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Form 8-K PDL BIOPHARMA, INC. For: Nov 10

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November 10, 2014 4:19 PM EST



�

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): November�10, 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
(Companys 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 November�10, 2014, PDL BioPharma, Inc. (the Company) issued a press release announcing the financial results for the third quarter ended September�30, 2014. A copy of this earnings release is attached hereto as Exhibit 99.1. The Company will host an earnings call and webcast on November�10, 2014, during which the Company will discuss its financial results for the third quarter ended September�30, 2014.

Item 7.01 Regulation FD Disclosure.

Presentation Materials

On November�10, 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 Companys financial results. A copy of this presentation is attached hereto at Exhibit 99.2.

Information Sheet

On November�10, 2014, the Company distributed to analysts covering the Companys securities a summary of certain information regarding the Companys net income, dividends, recent transactions and licensed product development and sales (the Information Sheet) to assist those analysts in valuing the Companys 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 Companys royalty assets or business are disclosed in the Risk Factors contained in the Companys 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: November�10, 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
�

PDL BioPharma Announces Third Quarter 2014 and Year to Date Financial Results

-Third Quarter Revenues Increased 64 Percent-
�
INCLINE VILLAGE, NV, November�10, 2014 - PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the third quarter and nine months ended September�30, 2014.
�
Total revenues for the third quarter of 2014 increased approximately 64 percent to $164.6 million from $100.2 million in the third quarter of 2013. Revenues for the third quarter of 2014 include $123.9 million in royalty payments from PDLs licensees to the Queen et al. patents, $27.6 million in net royalty payments from acquired royalty rights and a change in fair value of the royalty rights asset, and $13.1 million in interest revenue from notes receivable debt financings to late-stage healthcare companies. The revenue growth in the third quarter of 2014 includes the effect of the flat royalty rate on the Genentech related products in 2014 versus a tiered rate in 2013. The third quarter 2014 royalty payments received from PDLs licensees to the Queen et al. patents were for worldwide net sales in the second quarter 2014.

In the second quarter of 2014, PDL recorded a change in accounting related to its acquisition of royalty rights from Depomed. As part of this change, PDL has elected to measure these royalty right assets at fair value. The change in fair value along with net cash royalties received from Depomed and Viscogliosi Brothers are currently presented as a component of royalty rights - change in fair value in PDLs income statements. Of the $27.6 million recognized in royalty rights - change in fair value for the quarter ended September 30, 2014, $32.3 million were net cash royalty receipts from Depomed and Viscogliosi Brothers.

Total revenues for the first nine months of 2014 increased 35 percent to $464.2 million, compared with $344.3 million for the first nine months of 2013. The increase for the nine month period of 2014 over 2013 is primarily driven by the addition of the royalty payments from PDL's purchase of Depomed's diabetes-related royalties, increased royalties in the first three quarters of 2014 related to sales of Avastin�, Herceptin�, Xolair�, Kadcyla�, Perjeta�, Tysabri� and Actemra�, along with a higher fixed royalty rate in 2014 over the blended fixed and tiered 2013 rate, a $23.2 million increase in interest revenue related to acquisitions of new revenue generating assets, and a $5.0 million retroactive payment in first quarter of 2014 related to our settlement agreement with Genentech, partially offset by a higher foreign exchange loss and higher rebate paid to Novartis AG for Lucentis.

Operating expenses in the third quarter of 2014 were $5.7 million, compared with $7.9 million in the third quarter of 2013. Operating expenses in the first nine months of 2014 were $17.2 million, compared with $21.9 million in the first nine months of 2013. The decreases in operating expenses for the three and nine months ended September 30, 2014, compared to the three and nine months ended September 30, 2013, were primarily due to a decrease in litigation legal expenses, partially offset by an increase in due diligence professional services and compensation.

Net income in the third quarter of 2014 was $102.2 million, or $0.61 per diluted share, as compared with net income in the third quarter of 2013 of $56.2 million, or $0.36 per diluted share. Net income for the first nine months of 2014 was $267.2 million, or $1.62 per diluted share, as compared with net income in the first nine months of 2013 of $203.4 million, or $1.31 per diluted share.





Net cash provided by operating activities in the first nine months of 2014 was $223.2 million, compared with $208.5 million in the first nine months of 2013. PDL had cash, cash equivalents and investments in the aggregate of $284.5 million and $99.5 million at September�30, 2014, and December�31, 2013, respectively. The increase was primarily attributable to net cash provided by the proceeds from the issuance of the February 2018 Notes of $300.0 million, proceeds from royalty rights of $81.7 million, proceeds from the issuance of warrants of $11.4 million, and cash generated by operating activities of $223.2 million, offset in part by cash advanced on notes receivable of $215.0 million, purchase of call options for $31.0 million, repurchase of a portion of the Series 2012 Notes for $29.9 million, payment of dividends of $72.1 million, repayment of a portion of the Term Loan of $56.3 million, purchase of royalty rights - at fair value of $15.5 million, and payment of debt issuance costs related to the February 2018 Note issuance of $9.3 million.

Recent Developments

Royalty Acquisition
On November 6, 2014, PDL acquired a portion of all royalty payments of the University of Michigans (U-M) worldwide royalty interest in Cerdelga" (eliglustat) for $65.6 million. Under the terms of the royalty agreement, PDL will receive 75 percent of all royalty payments due under U-Ms license agreement with Genzyme until expiration of the licensed patents, excluding any patent term extension. Cerdelga, an oral therapy for adult patients with Gaucher disease type 1, was developed by Genzyme, a Sanofi company. Cerdelga was approved by the U.S. Food and Drug Administration (FDA) on August 19, 2014. In addition to the recent FDA approval, marketing applications for Cerdelga are under review by the European Medicines Agency and other regulatory authorities.

2014 Dividends
On January 29, 2014, PDLs 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 September 12, 2014, PDL paid the third quarterly dividend to stockholders of record totaling $24.0 million using earnings generated in the third quarter of 2014.
�
Revenue Guidance for the Fourth Quarter of 2014
As previously announced, PDL will continue to provide revenue guidance for each quarter in the third month of that quarter. Fourth quarter 2014 revenue guidance will be provided in December 2014.

Conference Call Details
PDL will hold a conference call to discuss financial results at 4:30 p.m. Eastern Time, November 10, 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 27682794. 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 16, 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 27682794.
�
To access the live and subsequently archived webcast of the conference call, go to the Companys 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.

PDL provides 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 has deployed approximately�$780 million�to date. PDL evaluates its investments based 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
�
Nine Months Ended
�
�
September 30,
�
September 30,
�
�
2014
�
2013
�
2014
�
2013
Revenues
�
�
�
�
�
�
�
�
Royalties from Queen et al. patents
�
$
123,916

�
$
96,314

�
$
355,008

�
$
331,778

Royalty rights - at fair value
�
27,602

�


�
73,807

�


Interest revenue
�
13,076

�
2,864

�
34,760

�
11,516

License and other
�


�
1,000

�
575

�
1,000

Total revenues
�
164,594

�
100,178

�
464,150

�
344,294

�
�
�
�
�
�
�
�
�
Operating Expenses
�
�
�
�
�
�
�
�
General and administrative expenses
�
5,686

�
7,925

�
17,188

�
21,894

Operating income
�
158,908

�
92,253

�
446,962

�
322,400

�
�
�
�
�
�
�
�
�
Non-operating expense, net
�
�
�
�
�
�
�
�
Interest and other income, net
�
75

�
53

�
207

�
202

Interest expense
�
(9,387
)
�
(6,118
)
�
(29,770
)
�
(18,169
)
Loss on extinguishment of debt
�


�


�
(6,143
)
�


Total non-operating expense, net
�
(9,312
)
�
(6,065
)
�
(35,706
)
�
(17,967
)
�
�
�
�
�
�
�
�
�
Income before income taxes
�
149,596

�
86,188

�
411,256

�
304,433

Income tax expense
�
47,866

�
29,963

�
144,588

�
100,995

Net income
�
$
101,730

�
$
56,225

�
$
266,668

�
$
203,438

�
�
�
�
�
�
�
�
�
Net income per share
�
�
�
�
�
�
�
�
Basic
�
$
0.63

�
$
0.40

�
$
1.70

�
$
1.45

Diluted
�
$
0.61

�
$
0.36

�
$
1.61

�
$
1.31

�
�
�
�
�
�
�
�
�
Shares used to compute income per basic share
�
160,268

�
139,848

�
157,274

�
139,830

Shares used to compute income per diluted share
�
166,894

�
154,593

�
165,141

�
155,366

�
�
�
�
�
�
�
�
�
Cash dividends declared per common share
�
$


�
$


�
$
0.60

�
$
0.60







PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
(In thousands)

�
�
September 30,
�
December 31,
�
�
2014
�
2013
Cash, cash equivalents and investments
�
$
284,454

�
$
99,540

Total notes receivable
�
$
418,578

�
$
195,048

Total assets
�
$
973,263

�
$
543,955

Total term loan payable
�
$
18,720

�
$
74,397

Total convertible notes payable
�
$
474,181

�
$
320,883

Total stockholders' equity
�
$
401,501

�
$
113,489




PDL BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW DATA
(Unaudited)
(In thousands)

�
�
Nine Months Ended
�
�
September 30,
�
�
2014
�
2013
Net income
�
$
266,668

�
$
203,438

Adjustments to reconcile net income to net cash provided by operating activities
�
(51,089
)
�
9,433

Changes in assets and liabilities
�
7,968

�
(4,336
)
Net cash provided by operating activities
�
$
223,547

�
$
208,535






Exhibit 99.2
































Exhibit 99.3

PDL BioPharma, Inc.
Q3 2014
November 10, 2014

Following are some of the key points regarding PDLs third quarter 2014 financial and business results.

Net Income
Net income in the third quarter of 2014 was $102.2 million, or $0.61 per diluted share, as compared with net income in the third quarter of 2013 of $56.2 million, or $0.36 per diluted share. Net income for the first nine months of 2014 was $267.2 million, or $1.62 per diluted share, as compared with net income in the first nine months of 2013 of $203.4 million, or $1.31 per diluted share.

Royalty Acquisition
On November 6, 2014, PDL acquired a portion of all royalty payments of the University of Michigans (U-M) worldwide royalty interest in Cerdelga" (eliglustat) for $65.6 million. Under the terms of the royalty agreement, PDL will receive 75 percent of all royalty payments due under U-Ms license agreement with Genzyme until expiration of the licensed patents, excluding any patent term extension. Cerdelga, an oral therapy for adult patients with Gaucher disease type 1, was developed by Genzyme, a Sanofi company. Cerdelga was approved by the U.S. Food and Drug Administration (FDA) on August 19, 2014. In addition to the recent FDA approval, marketing applications for Cerdelga are under review by the European Medicines Agency and other regulatory authorities.

2014 Dividends
On January 29, 2014, PDLs 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 September 12, 2014, PDL paid the third quarterly dividend to stockholders of record totaling $24.0 million using earnings generated in the third quarter of 2014.

Updates on Approved Royalty Bearing Products related to Queen et al. patents

Avastin� (bevacizumab):
"
On October 16, 2014, Genentech/Roche reported that YTD worldwide sales were CHF 4.749 billion and increased by 6%.
�
EU: Strong growth driver by further uptake in ovarian and breast cancer.
�
US: Continued increase in metastatic colorectal cancer.
�
Japan: Increased demand in colorectal, breast and ovarian cancers as well as glioblastoma.
�
International: Launches for ovarian cancer and uptake in colorectal cancer.
"
On August 14, 2014, Genentech announced US approval for the treatment of persistent, recurrent or metastatic cervical cancer in combination with chemotherapy.
"
On July 21, 2014, Genentech announced that its application for approval for the treatment of recurrent platinum-resistant ovarian cancer in US had been granted priority review with a PDUFA date of November 19, 2014.
"
On August 6, 2014, Roche reported EU approval for the treatment of ovarian cancer that is resistant to platinum-based chemotherapy.

Herceptin� (trastuzumab):
"
On October 16, 2014, Genentech/Roche reported that YTD worldwide sales were CHF4.679 billion and increased by 7%.
�
Positive growth in all regions driven by higher volumes/prolonged treatment times.
�
US: Continued growth in first line metastatic HER2+ breast cancer.
�
EU: Strong demand in Germany, Spain and UK.
�
Japan: Increased usage in combination with Perjeta in HER2+ breast cancer, as well in gastric cancer.
�
International: Growth driven by China and Brazil.

Lucentis� (ranibizumab):
"
On Oct. 16, 2014, Genentech/Roche reported that YTD US sales were CHF1.260 billion and increased by 5%.
"
On October 28, 2014, Novartis reported that 3Q14 ex-US sales were $614 million and increased by 7%.

Page 1
PDL BioPharma, Inc.
Q3 2014
November 10, 2014


"
On August 7, 2014, Genentech filed in US for approval for treatment of diabetic retinopathy.
�
Diabetic retinopathy is the leading cause of new cases of blindness of working-age people.
"
October 17, 2014, Regeneron announced top line results from a three-arm trial comparing its drug Eylea with Avastin and Lucentis in patients with diabetic macular edema which showed a greater change in best corrected visual acuity in patients treated with Eylea compared those treated with either Avastin or Lucentis.

Xolair� (omalizumab):
"
On October 16, 2014, Genentech/Roche reported that YTD US sales were CHF 701 million and increased by 24%.
"
On October 28, 2014, Novartis reported that 3Q14 ex-US sales were $207 million and increased by 39%.
"
In March 2014, both Genentech/Roche and Novartis reported US and EU had approvals, respectively, for treatment of chronic idiopathic urticaria.
"
On September 26, 2014, FDA updated the label to warn about a slightly increased risk of cardiovascular and cerebrovascular events as well as a potential risk of cancer.

Tysabri� (natalizumab):
"
On October 22, 2014, Biogen Idec reported that 3Q14 worldwide sales were $501 million.

Actemra� (tocilizumab):
"
On October 16, 2014, Genentech/Roche reported that YTD worldwide sales were CHF 897 million and increased by 24% year over year.
�
EU: Continued growth driven by strong monotherapy patient shares in all lines with encouraging subcutaneous adoption.
�
US: Growth is driven by strong IV demand and subcutaneous patient share uptake (~80% of new patients).
�
Subcutaneous formulation approved in US and EU in October 2013 and April 2014, respectively.
"
On September 8, 2014, Roche announced EU approval for treatment of patients with early rheumatoid arthritis.

Perjeta� (pertuzumab):
"
On October 16, 2014, Genentech/Roche reported YTD worldwide sales were CHF 633 million and increased by 255% year over year.
�
Growth driven by continued strong uptake in first and second line metastatic HER2+ breast cancer and in the neoadjuvant setting in the US.
"
On September 28, 2014, Genentech/Roche announced that final data from Phase 3 study in patients with previously untreated HER2+ metastatic breast cancer who were treated with Perjeta, Herceptin and docetaxel lived a median of 56.5 months compared to 40.8 months for patients treated with Herceptin and docetaxel. Median overall survival of almost five years is the longest observed to date in patients with metastatic HER2+ breast cancer.

Kadcyla� (TDM-1 or ado-trastuzumab emtansine):
"
On October 16, 2014, Genentech/Roche reported YTD worldwide sales were CHF 371 million and increased by 148%.
�
Strong uptake in second line metastatic HER2+ breast cancer.
"
MARIANNE results expected in 4Q14.

Gazyva" (Obinutuzumab or GA101):
"
On October 16, 2014, Genentech/Roche announced YTD worldwide sales of CHF 32 million.
"
Gazyva was approved in the US on November 1, 2013, for previously untreated chronic lymphocytic leukemia (CLL) in combination with chlorambucil.
"
On July 29, 2014, Roche announced EU approval for first line treatment of CLL with chlorambucil.

Page 2
PDL BioPharma, Inc.
Q3 2014
November 10, 2014



Updates on Acquired Royalties from Depomed

"
Current royalty bearing products include:
�
Glumetza (U.S, sold by Santarus / Salix)
�
Glumetza (Canada, sold by Valeant Pharmaceuticals)
�
Glumetza (Korea, sold by LG Life Sciences)
�
Janumet XR (world-wide, Sold by Merck)
"
Additional products for which we may receive milestones and royalties
�
Combination of Invokana� (canagliflozin) and extended-release metformin (Janssen Pharmaceutica)
�
Two investigational fixed-dose combinations of drugs and extended-release metformin (Boehringer Ingelheim)
"
Since inception of the transaction (October 2013) to date we have received $93.7 million in cash from this transaction, which includes $82.5 million in cash for the year to date September 30, 2014.

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 3
PDL BioPharma, Inc.
Q3 2014
November 10, 2014


Queen et al. Royalty Revenue by Product ($ in 000's) *
Avastin
Q1
Q2
Q3
Q4
Total
2014
38,122

38,924

38,864



115,910

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
36,646

38,292

39,407



114,345

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
17,390

16,777

16,883



51,050

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
8,886

9,099

10,442



28,427

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
3,375

4,385

5,157



12,917

2013
340

1,414

748

879

3,381

2012




58

250

308


Page 4
PDL BioPharma, Inc.
Q3 2014
November 10, 2014


Queen et al. Royalty Revenue by Product ($ in 000's) *
Kadcyla
Q1
Q2
Q3
Q4
Total
2014
1,934

2,491

3,048



7,473

2013


551

830

859

2,240

�
�
�
�
�
�
Tysabri
Q1
Q2
Q3
Q4
Total
2014
12,857

13,350

16,048



42,255

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

3,932

4,419



11,797

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

283

325



659

�
�
�
�
�
�
Entyvio
Q1
Q2
Q3
Q4
Total
2014




153



153

�
�
�
�
�
�
* 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 5
PDL BioPharma, Inc.
Q3 2014
November 10, 2014


Queen et al. Reported Net Sales Revenue by Product ($ in 000's) *
Avastin
Q1
Q2
Q3
Q4
Total
2014
1,786,912

1,838,764

1,828,900



5,454,576

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

1,801,990

1,854,452



5,388,006

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

789,483

794,503



2,402,362

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

428,171

491,372



1,344,786

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

206,333

242,700



607,842

2013
34,008

55,076

66,353

87,949

243,386

2012




5,080

25,000

30,079


Page 6
PDL BioPharma, Inc.
Q3 2014
November 10, 2014


Queen et al. Reported Net Sales Revenue by Product ($ in 000's) *
Kadcyla
Q1
Q2
Q3
Q4
Total
2014
91,031

117,212

143,414



351,657

2013


21,459

73,626

85,906

180,991

�
�
�
�
�
�
Tysabri
Q1
Q2
Q3
Q4
Total
2014
428,561

442,492

534,946



1,405,999

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

124,736

147,285



386,886

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

�
�
�
�
�
�
Gazyva
Q1
Q2
Q3
Q4
Total
2014
3,095

8,697

11,531



23,323

�
�
�
�
�
�
Entyvio
Q1
Q2
Q3
Q4
Total
2014




5,347



5,347

�
�
�
�
�
�
* As reported to PDL by its licensee
�
���Totals may not sum due to rounding
�
�


Page 7

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