PDL Biopharma (PDLI) has reported an 87.04 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $7.24 million, or $0.04 a share in the quarter, compared with $55.89 million, or $0.34 a share for the same period last year. On an adjusted basis, net profit for the quarter was $13.21 million, when compared with $84.79 million in the last year period.
Revenue during the quarter plunged 55.94 percent to $45.44 million from $103.12 million in the previous year period. Total expenses were 59.28 percent of quarterly revenues, up from 9.55 percent for the same period last year. That has resulted in a contraction of 4973 basis points in operating margin to 40.72 percent.
Operating income for the quarter was $18.50 million, compared with $93.28 million in the previous year period.
"We have had a number of positive events related to our income generating assets this year which have resulted in significant cash infusions, including the repayment of the ARIAD investment and the successful settlement of litigation related to Keytruda," said John P. McLaughlin, president and chief executive officer of PDL. "With a cash balance of over $400 million, and a nimble business development process, we are poised to acquire additional specialty pharma drug products in 2017."
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