|PDL BioPharma offering upcoming dividend|
|By Patrick Crutcher|
|Tuesday, 31 August 2010 02:47|
PDL BioPharma, Inc.(NASDAQ: PDLI) is one for those interested in trading stocks with upcoming dividends. As we told our subscribers yesterday, this biotech is offering investors a $0.50 per share dividend in the coming weeks.
PDLI is a company many might not have heard of, but the drugs covered under their pioneering antibody humanization patents and related assets are sure to ring a bell: Herceptin® (trastuzumab), Xolair® (omalizumab), Avastin® (bevacizumab), and Lucentis® (ranibizumab injection). They also will receive royalties on a number of future potential products, like T-DM1 and Bapineuzumab.
In a recent press release, the company “reaffirmed its previously announced dividend of $0.50 per share to be paid on October 1, 2010 to all stockholders of record on September 15, 2010.” (It is important to note that the Ex-dividend date is 9/13/2010.) Now that is some serious cash for any investor to pass up.
PDLI is currently full of cash, but with some long-term debt that I am sure they can pay off given their total revenue in the second quarter of 2010 was $120.3 million. They will be providing revenue guidance for the third quarter of 2010 in early September. Here is a link to their most recent presentation. I am sure once some guidance is given on the Genetech matters, the stock will return to the $6-6.50 range, until then, enjoy the dividend.