Advertisement
Singapore markets close in 31 minutes

  • Straits Times Index

    3,273.50
    -14.25 (-0.43%)
     

  • Nikkei

    37,934.76
    +306.28 (+0.81%)
     

  • Hang Seng

    17,651.15
    +366.61 (+2.12%)
     

  • FTSE 100

    8,116.03
    +37.17 (+0.46%)
     

  • Bitcoin USD

    64,355.19
    +356.59 (+0.56%)
     

  • CMC Crypto 200

    1,389.26
    -7.28 (-0.52%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • Dow

    38,085.80
    -375.12 (-0.98%)
     

  • Nasdaq

    15,611.76
    -100.99 (-0.64%)
     

  • Gold

    2,358.00
    +15.50 (+0.66%)
     

  • Crude Oil

    83.86
    +0.29 (+0.35%)
     

  • 10-Yr Bond

    4.7060
    +0.0540 (+1.16%)
     

  • FTSE Bursa Malaysia

    1,573.28
    +4.03 (+0.26%)
     

  • Jakarta Composite Index

    7,053.22
    -102.07 (-1.43%)
     

  • PSE Index

    6,628.75
    +53.87 (+0.82%)
     

Why Is PDL BioPharma (PDLI) Up 5.3% Since Last Earnings Report?

Zacks Equity Research

It has been about a month since the last earnings report for PDL BioPharma (PDLI). Shares have added about 5.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is PDL BioPharma due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

PDL BioPharma Q3 Earnings Beat, LENSAR Drives Sales

PDL BioPharma delivered earnings of 9 cents per share in the third quarter of 2019, beating the Zacks Consensus Estimate of 4 cents. The bottom line was also higher than the year-ago figure of 7 cents.

ADVERTISEMENT

The company’s total revenues grossed $44.2 million in the third quarter, mainly attributable to higher product sales and royalty rights. However, revenues plunged 34.9% year over year.

Quarter in Detail

Product revenues in the quarter were $20.3 million, down 16.8% year over year. The same included $12.2 million from the sales of Noden products, namely Tekturna and Tekturna HCT and another $8.1 million from the sales of LENSAR laser system in the United States.

Notably, revenues from LENSAR laser system increased 22% year over year and also 9% sequentially. Per the company, majority of its top-line growth was owing to revenues recognized from the ex-U.S. markets. Besides, in the third quarter, LENSAR procedure volume expanded 28% year over year.

PDL recognized $23.9 million in net royalty revenues and revenues from royalty rights reflecting a 43.3% drop year over year.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
PDL BioPharma, Inc. (PDLI) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.