PDL expects 18% rise in 2nd-qtr revenues
US drug developer PDL BioPharma says that its expects its second-quarter 2009 revenue to total $125.0 million, a 17.9% increase on the comparable period the year before, thanks to royalties driven by higher product sales.
According to the Nevada-based firm which specializes in humanized monoclonal antibodies, its earnings were boosted by strong sales of the blockbuster products that it helped develop - Roche's multi-indication cancer drug Avastin (bevacizumab) and wet age-related macular degeneration drug Lucentis (ranibizumab), as well as sales of multiple sclerosis drug Tysabri (natalizumab), which is marketed by Irish biotechnology firm Elan.
Royalty revenues are based on first-quarter product sales by PDL's licensees and include $18.7 million for Synagis (palivizumab), which is marketed by MedImmune. Also included in the second quarter earnings estimate is the second and final installment of $12.5 million from the USA's Alexion based on a December 2008 deal.
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