WASHINGTON (dpa-AFX) - PDL BioPharma Inc. (PDLI) Thursday reported first-quarter net income of $53.5 million or $0.36 per share, compared with $40.2 million or $0.29 per share last year.
The company said that the increase in net income is due to the 19 percent increase in royalty revenues and the resulting 33 percent increase in net income.
Revenues for the quarter were $91.85 million, compared with $77.34 million a year ago.
On average, five analysts polled by Thomson Reuters estimated earnings of $0.35 per share on revenues of $91.69 million for the quarter. Analysts' estimates typically exclude special items.
Royalty revenues for the first quarter of 2013 increased 19 percent over the same period of 2012.
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