INCLINE VILLAGE, Nev. (AP) -- PDL BioPharma Inc. said Monday that it expects about $92 million in royalty payments during the first quarter. That's more than analysts expected.
The company said its royalty revenue will grow about 19 percent compared to the first quarter of 2012. The increase comes from higher payments from the cancer drugs Avastin and Herceptin, eye drug Lucentis, and multiple sclerosis drug Tysabri. PDL helped develop those drugs and gets royalty payments based on sales in the previous quarter.
Analysts expect PDL to report $86 million in revenue, according to FactSet.
Avastin, Herceptin, and Lucentis are sold by Swiss drugmaker Roche. Biogen Idec Inc. sells Tysabri. PDL said Herceptin sales grew 11 percent and Avastin sales rose 10 percent compared to a year ago, but Roche is making and selling more of the drugs overseas than it has before. That gives PDL smaller royalty payments. The company said Tysabri sales rose 16 percent and Lucentis sales increased 12 percent.
PDL BioPharma lost 18 cents, or 2.6 percent, to $6.88 in morning trading.