PDL BioPharma


$282m market cap

$2.47 last close

As of December 2019, PDL BioPharma has ceased to make additional strategic transactions and investments. It is pursuing a formal process to unlock the value of its portfolio by monetizing its assets and ultimately distributing net proceeds to shareholders.

Investment summary

PDL has made significant progress with its stated objective of monetizing and liquidating the company. Most recently, in October, LENSAR was spun off to PDL shareholders and the previously announced sale of Noden was completed in September. Also, the Kybella, Zalviso and Coflex royalties were sold to SWK Holdings for $4.35m and a settlement agreement was reached with Wellstat in August. The main assets remaining to be disposed of are the Assertio royalties and the University of Michigan royalties on Cerdelga.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 32.0 (24.3) (30.4) (16.25) N/A N/A
2019A 30.7 (39.3) (44.6) (43.64) N/A N/A
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
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Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (2.4) (15.3) 0.7
Relative* (5.3) (23.7) (13.1)
52-week high/low US$3.4/US$1.9
*% relative to local index
Key management
Dominique Monnet President & CEO

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