-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 P/jPbSgqgHR7Hqu9Gagr/0tKBCcZbyYANjRuNixk7LI5YkiRb5uGDL//PNNL3ci2
 GEuoBrodbYDdWja1AgwxzQ==

<SEC-DOCUMENT>0001140361-06-005210.txt : 20060404
<SEC-HEADER>0001140361-06-005210.hdr.sgml : 20060404
<ACCEPTANCE-DATETIME>20060404142236
ACCESSION NUMBER:		0001140361-06-005210
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060403
FILED AS OF DATE:		20060404
DATE AS OF CHANGE:		20060404

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PDL BIOPHARMA, INC.
		CENTRAL INDEX KEY:			0000882104
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943023969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		34801 CAMPUS DR
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555
		BUSINESS PHONE:		5105741400

	MAIL ADDRESS:	
		STREET 1:		34801 CAMPUS DR
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROTEIN DESIGN LABS INC/DE
		DATE OF NAME CHANGE:	19930328

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GUGGENHIME ANDREW
		CENTRAL INDEX KEY:			0001230724

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19756
		FILM NUMBER:		06737220

	BUSINESS ADDRESS:	
		STREET 1:		3061 ZANKERS RD
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134

	MAIL ADDRESS:	
		STREET 1:		3061 ZANKER RD
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-04-03</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000882104</issuerCik>
        <issuerName>PDL BIOPHARMA, INC.</issuerName>
        <issuerTradingSymbol>PDLI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001230724</rptOwnerCik>
            <rptOwnerName>GUGGENHIME ANDREW</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>34801 CAMPUS DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>FREMONT</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94555</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP &amp; Chief Financial Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>No securities are beneficially owned.</remarks>

    <ownerSignature>
        <signatureName>/s/ Andrew Guggenhime</signatureName>
        <signatureDate>2006-04-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----