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news.US-based PDL BioPharma has reported a net income of $40.6 million, or $0.26 per diluted share, in the fourth quarter of 2008, compared to a net loss of $15.6 million, or $0.09 per diluted share, in the same period of 2007.
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Net income in 2008 was $68.4 million, or $0.47 per diluted share, compared to a net loss of $21.1 million, or $0.08 per diluted share, in 2007.
Total revenues from continuing operations in 2008 were $294.3 million, a 31% increase from $224.9 million in 2007. Total revenues from continuing operations in the fourth quarter of 2008 were $68.7 million, compared to $39.2 million in the same period of 2007.
The increase in both periods was primarily due to increases in royalties from licensees primarily driven by higher reported product sales of Avastin, Herceptin and Lucentis, which are marketed by Genentech, and sales of Tysabri, which is marketed by Elan, said PDL BioPharma.