PDL BioPharma, Inc. (PDLI) reported fourth-quarter fiscal 2009 earnings of 17 cents per share, 2 cents below the Zacks Consensus Estimate. The company earned 34 cents (from continuing operations) in the year-ago quarter. Results in the quarter were hurt by lower revenues.

Quarterly Results

Total revenues in the reported quarter stood at $58.3 million as against $68.7 million in the year-ago quarter, down approximately 15.1%. The revenues for the fourth quarter of 2008 included the first of the two $12.5 million settlement installments from Alexion Pharmaceuticals (ALXN). The payment for the second installment was received and recognized in the second quarter of 2009.

General and administrative expenses in the reported quarter fell to $5.5 million from $15.9 million in the year-ago quarter. The huge fall was primarily attributable to the company’s reduced cost structure. Income tax benefit in the reported quarter was $14.9 million, compared to the income tax expense of $3.8 million in the year-ago quarter.

Yearly Results

For full-year 2009, PDL BioPharma earned $1.02 (excluding special items) as against $1.48 (from continuing operations) in the year-ago quarter. Total revenues for 2009 came in at $318.2 million, as against $294.2 million in 2008, up 8.1%. General and administrative expenses in 2009 fell to $21.1 million from $51.5 million in 2008.

The company ended the year with cash, cash equivalents, short-term investments and restricted cash of $303.2 million, compared to $147.5 million at Dec 31, 2008.

Outlook

PDL BioPharma forecasts revenue of $62 million for the first quarter of 2010. The projection excludes royalties for Synagis due to ongoing legal disputes with MedImmune, now a part of AstraZeneca (AZN). Excluding legal disputes with MedImmune, the company anticipates first quarter revenue growth in excess of 35%.

Dividends

The company announced that it would pay two special dividends to its shareholders in 2010. Each of the dividends will be 50 cents per share. The first dividend would be paid on Apr 1, 2010 to the shareholders of the company on Mar 15, 2010. The second special dividend would be paid on Oct 1, 2010 to the shareholders of the company as on Sept 15, 2010. The company does not pay regular dividends.

Zacks Investment Research

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