<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-03-30</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001394692</rptOwnerCik>
            <rptOwnerName>Savel Robert Michael II</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PDL BIOPHARMA, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>34801 CAMPUS DRIVE</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>S V P  Technical Operations</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>Immediately prior to the event requiring the filing of this statement, the reporting person did not beneficially own any securities of the issuer.</remarks>

    <ownerSignature>
        <signatureName>/s/ Robert Savel</signatureName>
        <signatureDate>2007-04-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
