PDL BioPharma Provides Second Quarter 2011 Revenue Guidance of $128 Million vs $126 Million Estimate

PDL BioPharma PDLI today announced revenue guidance for the second quarter ending June 30, 2011, of approximately $128 million, as compared with actual results of $120 million for the second quarter of 2010, an expected seven percent year-over-year increase. The forecasted growth is primarily driven by increased first quarter 2011 sales of Herceptin, Lucentis and Tysabri® for which PDL received royalties in the second quarter of 2011. The second quarter royalty payment received from Genentech included royalties generated on all worldwide sales.