PDL BioPharma announced that it has taken a $48m write-down on the fair value of its Depomed royalty assets during Q116. The reason for the writedown was the faster than expected loss of market share for Glumetza and increase in pricing pressure from generic entry. The quarter also marks the last significant payment from the Queen et al royalty streams, amounting to $121m in revenue, but the concurrent timing of the payment and the write-down produced a tax benefit that offset the loss in Glu
12 May 2016
Glumetza generics take toll
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Glumetza generics take toll
- Published:
12 May 2016 -
Author:
Maxim Jacobs -
Pages:
6
PDL BioPharma announced that it has taken a $48m write-down on the fair value of its Depomed royalty assets during Q116. The reason for the writedown was the faster than expected loss of market share for Glumetza and increase in pricing pressure from generic entry. The quarter also marks the last significant payment from the Queen et al royalty streams, amounting to $121m in revenue, but the concurrent timing of the payment and the write-down produced a tax benefit that offset the loss in Glu