PDL BioPharma shares hit 5-year low on wider 1Q loss

REDWOOD CITY, Calif. - Shares of PDL BioPharma Inc. fell Friday, after the company said its first-quarter loss widened on discontinued operations related to the sale of several key drug assets.

The stock fell 30 cents, or 3.2 percent, to $9.15. At one point the stock hit $9.04, its lowest point since May 2003.

Late Thursday, the company said it lost $61.9 million, or 42 cents per share, compared with a loss of $10.6 million, or 9 cents per share, during the same period a year prior. Revenue fell 3 percent to $57.3 million from $58.9 million.

Excluding special items, the company said it earned 23 cents per share.

Analysts polled by Thomson Financial expected profit of 8 cents per share on revenue of $67 million.

The company is in the midst of a restructuring program that is cutting 260 jobs, in addition to the previously announced elimination of 300 jobs. The company has sold off several manufacturing and cardiovascular assets, including the chemotherapy drug IV Busulfex, hypertension drug Cardene and the heart attack drug Retavase.

PDL BioPharma reaffirmed its outlook for royalty revenue between $240 million and $260 million. Royalties make up the bulk of PDL's revenue, with licensing and collaboration payments making up the rest.

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