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PDL BioPharma (PDLI) Down 9.7% Since Last Earnings Report: Can It Rebound?

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A month has gone by since the last earnings report for PDL BioPharma (PDLI - Free Report) . Shares have lost about 9.7% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is PDL BioPharma due for a breakout? 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 catalysts.

PDL BioPharma Q1 Earnings Top Mark, Revenues Rise Y/Y

PDL BioPharma delivered earnings of 9 cents per share in the first quarter of 2019, beating the Zacks Consensus Estimate of 7 cents. Meanwhile, the bottom line matched the 8 cents reported in the year-ago period.

The company’s total revenues grossed $38.9 million in the first quarter, reflecting a 1% increase year over year. This upside is mainly attributable to higher product sales and royalty revenues.

Quarter in Detail

Product revenues in the quarter were $26.7 million, up 14.2% year over year. The same included $20 million from the sales of Noden products — Tekturna and Tekturna HCT — and another $6.7 million from the sales of LENSAR laser system in the United States.

PDL recognized $12.3 million in revenues from royalty rights while royalties from PDL's licensees to the Queen et al. patents were less than $0.1 million. Meanwhile, the company did not register any interest revenues in the reported quarter.

Royalty revenues from the Queen et al. licenses were significantly lower than the year-ago period, mainly due to weak product supplies of Biogen’s multiple sclerosis drug, Tysabri.

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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