PDL BioPharma Inc (NASDAQ:PDLI) reported that it will hold its yearly meeting of stockholders on June 9, 2017, for stockholders as of record April 17, 2017. It has been over a month since the company posted quarterly earnings report. Shares have eroded almost all the gains recorded post-result in last couple of weeks.
Last month, PDL BioPharma reported financial numbers for the fourth quarter ended December 31, 2016. Revenues came at $66.5 million for the quarter closed December 31, 2016. GAAP diluted EPS came at ($0.06), GAAP net loss was $10.3 million while net income stood at $63.6 million for the quarter closed December 31, 2016. The loss attributable to the quarter closed December 31, 2016 was an outcome of impairment charge pertaining to Direct Flow Medical ‘Note’ receivable investment.
John P. McLaughlin, the CEO and President of PDL BioPharma, reported that last year was a transformational year for company; one in which they benefitted from opportunities in the specialty pharma market and noted it as another tool to enhance shareholder value. As the company look to 2017, the management will focus on Noden product commercialization, and acquiring additional specialty pharma resources, to achieve value creation for company and its shareholders.
More recently, PDL BioPharma reported that the firm’s board of directors has approved the repurchase of the company’s common stock up to $30 million through March 2018. As ARIAD Pharmaceuticals, Inc. was being bought by Takeda Pharmaceuticals Company Limited earlier in February, the company used its put option with ARIAD.
Now it will be compensated a projected amount of $110 million, which is over 1 times the original investment minus any amount paid to date. The company obtained royalty ayments of $9.3 million through December 31, 2016. PDL obtained a royalty payment of $14.2 million for Q1 2017 on sales of Tysabri®.