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PDL BioPharma posts 1Q profit

INCLINE VILLAGE, Nev. (AP) _ PDL BioPharma Inc. (PDLI) on Wednesday reported first-quarter profit of $7.2 million.

On a per-share basis, the Incline Village, Nevada-based company said it had profit of 4 cents. Earnings, adjusted for one-time gains and costs, were 8 cents per share.

The biotechnology company posted revenue of $45.4 million in the period.

In the final minutes of trading on Wednesday, the company's shares hit $2.16. A year ago, they were trading at $3.56.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PDLI at https://www.zacks.com/ap/PDLI

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Keywords: PDL BioPharma, Earnings Report