PDL's 4th-qtr net loss widens to $72.1M

USA-based PDL BioPharma says that its total revenues for the fourth quarter of 2006 rose 29% on the like, year-ago period, to $107.8 million, boosted by about $25.5 million in earnings that would have been deferred to subsequent years, but that were recognized in 2006 as a result of the discontinuation of the Roche collaborations for the development of daclizumab in both asthma and transplant maintenance.

However, the Fremont, California-based firm's generally-accepted accounting principles net loss was $89.7 million versus $34.1 million in the fourth-quarter of 2005, impacted by a $72.1 million asset impairment charge related to the fibrinolytic Retavase (reteplase). On the day of the announcement, February 21, PDL shares fell 3.9% to $18.40.

During the period, net sales of PDL's marketed products rose 23% to $48.1 million. Income from the calcium channel blocker Cardene IV (nicardipine HCl) jumped 33% to $31.8 million, while sales of the intravenous anticancer drug Busulfex (busulfan) increased 23% to $7.2 million. Retavase sales rose 27% to $9.0 million.