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UPDATE 1-PDL Biopharma fourth-quarter net loss widens
(Adds revenue, estimates, forecast, stock price)
LOS ANGELES, Feb 21 (Reuters) - PDL Biopharma Inc. (PDLI.O) on Wednesday said its fourth-quarter net loss widened due to higher costs, including a $72.1 million charge related to reduced cash flow expectations for heart drug Retavase.
PDL shares fell more than 3 percent in after hours trading.
The Fremont, California,-based company posted a net loss of $89.7 million, or 78 cents per share, compared with a net loss of $34.1 million, or 31 cents per share, a year earlier.
Excluding special items, PDL said it earned 5 cents a share, while analysts, on average, had expected 8 cents a share, according to Reuters Estimates.
Revenue rose 29 percent to $107.8 million, while costs and expenses rose 67 percent to $198.9 million. Analysts had expected revenue of $106.7 million.
Looking ahead, PDL said it expects 2007 adjusted net income of $45 million to $65 million, or 38 cents to 54 cents a share, on revenue of $450 million to $500 million.
Analysts had expected a 2007 profit of 68 cents a share on revenue of $498.3 million.
The company's shares, which closed at $19.14 on Nasdaq, were down 3.3 percent at $18.50 in after hours trading.
