Exhibit 99.1
For Immediate Release
Contact:
Glen Sato
SVP, Chief Financial Officer
(510) 742-2816
jgsato@pdl.com
PROTEIN DESIGN LABS ANNOUNCES ADJUSTMENT IN
SECOND QUARTER 2003 FINANCIAL RESULTS
Adjustment results in $500,000 higher revenue in the second quarter
Fremont, Calif., August 14, 2003 — Protein Design Labs, Inc. (PDL) (Nasdaq: PDLI) today reported an increase in total revenues during the 2003 second quarter to $21.0 million compared to the previously reported $20.5 million. The increase was due to the recognition of a $500,000 milestone payment that was not previously reported. The higher income for the period resulted in a decrease in the previously reported net loss from $42.6 million to $42.1 million. Net loss per share was reduced from $0.46 to $0.45 per basic and diluted share, for the three months ended June 30, 2003.
Total revenues during the first six months of 2003 were correspondingly adjusted to $43.7 million compared to the previously reported $43.2 million. For the six-month period ended June 30, 2003, PDL reported a net loss of $38.1 million, and the net loss per share for the period of $0.42 per basic and diluted share did not change from the previously reported net loss per share.
Protein Design Labs is a leader in the development of humanized antibodies to prevent or treat various disease conditions. PDL currently has antibodies under development for autoimmune and inflammatory conditions, asthma and cancer. PDL holds fundamental patents for its antibody humanization technology. Further information on PDL is available at www.pdl.com.
Protein Design Labs is a registered U.S. trademark and the PDL logo is a trademark of Protein Design Labs, Inc.
Financial table attached.
PROTEIN DESIGN LABS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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(In thousands, except per share data) |
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| Three months ended June 30, |
| Six months ended June 30, |
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| 2003 |
| 2002 |
| 2003 |
| 2002 |
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Revenues: |
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Royalties |
| $ | 17,905 |
| $ | 13,491 |
| $ | 35,050 |
| $ | 27,167 |
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License and other |
| 3,096 |
| 1,300 |
| 8,698 |
| 1,951 |
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Total revenues |
| 21,001 |
| 14,791 |
| 43,748 |
| 29,118 |
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Costs and expenses: |
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Research and development |
| 21,058 |
| 14,760 |
| 37,450 |
| 27,938 |
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General and administrative |
| 6,853 |
| 4,787 |
| 11,923 |
| 8,942 |
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Acquired in-process research and development |
| 37,834 |
| — |
| 37,834 |
| — |
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Total costs and expenses |
| 65,745 |
| 19,547 |
| 87,207 |
| 36,880 |
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Operating loss |
| (44,744 | ) | (4,756 | ) | (43,459 | ) | (7,762 | ) | ||||
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Interest income |
| 4,188 |
| 6,455 |
| 8,861 |
| 13,593 |
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Interest expense |
| (1,575 | ) | (2,242 | ) | (3,281 | ) | (4,482 | ) | ||||
Impairment loss on investment |
| — |
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| (150 | ) | — |
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Income (loss) before income taxes |
| (42,131 | ) | (543 | ) | (38,029 | ) | 1,349 |
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Provision for income taxes |
| 18 |
| 16 |
| 49 |
| 27 |
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Net income (loss) |
| $ | (42,149 | ) | $ | (559 | ) | $ | (38,078 | ) | $ | 1,322 |
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Net income (loss) per share: |
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Basic |
| $ | (0.45 | ) | $ | (0.01 | ) | $ | (0.42 | ) | $ | 0.01 |
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Diluted |
| $ | (0.45 | ) | $ | (0.01 | ) | $ | (0.42 | ) | $ | 0.01 |
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Shares used in computation of net income (loss) per share: |
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Basic |
| 93,301 |
| 88,751 |
| 91,242 |
| 88,698 |
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Diluted |
| 93,301 |
| 88,751 |
| 91,242 |
| 91,382 |
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CONSOLIDATED BALANCE SHEET DATA |
(Unaudited) |
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| June 30, |
| December 31, |
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| 2003 |
| 2002* |
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(In thousands) |
| (unaudited) |
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Cash, cash equivalents and marketable securities |
| $ | 579,484 |
| $ | 606,410 |
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Total assets |
| 725,545 |
| 717,818 |
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Total stockholders' equity |
| 540,241 |
| 544,766 |
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*Derived from the December 31, 2002 audited consolidated financial statements
