(PDLI) - The company earned 15 cents per share, 50% higher than the consensus estimate

PDL BioPharma has met or exceeded earnings estimates in seven out of the past nine quarters. The most recent quarter posted 67% year-over-year growth. The company is still slated to lose money this year, but the loss estimate has decreased by 30% over the past two months. Similarly, the loss estimate for the third quarter has fallen 33%. Full Analysis PDL BioPharma, Inc., (PDLI) a biopharmaceutical company, engages in the discovery, development, and commercialization of therapies for life-threatening illness. The company markets three biopharmaceutical products: Cardene IV to reduce high blood pressure during or after surgery; Retavase for the improvement of ventricular function following acute myocardial infarction (AMI), the reduction of the incidence of congestive heart failure, and the reduction of mortality associated with AMI; and IV Busulfex, a chemotherapeutic agent that provides anti-tumor effect to eradicate residual malignancy, ablation of the bone marrow, and immunosuppression to prevent graft rejection. PDLI reported strong second-quarter results in early-August. The company earned 15 cents per share, 50% higher than the consensus estimate. Total revenues for the second quarter of 2006 rose 29 percent to $104.3 million from $81.0 million in the same period of 2005. Royalty revenues for the second quarter of 2006 increased 44 percent to $54.0 million, compared with $37.5 million in the same three months of 2005. Royalty revenues during the second quarter of 2006 reflect royalties PDL received based on worldwide net sales of six antibody products licensed under PDL's antibody humanization patents: Avastin(TM), Herceptin®, Xolair® and Raptiva® from Genentech, Inc.; Synagis® from MedImmune, Inc. and Mylotarg® from Wyeth. "During the second quarter, we delivered solid overall revenue growth due to increased product sales and royalty revenue, breaking the $100 million mark in a quarter for the first time in our history. Our more diversified revenue stream, including our portfolio of three marketed products, is contributing to strong operating cash flow and reflects the fundamental shift we've made as a commercial company," PDL BioPharma Chief Executive Officer Mark McDade said. "Despite the disappointing results from the terlipressin phase 3 study, we are advancing our other clinical programs and working to expand the pipeline with our antibody discovery and development activities." PDLI has met or exceeded earnings estimates in seven out of the past nine quarters. The most recent quarter posted 67% year-over-year growth. The company is still slated to lose money this year, but the loss estimate has decreased by 30% over the past two months. Similarly, the loss estimate for the third quarter has fallen 33%. Note: The Zacks Rank is a very sensitive indicator that can change frequently for an individual stock. This important indicator is updated daily on Zacks.com and is available to Zacks Premium subscribers. As such, it is prudent to check the site for the latest Zacks Rank on the stocks highlighted in this section. Content Courtesy: Zacks Investment Research #1 Ranked Stocks Highlight Archive To truly take advantage of the Zacks Rank, you need to first understand how it works. That is why we created the free special report: Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions. | Blog Home| VitalStocks Home