Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PDL BIOPHARMA INC. We currently have 8 research reports from 1 professional analysts.
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PDL BIOPHARMA INC
PDL BIOPHARMA INC
A transitional quarter
08 Dec 16
PDL has reported earnings for Q316, the first quarter in which revenues ($14.3m) flowed in from its Noden Pharma investment. During Q3, Novartis continued to distribute the Noden products and transferred net profits after taking out the cost of manufacturing and a fee. Noden is now distributing the products itself as of Q4. PDL has also issued $150m in 2.75% convertible debt, due in 2021. The bulk of the proceeds went towards repurchasing $120m of principal of its 4% notes, due in 2018.
Less dividend equals more deals
11 Aug 16
PDL reported earnings for Q216 and announced that the company would be suspending dividend payments until further notice. This follows the reduction in dividends that occurred in Q116. Management made this decision strategically to reallocate resources to capitalize on the current hostile financing environment that has increased the attractiveness of alternative deals. It will also be able to take advantage of big pharma divestments using Noden Pharma as a platform for commercialization.
Noden deal closes
15 Jul 16
PDL announced on 6 July 2016 the closing of its equity investment in Noden Pharma, which concurrently acquired the Tekturna pharmaceutical brand from Novartis. Tekturna and Tekturna HCT are blood pressure medications with a combined revenue of $154m in 2015. Noden paid $110m for the brand on closing with an additional $89m due on the first year anniversary. In comparison, PDL made an equity investment of $75m and will provide $32m in a year for an 88% equity stake in Noden. According to management, the total financing needed by Noden is up to $334m and PDL is committed to providing this funding if other sources are unavailable.
PDL's new investment strategy
02 Jun 16
In a change of strategic direction, PDL announced in May 2016 that the company will be acquiring a majority equity stake in the newly formed Noden Pharma. Noden will use the capital along with additional funds from debt to finance the acquisition of the blood pressure drugs Tekturna and Tekturna HCT from Novartis for a total of $294m in upfronts and milestones. PDL is expected to provide $145m in return for an 88% equity stake, but is obligated to finance any shortfalls in additional planned debt financing.
Glumetza generics take toll
12 May 16
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 Glumetza sales.
Improving financial flexibility
04 Mar 16
As the Queen royalty streams approach expiry, PDL has taken steps to preserve its cash flow by announcing a dividend cut for Q1 to $0.05 per share (from $0.15 per share), which would save the company more than $65m on an annualized basis. This allows PDL BioPharma to meet its financial obligations and gives it greater financial flexibility to make either more deals, larger deals or both, as current market conditions are favorable to alternative financing.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.