PDL BioPharma, Inc. (PDLI: Quote) issued its first-quarter royalty revenue guidance of around $92 million. The forecasted growth in royalty revenues is driven by increased fourth quarter 2012 sales for all licensed products for which PDL receives royalties in the first quarter of 2013.
The company said the sales of Avastin, Herceptin, Lucentis, Xolair and Perjeta are subject to a tiered royalty rate for product that is made or sold in the U.S. and a flat royalty rate of three percent for product that is manufactured and sold outside of the U.S. (ex-US manufactured and sold). The first quarter royalty payment received from Genentech included royalties based on worldwide sales.
First-quarter 2013 revenue guidance is net of an estimated payment due under February 2011 settlement agreement with Novartis AG. PDL pays to Novartis certain amounts based on net sales of Lucentis, made by Novartis, during calendar year 2011 and beyond.
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by RTT Staff Writer
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