UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 19, 2014

PDL BioPharma, Inc.

(Exact name of Company as specified in its charter)

000-19756
(Commission File Number)


Delaware
 
94-3023969
(State or Other Jurisdiction of Incorporation)
 
(I.R.S. Employer Identification No.)


932 Southwood Boulevard
Incline Village, Nevada 89451
(Address of principal executive offices, with zip code)

(775) 832-8500
(Company’s telephone number, including area code)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:


¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 







Item 7.01 Regulation FD Disclosure.
 
Presentation Materials
 
On August 19, 2014, the Company posted to its website a set of presentation materials that it will use during its earnings call and webcast to assist participants with understanding the Company’s financial results. A copy of this presentation is attached hereto at Exhibit 99.1.
 
Information Sheet
 
On August 19, 2014, the Company distributed to analysts covering the Company’s securities a summary of certain information regarding the Company’s net income, dividends, recent transactions and licensed product development and sales (the Information Sheet) to assist those analysts in valuing the Company’s securities. The Information Sheet and its associated tables are attached hereto as Exhibit 99.2.
 
Limitation of Incorporation by Reference
 
In accordance with General Instruction B.2. of Form 8-K, the information in this report, including the exhibits, is furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
 
Cautionary Statements
 
This filing and its exhibits include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could impair the Company’s royalty assets or business are disclosed in the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, as updated by subsequent quarterly reports, filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.





Item 9.01 Financial Statements and Exhibits.
Exhibit No.
 
Description
99.1
 
Presentation
99.2
 
Information Sheet





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PDL BIOPHARMA, INC.
(Company)
 
 
 
By:
 
/s/ Peter S. Garcia
 
 
Peter S. Garcia
 
 
Vice President and Chief Financial Officer
 
 



Dated: August 19, 2014





Exhibit Index
Exhibit No.
 
Description
99.1
 
Presentation
99.2
 
Information Sheet



PDLI-2014.08.19 8-K EX 99.1


Exhibit 99.1































PDLI-2014.08.19 8-K EX 99.2

Exhibit 99.2

PDL BioPharma, Inc.
Q2 2014
August 19, 2014

Following are some of the key points regarding PDL’s second quarter 2014 financial and business results.
Net Income
Net income in the second quarter of 2014 was $92.1 million, or $0.52 per diluted share as compared with net income in the second quarter of 2013 of $93.7 million, or $0.62 per diluted share. Net income for the first six months of 2014 was $164.9 million, or $0.94 per diluted share as compared with net income in the first six months of 2013 of $147.2 million, or $0.96 per diluted share.

2014 Dividends
•
On January 29, 2014, PDL’s Board of Directors declared regular quarterly dividends of $0.15 per share of common stock, payable on March 12, June 12, September 12 and December 12 of 2014 to all stockholders who own shares of PDL on March 5, June 5, September 5 and December 5 of 2014, the record dates for each of the dividend payments, respectively. On June 12, 2014, PDL paid the second quarterly dividend to stockholders of record totaling $24.0 million using earnings generated in the second quarter of 2014.

Accounting for Depomed Transaction
•
In the second quarter of 2014, after consultation with our auditor’s and the Office of Chief Accountant of the SEC, PDL recorded a change in accounting related to its acquisition of royalty rights from Depomed. As part of this change, PDL has elected to measure these assets at fair value. The change in fair value along with net cash royalties received from Depomed is currently presented as a component of “royalty rights - change in fair value” in PDL’s condensed consolidated statements of income. Of the $34.5 million recognized in royalty rights for the quarter ended June 30, 2014, $25.8 million were net cash royalty receipts from Depomed and $8.7 million was the net increase in fair value including prior period adjustments.
•
The cost of revenue caption, previously reported in the first quarter of 2014 was reversed in the second quarter and will no longer be reported.
•
The change in accounting is further described in Correction of an Immaterial Error section below.

Accounting Reclassification
•
In recognition of its transitioning business model to acquire new revenue generating assets, PDL reclassified $12.6 million in interest income in the quarter ended June 30, 2014 related to interest from its notes receivable to interest revenue, which compares to $4.9 million in interest revenue for the second quarter of 2013. The reclassification of $21.7miilion and $8.7milllion was also made for the six months ended June 30, 2014 and 2013, respectively.

Updates on Approved Royalty Bearing Products
•
The second quarter 2014 royalty payment received from Genentech products was for worldwide net sales in the first quarter 2014. Prior to 2014, PDL's second quarter royalty revenue was historically the highest amount of any quarter because the applicable tiered royalty rate was three percent. However, as aggregate net sales increased with each subsequent quarter, the tiered royalty rate declined, dropping to one percent in PDL’s third, fourth and first quarters. As a result, the blended royalty rate for all of 2013 for Genentech Products was 1.9 percent. The settlement with Genentech resulted in a single fixed royalty rate of 2.125 percent, which results in more uniform royalty revenue on a quarter to-quarter basis in the current fiscal year. Thus, this decrease in Queen et al. related royalties between the second quarters of 2013 and 2014 is a function of the transition to the new fixed royalty rate, which new royalty rate is anticipated to result in greater royalties to PDL when measured on an annual basis

Avastin® (bevacizumab):
•
On July 24, 2014, Genentech/Roche reported that 1H14 worldwide sales were $3.778 billion* and increased by 6%.

Page 1
PDL BioPharma, Inc.
Q2 2014
August 19, 2014



•
On July 21, 2014, Genentech announced that its application for approval for the treatment of recurrent platinum-resistant ovarian cancer in US had been granted priority review with a PDUFA date of November 19, 2014.
•
On August 6, 2014, Roche reported EU approval for the treatment of ovarian cancer that is resistant to platinum-based chemotherapy.
•
On August 14, 2014, Genentech announced US approval for the treatment of persistent, recurrent or metastatic cervical cancer in the US in combination with chemotherapy.

Herceptin® (trastuzumab):
•
On July 24, 2014, Genentech/Roche reported that 1H14 worldwide sales were $3.76 billion* and increased by 6%.
•
Subcutaneous formulation being rapidly adopted in vast majority of EU.

Lucentis® (ranibizumab):
•
On July 24, 2014, Genentech/Roche reported that 1H14 US sales were $1 billion* and increased by 6%.
◦
AMD and RVO: Stable use and increasing size of market but potential competition in BRVO in 2H14.
◦
DME: Increasing patient share but also expecting competition in 2H14.
•
On July 17, 2014, Novartis reported that 2Q14 ex-US sales were $619 million and increased by 7% over 2Q13.
•
On August 7, 2014, Genentech filed in US for approval for treatment of diabetic retinopathy.
◦
Diabetic retinopathy is the leading cause of new cases of blindness of working-age people.

Tysabri® (natalizumab):
•
On July 23, 2014, Biogen Idec reported that 2Q14 worldwide sales were $533 million.

Xolair® (omalizumab):
•
On July 24, 2014, Genentech/Roche reported that 1H14 US sales were $533 million* and increased by 19%.
•
On July 17, 2014, Novartis reported that 2Q14 ex-US sales were $197 million and increased by 30% over 2Q13.
•
On March 6, 2014, Novartis reported that the EU had approved Xolair as an add on therapy for chronic spontaneous idiopathic urticaria.
•
On March 21, 2014, Genentech/Roche announced that the FDA had approved Xolair for chronic idiopathic urticaria.

Actemra® (tocilizumab):
•
On July 24, 2014, Genentech/Roche reported that 1H14 worldwide sales were $693 million* and increased by 22% year over year.
•
On April 28, 2014, Roche announced approval of the subcutaneous formulation in EU.
•
On October 21, 2013, Genentech/Roche announced approval of the subcutaneous formulation in US.

Perjeta® (pertuzumab):
•
On July 24, 2014, Genentech/Roche reported 1H14 worldwide sales were $473 million* and increased by 276% year over year.

Kadcyla® (TDM-1 or ado-trastuzumab emtansine):
•
On July 24, 2014, Genentech/Roche reported 1H14 worldwide sales were $277 million* and increased by 188%.

Gazyva™ (Obinutuzumab or GA101):
•
On July 24, 2014, Genentech/Roche announced 1H14 US sales of $22 million.
◦
Gazyva was approved in the US on November 1, 2013, for previously untreated chronic lymphocytic leukemia (CLL) in combination with chlorambucil.
•
On July 29, 2014, Roche announced EU approval for first line treatment of CLL with chlorambucil.


* Assumes CHF1=USD1.22

Page 2
PDL BioPharma, Inc.
Q2 2014
August 19, 2014




Update on Wellstat Diagnostics

In June of 2014, PDL received information from Wellstat Diagnostics that showed that it was generally unable to pay its debts as they became due. This constituted an Event of Default under the amended and restated credit agreement. Wellstat Diagnostics entered into a transaction involving another lender in coordination with PDL, pursuant to which Wellstat Diagnostics obtained additional short term funding for its operations. At the same time, PDL entered into the First Amendment to Amended and Restated Credit Agreement with Wellstat Diagnostics. The material terms of the amendment include the following: (1) Wellstat Diagnostics acknowledged that an Event of Default had occurred, (2) PDL agreed to forbear from immediately enforcing its rights for up to sixty (60) days, so long as the other lender provided agreed levels of interim funding to Wellstat Diagnostics; and (3) PDL obtained specified additional information rights with regard to Wellstat Diagnostics’ financial matters and investment banking activities.

On August 5, 2014, PDL received notice that the short term funding being provided pursuant to the agreement with the other lender entered into during June 2014, was being terminated. Wellstat Diagnostics remained in default because it was still unable to pay its debts as they became due. Accordingly, PDL delivered a notice of default to Wellstat Diagnostics, due to its on-going failure to pay its debts as they become due and Wellstat Diagnostics’ failure to comply with certain covenants by the contractually specified deadlines. The notice given accelerates all obligations under the amended and restated credit agreement and demands immediate payment in full in an amount equal to approximately $54 million and demands that Wellstat Diagnostics protect and preserve all collateral securing its obligations.

PDL’s intent in these actions is to place the Company in the best possible position to recover the full amount due. Our actions are designed to preserve and protect the collateral in the event that PDL elects to pursue a foreclosure sale and to put the guarantors on notice of our intent to collect on the loan from them to the extent possible. We will remain flexible in determining our ultimate course of action. For example, we may forbear in exercising our remedies if Wellstat Diagnostics is able to secure additional funding, either through a third party loan or through an equity placement. We would note that Wellstat Diagnostics has been successful in the past in finding third party funding to continue its operations, but we are unable to ascribe a likelihood of success to their current efforts.

Other examples of actions that PDL may take include:

o   We may proceed with a foreclosure sale of the assets of Wellstat Diagnostics in which PDL holds a perfected first priority lien.  The Wellstat Diagnostics collateral includes, for example, hard assets of the company, such as models of their diagnostics systems, their assays, computers and lab equipment; intellectual property such as patents, trade secrets, experimental data and engineering plans; and licenses to intellectual property covering aspects of Wellstat Diagnostics’ assay technology.  A sale process would be conducted in accordance with applicable law as well as certain conditions on the transfer of intellectual property licenses owned by Wellstat Diagnostics.  If PDL finds a buyer at an acceptable price, it may conduct a private foreclosure sale under Article 9 of the UCC.  If not, PDL may conduct a public foreclosure sale and at any such public sale PDL would have the right to credit bid part or all of its secured claims. 
 
o   If PDL’s credit bid results in PDL owning the asset, PDL would evaluate its options with regard to monetizing such assets at that time.
 
o    We may elect to collect amounts due from the guarantors of the loans which include certain affiliates and related companies of Wellstat Diagnostics as well as two shareholders of Wellstat Diagnostics and related companies. Such an action may be subject to higher priority liens of third party lenders to the Wellstat affiliated companies.  It is also possible that efforts to collect from guarantors will require legal action.  Further, we would decide to seek to collect any deficiency in the amount generated in a foreclosure sale of Wellstat Diagnostics’ assets from one or more of the guarantors after the foreclosure sale is completed and the amount of the deficiency, if any, is determined.

Page 3
PDL BioPharma, Inc.
Q2 2014
August 19, 2014




Correction of an Immaterial Error

We previously disclosed that we had received a comment letter from SEC staff regarding our accounting for the Depomed Royalty Agreement and were engaged in discussions with them. The SEC staff asked us to explain why the transaction was accounted for as the acquisition of intangible assets as opposed to that of financial assets.

While significant judgment is required to determine the appropriate accounting for this transaction as either the acquisition of intangible assets or financial assets, we have concluded, after consultation with our auditor’s and the Office of Chief Accountant of the SEC, that it should be treated as a Level 3 financial asset. This is a change to the previously reported accounting as an intangible asset. An important fact in this determination is that we only receive the rights to cash (and not necessarily the intellectual property of the asset).

We expect that future royalty transactions (where we do not acquire intellectual property rights) will be accounted for in a manner similar to that now being applied to Depomed, including our recent royalty transaction with the Viscogliosi Brothers.

Based upon this treatment as a financial asset, we recorded a correction to an error related to our acquisition of royalty rights from Depomed. Consistent with accounting for Depomed as a financial asset, we will now measure it at fair value. The change in fair value along with net cash royalties received from Depomed is currently presented as a component of “royalty rights - change in fair value” in PDL’s income statements. The estimated fair value is determined by using a discounted cash flow analysis related to the expected future cash flows to be received. In addition, the previously recorded non-cash cost of royalty revenues (amortization of the intangible asset) was reversed and will no longer be reported.

Of the $34.5 million recognized in royalty rights for the quarter ended June 30, 2014, $25.8 million were net cash royalty receipts from Depomed and $8.7 million was the net increase in fair value including prior period adjustments. The change in fair value includes a reduction in fair value of $4.9 million in Q2 offset by a gain of $13.6 million from the prior period adjustments booked in Q2. Going forward, we would expect the net royalty receipts received from Depomed to be offset by a similar reduction in fair value to Q2 unless we increase our cash flow analysis and or change inputs related to timing of future sales and discount rates applied to the cash flow.

We determined that a retrospective revision due to the correction of an error was not required. The prospective change is reflected in the current period ending June 30, 2014 as a component of “Royalty rights - change in fair value” in our condensed consolidated statements of income.

The following tables detail the adjustments if they were affected in the prior period:

For the year ended December 31, 2013 (in thousands)
Amounts in 000's
 
As Filed
 
Adjustments
 
As Corrected
 
% Change
Total Revenues
 
$
442,921
 
 
$
190
 
 
$
443,111
 
 
0
%
Operating Income
 
$
407,529
 
 
$
5,013
 
 
$
412,542
 
 
1.2
%
Pre-tax Income
 
$
401,876
 
 
$
5,013
 
 
$
406,889
 
 
1.2
%
Net Income
 
$
264,530
 
 
$
3,184
 
 
$
267,714
 
 
1.2
%
EPS:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.89
 
 
$
0.02
 
 
$
1.91
 
 
1.1
%
Diluted
 
$
1.66
 
 
$
0.02
 
 
$
1.68
 
 
1.2
%


Page 4
PDL BioPharma, Inc.
Q2 2014
August 19, 2014




For the three months ended March 31, 2014 (in thousands)
Amounts in 000's
 
As Filed
 
Adjustments
 
As Corrected
 
% Change
Total Revenues
 
$
139,664
 
 
$
1,669
 
 
$
141,333
 
 
1.2
%
Operating Income
 
$
123,151
 
 
$
12,786
 
 
$
135,937
 
 
10.4
%
Pre-tax Income
 
$
115,604
 
 
$
12,786
 
 
$
128,390
 
 
11.1
%
Net Income
 
$
72,883
 
 
$
8,121
 
 
$
81,004
 
 
11.1
%
EPS:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.48
 
 
$
0.05
 
 
$
0.53
 
 
10.4
%
Diluted
 
$
0.44
 
 
$
0.05
 
 
$
0.49
 
 
11.4
%

Adjustments for the three months ended March 31, 2014 include the unadjusted effects for the year ended December 31, 2013.

Forward-looking Statements

This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's royalty assets, restrict or impede the ability of the Company to invest in new income generating assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward looking statement except as required by law.


Page 5
PDL BioPharma, Inc.
Q2 2014
August 19, 2014



Royalty Revenue by Product ($ in 000's) *
Avastin
Q1
Q2
Q3
Q4
Total
2014
40,538

38,924

—

—

79,462

2013
33,234

46,720

32,224

32,287

144,464

2012
23,215

41,670

25,955

30,041

120,882

2011
22,283

41,967

23,870

22,886

111,006

2010
16,870

44,765

29,989

24,922

116,547

2009
13,605

35,161

21,060

15,141

84,966

2008
9,957

30,480

19,574

12,394

72,405

2007
8,990

21,842

17,478

9,549

57,859

2006
10,438

15,572

15,405

12,536

53,952

 
 
 
 
 
 
Herceptin
Q1
Q2
Q3
Q4
Total
2014
37,863

38,292

—

—

76,155

2013
30,287

47,353

30,961

33,038

141,640

2012
25,702

44,628

30,433

28,307

129,070

2011
25,089

42,209

31,933

21,812

121,042

2010
23,402

38,555

27,952

25,441

115,350

2009
16,003

32,331

26,830

18,615

93,779

2008
14,092

34,383

28,122

20,282

96,880

2007
19,035

28,188

22,582

14,802

84,608

2006
15,142

19,716

21,557

20,354

76,769

 
 
 
 
 
 
Lucentis
Q1
Q2
Q3
Q4
Total
2014
17,104

16,777

—

—

33,881

2013
12,032

30,066

13,536

12,127

67,760

2012
10,791

27,938

12,552

11,097

62,377

2011
8,878

24,313

12,157

10,750

56,099

2010
7,220

19,091

10,841

8,047

45,198

2009
4,621

12,863

8,123

6,152

31,759

2008
3,636

11,060

7,631

4,549

26,876

2007
2,931

6,543

6,579

3,517

19,570

2006
—

—

289

3,335

3,624

 
 
 
 
 
 
Xolair
Q1
Q2
Q3
Q4
Total
2014
9,559

9,099

—

—

18,658

2013
5,930

10,025

7,334

7,330

30,619

2012
5,447

8,609

6,504

6,145

26,705

2011
4,590

7,621

5,916

5,823

23,949

2010
3,723

6,386

4,980

4,652

19,741

2009
2,665

5,082

4,085

3,722

15,553

2008
1,488

4,866

3,569

2,927

12,850

2007
1,684

3,942

3,332

2,184

11,142

2006
2,263

2,969

3,041

2,495

10,768

 
 
 
 
 
 
Perjeta
Q1
Q2
Q3
Q4
Total
2014
3,892

4,385

—

—

8,277

2013
340

1,414

748

879

3,381

2012
—

—

58

250

308


Page 6
PDL BioPharma, Inc.
Q2 2014
August 19, 2014



Royalty Revenue by Product ($ in 000's) *
Kadcyla
Q1
Q2
Q3
Q4
Total
2014
2,393

2,491

—

—

4,884

2013
—

551

830

859

2,240

 
 
 
 
 
 
Tysabri
Q1
Q2
Q3
Q4
Total
2014
12,857

13,350

—

—

26,207

2013
12,965

13,616

11,622

12,100

50,304

2012
11,233

12,202

11,749

12,255

47,439

2011
9,891

10,796

11,588

11,450

43,725

2010
8,791

8,788

8,735

9,440

35,754

2009
6,656

7,050

7,642

8,564

29,912

2008
3,883

5,042

5,949

6,992

21,866

2007
839

1,611

2,084

2,836

7,370

2006
—

—

—

237

237

 
 
 
 
 
 
Actemra
Q1
Q2
Q3
Q4
Total
2014
3,446

3,932

—

—

7,378

2013
2,631

2,816

2,939

3,744

12,131

2012
1,705

2,074

2,145

2,462

8,385

2011
913

1,136

1,401

1,460

4,910

2010
1,587

237

315

688

2,827

2009
585

537

909

1,197

3,228

2008
44

—

146

369

559

2007
32

—

—

17

49

2006
—

—

—

—

—

 
 
 
 
 
 
Gazyva
Q1
Q2
Q3
Q4
Total
2014
51

283

—

—

334

 
 
 
 
 
 
* As reported to PDL by its licensees
 
 
    Totals may not sum due to rounding
 
 
Q1 2014 royalty revenue by product above do not include a $5 million payment received from Genentech in Q1 2014 for a retroactive settlement payment from 2013.


Page 7
PDL BioPharma, Inc.
Q2 2014
August 19, 2014



Reported Net Sales Revenue by Product ($ in 000's) *
Avastin
Q1
Q2
Q3
Q4
Total
2014
1,786,912

1,838,764

—

—

3,625,676

2013
1,653,108

1,694,678

1,746,135

1,819,877

6,913,798

2012
1,502,757

1,573,727

1,551,327

1,662,977

6,290,788

2011
1,597,461

1,582,705

1,581,095

1,469,994

6,231,255

2010
1,506,788

1,596,892

1,594,707

1,646,218

6,344,605

2009
1,345,487

1,295,536

1,439,730

1,514,053

5,594,806

2008
980,715

1,084,930

1,180,427

1,239,382

4,485,454

2007
678,068

746,587

797,013

875,084

3,096,752

2006
439,318

516,052

570,551

592,897

2,118,817

 
 
 
 
 
 
Herceptin
Q1
Q2
Q3
Q4
Total
2014
1,731,564

1,801,990

—

—

3,533,554

2013
1,681,574

1,744,145

1,681,860

1,726,551

6,834,130

2012
1,515,255

1,625,313

1,663,695

1,650,495

6,454,759

2011
1,391,568

1,559,975

1,642,898

1,432,771

6,027,211

2010
1,270,846

1,349,512

1,300,934

1,409,310

5,330,602

2009
1,210,268

1,133,993

1,226,435

1,278,626

4,849,323

2008
1,105,426

1,195,215

1,211,982

1,186,806

4,699,428

2007
891,761

949,556

979,602

1,015,033

3,835,952

2006
529,585

659,719

761,099

803,576

2,753,979

 
 
 
 
 
 
Lucentis
Q1
Q2
Q3
Q4
Total
2014
818,376

789,483

—

—

1,607,859

2013
1,203,179

1,171,423

1,200,791

1,212,651

4,788,045

2012
1,079,092

1,086,543

1,097,541

1,109,695

4,372,871

2011
887,757

943,418

1,052,809

1,075,015

3,958,999

2010
721,967

698,890

745,376

804,684

2,970,917

2009
462,103

469,736

555,296

615,212

2,102,347

2008
363,615

393,682

460,167

454,922

1,672,386

2007
224,820

219,579

299,995

322,300

1,066,695

2006
—

—

10,689

157,742

168,431

 
 
 
 
 
 
Xolair
Q1
Q2
Q3
Q4
Total
2014
425,243

428,171

—

—

853,414

2013
341,309

365,778

391,900

401,333

1,500,321

2012
310,234

314,638

347,796

340,431

1,313,100

2011
267,754

277,642

310,874

314,911

1,171,182

2010
228,859

225,878

251,055

263,389

969,179

2009
184,669

181,086

211,006

219,693

796,454

2008
137,875

169,521

177,179

183,753

668,329

2007
129,172

130,700

144,250

147,754

551,876

2006
95,241

99,354

112,608

118,002

425,204

 
 
 
 
 
 
Perjeta
Q1
Q2
Q3
Q4
Total
2014
158,809

206,333

—

—

365,142

2013
34,008

55,076

66,353

87,949

243,386

2012
—

—

5,080

25,000

30,079


Page 8
PDL BioPharma, Inc.
Q2 2014
August 19, 2014



Reported Net Sales Revenue by Product ($ in 000's) *
Kadcyla
Q1
Q2
Q3
Q4
Total
2014
91,031

117,212

—

—

208,243

2013
—

21,459

73,626

85,906

180,991

 
 
 
 
 
 
Tysabri
Q1
Q2
Q3
Q4
Total
2014
428,561

442,492

—

—

871,053

2013
434,677

451,358

387,407

403,334

1,676,776

2012
374,430

401,743

391,623

408,711

1,576,508

2011
329,696

356,876

388,758

381,618

1,456,948

2010
293,047

287,925

293,664

316,657

1,191,292

2009
221,854

229,993

257,240

285,481

994,569

2008
129,430

163,076

200,783

233,070

726,359

2007
30,468

48,715

71,972

94,521

245,675

2006
—

—

—

7,890

7,890

 
 
 
 
 
 
Actemra
Q1
Q2
Q3
Q4
Total
2014
114,865

124,736

—

—

 
2013
87,703

91,374

97,961

124,815

401,852

2012
56,662

66,624

71,505

82,053

276,843

2011
30,433

35,370

46,709

48,671

161,183

2010
52,908

5,405

10,493

22,919

91,725

2009
19,504

17,920

30,313

39,888

107,625

2008
1,452

1,377

5,981

12,305

21,115

2007
—

—

—

1,137

1,137

 
 
 
 
 
 
Gazyva
Q1
Q2
Q3
Q4
Total
2014
3,095

8,697

—

—

11,792

 
 
 
 
 
 
* As reported to PDL by its licensee
 
   Totals may not sum due to rounding
 
 

Page 9