PDL BioPharma, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenues were $46,575,000 compared to $143,835,000 a year ago. Operating loss was $125,126,000 compared to income of $112,780,000 a year ago. Loss before income taxes was $126,561,000 compared to income of $114,312,000 a year ago. Net loss was $112,296,000 compared to income of $60,439,000 a year ago. Net loss attributable to company shareholders was $112,296,000 compared to income of $60,439,000 a year ago. Loss of $0.76 per basic and diluted share compared to income of $0.39 per basic and diluted share a year ago. Non-GAAP net income was $14,675,000 compared to $35,588,000 a year ago. Financial results for the second quarter reflect higher product sales resulting from change in strategy to equity and product investments.

For the six months, the company reported total revenues were $85,093,000 compared to $189,275,000 a year ago. Operating loss was $120,834,000 compared to income of $131,285,000 a year ago. Loss before income taxes was $123,940,000 compared to income of $128,058,000 a year ago. Net loss was $110,694,000 compared to income of $67,633,000 a year ago. Net loss attributable to company shareholders was $110,694,000 compared to income of $67,680,000 a year ago. Loss of $0.74 per basic and diluted share compared to income of $0.42 per basic and diluted share a year ago. Non-GAAP net income was $29,511,000 compared to $50,250,000 a year.

The company provided cash flow guidance for the period from 2018-2022. For the period, the company expected cash flow to exceed $400 million in cash through 2018 to 2022.