PDL BioPharma Inc (NASDAQ: PDLI) leaped Friday, as the company reported upbeat earnings for its fourth quarter on Thursday.
The company, based out of Incline Village, Nevada, reported Q4 revenues of $68.0 million for the three months ended December 31, 2017. GAAP diluted EPS was $0.15, while GAAP net income attributable to PDL's shareholders of $22.3 million.
PDL CEO John McLaughlin commented, "2017 was a great year for us and one where we experienced a 31 percent increase in revenue from the previous year.
"Since 2012, we have built a rich portfolio of income generating assets and products to replace revenues from our expired Queen et al patents. We expect the revenues from these assets, whose net book value is $5.54 per share, to fuel the building of our specialty pharma business.
“It's important to note that $264 million, or 83% of our 2017 revenues, came from sources other than the Queen et al patents. In 2018, we need to continue to execute successfully on our business model as well as close the gap between our share price and our book value per share."
Operating expenses were $38.2 million for the three months ended December 31, 2017, compared to $74.2 million for the same period of 2016.
PDL shares reached skyward 41 cents, or 15.5%, to $3.06, only minutes from the closing bell for the week, and within a 52-week trading range of $1.96 to $3.54.
