PDL BioPharma (PDLI) Misses Q1 EPS by 31c

PDL BioPharma (NASDAQ: PDLI) reported Q1 EPS of ($0.26), $0.31 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $6 million versus the consensus estimate of $37.62 million.

"We continue to execute on the strategy of monetizing our assets to unlock the full value of the company for our stockholders," said Dominique Monnet, president and CEO of PDL. "Our plan is to follow a disciplined approach with a focus on maximizing net proceeds. We remain confident in the high quality of our assets, and we believe that they are attractive acquisition targets.

"Earlier this week we announced Board of Director approval for a distribution of all of PDL's shares of Evofem Biosciences common stock via a special one-time dividend to PDL stockholders as our first distribution under the Plan of Complete Liquidation," he added. "We previously stated the ambitious goal of completing the monetization of our key assets by the end of 2020. While we are encouraged by our progress, we recognize that the impact of the COVID-19 pandemic on our assets and the businesses of potential buyers of those assets could cause some delays, which makes it possible, and perhaps probable, that the timing of the sale or sales may be delayed. Again, our intent is to pursue monetization in a disciplined and cost-effective manner and to distribute the net proceeds to stockholders in a tax-efficient manner in the form of share repurchases and dividends, or by other means."

For earnings history and earnings-related data on PDL BioPharma (PDLI) click here.

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