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): August 2, 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 August 2, 2012, PDL BioPharma, Inc. (the Company) issued a press release announcing the financial results for the second quarter ended June 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 August 2, 2012, during which the Company will discuss its financial results for the second quarter ended June 30, 2012.
Item 7.01 Regulation FD Disclosure.
Presentation Materials
On August 2, 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 August 2, 2012, the Company distributed to analysts covering the Company’s securities a summary of certain information regarding the Company’s net income, dividends, convertible notes, and licensed product development and sales (the Information Sheet) to assist those analysts in valuing the Company’s securities. Copies of the Information Sheet and its associated tables are attached hereto as Exhibits 99.3 and 99.4, respectively.
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
99.4
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Press Release
Presentation
Information Sheet
Tables to 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.
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PDL BIOPHARMA, INC.
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| (Company) | |||
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By:
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/s/ Bruce W. Tomlinson | |
| Bruce W. Tomlinson | |||
| Vice President and | |||
| Chief Financial Officer | |||
Dated: August 2, 2012
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
99.2
99.3
99.4
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Press Release
Presentation
Information Sheet
Tables to Information Sheet
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Exhibit 99.1
| Contacts:
Bruce Tomlinson
PDL BioPharma, Inc.
775-832-8500
bruce.tomlinson@pdl.com
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Jennifer Williams
Cook Williams Communications
360-668-3701
jennifer@cwcomm.org
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PDL BioPharma Announces Second Quarter 2012 Financial Results
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INCLINE VILLAGE, NV, August 2, 2012 – PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the second quarter and six months ended June 30, 2012.
Royalty revenues for the second quarter of 2012 increased three percent to $125.9 million from $122.1 million reported in the second quarter of 2011. For the first six months of 2012, royalty revenues increased four percent to $203.2 million from $195.5 million reported in the comparable period of 2011. Total revenue for the first six months of 2012 of $203.2 million is one percent lower than total revenue for the first six months of 2011 of $205.5 million, as a result of a one-time settlement payment of $10 million from UCB Pharma received in 2011.
Royalty revenues for the second quarter of 2012 are based on first quarter 2012 product sales by PDL’s licensees. The growth in royalty revenues was driven primarily by increased royalties from first quarter 2012 sales of Herceptin®, which is marketed by Genentech and Roche, Lucentis® and Xolair®, which are marketed by Genentech and Novartis, and Tysabri®, which is marketed by Elan and Biogen Idec. Royalty revenue for the second quarter is net of payments made under PDL’s February 2011 settlement agreement with Novartis Pharma AG.
General and administrative expenses for the second quarter of 2012 were $5.1 million, compared with $3.8 million in the same quarter of 2011. For the six months ended June 30, 2012, general and administrative expenses were $12.1 million compared to $9.6 million in the comparable period of 2011. The increase in expenses for both the quarter and six months ended June 30, 2012, is primarily due to expenses related to efforts to acquire new revenue generating assets, compensation related expenses and legal expenses.
Net income for the second quarter of 2012 was $73.5 million, or $0.52 per diluted share, as compared with net income of $70.0 million, or $0.38 per diluted share, in the same quarter of 2011. Net income for the first six months of 2012 was $113.7 million, or $0.80 per diluted share, as compared with net income of $114.5 million, or $0.63 per diluted share, in the same period of 2011. Adjusting for the non-cash interest expense associated with the Series 2012 Notes and 3.75% Convertible Senior Notes due 2015 (May 2015 Notes), non-GAAP net income for the second quarter of 2012 was $75.1 million, or $0.53 per diluted share, compared to non-GAAP net income of $70.8 million, or $0.39 per diluted share for the same period of 2011. Non-GAAP net income for the first six months of 2012 was $116.9 million, or $0.82 per diluted share, compared to non-GAAP net income of $115.4 million, or $0.63 per diluted share for the same period of 2011. The non-GAAP net income adjustment for the three and six month period of 2011 includes an adjustment for the convertible note repurchase transaction in June 2011. We are presenting non-GAAP measures because we believe this exclusion facilitates comparison to PDL’s cash operating results.
Net cash provided by operating activities in the first six months of 2012 was $122.8 million, compared with $87.9 million for the first six months of 2011. At June 30, 2012, PDL had cash, cash equivalents and investments of $229.3 million, compared with $227.9 million at December 31, 2011.
Recent Developments
Credit Agreement with Merus Labs International, Inc.
In July 2012, PDL loaned $35 million to Merus Labs International, Inc. (Merus Labs) in connection with its acquisition of a commercial-stage pharmaceutical product and related assets (the Assets). In addition, PDL agreed to provide a $20 million letter of credit on behalf of Merus Labs that the seller of the Assets may draw upon to satisfy the remaining $20 million purchase price obligation on July 11, 2013. Draws on the Letter of Credit will be funded from the proceeds of an additional loan to Merus Labs. Outstanding borrowings under the July 2012 loan bear interest at the rate of 13.5% per annum and outstanding borrowings as a result of draws on the Letter of Credit bear interest at the rate of 14.0% per annum. Merus Labs is required to make four periodic principal payments in respect to the July 2012 loan, with repayment of the remaining principal balance of all loans due on March 31, 2015. The borrowings are subject to mandatory prepayments upon certain asset dispositions or debt issuances under the terms set forth in the credit agreement. The loan is secured by substantially all of the assets of Merus Labs.
Perjeta™
On June 8, 2012, Genentech announced that the U.S. Food and Drug Administration (FDA) approved Perjeta (pertuzumab). Perjeta is approved in combination with Herceptin and docetaxel chemotherapy for the treatment of people with HER2-positive metastatic breast cancer who have not received prior anti-HER2 therapy or chemotherapy for metastatic disease.
Genentech notified PDL on June 18, 2012, that Perjeta is a licensed product. PDL will receive royalties on sales of Perjeta in the quarter following the first quarter of Perjeta sales in accordance with Genentech’s license agreements with PDL.
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 June 14, 2012, PDL paid the second quarterly dividend to stockholders of record totaling $21 million using earnings generated in the second 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. Third quarter 2012 revenue guidance will be provided in September.
Conference Call Details
PDL will hold a conference call to discuss financial results at 4:30 p.m. ET today, August 2, 2012.
To access the live conference call via phone, please dial (877) 677-9122 from the United States and Canada or (708) 290-1401 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 August 9, 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 12377244.
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 the value of its patent portfolio and related assets. 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 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.
PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended
June 30, |
Six Months Ended
June 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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$ | 125,904 | $ | 122,127 | $ | 203,248 | $ | 195,463 | ||||||||
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License and other
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- | - | - | 10,000 | ||||||||||||
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Total revenues
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125,904 | 122,127 | 203,248 | 205,463 | ||||||||||||
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General and administrative expenses
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5,145 | 3,776 | 12,090 | 9,555 | ||||||||||||
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Operating income
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120,759 | 118,351 | 191,158 | 195,908 | ||||||||||||
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Non-operating expense, net
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||||||||||||||||
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Loss on repurchase of convertible notes
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- | (766 | ) | - | (766 | ) | ||||||||||
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Interest and other income, net
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428 | 157 | 518 | 332 | ||||||||||||
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Interest expense
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(7,872 | ) | (9,780 | ) | (16,573 | ) | (18,934 | ) | ||||||||
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Total non-operating expense, net
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(7,444 | ) | (10,389 | ) | (16,055 | ) | (19,368 | ) | ||||||||
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Income before income taxes
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113,315 | 107,962 | 175,103 | 176,540 | ||||||||||||
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Income tax expense
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39,813 | 37,976 | 61,417 | 62,009 | ||||||||||||
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Net income
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$ | 73,502 | $ | 69,986 | $ | 113,686 | $ | 114,531 | ||||||||
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Net income per share
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Basic
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$ | 0.53 | $ | 0.50 | $ | 0.81 | $ | 0.82 | ||||||||
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Diluted
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$ | 0.52 | $ | 0.38 | $ | 0.80 | $ | 0.63 | ||||||||
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Cash dividends declared per common share
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$ | - | $ | - | $ | 0.60 | $ | 0.60 | ||||||||
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Weighted average shares outstanding
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||||||||||||||||
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Basic
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139,683 | 139,650 | 139,681 | 139,645 | ||||||||||||
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Diluted
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142,213 | 186,060 | 142,890 | 186,055 | ||||||||||||
PDL BIOPHARMA, INC.
RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended
June 30, |
Six Months Ended
June 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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Net income
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$ | 73,502 | $ | 69,986 | $ | 113,686 | $ | 114,531 | ||||||||
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Add back:
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||||||||||||||||
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Loss on repurchase of convertible debt, net of estimated taxes
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- | 498 | - | 498 | ||||||||||||
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Amortization of debt discount on Series 2012 Notes and May 2015 Notes, net of estimated taxes
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1,642 | 337 | 3,238 | 337 | ||||||||||||
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Non-GAAP net income
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75,144 | 70,821 | 116,924 | 115,366 | ||||||||||||
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Add back interest expense for convertible notes, net of estimated taxes
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6 | 1,275 | 33 | 2,549 | ||||||||||||
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Non-GAAP income used to compute non-GAAP net income per diluted share
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$ | 75,150 | $ | 72,096 | $ | 116,957 | $ | 117,915 | ||||||||
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Shares used to compute non-GAAP net income per diluted share
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142,213 | 186,060 | 142,890 | 186,055 | ||||||||||||
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Non-GAAP net income per diluted share
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$ | 0.53 | $ | 0.39 | $ | 0.82 | $ | 0.63 | ||||||||
PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
(In thousands)
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June 30, 2012
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December 31, 2011
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|||||||
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Cash, cash equivalents and investments
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$ | 229,333 | $ | 227,946 | ||||
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Total assets
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$ | 259,829 | $ | 269,471 | ||||
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Non-recourse notes payable
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$ | 22,738 | $ | 93,370 | ||||
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Convertible notes payable
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$ | 304,767 | $ | 316,615 | ||||
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Total stockholders' deficit
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$ | (161,114 | ) | $ | (204,273 | ) | ||
PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW DATA
(Unaudited)
(In thousands)
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Six Months Ended
June 30, |
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2012
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2011
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|||||||
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Net income
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$ | 113,686 | $ | 114,531 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities
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12,779 | 24,941 | ||||||
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Changes in assets and liabilities
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(3,672 | ) | (51,549 | ) | ||||
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Net cash provided by operating activities
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$ | 122,793 | $ | 87,923 | ||||
Exhibit 99.2
Exhibit 99.3
PDL BioPharma, Inc.
Q2-2012
August 2, 2012
Following are some of the key points regarding PDL’s second quarter 2012 financial and business results.
Net Income
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·
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Net income for the second quarter of 2012 was $73.5 million, or $0.52 per diluted share, as compared with net income of $70.0 million, or $0.38 per diluted share, in the same quarter of 2011.
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·
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Second quarter net income per diluted share is higher in 2012 when compared to 2011 due to increased revenue and the elimination of 44 million shares from the diluted earnings per share calculation after we restructured two of our convertible notes to "net share settle."
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2012 Dividends
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·
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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 June 14, 2012 to our stockholders of record on June 7, 2012 as part of our regular, quarterly dividend policy for 2012.
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Adjustments to Conversion Rates of Convertible Notes
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·
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The conversion rate for our 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) was adjusted to 162.885 shares of common stock per $1,000 principal amount, or a conversion price of approximately $6.14 per share, effective June 8, 2012.
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·
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The conversion rate for our 3.75% Senior Convertible Notes due May 1, 2015 (May 2015 Notes) was adjusted to 142.5217 shares of common stock per $1,000 principal amount, or a conversion price of approximately $7.02 per share, effective June 5, 2012.
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·
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The conversion rate for our 2.875% Series 2012 Convertible Notes due February 15, 2015 (Series 2012 Notes) was adjusted to 162.885 shares of common stock per $1,000 principal amount, or a conversion price of approximately $6.14 per share, effective June 5, 2012.
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Page 1
PDL BioPharma, Inc.
Q2-2012
August 2, 2012
Updates on Approved Royalty Bearing Products
Lucentis™ (ranibizumab):
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·
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On Thursday, July 26th, FDA's Dermatologic and Ophthalmic Drugs Advisory Committee voted that safety and efficacy data support approval of the 0.3 mg and 0.5 mg doses of Lucentis for diabetic macular edema.
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·
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Genentech and Roche are only seeking approval of the 0.3 mg dose.
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·
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PDUFA date for this application for approval is August 10, 2012.
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·
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Lucentis is already approved for this indication in EU.
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Perjeta™ (pertuzumab):
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·
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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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Perjeta launched the day after approval.
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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 will begin 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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On June 22, 2012, Genentech and Roche announced that Perjeta met the secondary endpoint of OS in its Phase 3 trial.
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·
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In the adjuvant setting, Phase 2 data showed 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 2
PDL BioPharma, Inc.
Q2-2012
August 2, 2012
Updates on Select Development Stage Potential Royalty Bearing Products
BAPINEUZUMAB:
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·
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On July 23, 2012, Pfizer reported that, in a Phase 3 clinical study using bapineuzumab to treat patients with mild-to-moderate Alzheimer’s disease and carry the apolipoprotein E epsilon 4 (ApoE4) allele, bapineuzumab did not meet the trial’s endpoints.
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·
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In its Tuesday, July 31st earnings call, Pfizer disclosed that data from Phase 3 trial which enrolled non-apoe4 carriers is being analyzed and that the data will be presented in September.
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SOLANEZUMAB:
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·
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Lilly has advised that data from its two Phase 3 trials will be disclosed in 2H12 with many speculating that it will be presented at one or both of the Alzheimer’s Disease conferences in the beginning and end of October.
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·
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Lilly has said that it will stratify the patients by apoe4 carrier status when analyzing the results but it is not known how many patients with and without the apoe4 allele have been enrolled in the two trials.
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Page 3
PDL BioPharma, Inc.
Q2-2012
August 2, 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 4
Exhibit 99.4
PDL BioPharma, Inc.
Q2-2012
August 2, 2012
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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-
|
-
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64,886
|
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2011
|
22,283
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41,967
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23,870
|
22,886
|
111,006
|
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2010
|
16,870
|
44,765
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29,989
|
24,922
|
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
|
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
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17,478
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9,549
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57,859
|
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2006
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10,438
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15,572
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15,405
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12,536
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53,952
|
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Herceptin
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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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25,702
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44,628
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-
|
-
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70,330
|
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2011
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25,089
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42,209
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31,933
|
21,812
|
121,042
|
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2010
|
23,402
|
38,555
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27,952
|
25,441
|
115,350
|
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2009
|
16,003
|
32,331
|
26,830
|
18,615
|
93,779
|
|
2008
|
14,092
|
34,383
|
28,122
|
20,282
|
96,880
|
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2007
|
19,035
|
28,188
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22,582
|
14,802
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84,608
|
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2006
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15,142
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19,716
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21,557
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20,354
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76,769
|
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Lucentis
|
Q1
|
Q2
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Q3
|
Q4
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Total
|
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2012
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10,791
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27,938
|
-
|
-
|
38,728
|
|
2011
|
8,878
|
24,313
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12,157
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10,750
|
56,099
|
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2010
|
7,220
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19,091
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10,841
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8,047
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45,198
|
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2009
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4,621
|
12,863
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8,123
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6,152
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31,759
|
|
2008
|
3,636
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11,060
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7,631
|
4,549
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26,876
|
|
2007
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2,931
|
6,543
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6,579
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3,517
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19,570
|
|
2006
|
-
|
-
|
289
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3,335
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3,624
|
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Xolair
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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
|
5,447
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8,609
|
-
|
-
|
14,056
|
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2011
|
4,590
|
7,621
|
5,916
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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
|
|
Tysabri
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
11,233
|
12,202
|
-
|
-
|
23,435
|
|
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
|
-
|
-
|
3,778
|
|
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
|
PDL BioPharma, Inc.
Q2-2012
August 2, 2012
Reported Net Sales Revenue by Product ($ in 000's) *
|
Avastin
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
1,502,757
|
1,573,727
|
-
|
-
|
3,076,484
|
|
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
|
-
|
-
|
3,140,569
|
|
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
|
-
|
-
|
2,165,635
|
|
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
|
-
|
-
|
624,873
|
|
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
|
|
Tysabri
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
2012
|
374,430
|
401,743
|
-
|
-
|
776,173
|
|
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
|
-
|
-
|
123,286
|
|
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
|
PDL BioPharma, Inc.
Q2-2012
August 2, 2012
Manufacturing Location & Sales - Genentech / Roche & Novartis ($ in 000's) *
|
Avastin Sales
|
2011 - Q1
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
|
US Made & Sold
|
708,539
|
719,967
|
688,966
|
684,878
|
652,824
|
724,483
|
|
US Made & ex-US Sold
|
580,981
|
548,710
|
587,975
|
375,830
|
448,037
|
532,979
|
|
ex-US Made & Sold
|
307,941
|
314,028
|
304,155
|
409,286
|
401,896
|
316,265
|
|
Total
|
1,597,461
|
1,582,705
|
1,581,095
|
1,469,994
|
1,502,757
|
1,573,727
|
|
US Made & Sold
|
44%
|
45%
|
44%
|
47%
|
43%
|
46%
|
|
US Made & ex-US Sold
|
36%
|
35%
|
37%
|
26%
|
30%
|
34%
|
|
ex-US Made & Sold
|
19%
|
20%
|
19%
|
28%
|
27%
|
20%
|
|
Herceptin Sales
|
2011 - Q1
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
|
US Made & Sold
|
409,854
|
442,903
|
445,395
|
453,168
|
456,920
|
497,109
|
|
US Made & ex-US Sold
|
423,053
|
642,670
|
495,086
|
612,908
|
523,353
|
466,477
|
|
ex-US Made & Sold
|
558,661
|
474,402
|
702,416
|
366,695
|
534,982
|
661,727
|
|
Total
|
1,391,568
|
1,559,975
|
1,642,898
|
1,432,771
|
1,515,255
|
1,625,313
|
|
US Made & Sold
|
29%
|
28%
|
27%
|
32%
|
30%
|
31%
|
|
US Made & ex-US Sold
|
30%
|
41%
|
30%
|
43%
|
35%
|
29%
|
|
ex-US Made & Sold
|
40%
|
30%
|
43%
|
26%
|
35%
|
41%
|
|
Lucentis Sales
|
2011 - Q1
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
|
US Made & Sold
|
378,451
|
409,674
|
422,335
|
428,884
|
433,428
|
412,131
|
|
US Made & ex-US Sold
|
509,307
|
533,745
|
630,474
|
646,131
|
645,665
|
674,411
|
|
ex-US Made & Sold
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
887,757
|
943,418
|
1,052,809
|
1,075,015
|
1,079,092
|
1,086,543
|
|
US Made & Sold
|
43%
|
43%
|
40%
|
40%
|
40%
|
38%
|
|
US Made & ex-US Sold
|
57%
|
57%
|
60%
|
60%
|
60%
|
62%
|
|
ex-US Made & Sold
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
|
Xolair Sales
|
2011 - Q1
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
|
US Made & Sold
|
164,621
|
167,608
|
184,837
|
188,728
|
185,505
|
193,600
|
|
US Made & ex-US Sold
|
-
|
-
|
-
|
-
|
-
|
-
|
|
ex-US Made & Sold
|
103,133
|
110,034
|
126,037
|
126,184
|
124,729
|
121,039
|
|
Total
|
267,754
|
277,642
|
310,874
|
314,911
|
310,234
|
314,638
|
|
US Made & Sold
|
61%
|
60%
|
59%
|
60%
|
60%
|
62%
|
|
US Made & ex-US Sold
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
|
ex-US Made & Sold
|
39%
|
40%
|
41%
|
40%
|
40%
|
38%
|
|
Total Sales
|
2011 - Q1
|
2011 - Q2
|
2011 - Q3
|
2011 - Q4
|
2012 - Q1
|
2012 - Q2
|
|
US Made & Sold
|
1,661,465
|
1,740,152
|
1,741,534
|
1,755,657
|
1,728,678
|
1,827,323
|
|
US Made & ex-US Sold
|
1,513,340
|
1,725,125
|
1,713,535
|
1,634,869
|
1,617,054
|
1,673,867
|
|
ex-US Made & Sold
|
969,735
|
898,464
|
1,132,608
|
902,165
|
1,061,607
|
1,099,031
|
|
Total
|
4,144,540
|
4,363,741
|
4,587,677
|
4,292,691
|
4,407,339
|
4,600,221
|
|
US Made & Sold
|
40%
|
40%
|
38%
|
41%
|
39%
|
40%
|
|
US Made & ex-US Sold
|
37%
|
40%
|
37%
|
38%
|
37%
|
36%
|
|
ex-US Made & Sold
|
23%
|
21%
|
25%
|
21%
|
24%
|
24%
|
* As reported to PDL by its licensees
Totals may not sum due to rounding