PDL BioPharma

US: PDLI

$351.7m market cap

$3.08 last close

PDL is pursuing a strategy of applying its capital and expertise to build a portfolio of actively managed positions in innovative biopharmaceutical companies with high growth potential.

Investment summary

PDL BioPharma reported Q319 results with revenue of $44.2m, down 35% compared to Q318 mainly due to a $31.6m change in fair value in the Assertio royalty rights in that quarter. Importantly LENSAR revenues were $8.1m, up 22% compared to the prior year, mainly due to increased sales in Asia. Following these results, the company has increased guidance for 2019 for LENSAR from a range of $27–29m to over $29m and for cash royalties from a range of $60–65m to over $65m.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 320.1 218.8 200.3 81.33 3.8 11.8
2018A 198.1 84.1 78.8 45.22 6.8 N/A
2019E 102.6 (10.3) (15.9) (16.01) N/A N/A
2020E 124.8 12.5 7.7 5.99 51.4 N/A
Industry outlook

PDL BioPharma is applying its capital and expertise to build a portfolio of actively managed positions in innovative biotech and pharmaceutical companies with high growth potential.

Last updated on 19/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 177.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 30.0 23.2 7.3
Relative* 24.4 15.4 (7.5)
52-week high/low US$3.8/US$2.1
*% relative to local index
Key management
Dominique Monnet President & CEO

Content on PDL BioPharma