UPDATE 1-PDL BioPharma posts lower Q4 profit

* Q4 EPS $0.17 vs est. $0.19

* Q4 rev down 15 pct to $58.3 mln

* Shrs down 1 pct after market

March 1 (Reuters) - Drug developer PDL BioPharma Inc (PDLI.O) posted a lower quarterly profit, hurt by a 15 percent drop in revenue.

For the fourth quarter, the company reported a net income of $28.6 million, or 17 cents a share, compared with $40.6 million, or 26 cents, a year ago.

Revenue fell to $58.3 million, the company said in a regulatory filing.

Analysts on average expected earnings of 19 cents a share, excluding items, on revenue of $57.3 million, according to Thomson Reuters I/B/E/S.

Shares of the company fell 1 percent to $7.04 in after-market trade. They closed at $7.14 Monday on Nasdaq.

(Reporting by Shailesh Kuber in Bangalore; Editing by Unnikrishnan Nair)