PDL BioPharma Inc (NASDAQ:PDLI) Stockholders Annual Meeting On June 9


PDL BioPharma Inc (NASDAQ:PDLI) reported that the firm will hold its annual meeting of shareholders on June 9, 2017 of record on April 17, 2017. The company wants to provide a notable return for its investors by acquiring and running a portfolio of products, firms, royalty deals and debt facilities in the medical, pharmaceutical and biotech markets.

In late 2012, the company commenced offering alternative means of capital via royalty monetization and debt facilities. Last year, it started making equity investments in many commercial stage firms. It has committed more than $1.4 billion and supported approximately $1.1 billion in the planned investments to date.

The buzz

For Q4 2016, PDL BioPharma reported revenue of $66.5 million while for FY2016 it stood at $244.3 million. GAAP diluted EPS came at ($0.06) for the quarter closed December 2016 while it was $0.39 for 12-months ended December 2016. The company’s GAAP net loss came at $10.3 million in the reported quarter, while it was $8.6 million for FY2016.

Net income for FY2016 came at $63.6 million while it was $108.1 million for 12-months closed December 2016. The loss attributable to the quarter closed December 2016 was a product of impairment charge of a $51.1 million relating to company’s Direct Flow Medical note investment.

The company continued to record royalties on Tysabri from Biogen pertaining to sales of the approved product produced prior to patent expiry in dominions offering patent protection licenses. PDL obtained a royalty payment of $14.2 million on sales of Tysabri in for Q1 2017. The length of this royalty payment is dependent on the sales of product produced prior to patent expiry, the quantity of which is uncertain.

In the last trading session, the stock price of PDL traded in a range of $2.32 to $2.40 only to close flat at $2.39. The stock had opened the session in deep red, but by the close of day it recouped all the losses.

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