PDL BioPharma Inc. (PDLI)

[surf1944]

4:07PM PDL BioPharma sees Q4 rev above consensus (PDLI) 7.45 -0.19 : Co issues upside guidance for Q4 (Dec), sees Q4 (Dec) revs of ~$86 mln vs. $78.82 mln Capital IQ Consensus. Revenue guidance for the fourth quarter of 2012 is net of an estimated payment due under the February 2011 settlement agreement with NVS. PDL pays to Novartis certain amounts based on net sales of Lucentis, made by Novartis, during calendar year 2011 and beyond. The amount paid is less than they receive in royalties on such sales.
Reported worldwide sales for Herceptin increased 15.2% in the third quarter of 2012 when compared to the same period in 2011. Ex-U.S. manufactured and sold Herceptin sales represented 35% of total Herceptin sales in the third quarter of 2012 as compared with 26% in the third quarter of 2011.
Reported worldwide sales for Lucentis increased 3% in the third quarter of 2012 when compared to the same period in 2011. All sales of Lucentis were from inventory produced in the United States. Reported worldwide sales for
Avastin sales increased 13% in the third quarter of 2012 when compared to the same period in 2011.