PDL BioPharma Results Miss Estimates; Stock Down 7%

(RTTNews) - PDL BioPharma Inc (PDLI), which manages a portfolio of patents and royalty assets, on Monday reported fourth-quarter net earnings of $55 million or $0.32 per share compared with $61 million or $0.39 per share last year.

Revenues for the quarter were $117 million compared with $112 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.57 per share on revenues of $158.1 million for the quarter. Analysts' estimates typically exclude special items.

Revenue growth was led by royalty payments from licensees to the Queen et al. patents, and interest revenue, partly offset by a decrease in royalty rights related to Depomed royalties, the company said.

General and administrative expenses for the quarter were up by about $10 million from a year ago, the company said.