PDLI - Earnings call transcript Q4 2018

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Operator

Welcome to the PDL BioPharma's Quarterly Conference Call. At this time, all participants are in a listen-only mode.

Following management’s prepared remarks, we will hold a Q&A session. [Operator Instructions] As a reminder, this conference is being recorded March 14, 2019. I would now like to turn the conference over to Jody Cain. ma'am. ahead go Please

Jody Cain

Investor Cain call. Thank slide Please prepared on accompany Jody website the participating pdl.com. at presentation all in managements the available is today's note remarks section with is of you PDL LHA. for to Relations This that a

the be sec.gov pdl.com. me The PDL may remind Slide Investor to will the by Dominique differences call materially date performance results the of call expectations of X let between Company’s or XX, me forward-looking and Relations BioPharma live considered which section in Joining that made regarding Monnet, March and during CEO; management current of turn statements and in those today from should actual and Officer. only forward-looking SEC the Garcia, available Please from you company's XXXX. this are in be other Factors Pete expressed implied accurate broadcast, and filings the defer Company's actual the at are, that this statements President during cause making and forward-looking Chief Financial described statements. the are as and may results financial matters

over time-to-time Although to in any the to forward-looking the or in Dominique occur events as I'd Dominique? available specifically to other so, update Monnet. Company new Company future. the turn even duty statements may the do from future, obligation call the elect disclaims or information now becomes

Dominique Monnet

our his for well to directors. delighted will XX-year retirement McLaughlin, our PDL. continue on board whole to his John this would CEO take first which team in Thanks John all the for company. like that I opportunity PDL pleased very Jody. deserved call am remain active. serve as addressing period him for wishes of knowing I'm will I the best leadership CEO a The John on of be my to PDL everyone thank critical of departing to

and you highlights with on business turn me briefly Slide financial X. to Let our

sales for revenues made of million. diluted in product revenues revenues the the products $XX revenues for total in reporting product $X accounted share. income up accounted of $XX million the Systems XXXX XXXX with LENSAR of total remaining the are quarter for Product Noden million. Laser from of million XXXX. net XX% of fourth We up of revenues and fourth quarter XX% or for million was quarter of per $X.XX quarter fourth GAAP $XX the $XX

turn million from the were product and and million. products Please XXXX approximately $XX $XX of full GAAP $XX We net million Slide of loss the XXXX for minutes. cash Noden revenues million sheet. financial $XXX on Garcia in will our million $XXX a from our ended few included provide year additional $XX million, with balance revenue on non-GAAP details income year of X. LENSAR. million For $XXX Pete to net with was

During the of the strategy fourth value our formalities of engaged to CEO shareholder for refine quarter, Board in our for we transition creation. Directors the preparation

managed actively through to portfolio selected, remains acquisitions, build transaction partnerships, licensing of companies. biopharma focus a strategy or carefully Our

products. presentations nurture and income cause We and applying operations. will allow potential. assets pharmaceutical expertise biopharma maximize from by and and add [Indiscernible] value revenues ultimately [ph] us prescription to capital in our product their to strategy will This these both biologics these refers

expertise meet side. of invested that a to revenue biopharma in multiyear and going are late-stage PDL revamped clinical potential delivering [indiscernible] are reasonable assets We range criteria our generating opportunities commercial growth attractive growth, products capital that our as well have profitable our to our [ph] returns of development development. sales as with target business stage opens on in This leveraging biopharma and we the

the Under the portfolio time sale a growing could goal who spin-off value to take cash is may strategies assets right of exit or further conditions capture and of optimally we profitable revenue an from primary streams IPO. form operating a which build from flows. Our market company these for

Our form royalty an unless part financing M&A debt include the investments transaction. of does further are they in passive or not strategy of making

strategy are We creating our our as primary or and committed means to value this price share growing of shareholders.

to flow our opportunities evaluate remain We and our continue [ph] in are our of a disciplined potential of decisions criteria. against transactions investment target we in highly diligent We steady strict process. selection

strategy. We the succeed to resources have necessary this with

executive team quality month successful track to This brings XX record PDL's of for high consummating strategy [ph] at an team personal delivering of established biopharma value Our PDL shareholder execution. transactions and XX years and has re-growth, planning experience.

balance We have quickly secure quick allows act transaction. the and decisively. We of that a to can sheet for liquid deployment strong funds

we to with partnerships. structures, various regard acquisitions, licensing, of be flexible Finally, forms deal including or may

In all us or have enabled be have capability addition to nimbleness, our experience, capital to and critical speed flexibility pursuing. that factors are in the we important transactions been very

have we transaction? to the the our technology do what other the of party through X, products assurance for First, our be vision Slide offer funded. to securely to and Turning will

high and propositions. asset quality will payer program see compelling development that Phase both value which means X the For stage competitive label

of it and means revenue stage necessary maximize a assets commercial operational potential to growth. launch For investment

feed products to and [ph] acquisition that in range structure an launch spaces individual [indiscernible] not and internationally. through as Second, biotech designed stages extensive U.S. commercial across We to and as specifically products we least be experience pharma force have we during well these transactional commercializing see ability wide infrastructure in have in commercial products to a license the we a dedicated the as can do of existing We at our awards. seek a the advantage.

we much Finally, are we could are looking talent. expand for potential as or accelerate, also could seeking additional growth we as we

a if how to to But prefer commercial on a build to know scratch. establish from We the team and will talented we latter required. do certainly adding organization

a on generic to we product for XXXX Anchen's settlement have generic developed agreed Aliskiren an Paragraph Pharmaceuticals, Tekturna formulation we X, that launch to Slide we is both of Now face. Anchen third-party its a the March in with XXXX. sole of Anchen aliskiren on is that Noden that turning thereby subsidiary a and manufacture, of delay to IV Pharma Par expensive announced Pharmaceuticals, believe will update until reached the generic difficult competitor and Tekturna filing and mid

has approved the as As but will Anchen's know, far not we ANDA, FDA yet we anticipate they shortly.

resulted As commercialization. a is product's of competition, no promotion U.S. Archer Healthcare generic Noden's the proven to to to of actions. quarter. of to in Noden's but early Tekturna, quite from U.S. sales sales focus XX cost free of result income which the maximize partnership The operating grow discontinuation representatives million force effective. $X.X $X that Transitioning the net of in per be with In last has it resulted in a program expense non-personnel million savings August, to longer

Finally, our generic industry commercialization leader XXX launch Noden market. in the the being a of AGs, We first benefit believe advantage. provides the competitive timed it authorized the XXX distinctive of week launch and tablets mg AG Tekturna Laboratories, a was Prasco to of or as mg with of in secure Tekturna our and with last partnership to Prasco

field its of Par does Noden's conjunction expiration hydrochlorothiazide version Tekturna our Let generic with not the report our in and I'm patents stable of in launch accounts of XXXX. sales agreed Tekturna, the an the the Anchen, Tekturna to it the discontinuation that me for force In aliskiren pleased seeking right August. not the with the authorized plan you of here include and and generic litigation would new note since for resolution HCT. is of franchise XXXX. version of this has Tekturna see XX% Par of of that fairly that launch that the graph slide, on is prescription remained last

result appear of to place inhibitors tolerate for option for have line ARBs in step physicians of a who our third do hypertension. found Tekturna's a As not or it their repositioning of treatment ACE patients clear

savings We confident Tekturna but expect well in and Prasco's decline are continue from positive position as flows deliver market marketing the net in will slowly, cash as we operations. first sales realized revenues may to that

pressure. with manufacture forward Prasco the Noden continuing in Tekturna under together to the commercial to U.S. of to the blood continue Tekturna will the patients look aliskiren with on product prescription and is to we control [indiscernible] brands Tekturna in serve lines So income the or their launch have of Rasilez brand international from in our sales our the products China and U.S. HCT for XXXX met and net our in [indiscernible]. expectations leased imminent are forward we the and market. exceeded Ex-U.S. Rasilez to partners Rasilez needs looking

the For on million. with Noden to [indiscernible] call net quarter, of was basis income again $XX.X free

continued we X, very are the with progress pleased Turning at on LENSAR. quarterly to Slide LENSAR

in we may reconnecting You revenues XXXX. May began from recall LENSAR

quarter. million third For over XXXX the quarter. fourth quarter X% increased $X.X $XXX,XXX and for of of the net positive revenues LENSAR $X.X loss EBITDA million LENSAR the reported a a GAAP of of

losses part in cash exciting we to experienced net team. by As utilize which company of in and an in an investment also is million tax of our $X.X driven savings were resulted led XXXX. LENSAR, able LENSAR operating

have exciting opportunities. technologies innovative We growth and

this it that believe enable have to it an to would We feet when we our we may and for if on its exit helped shareholders. value back consider and us get maximize

our XXX XXXX. principal us know lensar.com beyond did for You all sheet to XXXX the debt the X% is on the we ready in may increasing senior million value. due about convertible acquisitions quarter website strategic opportunity first ability retiring shareholder notes Our this LENSAR Among paydown of strong balance by informative of from affords which its

$XX We advantage market. our share an our is average a between XXXX continue program. in $XXX of On of $X.XX authorized two program. repurchase repurchase Last taken shares X, Slide our of of programs mid share stock the at share. completed XXXX repurchase repurchasing have also common a million price open review million to price PDL Board for stock undervalued total of We a and September, per

shares average latest $X.XX appropriate of in million share future share stock million. purchasing $X.XX means book $XX.X repurchase share this and $XX since of this XX.X current total fourth quarter per market value we of creating million XXXX of XX, in shareholder between executed repurchase million have We have XX.X common our repurchase $XX.X or discrepancy stock the X.X program program. these value. of million during at shares as March given Year-to-date open average price as at price view an with price of the our an repurchases deployed program or team share for to an million the We per

while than our in we have the close our per financials still as X, financial our book outstanding Slide on stock shares at we've of gap. our $X.XX QX increased upon a from valuation see last can reduced to And program. results, reported more nicely go QX stock an $X.XX way to value based increase XXXX you through stands share As November repurchase prices our XX% since our quarter

and M&A sight shareholder We Even execution value strategy. long-term to substantial on the repurchase of stock we of execute with not on BD the creating strategy. million focused $XXX our have program hand lost our our the business with on execution of have cash strategy

We of to Pete give by expect in results turn our business the our generated over our details and need, the operation flow point, invest our thereby cash be in for this current call to year. Pete? excess providing will At on the additional financial I’ll future. to additional cash quarter

Peter Garcia

Please you, turn to statement nmberXX. Dominique. income Thank our on Slide

December XXXX royalty ended or income payments product months per royalty million of and for the a acquired from and change was million. in were GAAP primarily royalty $XX.X three XX, of net $X.XX and the revenues value million of $XX.X $XX assets Total million the revenues diluted net of period fair rights $XX.X rights our consisted share. For

XXXX for Our associated of royalty fourth QX increase the in a generic The of of some as quarter decrease quarter U.S. rights million fair revenues in in from with with and of value of million Bausch reflects adding the one-time fourth the product decrease $XX for $XX.X an XXXX. sales compared and the Glumetza. and value gains known XXXX in lower total of Health the fair Assertio an included authorized in

of of change of in consisted I their and from generic and modified XXXX result a business million quarter revenues. an decreases loan to will Additional by We to of the royalties XXXX compared period discussion the the for year later for however, royalty four detail deferring their an the as the product period. situation Glumetza the the in and The for launch decline higher QX no decreased authorized royalties expenses. from quarter operating decrease million the fourth of XX% Revenue include payments, LENSAR sales our net and led million $XX.X fourth revenues CareView note et $XX was patents financial royalties prior primarily from that of the with of from million fourth We with value received XXXX interest Noden interest of of agreement Product Queen CareView difficult $XX.X impairment the my in in in $XX.Xmillion were prior charge in from the quarter. $X.X valuation XXXX from year to al. $XX.X fair XXXX. XXXX. related for cast in rights revenue February

note CareView As minimal fourth was fourth any not in al. report al. from This XXXX. the in patents to quarter Queen of do meaningful Tysabri the Queen in payments XXXX. receivable patent we quarter. expected, al. $XXX,XXX royalties XXXX not on the of quarter quarter compares revenue million for in making were with their compared Queen royalties close for a Interest of brings et et with expect fourth for to quarter. in as fourth decrease the the XXXX the the royalty revenue Tysabri This interest et due to patent the royalties $XX,XXX with $X.X

fourth Turning operating expenses $XX.X for for total XXXX, the period. to were million of operating compared million year expenses $XX.X the quarter prior with

result for impairment. launch an generic authorized to aliskiren of required a imminent to evaluate Tekturna, the known launch As we the and decision our assets were of generic

Our in additional no in being analysis impairment recorded resulted QX.

to expenses likelihood of reported the given contingent of liabilities milestone related extreme future in However, we Novartis $XX.X XXXX, our a launch payments third-party a of to credit and Tekturna million. for generic eliminated

the of quarter variances of year million for period. which resulted million sales for compared revenue lower in prior expenses of marketing product lower cost lower expenses with million fourth $X.X included $X.X XXXX $X.X and Additional the and of

value more With largely loss from impairment Offsetting to promotion of products efficient, commercialization strategy in the from cost to was million program. direct sales Communications. decrease receivable note related $X.X a non-personnel reassessed reductions our related change these model the the Noden the a to force CareView of an

valuation point are carried for the future. near $XX.X million Noden’s tax against an asset out realizable the higher Noden determined deferred quarter dollar may the in tax allowance our I that Additionally, which not that is expense non-cash will of result NOLs the a we as on be taken books

$XXX.X continue Product XXXX to for with total away million were which on were compares results the million slide, $XXX.X on we royalty XXXX shift assets revenue. revenues Turning from full-year to for XXXX products $XX.X revenues change our revenues same revenues XX% relying the as consisted product $XX.X million increase System. LENSAR sale from from from a for $XXX.X million, XXXX. of million $XX.X a of the the XXXX which Noden generic. to $XX.X additional of in Laser received in from PDL and million authorized the of The end in in Glumetza XXXX fair was related $XXX.X on value million of XXXX reduction rights onetime future for and compares flows increase for XXXX the of a in result fair substantial cash $XX value million royalty royalty Glumetza high which as cash XXXX payments In the with royalties in on assets the with million coming our net the guidance. Product was

million. result a by as decreased to patent XXXX for $XXX.X sold of were expenses with interest asset million which Kaleo million no $XXX.X the and loss late compared the XXXX. CareView, and from of a intangible of of from million million, QX and million note an of impairment million $X.X primarily the to million, by reduction contingent our resulted Queen a et end million Tysabri and as increase for asset Noden the LENSAR revenues Noden XXXX, for $X.X liability from in elimination revenue an our $XX.X in royalties additional we coming $XX.X was result increase. of XXXX $XX.X offset impairment partially product announced $XX.X Novartis al. in of of on $X.X the the XXXX, revenue $XXX.X interest by of products million Our of in decreased royalties million Operating cost The receivable $XXX.X products

a version loss result charge full the loss share. intangible Noden $XX.X the a impairment a launch of to GAAP The for to per the expected by of loss in primarily in a contingent the liability. of accounting decrease net year related Our U.S. or of was net $X.XX generic the non-cash XXXX offset asset aliskiren from of million due was

the our intangible non-GAAP to the Slide $XX.X for GAAP amortization compensation contingent million adjusted net of XX, the costs. such our and considerations debt we changes fourth Turning value, net non-GAAP on mark-to-market QX, assets, of non-cash based quarter $XX.X items in resulted fair a results for million financial stock in income income XXXX of We expense and of with the net plus the XXXX for This in other as offering of the with million net as assets. non-GAAP million. $XX.X This with of the fourth non-GAAP items resulted $XX.X XXXX GAAP income which a of loss our intangible $XX.X XXXX prior compares compares which $XXX.X impairments million income for XXXX same period. for year million of quarter adjusted net

on balance our repurchase and party on for With This term likely regard positive our as million of product in investments stock operations the guidance December to and equivalents of from cash had XXXX. million sheet and last future to give a authorized royalties position short generic of flow includes guidance, sales $XX.X cash, to XX, XXXX. XX, not Turning recent cash $XXX.X of by Slide we to Tekturna related offset year. given programs we're the the generic, third a competition launch from

we However, cash $XX royalty guidance values $XX up between $XX similarly that to for we're open the With we to royalties gave to in overview financial million expect asset ready of upon current XXXX. based and in $XX questions. to royalties for cash XXXX million million when our Operator? forecasts million call

Operator

[Operator Instructions]

Dominique Monnet

Pete that next Roth week. participate for mention entitled attending to in Garcia Dana like an Deep he presentation will I'd on question, corporate XX, with first during our be panel the Pete week. being held Searching investors for will California on Conference website our waiting are on the Point, and next will we be we conference. March The webcast the in on be Value holding will post one Pharma and panel one will meetings updated While

first operator ready are the for question. Okay, we

Operator

Company. from question first with and is Our Cohen Phil Nadeau

Phil Nadeau

for taking my questions. Good Thanks afternoon.

First one Can willing stage development you stage you'd Phase on your through be but late you III, that looking in remarks the bit late characterize said be go? products at prepared you a would development II, to more, in development right Phase clinical commercialization. interested from early how would be

Dominique Monnet

get good very getting we looking of share for. the is be like X to X II engaged a fully before getting this is that's should you time at into And as Phase then Phase would gets be close end be to Phase what the the question. this product to we're point launching a going product I we'd At to program. preferably What know label of the we ultimately shaped. and mean, critical maybe

a pretty team the essentially So than job have critical. from of portal later either II end preparation sales good being that, able in a be Phase being in we of so to when program, think we my stage done preparation This engage shaping the is which and launch. possible this are of even willing would the already incur well said and experience product even later regulatory to Phase has into filing the that we X

get couple where be, of not the next X, would are. end are going before we this we may So years, change that's in but engaged for Phase future, the we of to

Phil Nadeau

us logical. the just what people of Got it, organization you in clinical And is, you Can have terms status a as in your development that. how follow That's many clinical remind do of… okay. currently to

Dominique Monnet

question - answer. easy Oh, that's to very a to answer

continue call are good for to exploring evaluate a and could may its We side. on I call we I would a to are then built different then we expand to on opportunities. more all on this have experts something we we on the that side fields, of it the we mean, have we a clinical built and advisory number in network very strategy. whenever is and it's zero experts and one There reason.

quite where on calling an assets. and having and you person board unless revisit may out expert we but get for more experts extraordinary I field, stage were that the will side there tend really off right we very there. for think the It's then course well are a know are in assets place right an few better we if a you may scientific again specifically. engage This of to time that which operate we more to would development in by

Phil Nadeau

in you any this from Got was wasn't remarks And afternoon, that of question it, announcing on couple your very very at suggested and you there when without, last authorized no Has future launch. okay. coming on think in you the me, on that that one by visibility when weeks just the to soon. launch last your or something the one our release time In could of generic suggested Do exactly actual press aliskiren, generic prepared give an visibility mean, changed you generic with of some still visibility over be? in soon. point I there

Dominique Monnet

particularly your We information on getting from which some field really [ph] Franco people [ph] get others, and where is a suppliers. putting good we pretty including finger partner a you're point. Clearly and good visibility. do our from as Now intelligence not customers are XXXX

really the there are two which So things imminent. making launch is us believe are that

which March launch. As date could first Xst this we have Anchen by not passed

any could usually or launch ANDA approved not days they an response And two the a although have do there and between time are they the So know three ANDA now approval of launch. time. they are we of

as they actually So we launch be for speak. all purposes practical ready to may

your is that, short number very a us believe do we that of So of the not answer information would launch pieces be, going be which that intelligence we precise soon. to to question have have make

Phil Nadeau

the So your checks there's that in something? suggest channel

Dominique Monnet

launch to we we how we credible to market. is which how our planning we be that there why that are because launched again, sure wanted is we are. was and would signals generic accurate imminent their we We or and this that be see first sufficiently is, converging [indiscernible] felt make these believe Yes will going is now, to

Phil Nadeau

Thanks for taking my helpful. very questions. That's Perfect.

Dominique Monnet

you. Thank

Operator

Group. Jacobs is next Our Max Instructions] [Operator from Edison with question

Maxim Jacobs

provide additional of process Thanks many, taking could you play the between they, all questions. additional wondering or for are how assets at at my any in of and commercial stage where just you you many term how guys. I of kind stage? if just kind the and acquisition give on end Hi color are was just are sheet it and for is that us a be mix things are commercial parts X a they or sense whether of might Phase near development assets,

Dominique Monnet

Good question, Max.

more first it's, the as But much think and only you would approval, which launch the but available products basically data with imagine. would very the are can to negotiation their Also either that engineering in last we products speak an are specifically shape more or the importantly comfortable because some pretty I stage for We we through we always launch just preparing we be experience we stage has assets or or registrations pending by very the quickly most happen. this coming at well advanced of still launch. where I engage kind on enabling regulatory away have in really if launch. product to pretty and the which been can't assist XX and a profile of and in at couple of stage with is focusing assets we than get opportunity think this and about could these be tend diligence look to the have over activity cannot our than once gone the more talk questions always months move carefully we very of have

Maxim Jacobs

helpful. prescriptions? just on the, very And there that's you the that additional Tekturna any great, on Okay, are commercializing share Archer could beyond then Healthcare the metrics

Dominique Monnet

We of that give on number call around metrics, a of to are physicians we XX,XXX. calling number about. the on I like could you used

We may are generic, this the launch even of now we authorized further. reducing with the this reduce

So we are reconsidering that effort.

the was a very collaboration getting And to including promotion. personal have been see past period Noden with made have and educating myself could very and place to pleased of is just other the successful always promotion, a experience. reps that physicians really metrics just kind time, to we altruistic nice frankly never sense that it understand as essentially support for used a Tekturna sustain a satisfying following of learned so it what non-personnel promotion in things that of exclusively quite very we right a with that frankly then that execution and been follow bit And from lot we the has nicely. in of this a have quite for the We the get work and the are non-personnel used

Maxim Jacobs

Okay kind of I of your like then, might am that kind Archer great. And read reduce the kind remarks Healthcare involvement? into right you of to their

Dominique Monnet

would basically under this as for not to be on yet decisions if to we to we is be, is team or any continuing the generic made to final support even favorable maximization very This We profit Tekturna us. for it consideration. profitability going at point, have at that. the this we And mentioned, point. the are There economics managing be brand authorized because Noden still ultimately prescribe. going the physicians be rationale for still of could goes a But

it's at to point exercise just and We line looking profit an again in process. by at line are this maximize

Maxim Jacobs

helpful. was for to launch Rasilez Okay That China? I And is in want know update on just wonderful. then the very any there

Dominique Monnet

Yes, of I had was and there discussions. weeks the great Noden we couple just with a CEO ago Markey, of Alan

a of you I imminent delays, think by launch essentially think the that saw on end I are based looking but launch of this always at minute last and had some last what March. you some time we on know we the is

is first we latest had half. them. information We Now we that announced, this have had in the the from planned it for

of on very track we anticipated, well than so on to they maybe seem even little now and So earlier spectrum. right earlier the be a the end

Maxim Jacobs

last for principal couple prospects Great. the times, is just and so a on question additional have And are delays? interest my payments CareView, been then just delayed where so of the

Dominique Monnet

to? you do want Pete

Peter Garcia

This Max. Pete. hi is Yes,

this but point So are few I them interest next quarters, will for in impaired still we issue. have the any assets. It’s time. would through to that I considering in future making payments revisit at we with near them the working that would say, anticipate

down will additional So write impairment at every or this we quarter look point. for potentially it at also

Maxim Jacobs

Okay.

Okay great. questions. taking lot my Thanks a for

Dominique Monnet

Thank you.

Peter Garcia

Thank you.

Operator

[Operator with is Lieberman Instructions] And from your next Revere question Securities. James

James Lieberman

Yes, hello.

Dominique Monnet

Hi James.

Peter Garcia

It Hello might dropped operator. have off he like looks James.

Operator

And is open line James, your now.

James Lieberman

Thank you.

Okay. you much don't looked I would filtration guess I'm major know open technology? if now, it I about comment groundbreaking a could you like comment the can it module? in fact that, be on

Dominique Monnet

question, your sorry, James we I'm you could you well. didn’t hear repeat didn’t, I

James Lieberman

And on comment if perhaps but could this, the And I'm wondered I already module. Thank you. you've covered filtration sorry. you

like be I that could January something was wondered market that? the was be in there path a think what I major looked to it mentioned for and breakthrough January in would technology,

Dominique Monnet

follow No, to maybe not to just separate you're very call to. what the I I had candid be I'm we up because on referring think want sure

I'm do…? So your or feel answering please to that, up free understanding that, not and question, follow so we with question can your maybe not just

James Lieberman

news inaccurate, was I that will perhaps follow very saw so a release January on up. XX, I Thank much. but you

Dominique Monnet

Thank you, James.

Operator

at further please your or time. no There closing are this remarks. any Monnet, questions presentation Mr. Dominique proceed with

Dominique Monnet

wonderful day. thanks much and PDL again. who forward today And on you again, early quarter reports first our once the in XXXX when in Well, your thank meantime, look very we updating wish participated you you to a May end to of all we progress results

Operator

participation gentlemen, your lines. your and for today. conference for thank you and that you that your Ladies concludes We ask call disconnect

PDL Biopharma (PDLI) 14 Mar 192018 Q4 Earnings call transcript