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Why Is PDL BioPharma (PDLI) Up 2.5% Since Last Earnings Report?

Zacks Equity Research
WF vs. BEN: Which Stock Is the Better Value Option?

It has been about a month since the last earnings report for PDL BioPharma (PDLI). Shares have added about 2.5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is PDL BioPharma due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. <p style="text-align: justify;"><!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings></xml><![endif]--><!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <w:DontGrowAutofit/> <w:SplitPgBreakAndParaMark/> 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Priority="50" Name="List Table 5 Dark Accent 6"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention"/> </w:LatentStyles></xml><![endif]--><!--[if gte mso 10]><style> /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:8.0pt;mso-para-margin-left:0in;line-height:107%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi;}</style><![endif]--><strong><u>PDL BioPharma Q2 Earnings Top, Revenues Slump Y/Y</u></strong></p><p style="text-align: justify;">PDL BioPharma delivered earnings of 10 cents per share in the second quarter of 2018, beating the Zacks Consensus Estimate of 6 cents. However, earnings were higher than 26 cents in the year-ago period.</p><p style="text-align: justify;">The company reported total revenues of $46.6 million in the reported quarter, a substantial plunge of 67.6% from the year-earlier figure of $143.8 million. This decrease is mainly attributable to the strategic change in a pharmaceutical business model and a sharp decline in royalties.</p><p style="text-align: justify;"><strong>Quarter in Detail</strong></p><p style="text-align: justify;">Product revenues for the quarter under review were $31.9 million, up 69% year over year. The same included $25.9 million fromthe sales of Noden products — Tekturna and Tekturna HCT — and $5.9 million from the sale of LENSAR laser system in the United States.</p><p style="text-align: justify;">PDL recognized $12.8 million in revenues from royalty rights, $1.2 million of royalties from PDL's licensees to the Queen et al. patents and $0.8 million of interest revenues. Royalty revenues from the Queen et al. licenses were lower than the year-ago period’s yield, mainly due to the extinguishment of Biogen’s U.S. product supply of its multiple sclerosis drug Tysabri.</p><p style="text-align: justify;">Research and development (R&D) expenses for the second quarter summed $0.7 million, down 84.2% from the prior-year level. This downside was on the completion of Tekturna’s pediatric study.</p><p style="text-align: justify;">General and administrative expenses escalated 28.7% to nearly $14.5 million from the level registered in comparable quarter last year. This downside was due to expense from LENSAR systems in 2018 and other costs related to business development.</p>

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.


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