Here's Why PDL BioPharma Inc. Is Soaring Today

Shares of PDL BioPharma Inc. (NASDAQ: PDLI), a biopharma royalty company, are surging Friday in response to the positive second-quarter earnings report it issued after the bell Thursday. A quarterly net profit that was 827% higher than the company recorded during the first three months this year encouraged the market to boost the stock 15.7% higher as of 12:38 p.m. EDT on Friday.

Viewed over a longer timeline, the Q2 results weren't terrific, but they were far better than the dismal figures PDL BioPharma has produced recently. For the 12-month period that ended in March, the company reported a paltry $15 million in net income.

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Source: Fool.com