PDL returns to profit on sales up 31%
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).
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