PDL BioPharma (PDLI) Release Q3 Revenue Guidance Well Below Consensus

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September 8, 2011 7:10 AM EDT
PDL BioPharma, Inc. (NASDAQ: PDLI) today announced revenue guidance for the third quarter ending September 30, 2011, of approximately $83 million, as compared with actual results of $86 million for the third quarter of 2010.

The consensus for the third quarter is $87.68 million.

The forecasted third quarter 2011 revenue decline is primarily driven by reduced royalties from second quarter 2011 sales of Avastin partially offset by increased royalties from second quarter 2011 sales of Herceptin, Lucentis, and Tysabri.

Also contributing to the decline is a lower average royalty rate on sales of Avastin, Herceptin, Lucentis and Xolair that are either made or sold in the United States due to higher year-to-date sales in 2011.

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