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

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It has been about a month since the last earnings report for PDL BioPharma (PDLI - Free Report) . 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. PDL BioPharma Q2 Earnings Top, Revenues Slump Y/YPDL 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.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.Quarter in DetailProduct 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.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.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.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.

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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