Biotechnology News from PR Newswire

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    INCLINE VILLAGE, Nev., June 8 /PRNewswire-FirstCall/ -- PDL BioPharma,
Inc. (PDL) (Nasdaq: PDLI) today announced revenue guidance for the second
quarter ended June 30, 2009 of approximately $125 million, as compared with
$106 million for the second quarter of 2008. The increase is due primarily
to royalty revenues driven by higher product sales of Avastin(R), and
Lucentis(R), which are marketed by Genentech, and sales of Tysabri(R),
which is marketed by Elan. Royalty revenues are based on first quarter
product sales by PDL's licensees and include $18.7 million for Synagis(R),
which is marketed by MedImmune. Also included in the second quarter revenue
estimate is the second and final installment of $12.5 million from Alexion
based on the companies' December 2008 settlement and license agreement.
When compared with 2008, royalty revenue for foreign sourced sales was
negatively impacted by changes in foreign exchange rates; approximately 50
percent of underlying product sales is in currencies other than U.S.
dollars.

    The above guidance is preliminary and actual published results may
differ from such guidance. PDL plans to release its financial results for
the second quarter 2009 on August 6, and will hold a conference call to
discuss financial results and provide an update on company activities.
Additional information regarding the call will be announced in late July.

    About PDL BioPharma, Inc.

    PDL BioPharma pioneered the humanization of monoclonal antibodies and,
by doing so, enabled the discovery of a new generation of targeted
treatments for cancer and immunologic diseases. PDL is focused on
maximizing the value of its antibody humanization patents and related
assets. The company receives royalties on sales of a number of humanized
antibody products marketed today and also may receive royalty payments on
additional humanized antibody products launched before patent expiry in
late 2014. For more information, please visit http://www.pdl.com.

    NOTE: PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.

    Forward-looking Statements

    This press release contains forward-looking statements, including
regarding PDL's expectations with respect to its 2009 royalty revenues.

    Each of these forward-looking statements involves risks and
uncertainties. Actual results may differ materially from those, express or
implied, in these forward-looking statements. Factors that may cause
differences between current expectations and actual results include, but
are not limited to, the following:



    --  The expected rate of growth in royalty-bearing product sales by
        PDL's existing licensees;
    --  The relative mix of royalty-bearing products manufactured and sold
        outside the U.S. versus manufactured or sold in the U.S.;
    --  The ability to receive regulatory approvals to market and launch new
        royalty-bearing products and whether such products, if launched, will be
        commercially successful;
    --  Changes in any of the other assumptions including foreign currency
        exchange rates on which PDL's projected royalty revenues are based;
    --  The outcome of pending litigation or disputes; and
    --  The failure of licensees to comply with existing license agreements,
        including any failure to pay royalties due.
    Other factors that may cause PDL's actual results to differ materially
from those expressed or implied in the forward-looking statements in this
press release are discussed in PDL's filings with the SEC, including the
"Risk Factors" sections of its annual and quarterly reports filed with the
SEC. Copies of PDL's filings with the SEC may be obtained at the
"Investors" section of PDL's website at http://www.pdl.com. PDL expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in PDL's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based for any
reason, except as required by law, even as new information becomes
available or other events occur in the future. All forward-looking
statements in this press release are qualified in their entirety by this
cautionary statement.