PDL BioPharma, Inc. (NASDAQ:PDLI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:30 pm ET


PDL BioPharma, Inc. (NASDAQ:PDLI) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the PDL BioPharma Second Quarter 2020 Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Jody Cain. Please go ahead.

Jody Cain

This is Jody Cain with LHA. Thank you all for participating in today's call. Please note that a slide presentation to accompany management's prepared remarks is available in the Investor Relations section of the PDL website at pdl.com.

Joining me today from PDL BioPharma are Dominique Monnet, President and CEO; and Edward Imbrogno, Vice President and CFO. Nick Curtis, CEO of LENSAR, will join us for the Q&A portion of today's call.

Please turn to Slide 2, and let me remind you that during this call, management will be making forward-looking statements regarding the Company's financial performance and other matters and actual results may differ materially from those expressed in or implied by the forward-looking statements. In particular, there is significant uncertainty about the duration and potential impact of the COVID-19 pandemic. This means that results could change at any time and that the impact of COVID-19 on PDL's operations, financial results and outlook is a best estimate based upon the information available for today's discussion. Factors that may cause differences between current expectations and actual results are described in the Company's SEC filings, which are available at sec.gov and in the Investor Relations section of pdl.com. The forward-looking statements made during this conference call contain -- call should be considered accurate only as of the date of the live broadcast, August 6, 2020. Although the Company may elect to update forward-looking statements from time-to-time in the future, the Company specifically disclaims any duty or obligation to do so even as new information becomes available or other events occur in the future.

Today's conference call remarks will include a discussion of both GAAP and non-GAAP financial results. PDL believes the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of its business, enable the comparison of financial results between periods where certain items may vary independently of business performance and allow for greater transparency with respect to key metrics used by management in operating the business. These non-GAAP financial measures are presented solely for the informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures. Reconciliation between GAAP and non-GAAP financial measures can be found at the end of the financial results news release that was issued earlier today.

Before turning the call over to Dominique Monnet, I'd like to direct you to Slide 3 in reference to PDL's proxy statement filed with the SEC on July 7, 2020.

Now, I'd like to turn the call over to Dominique.

Dominique Monnet

Thanks, Jody. Good afternoon, everyone, and thank you for joining us. I am pleased to report that we made significant progress in the execution of our asset monetization strategy during the second quarter and in recent weeks. Our teams at PDL, LENSAR and Noden, together with our Board