PDL Biopharma (PDLI) POS AM Prospectus update (post-effective amendment)

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EXHIBIT 12.1

STATEMENTS RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		Year Ended December 31,													Nine Months Ended September 30, 2003
		1998			1999			2000		2001		2002
		(in thousands)
Earnings:
Income (loss) before income taxes		$	(9,502	)	$	(10,333	)	$	652	$	2,659	$	(14,512	)	$	(56,893	)
Add: Fixed charges			1,195			1,510			8,915		10,191		10,371			9,908
Less: Capitalized interest			—			—			—		—		(531	)		(1,698	)
	Earnings	$	(8,308	)	$	(8,824	)	$	9,567	$	12,850	$	(4,673	)	$	(48,683	)
Fixed Charges:
Interest expensed and capitalized		$	—		$	155		$	7,965	$	8,989	$	8,957		$	8,258
Amortization of convertible notes offering costs			—			—			628		721		721			786
Estimated interest portion of rent expense			1,195			1,355			322		481		693			864
	Fixed charges	$	1,195		$	1,510		$	8,915	$	10,191	$	10,371		$	9,908
Ratio of earnings to fixed charges(1)			N/A			N/A			1.07		1.26		N/A			N/A

(1)

Income (loss) before income taxes for the years ended December 31, 1998, 1999 and 2002 and the nine-month period ended September 30, 2003 was not sufficient to cover fixed charges by a total of approximately $9.5 million in 1998, $10.3 million in 1999, $15.0 million in 2002 and $58.6 million for the nine-month period ended September 30, 2003. As a result, the ratio of earnings to fixed charges has not been computed for any of these periods.

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EXHIBIT 12.1

STATEMENTS RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES