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PDL BioPharma Announces First Quarter 2009 Financial Results
Date:5/7/2009

March 17, 2009. The conversion rate for the 2023 Notes was previously 114.153 shares of common stock per $1,000 principal amount of the 2023 Notes. -- As a result of the April 1, 2009 dividend payment, we announced an adjustment to the conversion rate for the Company's 2.00% Convertible Senior Notes due February 15, 2012 (the "2012 Notes"). The conversion rate, as adjusted, is 89.165 shares of common stock per $1,000 principal amount of the 2012 Notes, effective March 17, 2009. The conversion rate for the 2012 Notes was previously 82.162 shares of common stock per $1,000 principal amount of the 2012 Notes. -- Alexion agreed to pay PDL $25 million, of which it paid $12.5 million in January 2009 and is obligated to pay the second installment of $12.5 million in June 2009. -- In February of 2009, we received a letter from MedImmune asserting that it may be entitled to pay a lower royalty rate on sales of Synagis because of our settlement with Alexion. In April of 2009, we sent a letter notifying MedImmune of the exercise of certain of our rights under our license agreement, the exercise of which we believe precludes MedImmune from being entitled to a lower royalty rate based on the Alexion settlement. -- Approval for Raptiva(R) was suspended in the European Union and in Canada in February of 2009 and product was withdrawn from the U.S. market in April of 2009 because of safety concerns. In 2008, royalties attributable to sales of Raptiva were $3.9 million or 1.3% of total revenue from continuing operations.

2009 Financial Guidance

PDL reaffirms its previous revenue guidance and continues to anticipate strong revenue growth in 2009 increasing from 2008 to a range of $310 to $325 million despite the recent withdrawal of Raptiva. Royal
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SOURCE PDL BioPharma, Inc.
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