PDL's 1st-qtr 2008 net loss triples to $62M

US drugmaker PDL BioPharma's first-quarter 2008 net loss, including results from discontinued operations, was $61.9 million, or $0.53 per basic and $0.42 per diluted share, versus a loss of $10.6 million, or $0.09 per basic and diluted share, for the comparable 2007. Total revenues from continuing operations, which exclude net product sales, were flat at $57.3 million vs $58.9 million.

Shares in the US biotechnology firm plunged 32% after it took itself off the market and announced plans to downsize and focus on antibody drugs for cancer and immunologic diseases (Marketletter March 17). PDL recognized $49.7 million during the period on the sale of its biologics manufacturing facility in Minnesota. First-quarter royalty revenues reached $50.0 million from $48.6 million, driven by higher royalties on sales of multiple sclerosis drug Tysabri (natalizumab) and the respiratory syncitial virus agent Synagis (palivizumab). This was partially offset by lower royalties on products sold by Genentech, due to a big decline in the amount and percentage of Herceptin (trastuzumab) manufactured and sold outside the USA.