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

of its annual and quarterly reports filed with the SEC. Copies of PDL's filings with the SEC may be obtained at the "Investors" section of PDL's website at www.pdl.com. PDL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in PDL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.

                           ~financial statements to follow~

                                  PDL BIOPHARMA, INC.
                    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                       (in thousands, except per share amounts)
                                      (unaudited)

                                             Three Months Ended March 31,
                                            2009                      2008
    Revenues                              $62,622                   $50,205
    General and administrative expenses     4,693                    12,709
        Operating income                   57,929                    37,496
    Interest and other income, net            336                     4,864
    Interest expense                       (3,574)                   (3,555)
        Income from continuing
         operations before income
         taxes                             54,691                    38,805
    Income tax expense                     17,234                     1,034
        Income fr
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SOURCE PDL BioPharma, Inc.
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