The biopharmaceutical sector's most lucrative dividend-paying company, PDL BioPharma (PDLI), reported its fourth-quarter earnings results after the bell this evening. Based on early indications, it would appear that everything seems to be headed in the correct direction.
For the quarter, PDL BioPharma reported total revenue of $110.1 million, a 29% increase compared with the $86 million reported in the year-ago period. This jump was attributed to a 27% increase in royalty revenue, and $0.5 million in license and other revenue which PDL recognized this quarter. Specifically mentioned in PDL's results were stronger sales of Avastin, Herceptin, Lucentis, Xolair, Perjeta, Kadcyla, Tysabri, and Acterma, as well as the addition of DepoMed's diabetes-related royalty payments.
Expenses for the quarter increased by 75% to $13.5 million from $7.7 million in the year-ago quarter, and was most directly related to the DepoMed intangible asset amortization. PDL also notes that higher legal expenses and an increase in professional services for other income generating assets pushed expenses higher for the full year.
Net income expanded by 24% during the quarter to $61.1 million, or $0.39 per share, from $49.4 million, or $0.34 per share in the year-ago quarter. For the full-year, net cash from operations grew by 29% to $270.9 million.
PDL did not provide guidance for the upcoming quarter as it traditionally only offers revenue guidance in the third month of each quarter. PDL commented that investors can expect its first-quarter guidance to be out later this month.