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Business Description
Protein Design Labs, Inc. discovers and develops humanized monoclonal antibodies for the treatment of disease, particularly inflammatory bowel disease and cancer. The Company has four antibodies in clinical development: Zenapax (daclizumab, anti-IL-2 receptor), Nuvion (visilizumab, anti-CD3), HuZAF (fontolizumab, anti-gamma-interferon) and M200 (anti-a5b1 integrin), of which the most advanced are Nuvion for potential treatment of severe steroid-refractory ulcerative colitis, and Zenapax for potential treatment of moderate-to-severe ulcerative colitis. All of the Company's revenues are derived from licensing, humanization and royalty arrangements. As of December 31, 2003, it received royalties on five marketed products, with approximately 90% of its royalty revenues derived from the Herceptin antibody product marketed by Genentech and the Synagis antibody product marketed by MedImmune. The Company's facilities are located primarily within the United States.ices.

Financial Information
For the nine months ended 9/30/04, revenues increased 38% to $73.2 million. Net loss decreased 32% to $38.7 million. Results reflect increased royalties received, partially offset increased research and development expenses as a percentage of revenue.