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Biotech / Medical : analysts and calls -- ML
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From: tom pope4/12/2006 10:34:00 AM
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PDLI. Merrill rates it a buy:

PDL’s royalty revenue on track after DNA’s 1Q06 results
We are maintaining our estimates for PDL’s royalty revenue in 2Q06 at $50mn,
following Genentech’s 1Q06 reported sales of its humanized antibody products
(Avastin, Herceptin, Xolair and Raptiva). Our full year royalty revenue estimates
also remain unchanged at $179mn in 2006 and $250mn in 2007.

Maintain Buy.

Avastin in-line, Herceptin strong

PDL receives royalties on Genentech’s sales of its humanized antibody products
on a one quarter lag basis, with Avastin and Herceptin currently the key drivers.
U.S sales of Avastin in 1Q06 of $398mn were in-line with our estimate. Herceptin
sales were strong at $290mn, while Xolair sales were modestly lower than
expected at $95mn and Raptiva was in-line at $21mn. We also expect
Genentech’s Lucentis to begin contributing to PDL’s royalty revenue before the
year is out.
Business update for marketed products on May 5
Separately, PDL will be holding its first annual business update meeting at 8 am
Friday, May 5 at the Mandarin Oriental Hotel New York where the company will
review its marketed products (Cardene I.V., Retavase and IV Busulfex) and future
commercial opportunities. We expect the presentations to be followed by Q&A
with leading cardiologists and transplant physicians. We currently estimate sales
of the three marketed products to total $181mn this year.
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