This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PDL BioPharma's CEO Discusses Q1 2012 Results - Earnings Call Transcript

I’ll now turn the call over to John McLaughlin, President and CEO of PDL BioPharma.

John McLaughlin

Thanks, Jennifer, and good afternoon everyone. Also with me today is Caroline Krumel Vice President of Finance. As always in this call, I’ll provide a summary of recent events and an overview of our financial results from the quarter.

As you can see in slide three, we were very pleased to announce last week that Bruce Tomlinson will be joining us as Vice President, CFO. Bruce joined us from InterMune, a public biopharmaceutical company where he was Chief Accounting Officer, Vice President of Finance and Corporate Controller. Bruce managed all accounting and treasury functions, financial reporting, systems and controls and Sarbanes-Oxley Compliance at InterMune.

He brings more than 20 years of financial and management experience which is very relevant to PDL including knowledge of convertible debt transactions and tax structures. He will join us here in Incline Village on June 11th and we will be happy to have him on board and know that you’ll be talking with him in the months ahead.

Turning to our financial results on slide four, total revenues for the first quarter of 2012 were $77.3 million compared to $83.3 million for the first quarter of 2011. As we noted in the press release, total revenue for 2012 included a $10 million settlement payment from UCB Pharma resolving all disputes between our two companies. Excluding the UCB payment, royalty revenue increased a little over 5%.

Royalty revenues for the first quarter of 2012 are based on fourth quarter 2011 sales by PDLs licensees. The growth in revenue for the first quarter of 2012 is primarily driven by increased royalties on sales of Herceptin, which is marketed by Genentech and Roche, Lucentis and Xolair both of which are marketed by Genentech and Novartis, and Tysabri which is marketed by Elan and Biogen Idec. Royalty revenue for the first quarter is net of payments made under our February 2011 settlement agreement with Novartis.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs