reported a narrower loss in the third quarter, and revenue exceeded analysts' expectations.
The company reported a loss in the latest quarter of $6.7 million, or 6 cents a share, compared with a loss of $45.2 million, or 43 cents a share, in the year-ago period.
Excluding certain items, PDL would have earned 23 cents a share. Revenue for the quarter came in at $111.4 million, up 44% from the third quarter of last year and ahead of estimates for a top line of $104.1 million.
Overall product sales were $41.1 million, including $28.7 million in sales of the blood pressure drug Cardene, a year-over-year increase of 34%. Cardene sales in the most recent quarter included sales of Cardene SR, which the company acquired from
Sales of the heart drug Retavase were $7.2 million, down from $11.6 million a year ago. Royalty revenue was up 64% to $42.5 million. License, collaboration and other revenue during the third quarter rose to $27.8 million from $7.5 million.
Shares of PDL fell 50 cents, or 2.4%, to $20.50 in after-hours trading Thursday.