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news.PDL BioPharma, a company into the discovery of a new generation of targeted treatments for cancer and immunologic diseases, has reported revenues of $120.3m for the second quarter ended June 30, 2010 compared to $125.9m for the comparable period in 2009.
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PDL BioPharma has posted a net income of $50.1m for the second quarter 2010, or $0.30 per diluted share, compared to net income of $77.2m, or $0.47 per diluted share, for the comparable period in 2009. Operating income was $111.5m, compared to $120.2m for the comparable period in 2009.
For the six months ended June 30, 2010, the company has posted revenue of $182.4m compared to $188.4m for the year ago period. Operating income was $164.2m, compared to $178.2m for the year ago period.
PDL BioPharma has posted a net income of $76.1m, or $ 0.44 per diluted share, for the six months ended June 30, 2010, compared to $114.7m, or $0.69 per diluted share, for the year ago period.
John McLaughlin, president and CEO of PDL BioPharma, said: “In early July, Roche and Genentech announced that they have filed a Biologics License Application with the FDA for Trastuzumab-DM1 and during the American Society of Clinical Oncology Meeting in June, many positive clinical data presentations related to our licensed compounds were made.
“In January 2010, we put in place quarterly Eurodollar hedging contracts for royalties to be received through March 2012 to protect PDL against the fluctuations in Eurodollar exchange rates, which resulted in revenue to PDL of $1.5m for the second quarter of 2010 and, contracts which matured on June 30, 2010, will result in additional revenue to be recognised in the third quarter of $2.9m.”