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PDL BioPharma (PDLI)

Business description

PDL has reinvented itself through a three-pronged strategy: investing in royalty streams of marketed and development-stage therapeutics and providing high-yield debt financing to device & diagnostic companies with near-term product launches.

Stock data

Market cap.US$424.8m
Last closeUS$2.91
High / Low (52 weeks)US$3.1 / US$2.3
Stock market listingUS
Forecast net cash (US$m)321.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual14.126.05.4
Relative *15.030.0(1)

* % Relative to local index

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Company news

Investment summary

PDL reported Q318 revenues of $67.9m, up 8.2% compared to Q317 and up 45.8% sequentially, with that growth mainly due to an increase in the fair value of the Assertio (formerly Depomed) royalty rights. Noden Product revenue of $17.8m was up 17.9% compared to Q317 but was down 31.2% sequentially, mainly due to the bulk purchasing by distribution partner Orphan Pacific for the Japanese market launch in Q218. Importantly, PDL recently announced a $100m stock repurchase program which at current prices would buy back approximately 25% of the common shares outstanding.

Last updated on 13/11/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 244.3 193.1 175.5 77.72 3.7 4.7
2017A 320.1 218.8 200.3 81.33 3.6 11.1
2018E 189.4 71.8 66.1 46.11 6.3 N/A
2019E 126.9 31.9 34.9 20.65 14.1 N/A

Last updated on 13/11/2018

Latest video

Executive Interview - PDL BioPharma

Industry outlook

PDL BioPharma is one of the only companies that will give broad exposure to diverse royalty streams as well as corporate debt and high margin approved products.

Last updated on 12/11/2018

Key management

John Mclaughlin, CEO
Peter Garcia , CFO

Company address

932 Southwood Blvd.
Incline Village
NV 89451
United States
775-832-8500
View website