INCLINE VILLAGE, Nev. (AP) -- PDL BioPharma said Monday its revenue rose 14 percent in the third quarter as sales of drugs it helped develop increased.
PDL said its revenue came in at $97 million for the three months ended Sept. 30, compared with $85 million in the 2012 third quarter. The company pointed to improved sales of the cancer treatment Avastin and eye drug Lucentis, both of which are marketed by Swiss pharmaceutical company Roche AG.
Analysts, on average, were expecting PDL to report $97.9 million in revenue, according to FactSet. Analyst estimates ranged from $90.7 million to $107.3 million.
PDL helped develop Avastin and Lucentis, as well as Roche's cancer treatments Herceptin and Kadcyla. It also gets revenue from Biogen Idec Inc.'s multiple sclerosis drug Tysabri. Its third-quarter revenue is based on sales of those products in the second quarter.
Shares of PDL BioPharma Inc. have traded between $6.50 and $8.48 over the last 52 weeks. They closed at $7.76 Friday.