PDL BioPharma, Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter Ended June 30, 2017; Provides Tax Guidance for Fiscal 2017
For the six months, total revenues were $189,275,000 against $124,171,000 for the same period of last year. Operating income was $131,285,000 against $104,415,000 for the same period of last year. Income before income taxes was $128,058,000 against $95,646,000 for the same period of last year. Net income attributable to the company's shareholders was $67,680,000 against $60,035,000 for the same period of last year. Net income per diluted share was $0.42 against $0.37 for the same period of last year. Non-GAAP net income attributed to the company's shareholders was $53,521,000 against $100,199,000 for the same period of last year.
The company's anticipates an estimated cash tax rate of 15% as the company begins to utilize available tax operating loss carry forwards and credits and expects an effective tax rate of approximately 47% in fiscal 2017, which is dependent on the mix and timing of income.