
Vice President and Chief Financial Officer | ||
Dated: May 12, 2014
Exhibit Index
Exhibit No. | Description | |
99.1 | Press Release | |
99.2 | Presentation | |
99.3 | Information Sheet | |
Exhibit 99.1
Contacts: | ||
Peter Garcia | Jennifer Williams | |
PDL BioPharma, Inc. | Cook Williams Communications, Inc. | |
775-832-8500 | 360-668-3701 | |
Peter.Garcia@pdl.com | jennifer@cwcomm.org | |
PDL BioPharma Announces First Quarter 2014 Financial Results
-Revenues Increased 52 Percent-
INCLINE VILLAGE, NV, May 12, 2014 – PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the first quarter ended March 31, 2014.
Total revenues for the first quarter of 2014 increased 52 percent to $139.7 million from $91.8 million in the first quarter of 2013. Royalty revenues for the first quarter of 2014 are based on fourth quarter 2013 product sales by PDL’s licensees to the Queen et al. patents, royalty payments from PDL's purchase of Depomed's diabetes-related royalties, and a one-time $5 million retroactive payment from Genentech related to our settlement agreement.
The first quarter of 2014 royalty revenue growth over first quarter of 2013 is driven by increased sales of Avastin®, Herceptin®, Xolair®, Perjeta®, Kadcyla®, and Actemra® by PDL's licensees, the addition of $23.6 million in royalty revenue from PDL's purchase of Depomed's diabetes-related royalties, the $5 million retroactive payment from Genentech, and an increase in royalties from the Genentech settlement as a result of a fixed royalty rate of 2.125 percent on worldwide sales of all licensed products in 2014, as compared to the previous lower blended rate based upon a tiered royalty rate in the U.S. and the fixed rate on all ex-U.S. based manufactured and sold licensed products.
Operating expenses in the first quarter of 2014 were $16.5 million, compared with $7.2 million in the first quarter of 2013. The increase of expenses in the quarter ended March 31, 2014, was a result of the non-cash amortization expense of $11.9 million for the Depomed royalty and milestone purchase, offset in part by decreased legal expenses from the settlement of legal proceedings with Genentech.
Net income in the first quarter of 2014 was $72.9 million, or $0.44 per diluted share as compared with net income in the first quarter of 2013 of $53.5 million, or $0.36 per diluted share. The increase in net income in the first quarter is primarily due to the increase in royalty revenues.
Net cash provided by operating activities in the first quarter of 2014 was $91.8 million, compared with $52.9 million in the first quarter of 2013. At March 31, 2014, PDL had cash, cash equivalents and investments of $337.6 million, compared with $99.5 million at December 31, 2013. The increase was primarily attributable to proceeds from the issuance of convertible notes of $300.0 million, proceeds from the issuance of warrants of $11.4 million, and net cash provided by operating activities of $91.8 million, offset in part by cash advanced on notes receivable of $50.0 million, purchase of call options of $31.0 million, repurchase of convertible notes of $29.9 million, payment of dividends of $24.0 million, repayment of a portion of the term loan of $18.8 million, and payment of debt issuance costs related to the issuance of convertible notes of $9.8 million.
Recent Developments
Kaleo Note Purchase
On April 1, 2014, PDL acquired $150 million of secured notes from Accel 300, LLC, a wholly-owned subsidiary of kaleo, Inc. (kaleo). The notes are secured by 100 percent of royalties from kaleo’s first approved product, Auvi-Q™, which uses a new system for the delivery of epinephrine for the treatment of severe allergic reactions that can be life-threatening, i.e.,
anaphylaxis, and 10 percent of net sales of kaleo’s second proprietary auto-injector based product, EVZIO, which uses the same technology to deliver naloxone for the treatment of patients who overdose on opioids.
The secured notes carry interest at 13 percent per annum, paid quarterly in arrears on principal outstanding. The principal balance of the secured notes is repaid to the extent that the revenue interests exceed the quarterly interest payment, as limited by a quarterly payment cap. The final maturity of the secured notes is March 2029, although PDL anticipates repayment in 2020. Kaleo may redeem the secured notes at any time, subject to a redemption premium.
David W. Gryska Added to Board of Directors
Mr. Gryska brings more than 30 years of strategic biopharmaceutical and financial leadership experience to PDL and has demonstrated success in implementing successful strategic initiatives, growing companies and executing multi-billion dollar financial transactions.
Inventors of PDL Antibody Technology Named as Finalists for Prestigious Inventor Award
Two inventors of the company’s patented breakthrough antibody technology have been named as a top-three finalist for the European Patent Office’s highly prestigious 2014 European Inventor Award in the “Non-European Countries” category. Dr. Cary L. Queen and Dr. Harold E. “Barry” Selick, who currently serves as PDL’s Lead Director, developed the technology for the antibody technology which has been developed into eight drugs that are currently on the market, including Avastin® and Herceptin®. PDL BioPharma now manages the portfolio of patents referred to as the Queen et al. patents which underlie more than $15 billion per year related to the sale of the licensed products that use this technology.
2014 Dividends
On January 29, 2014, PDL’s Board of Directors declared regular quarterly dividends of $0.15 per share of common stock, payable on March 12, June 12, September 12 and December 12 of 2014 to all stockholders who own shares of PDL on March 5, June 5, September 5 and December 5 of 2014, the record dates for each of the dividend payments, respectively. On March 12, 2014, PDL paid the first quarterly dividend to stockholders of record totaling $24.0 million using earnings generated in the first quarter of 2014.
Revenue Guidance for the Second Quarter of 2014
As previously announced, PDL will continue to provide revenue guidance for each quarter in the third month of that quarter. Second quarter 2014 revenue guidance will be provided in June 2014.
Conference Call Details
PDL will hold a conference call to discuss financial results at 4:30 p.m. Eastern Time today, May 12, 2014.
To access the live conference call via phone, please dial (800) 668-4132 from the United States and Canada or (224) 357-2196 internationally. The conference ID is 33846782. 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 May 19, 2014, and may be accessed by dialing (855) 859-2056 from the United States and Canada or (404) 537-3406 internationally. The replay passcode is 33846782.
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 “Events & Presentations.” Please connect to the website at least 15 minutes prior to the call to allow for any software download that may be necessary.
About PDL BioPharma, Inc.
PDL BioPharma manages a portfolio of patents and royalty assets, consisting primarily of its Queen et al. antibody humanization patents and license agreements with various biotechnology and pharmaceutical companies. 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 for which it receives significant royalty revenue. PDL is currently focused on intellectual property asset management, acquiring new income generating assets, and maximizing value for its shareholders.
The company was formerly known as Protein Design Labs, Inc. and changed its name to PDL BioPharma, Inc. in 2006. PDL was founded in 1986 and is headquartered in Incline Village, Nevada.
In 2011, PDL initiated a strategy to bring in new income generating assets from the healthcare sector. To accomplish this goal, PDL seeks to provide non-dilutive growth capital and financing solutions to late stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions, and inventors. PDL
continues to pursue this strategic initiative for which it has already deployed approximately $700 million to date. PDL is focused on the quality of the income generating assets and potential returns on investment.
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 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, 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.
PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
Royalties | $ | 139,664 | $ | 91,847 | ||||
Total revenues | 139,664 | 91,847 | ||||||
Operating Expenses | ||||||||
Cost of royalty revenues (amortization of intangible asset) | 11,931 | — | ||||||
General and administrative expenses | 4,582 | 7,186 | ||||||
Total operating expenses | 16,513 | 7,186 | ||||||
Operating income | 123,151 | 84,661 | ||||||
Non-operating expense, net | ||||||||
Interest and other income, net | 9,121 | 3,838 | ||||||
Interest expense | (10,525 | ) | (6,000 | ) | ||||
Loss on extinguishment of debt | (6,143 | ) | — | |||||
Total non-operating expense, net | (7,547 | ) | (2,162 | ) | ||||
Income before income taxes | 115,604 | 82,499 | ||||||
Income tax expense | 42,721 | 29,028 | ||||||
Net income | $ | 72,883 | $ | 53,471 | ||||
Net income per share | ||||||||
Basic | $ | 0.48 | $ | 0.38 | ||||
Diluted | $ | 0.44 | $ | 0.36 | ||||
Shares used to compute income per basic share | 151,198 | 139,816 | ||||||
Shares used to compute income per diluted share | 164,571 | 149,101 | ||||||
Cash dividends declared per common share | $ | 0.60 | $ | 0.60 | ||||
PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
(In thousands)
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Cash, cash equivalents and investments | $ | 337,593 | $ | 99,540 | ||||
Total notes receivable | $ | 248,400 | $ | 195,048 | ||||
Total assets | $ | 852,579 | $ | 543,955 | ||||
Total term loan payable | $ | 55,921 | $ | 74,397 | ||||
Total convertible notes payable | $ | 467,219 | $ | 320,883 | ||||
Total stockholders' equity | $ | 202,214 | $ | 113,489 | ||||
PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW DATA
(Unaudited)
(In thousands)
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net income | $ | 72,883 | $ | 53,471 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | 22,026 | 3,178 | ||||||
Changes in assets and liabilities | (3,130 | ) | (3,794 | ) | ||||
Net cash provided by operating activities | $ | 91,779 | $ | 52,855 | ||||
Exhibit 99.2
Exhibit 99.3
PDL BioPharma, Inc.
Q1 2014
May 12, 2014
Following are some of the key points regarding PDL’s first quarter 2014 financial and business results.
Net Income
• | Net income in the first quarter of 2014 was $72.9 million, or $0.44 per diluted share as compared with net income in the first quarter of 2013 of $53.5 million, or $0.36 per diluted share. The increase in net income in the first quarter is primarily due to the increase in royalty revenues. |
2014 Dividends
• | On January 29, 2014, PDL’s Board of Directors declared regular quarterly dividends of $0.15 per share of common stock, payable on March 12, June 12, September 12 and December 12 of 2014 to all stockholders who own shares of PDL on March 5, June 5, September 5 and December 5 of 2014, the record dates for each of the dividend payments, respectively. On March 12, 2014, PDL paid the first quarterly dividend to stockholders of record totaling $24.0 million using earnings generated in the first quarter of 2014. |
Kaleo Note Purchase
• | On April 1, 2014, PDL acquired $150 million of secured notes from Accel 300, LLC, a wholly-owned subsidiary of kaleo, Inc. (kaleo). The notes are secured by 100 percent of royalties from kaleo’s first approved product, Auvi-Q™, which uses a new system for the delivery of epinephrine for the treatment of severe allergic reactions that can be life-threatening, i.e., anaphylaxis, and 10 percent of net sales of kaleo’s second proprietary auto-injector based product, EVZIO™, which uses the same technology to deliver naloxone for the treatment of patients who overdose on opioids. |
• | The secured notes carry interest at 13 percent per annum, paid quarterly in arrears on principal outstanding. The principal balance of the secured notes is repaid to the extent that the revenue interests exceed the quarterly interest payment, as limited by a quarterly payment cap. The final maturity of the secured notes is March 2029, although PDL anticipates repayment in 2020. Kaleo may redeem the secured notes at any time, subject to a redemption premium. |
Updates on Approved Royalty Bearing Products
Avastin® (bevacizumab):
• | On April 15, 2014, Genentech/Roche reported that 1Q14 worldwide sales were $1.753 billion (assumes CHF1 = USD1.1204) and increased by 9%. |
◦ | US: Significant increase in sales in colorectal cancer due to label expansion through multiple lines of therapy. |
◦ | EU: Strong sales driven by ovarian and colorectal cancers with the latter due to the label expansion through multiple lines of therapy. |
◦ | Japan: Steady growth in Japan in colon, lung, and breast cancers and GBM. |
• | Genentech/Roche intend to file for approval for treatment of cervical cancer in US and EU in 2014. |
Herceptin® (trastuzumab):
• | On April 15, 2014, Genentech/Roche reported that 1Q14 worldwide sales were 1.710 billion* (Assumes CHF1 = USD1.1204) and increased by 3%. |
◦ | US: Stable market share. |
◦ | EU: Volume growth but somewhat offset by price decreases. |
◦ | Intl: Growth driven by China and Latin America. |
• | Subcutaneous formulation launched in 18 countries with good uptake where available. |
Lucentis® (ranibizumab):
• | On April 15, 2014, Genentech/Roche reported that 1Q14 US sales were $456 million and increased by 8%. |
◦ | AMD and RVO: Stable use and increasing size of market. |
◦ | DME: Increasing patient share but also expecting competition. |
Page 1
PDL BioPharma, Inc.
Q1 2014
May 12, 2014
• | On April 24, 2014, Novartis reported that 1Q14 ex-US sales were $620 million and increased by 6%. |
Tysabri® (natalizumab):
• | On April 23, 2014, Biogen Idec reported that 1Q14 worldwide sales were $441 million, a decrease of 3% when compared to global in-market sales in 1Q13. |
Xolair® (omalizumab):
• | On April 15, 2014, Genentech/Roche reported that 1Q14 US sales were $230 million (Assumes CHF1 = USD1.1204) and increased by 15%. |
• | On April 24, 2014, Novartis reported that 1Q14 ex-US sales were $173 million and increased by 24%. |
• | On March 6, 2014, Novartis reported that the EU had approved Xolair as an add on therapy for chronic spontaneous idiopathic urticaria. |
• | On March 21, 2014, Genentech/Roche announced that the FDA had approved Xolair for chronic idiopathic urticaria. |
Actemra® (tocilizumab):
• | On April 27, 2014, Roche said that the European Commission approved a subcutaneous formulation of RoActemra tocilizumab as monotherapy or in combination with methotrexate to treat moderate to severe rheumatoid arthritis in patients who have inadequate response to or who are intolerant of DMARDs or TNF inhibitors. |
• | On April 15, 2014, Genentech/Roche reported that 1Q14 worldwide sales increased by 23% year over year. |
◦ | US: 1Q14 sales increased 22% year over year to $96 million with growth driven by monotherapy use. |
◦ | Japan: 1Q14 sales increased 49% year over year to $59 million. Biggest contributor after launch of subcutaneous formulation. |
• | On December 20, 2013, Genentech/Roche announced positive CHMP opinion in EU with respect to approval of the subcutaneous formulation. |
• | On October 21, 2013, Genentech/Roche announced approval of the subcutaneous formulation in US. |
Perjeta® (pertuzumab):
• | On April 15, 2014, Genentech/Roche reported 1Q14 worldwide sales were $199 million (Assumes CHF1 = USD1.1204) and increased by 274% year over year. |
◦ | US: Strong adoption in neo-adjuvant setting and continued growth in first line HER2-positive metastatic breast cancer. |
Kadcyla® (TDM-1 or ado-trastuzumab emtansine):
• | On April 15, 2014, Genentech/Roche reported 1Q14 worldwide sales were $114 million (Assumes CHF1 = USD1.1204) and increased by 474%. |
◦ | US: Increasing use in second line treatment of HER2-positive metastatic breast cancer. |
◦ | EU: Launch ongoing. |
◦ | Japan: Launch expected in 2Q14. |
Gazyva™ (Obinutuzumab or GA101):
• | On April 15, 2014, Genentech/Roche announced 1Q14 US sales of $9 million (Assumes CHF1 = USD1.1204). |
• | Gazyva was approved in the US on November 1, 2013, for previously untreated chronic lymphocytic leukemia in combination with chlorambucil. |
Forward-looking Statements
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's royalty assets, restrict or impede the ability of the Company to invest in new income generating assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward looking statement except as required by law.
Page 2
PDL BioPharma, Inc.
Q1 2014
May 12, 2014
Royalty Revenue by Product ($ in 000's) * | ||||||||||
Avastin | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 40,538 | — | — | — | 40,538 | |||||
2013 | 33,234 | 46,720 | 32,224 | 32,287 | 144,464 | |||||
2012 | 23,215 | 41,670 | 25,955 | 30,041 | 120,882 | |||||
2011 | 22,283 | 41,967 | 23,870 | 22,886 | 111,006 | |||||
2010 | 16,870 | 44,765 | 29,989 | 24,922 | 116,547 | |||||
2009 | 13,605 | 35,161 | 21,060 | 15,141 | 84,966 | |||||
2008 | 9,957 | 30,480 | 19,574 | 12,394 | 72,405 | |||||
2007 | 8,990 | 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 | |||||
2014 | 37,863 | — | — | — | 37,863 | |||||
2013 | 30,287 | 47,353 | 30,961 | 33,038 | 141,640 | |||||
2012 | 25,702 | 44,628 | 30,433 | 28,307 | 129,070 | |||||
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 | |||||
2014 | 17,104 | — | — | — | 17,104 | |||||
2013 | 12,032 | 30,066 | 13,536 | 12,127 | 67,760 | |||||
2012 | 10,791 | 27,938 | 12,552 | 11,097 | 62,377 | |||||
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 | |||||
2014 | 9,559 | — | — | — | 9,559 | |||||
2013 | 5,930 | 10,025 | 7,334 | 7,330 | 30,619 | |||||
2012 | 5,447 | 8,609 | 6,504 | 6,145 | 26,705 | |||||
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 | |||||
2014 | 3,892 | — | — | — | 3,892 | |||||
2013 | 340 | 1,414 | 748 | 879 | 3,381 | |||||
2012 | — | — | 58 | 250 | 308 | |||||
2011 | — | — | — | — | — | |||||
2010 | — | — | — | — | — | |||||
2009 | — | — | — | — | — | |||||
2008 | — | — | — | — | — | |||||
2007 | — | — | — | — | — | |||||
2006 | — | — | — | — | — | |||||
Page 3
PDL BioPharma, Inc.
Q1 2014
May 12, 2014
Royalty Revenue by Product ($ in 000's) * | ||||||||||
Kadcyla | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 2,393 | — | — | — | 2,393 | |||||
2013 | — | 551 | 830 | 859 | 2,240 | |||||
2012 | — | — | — | — | — | |||||
2011 | — | — | — | — | — | |||||
2010 | — | — | — | — | — | |||||
2009 | — | — | — | — | — | |||||
2008 | — | — | — | — | — | |||||
2007 | — | — | — | — | — | |||||
2006 | — | — | — | — | — | |||||
Tysabri | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 12,857 | — | — | — | 12,857 | |||||
2013 | 12,965 | 13,616 | 11,622 | 12,100 | 50,304 | |||||
2012 | 11,233 | 12,202 | 11,749 | 12,255 | 47,439 | |||||
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 | |||||
2014 | 3,446 | — | — | — | 3,446 | |||||
2013 | 2,631 | 2,816 | 2,939 | 3,744 | 12,131 | |||||
2012 | 1,705 | 2,074 | 2,145 | 2,462 | 8,385 | |||||
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 | — | — | — | — | — | |||||
Gazyva | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 51 | — | — | — | 51 | |||||
2013 | — | — | — | — | — | |||||
2012 | — | — | — | — | — | |||||
2011 | — | — | — | — | — | |||||
2010 | — | — | — | — | — | |||||
2009 | — | — | — | — | — | |||||
2008 | — | — | — | — | — | |||||
2007 | — | — | — | — | — | |||||
2006 | — | — | — | — | — | |||||
* As reported to PDL by its licensees | ||||||||||
Totals may not sum due to rounding | ||||||||||
Q1 2014 royalty revenue by product above do not include a $5 million payment received from Genentech in Q1 2014 for a retroactive settlement payment from 2013. | ||||||||||
Page 4
PDL BioPharma, Inc.
Q1 2014
May 12, 2014
Reported Net Sales Revenue by Product ($ in 000's) * | ||||||||||
Avastin | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 1,786,912 | — | — | — | 1,786,912 | |||||
2013 | 1,653,108 | 1,694,678 | 1,746,135 | 1,819,877 | 6,913,798 | |||||
2012 | 1,502,757 | 1,573,727 | 1,551,327 | 1,662,977 | 6,290,788 | |||||
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 | |||||
2014 | 1,731,564 | — | — | — | 1,731,564 | |||||
2013 | 1,681,574 | 1,744,145 | 1,681,860 | 1,726,551 | 6,834,130 | |||||
2012 | 1,515,255 | 1,625,313 | 1,663,695 | 1,650,495 | 6,454,759 | |||||
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 | |||||
2014 | 818,376 | — | — | — | 818,376 | |||||
2013 | 1,203,179 | 1,171,423 | 1,200,791 | 1,212,651 | 4,788,045 | |||||
2012 | 1,079,092 | 1,086,543 | 1,097,541 | 1,109,695 | 4,372,871 | |||||
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 | |||||
2014 | 425,243 | — | — | — | 425,243 | |||||
2013 | 341,309 | 365,778 | 391,900 | 401,333 | 1,500,321 | |||||
2012 | 310,234 | 314,638 | 347,796 | 340,431 | 1,313,100 | |||||
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 | |||||
2014 | 158,809 | — | — | — | 158,809 | |||||
2013 | 34,008 | 55,076 | 66,353 | 87,949 | 243,386 | |||||
2012 | — | — | 5,080 | 25,000 | 30,079 | |||||
2011 | — | — | — | — | — | |||||
2010 | — | — | — | — | — | |||||
2009 | — | — | — | — | — | |||||
2008 | — | — | — | — | — | |||||
2007 | — | — | — | — | — | |||||
2006 | — | — | — | — | — | |||||
Page 5
PDL BioPharma, Inc.
Q1 2014
May 12, 2014
Reported Net Sales Revenue by Product ($ in 000's) * | ||||||||||
Kadcyla | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 91,031 | — | — | — | 91,031 | |||||
2013 | — | 21,459 | 73,626 | 85,906 | 180,991 | |||||
2012 | — | — | — | — | — | |||||
2011 | — | — | — | — | — | |||||
2010 | — | — | — | — | — | |||||
2009 | — | — | — | — | — | |||||
2008 | — | — | — | — | — | |||||
2007 | — | — | — | — | — | |||||
2006 | — | — | — | — | — | |||||
Tysabri | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 428,561 | — | — | — | 428,561 | |||||
2013 | 434,677 | 451,358 | 387,407 | 403,334 | 1,676,776 | |||||
2012 | 374,430 | 401,743 | 391,623 | 408,711 | 1,576,508 | |||||
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 | |||||
2014 | 114,865 | — | — | — | ||||||
2013 | 87,703 | 91,374 | 97,961 | 124,815 | 401,852 | |||||
2012 | 56,662 | 66,624 | 71,505 | 82,053 | 276,843 | |||||
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 | — | — | — | — | — | |||||
Gazyva | Q1 | Q2 | Q3 | Q4 | Total | |||||
2014 | 3,095 | — | — | — | 3,095 | |||||
2013 | — | — | — | — | — | |||||
2012 | — | — | — | — | — | |||||
2011 | — | — | — | — | — | |||||
2010 | — | — | — | — | — | |||||
2009 | — | — | — | — | — | |||||
2008 | — | — | — | — | — | |||||
2007 | — | — | — | — | — | |||||
2006 | — | — | — | — | — | |||||
* As reported to PDL by its licensee | ||||||||||
Totals may not sum due to rounding | ||||||||||
Page 6