INCLINE VILLAGE, Nev. (AP) — PDL BioPharma Inc. said Thursday its third-quarter profit fell 13 percent on higher costs and tax expenses.
PDL earned $40.2 million, or 24 cents per share, compared with $46.4 million, or 29 cents per share, a year earlier. Revenue rose to $86.4 million from $71.4 million, mainly on royalties from the cancer drugs Avastin and Herceptin, the macular degeneration drug Lucentis, and Tysabri for multiple sclerosis and Crohn's disease.
Avastin, Herceptin and Lucentis are sold by Genentech, which is now part of Roche. Tysabri is sold by Elan Corp.
Analysts polled by Thomson Reuters expected profit of 25 cents per share on $85.3 million in revenue.
General and administrative expenses and interest expenses all rose during the quarter, along with income tax expenses.
Shares of PDL BioPharma fell 4 cents to close at $5.56.