PDL returns to profit on sales up 31%

16 March 2009

USA-based biotechnology company PDL BioPharma has returned to profit in 2008, on a 31% year-on-year jump in turnover, but its levels of  available cash plummeted during the period. Shares in the firm rose 18%  to $6.59 on the day of the news, March 3.

Net income was $68.4 million, or 0.58 per share, versus  a loss of $21.1  million, or 0.18 loss per share. However, as of December 31, 2008, the  firm had $147.5 million in cash and cash equivalents, down 67% from the  same point of the year before.

Turnover was $294.3 million vs $224.9 million, while general and  administrative costs rose 25% to $51.5 million, due to expenses related  to the spin-off of its biotechnology business into new firm Facet  Biotech (Marketletter October 6, 2008).

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK





Today's issue

Company Spotlight