PDL BioPharma (PDLI) is a small cap with a market capitalization of about $1.35 billion. Its stock has gone up from $4 in 2011 to almost $10 now. The company pays out $0.60 dividend per share, which has probably been an important factor for the rise of the stock price.
Its business model is simple. Many authors have explained it in detail before. See, for example, an article with a pessimistic view on the stock and here for an article with an optimistic bias. It owns patents for the production of monoclonal antibodies. These patents are licensed by various large pharmaceuticals. Almost all revenue consists of royalties from these patent licenses. Income has increased in 2012...
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