Drug developer PDL BioPharma Inc. said today its second-quarter profit more than doubled, driven mainly by a $12.5 million license payment from Alexion Pharmaceuticals Inc. in Cheshire.
PDL, based in Incline Village, Nev., a Las Vegas suburb, said its net income increased to $77.2 million, or 47 cents per share, from $33.9 million, or 24 cents per share, in the same quarter last year.
Revenue climbed 18 percent to $125.9 million from $106.5 million a year earlier.
Analysts polled by Thomson Reuters expected, on average, earnings of 43 cents per share on $123.4 million in revenue.
PDL received a final $12.5 million installment from a settlement and license agreement with Alexion, which is successfully marketing worldwide its Soliris drug treatment for a rare blood disorder.
The company said it also received royalty revenues from sales of Avastin and Lucentis, which are marketed by Genentech Inc., and Tysabri, which is marketed by Elan Corp. PLC and Biogen Idec Inc. (AP)
