PDL BioPharma Sees Q1 Revenue Above Street - Quick Facts

(RTTNews) - PDL BioPharma Inc (PDLI) said Tuesday it expects first-quarter revenue of about $133 million, compared with revenue of $91.8 million last year, an approximate 45 percent increase.

Analysts polled by Thomson Reuters expect the company to report revenue of $129.56 million for the first quarter.

PDL expects growth to be driven by increased fourth-quarter 2013 sales for Avastin, Herceptin, Xolair, Kadcyla, Perjeta, and Actemra for which the company receives royalties in the first quarter of 2014.

The company also expects a higher fixed royalty rate in 2014 over the blended fixed and tiered 2013 rate, the addition of the royalty payments from PDL's purchase of Depomed's diabetes-related royalties, and a $5 million retroactive payment from Genentech related to our settlement agreement.

PDL said the revenue guidance is net of an estimated payment due under its February 2011 settlement agreement with Novartis AG. PDL pays to Novartis certain amounts based on net sales of Lucentis, made by Novartis, during calendar year 2011 and beyond.