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Why Is PDL BioPharma (PDLI) Up 5.3% Since Last Earnings Report?

Zacks Equity Research

It has been about a month since the last earnings report for PDL BioPharma (PDLI). Shares have added about 5.3% 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 the most recent earnings report in order to get a better handle on the important drivers.

PDL BioPharma Q3 Earnings Beat, LENSAR Drives Sales

PDL BioPharma delivered earnings of 9 cents per share in the third quarter of 2019, beating the Zacks Consensus Estimate of 4 cents. The bottom line was also higher than the year-ago figure of 7 cents.

The company’s total revenues grossed $44.2 million in the third quarter, mainly attributable to higher product sales and royalty rights. However, revenues plunged 34.9% year over year.

Quarter in Detail

Product revenues in the quarter were $20.3 million, down 16.8% year over year. The same included $12.2 million from the sales of Noden products, namely Tekturna and Tekturna HCT and another $8.1 million from the sales of LENSAR laser system in the United States.

Notably, revenues from LENSAR laser system increased 22% year over year and also 9% sequentially. Per the company, majority of its top-line growth was owing to revenues recognized from the ex-U.S. markets. Besides, in the third quarter, LENSAR procedure volume expanded 28% year over year.

PDL recognized $23.9 million in net royalty revenues and revenues from royalty rights reflecting a 43.3% drop year over year.

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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