QLT Announces Fourth Quarter and Year End 2008 Results



    Provides Guidance for 2009

    VANCOUVER, Feb. 19 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) ("QLT" or
the "Company") today reported its financial results for the fourth quarter
ending December 31, 2008 and full year 2008 as well as issued its guidance for
2009. Unless specified otherwise, all amounts are in U.S. dollars and in
accordance with U.S. GAAP.
    "2008 was a pivotal year for us as we concluded a series of corporate
development activities, including divesting the majority of our non-core
assets, retiring our convertible debt, and launching a Dutch tender offer,"
said Bob Butchofsky, President and Chief Executive Officer of QLT. "We are
excited to embark on our next chapter as an ophthalmology-focused, development
driven company. While we feel comfortable including Eligard(R) in our guidance
for 2009, there is still the possibility that we will receive an attractive
offer for the asset and divest Eligard at some point in the future. This will
be a significant year for our punctal plug platform and we plan to be in a
position to wrap up Phase II development by the end of this year."

    2008 FINANCIAL RESULTS

    Discontinued Operations Reporting

    We have not sold our Eligard business as originally planned and announced
in January 2008. Therefore, in accordance with Financial Accounting Standard
144, the Eligard operations no longer qualify to be reported in discontinued
operations. Our statement of operations for 2008 includes the results of
Eligard within continuing operations, while financial results related to
Aczone(R) and Atrigel(R) are reported within discontinued operations. Prior
year comparative results conform to this presentation, and we expect to
continue reporting our results this way in 2009.

    Worldwide Product Sales

    As previously announced, global Visudyne(R) sales for the fourth quarter
were $30.6 million, a decrease of 32.7% over sales in the fourth quarter of
2007. Sales in the U.S. of $8.0 million were down 20.0% from the prior-year
fourth quarter, while sales outside the U.S. of $22.6 million were down 36.3%.
For the full year 2008, worldwide Visudyne sales were $141.9 million, 34.0%
lower than in 2007, as U.S. sales declined 4.1% and non-U.S. sales declined
40.4%. The drop in Visudyne sales was primarily due to the approval and
reimbursement in Europe of alternative therapeutics for age-related macular
degeneration.
    Worldwide Eligard sales in the fourth quarter were $59.4 million, an
increase of 23.6% over the fourth quarter of 2007. U.S. sales of $20.4 million
were up 16.8% from the fourth quarter of 2007, while sales outside the U.S.
increased 27.5% to $39.1 million. For the full year 2008, Eligard sales were
$224.8 million, up 24.2% from the prior year, as U.S. sales of $76.7 million
grew 2.3% and non-U.S. sales of $148.1 million were up 39.8%.

    QLT Revenues

    For the fourth quarter, total revenue of $39.0 million was up 26.3% from
the fourth quarter of 2007, as the increase in Eligard revenue more than
offset a drop in Visudyne revenue. For the fourth quarter, revenue from
Visudyne of $11.9 million fell 12.7% while revenue related to Eligard (royalty
and product revenue combined) of $24.0 million was up 41.4%. The 2008 fourth
quarter revenue also included a one-time milestone of $2.8 million for
achieving annual sales of Eligard in Europe of over $100 million. For the full
year 2008, total revenues of $124.1 million were down 2.7% from the prior year
due primarily to the decline in Visudyne revenue, which more than offset
growth in Eligard revenue. Revenue from Visudyne for the full year was $48.3
million, down 28.7% from $67.7 million in the prior year, while royalty and
product revenue related to Eligard was $71.5 million, up 22.3% from the prior
year.
    QLT's share of profit from Visudyne sales in the fourth quarter was
25.3%, up from 12.9% in Q4 2007. However, the 2007 results included
approximately $6 million of expense related to provisions for excess inventory
taken in the fourth quarter of that year by both QLT and Novartis. Excluding
this expense, the profit share in the fourth quarter of 2007 would have been
20.1%. For the full year 2008, QLT's share of profit from Visudyne sales was
23.1%, up from 20.7% in 2007 (or 22.2% excluding the provisions for excess
inventory). The increase in profitability for both the fourth quarter and the
full year occurred as the reduction in Visudyne expenses exceeded the decline
in sales.

    QLT Expenses

    For the fourth quarter of 2008, expenditures for Research and Development
(R&D) were $6.5 million compared to $12.0 million in the same period of 2007.
For the full year, expenditures for R&D were $29.6 million, down from $38.6
million in 2007 primarily due to decreased spending on preclinical research
and savings from restructuring, which more than offset the increase in
spending on our punctal plug delivery system.
    For the fourth quarter of 2008, Selling General and Administrative (SG&A)
expense was $4.6 million, down from $6.9 million in the fourth quarter of
2007. For the full year, SG&A expenditures of $21.7 million were down from
$25.8 million in 2007, primarily due to savings realized from our
restructuring activities during the year.

    Gains on Asset Divestments

    QLT reported gains on the three asset divestments that occurred during
2008. The gain on the sale of the building and land of $21.7 million was
included as a separate line item within continuing operations. The combined
pre-tax gains on the divestitures of Aczone and Atrigel of $134.9 million were
reported as part of income from discontinued operations.

    Operating Income / Loss

    Operating income for the fourth quarter was $11.4 million, compared to a
loss of $48.1 million in the prior year quarter. The 2007 loss was driven by a
charge of $42.9 million for the purchase of in-process R&D related to the
acquisition of ForSight Newco II, Inc. (and our punctal plug delivery system)
in October 2007. The improvement in the 2008 operating results was driven by
increased revenue from Eligard and lower spending on R&D and SG&A. Full year
operating income for 2008 was $26.6 million, compared to an operating loss in
2007 of $144.3 million. The income in 2008 included the gain of $21.7 million
on the sale of the building and land, which was partially offset by a $10.2
million restructuring charge. Excluding these two items, 2008 operating profit
would have been $15.1 million. The operating loss in 2007 was due primarily to
a charge of $110.2 million related to the Massachusetts Eye and Ear Infirmary
(MEEI) judgment as well as the charge for purchase of in-process R&D.

    Earnings Per Share (EPS) / Loss Per Share

    QLT reported EPS of $0.08 in the fourth quarter, compared to a loss per
share of $0.62 in the fourth quarter of 2007. The loss per share in the fourth
quarter of 2007 was driven by the charge for purchase of in-process R&D. For
the full year 2008, EPS of $1.81 compared to a loss per share of $1.47 in
2007. The earnings in 2008 were driven by the gains on asset divestments,
while the loss for the full year 2007 was primarily due to charges for the
MEEI judgment and the purchase of in-process R&D.
    In the fourth quarter of 2008, non-GAAP EPS was $0.07, while for the full
year 2008 non-GAAP EPS was $0.01. Key items that were excluded in the
determination of non-GAAP EPS include: (i) gains on asset divestments, (ii)
licensing and milestone revenue, (iii) recognition of the QLT USA, Inc. (a
wholly-owned subsidiary of QLT) tax asset, (iv) restructuring charges, (v)
inventory charges, and (vi) stock compensation expense. The full
reconciliations of GAAP to non-GAAP EPS for the fourth quarter and full year
are provided in Exhibits 1 and 2.

    Cash

    The Company's consolidated cash balance at December 31, 2008 consisted of
$165.4 million of cash and cash equivalents and $124.6 million of restricted
cash, which represents a bond posted to stay execution of the MEEI judgment.
The December 31, 2008 cash balance does not reflect payment for the $50
million modified Dutch auction tender offer completed in 2009. During 2008,
the Company redeemed $172.5 million of convertible notes, resulting in no long
term debt at year end.

    2009 GUIDANCE

    QLT is projecting that Visudyne sales will range from $90 million to $110
million in 2009 and expects that its share of profit from Visudyne sales will
be approximately 24-26% in 2009. Eligard sales for the full year are expected
to be $220 million to $240 million. Combined R&D and SG&A expenses are
expected to be approximately flat to 2008, with R&D expense in 2009 of $30
million to $33 million and SG&A expense of $18 million to $21 million.
Adjusted EBITDA (measured as operating income plus depreciation and stock
compensation expense less licensing and milestone revenue) is expected to be
$10 million to $15 million for 2009, assuming Eligard is not divested during
the year.

    RECENT COMPANY HIGHLIGHTS

    
    -   Initiated a Phase I safety study in healthy adults of QLT091001, an
        orally administered synthetic retinoid replacement therapy for 11-
        cis-retinal. The drug is being developed for the potential treatment
        of Leber's Congenital Amaurosis, an inherited progressive retinal
        degenerative disease that leads to retinal dysfunction and visual
        impairment beginning at birth.

    -   Announced encouraging data from the CORE study, a Phase II trial
        being conducted by QLT's wholly-owned subsidiary, QLT Plug Delivery,
        Inc., to evaluate the safety and efficacy of its Latanoprost Punctal
        Plug Delivery System for the treatment of open angle glaucoma and
        ocular hypertension.

    -   Announced six-month results from an interim analysis for the Phase II
        RADICAL study (Reduced Fluence Visudyne Anti-VEGF-Dexamethasone In
        Combination for AMD Lesions). The primary endpoint results at 12
        months are expected in the first half of 2009.

    -   Initiated and announced the final results of a modified Dutch auction
        tender offer whereby QLT accepted for purchase and cancellation
        20,000,000 of its common shares at a price of $2.50 per share, for a
        total cost of $50 million.

    -   Announced that the United States Court of Appeals for the First
        Circuit affirmed the judgment of the United States District Court for
        the District of Massachusetts in the lawsuit brought against QLT by
        MEEI in connection with events related to U.S. patent No. 5,798,349
        and certain of MEEI's research results related to QLT's Visudyne. The
        Court of Appeals upheld the liability and damages aspects of the
        District Court judgment in which QLT was found liable under
        Massachusetts state law for unfair trade practices and ordered to pay
        to MEEI damages of 3.01% on past, present and future worldwide net
        sales of Visudyne plus interest and certain legal fees. QLT
        subsequently filed a petition for rehearing with respect to the
        foreign sales portion of that damages award.

    -   Announced that QLT was the defendant in a lawsuit filed by
        Massachusetts General Hospital (MGH) in Massachusetts state court.
        MGH alleges that it entered into a written agreement with QLT that
        requires QLT to pay MGH the same royalties that it pays MEEI on sales
        of Visudyne, as determined by the District Court and affirmed by the
        Court of Appeals.
    

    Conference call information

    QLT Inc. will hold an investor conference call to discuss 2008 results on
Thursday, February 19, 2009 at 8:30 a.m. ET (5:30 a.m. PT). The call will be
broadcast live via the Internet at www.qltinc.com. To participate on the call,
please dial 1-800-319-4610 (North America) or 604-638-5340 (International)
before 8:30 a.m. ET. A replay of the call will be available via the Internet
and also via telephone at 1-800-319-6413 (North America) or 604-638-9010
(International), access code 7157, followed by the number sign.

    About QLT

    QLT Inc. is a global biopharmaceutical company dedicated to the
discovery, development and commercialization of innovative therapies. Our
research and development efforts are focused on pharmaceutical products in the
field of ophthalmology. In addition, we utilize three unique technology
platforms, photodynamic therapy, Atrigel(R) and punctal plugs with drugs, to
create products such as Visudyne(R) and Eligard(R) and future product
opportunities. For more information, visit our web site at www.qltinc.com.

    
    QLT Inc.--Financial Highlights
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    -----------------------------------------------
    (In thousands of United         Three months ended         Year ended
     States dollars, except per         December 31,          December 31,
     share information)                2008     2007         2008     2007
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue         $  24,795  $  22,087  $  86,182  $  95,857
      Net royalties                  11,013      8,431     33,643     30,362
      Contract R&D                        -          -         10          -
      Licensing and milestones        3,202        367      4,305      1,387
    -------------------------------------------------------------------------
                                     39,010     30,885    124,140    127,606
    -------------------------------------------------------------------------
    Costs and expenses
      Cost of sales                  15,223     14,524     49,675     45,396
      Accrued cost of sales
       re: MEEI(1)                      917      1,369      4,249      2,830
      Research and development        6,519     11,976     29,568     38,586
      Selling, general and
       administrative                 4,579      6,946     21,705     25,794
      Depreciation                      382      1,418      2,947      5,330
      Litigation                          -          -        864    110,162
      Gain on sale of long-lived
       assets                          (377)         -    (21,666)         -
      Purchase of in-process
       research and
       development                        -     42,865          -     42,865
      Restructuring charge
       (recovery)                       318        (97)    10,162        938
    -------------------------------------------------------------------------
                                     27,561     79,001     97,504    271,901
    -------------------------------------------------------------------------
    Operating income (loss)          11,449    (48,116)    26,636   (144,295)

    Investment and other income
     (expense)
      Net foreign exchange gains
       (losses)                         702       (458)       643     (1,743)
      Interest income                 1,459      3,114      7,249     14,278
      Interest expense               (1,530)    (3,061)   (10,339)    (9,026)
      Other                               4        385        290      4,813
    -------------------------------------------------------------------------
                                        635        (20)    (2,157)     8,322
    -------------------------------------------------------------------------
    Income (loss) from continuing
     operations before income
     taxes                           12,084    (48,136)    24,479   (135,973)

    Income taxes                     (6,168)     3,109     (9,527)    32,647

    -------------------------------------------------------------------------
    Income (loss) from continuing
     operations                       5,916    (45,027)    14,952   (103,326)
    -------------------------------------------------------------------------
    (Loss) income from discontinued
     operations, net of income
     taxes                              (42)    (1,520)   119,939     (6,671)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net income (loss)             $   5,874  $ (46,547) $ 134,891  $(109,997)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic net income (loss) per
     common share
      Continuing operations       $    0.08  $   (0.60) $    0.20  $   (1.38)
      Discontinued operations         (0.00)     (0.02)      1.61      (0.09)
    -------------------------------------------------------------------------
      Net income (loss)           $    0.08  $   (0.62) $    1.81  $   (1.47)

    Diluted net income (loss) per
     common share
      Continuing operations       $    0.08  $   (0.60) $    0.20  $   (1.38)
      Discontinued operations         (0.00)     (0.02)      1.61      (0.09)
    -------------------------------------------------------------------------
      Net income (loss)           $    0.08  $   (0.62) $    1.81  $   (1.47)

    Weighted average number of
     common shares outstanding
     (in thousands)
      Basic                          74,620     74,620     74,620     74,907
      Diluted                        74,620     74,620     74,620     74,907
    -------------------------------------------------------------------------
    (1) Amount accrued on Visudyne sales since June 30, 2007 pursuant to
        judgment rendered in the MEEI litigation.



    QLT Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    --------------------------------------
    (In accordance with United States generally accepted accounting
     principles)

                                                   December 31,  December 31,
    (In thousands of United States dollars)             2008          2007
    -------------------------------------------------------------------------
    (Unaudited)
    ASSETS
    Current assets
      Cash and cash equivalents                      $ 165,395     $ 126,731
      Restricted cash                                  124,578       123,495
      Accounts receivable                               31,096        25,257
      Income taxes receivable                           50,899        48,421
      Inventories                                       11,633        18,511
      Current portion of deferred income tax assets      9,835        19,392
      Other                                             11,144        11,930
    -------------------------------------------------------------------------
                                                       404,580       373,737
    -------------------------------------------------------------------------

    Property, plant and equipment                        3,184        10,017
    Assets held for sale                                     -        42,732
    Deferred income tax assets                          30,216         7,041
    Goodwill                                            23,145        94,903
    Mortgage receivable                                  9,834             -
    Long-term inventories and other assets              20,799        20,557
    -------------------------------------------------------------------------
                                                     $ 491,758     $ 548,987
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    Current liabilities
      Accounts payable                               $   9,115     $   8,486
      Accrued restructuring charge                         726           153
      Accrued liabilities                              129,512       123,294
      Convertible debt                                       -       172,500
      Current portion of deferred revenue                5,673         8,431
      Current portion of deferred income tax
       liabilities                                           -        11,291
    -------------------------------------------------------------------------
                                                       145,026       324,155

    Uncertain tax position liabilities                   2,033         2,070
    Deferred revenue                                     1,469         2,939
    -------------------------------------------------------------------------
                                                       148,528       329,164
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
    Common shares                                      702,221       702,221
    Additional paid in capital                         123,367       119,779
    Accumulated deficit                               (579,564)     (714,455)
    Accumulated other comprehensive income              97,206       112,278
    -------------------------------------------------------------------------
                                                       343,230       219,823
    -------------------------------------------------------------------------
                                                     $ 491,758     $ 548,987
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at December 31, 2008, there were 74,620,328 issued and outstanding
common shares and 5,341,694 outstanding stock options.



    QLT Inc.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    -----------------------------------------------
    2008 Fourth Quarter Reconciliation of GAAP Earnings to
    Adjusted Non-GAAP Earnings                                     Exhibit 1
    -------------------------------------------------------------------------
                            Three months                        Three months
                                   ended                               ended
    (In millions of United   December 31,                        December 31,
     States dollars, except         2008                                2008
     per share information)         GAAP       Adjustments        Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue       $   24.8          $      -          $   24.8
      Net royalties                 11.0                 -              11.0
      Licensing and milestones       3.2              (3.2) (a)            -
    -------------------------------------------------------------------------
                                    39.0              (3.2)             35.8
    -------------------------------------------------------------------------
    Cost and expenses
      Cost of sales                (15.2)              0.0  (b)        (15.2)
      Accrued cost of sales
       re: MEEI                     (0.9)                -              (0.9)
      Research and development      (6.5)              0.2  (b)         (6.3)
      Selling, general and
       administrative               (4.6)              0.3  (b)         (4.3)
      Depreciation                  (0.4)                -              (0.4)
      Litigation                       -                 -                 -
      Gain on sale of long-lived
       assets                        0.4              (0.4) (c)            -
      Restructuring                 (0.3)              0.3  (d)            -
    -------------------------------------------------------------------------
                                   (27.6)              0.5             (27.1)
    -------------------------------------------------------------------------

    Operating income                11.4              (2.7)              8.7

    Investment and other income
     (expense)
      Net foreign exchange gain      0.7                 -               0.7
      Interest income                1.5                 -               1.5
      Interest expense              (1.5)                -              (1.5)
      Other                          0.0                 -               0.0
    -------------------------------------------------------------------------
                                     0.6                 -               0.6
    -------------------------------------------------------------------------

    Income from continuing
     operations before
     income taxes                   12.1              (2.7)              9.4

      Provision for income taxes    (6.2)              1.8  (e)         (4.4)

    -------------------------------------------------------------------------
    Income from continuing
     operations                      5.9              (0.9)              5.0
    -------------------------------------------------------------------------

    (Loss) income from discontinued
     operations, net of income
     taxes                          (0.0)              0.0  (f)          0.0
    -------------------------------------------------------------------------
    Net income                  $    5.9          $   (0.9)         $    5.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net income (loss) per
     common share:
      Continuing operations     $   0.08                            $   0.07
      Discontinued operations      (0.00)                               0.00
      -----------------------------------------------------------------------
      Net income                $   0.08                            $   0.07

    Diluted net income (loss)
     per common share:
      Continuing operations     $   0.08                            $   0.07
      Discontinued operations      (0.00)                               0.00
      -----------------------------------------------------------------------
      Net income                $   0.08                            $   0.07

    Weighted average number of
     common shares outstanding
     (in millions)

      Basic                         74.6                                74.6
      Diluted                       74.6                                74.6

    Adjustments:
    ------------
    (a) Remove licensing and milestone revenue.
    (b) Remove stock based compensation.
    (c) Remove gain on sale of long-lived assets.
    (d) Remove restructuring charge.
    (e) Remove income tax impact of the above adjustments.
    (f) Remove gain on sale of assets, net of tax.

    (1) The adjusted non-GAAP financial measures have no standardized meaning
        under GAAP and are not comparable between companies. Management
        believes that the adjusted non-GAAP financial measures are useful for
        the purpose of financial analysis. Management uses these measures
        internally to evaluate the Company's operating performance before
        items that are considered by management to be outside of the
        Company's core operating results.



    QLT Inc.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    -----------------------------------------------
    2008 Reconciliation of GAAP Earnings to
    Adjusted Non-GAAP Earnings                                     Exhibit 2
    -------------------------------------------------------------------------
                              Year ended                          Year ended
    (In millions of United   December 31,                        December 31,
     States dollars, except          2008                                2008
     per share information)         GAAP   Adjustments            Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue       $   86.2   $   (0.4) (a)            $   85.7
      Net royalties                 33.6          -                     33.6
      Licensing and milestones       4.3       (4.3) (b)                   -
    -------------------------------------------------------------------------
                                   124.1       (4.7)                   119.4
    -------------------------------------------------------------------------

    Cost and expenses
      Cost of sales                (49.7)       1.6  (a) (c)           (48.1)
      Accrued cost of sales
       re: MEEI                     (4.2)         -                     (4.2)
      Research and development     (29.6)       1.1  (c)               (28.5)
      Selling, general and
       administrative              (21.7)       1.6  (c)               (20.1)
      Depreciation                  (2.9)       0.2  (d)                (2.8)
      Litigation                    (0.9)       0.9  (e)                   -
      Gain on sale of long-
       lived assets                 21.7      (21.7) (f)                   -
      Restructuring                (10.1)      10.1  (g)                   -
    -------------------------------------------------------------------------
                                   (97.5)      (6.2)                  (103.7)
    -------------------------------------------------------------------------

    Operating income                26.6      (10.9)                    15.7

    Investment and other
     income (expense)
      Net foreign exchange
       gains                         0.6          -                      0.6
      Interest income                7.2          -                      7.2
      Interest expense             (10.3)         -                    (10.3)
      Other                          0.3          -                      0.3
    -------------------------------------------------------------------------
                                    (2.2)         -                     (2.2)
    -------------------------------------------------------------------------

    Income from continuing
     operations before income
     taxes                          24.5      (10.9)                    13.5

      Provision for income
       taxes                        (9.5)      (0.6) (h)               (10.2)

    -------------------------------------------------------------------------
    Income from continuing
     operations                     15.0      (11.6)                     3.4
    -------------------------------------------------------------------------

    Income (loss) from
     discontinued operations,
     net of income taxes           119.9     (122.7) (a) (c) (i) (j)    (2.8)
    -------------------------------------------------------------------------
    Net income                  $  134.9   $ (134.3)                $    0.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net income (loss)
     per common share:
      Continuing operations     $   0.20                            $   0.05
      Discontinued operations       1.61                               (0.04)
      -----------------------------------------------------------------------
      Net income                $   1.81                            $   0.01

    Diluted net income
     (loss) per common
     share:
      Continuing operations     $   0.20                            $   0.05
      Discontinued
       operations                   1.61                               (0.04)
      -----------------------------------------------------------------------
      Net income                $   1.81                            $   0.01

    Weighted average number
     of common shares
     outstanding (in millions)
      Basic                         74.6                                74.6
      Diluted                       74.6                                74.6

    Adjustments:
    ------------
    (a) Remove inventory write-down.    (g) Remove restructuring charge.
    (b) Remove licensing and milestone  (h) Remove income tax impact of the
        revenue.                            above adjustments.
    (c) Remove stock based              (i) Remove gain on sale of assets,
        compensation.                       net of tax.
    (d) Remove impairment of fixed      (j) Remove recognition of tax asset
        assets.                             related to reversal of valuation
    (e) Remove litigation expense.          allowance.
    (f) Remove gain on sale of long-
        lived assets.

    (1) The adjusted non-GAAP financial measures have no standardized meaning
        under GAAP and are not comparable between companies. Management
        believes that the adjusted non-GAAP financial measures are useful for
        the purpose of financial analysis. Management uses these measures
        internally to evaluate the Company's operating performance before
        items that are considered by management to be outside of the
        Company's core operating results.

    A full explanation of how QLT determines and recognizes revenue resulting
from Visudyne sales is contained in the financial statements contained in the
periodic reports on Forms 10-Q and 10-K, under the heading "Significant
Accounting Policies - Revenue Recognition." Visudyne sales are product sales
by Novartis under its agreement with QLT.

    QLT Plug Delivery, Inc. is a wholly-owned subsidiary of QLT Inc.
    Atrigel is a registered trademark of QLT USA, Inc.
    Visudyne is a registered trademark of Novartis AG.
    Eligard is a registered trademark of Sanofi-aventis.
    

    QLT Inc. is listed on The NASDAQ Stock Market under the trading symbol
"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."

    Certain statements in this press release constitute "forward looking
statements" of QLT within the meaning of the Private Securities Litigation
Reform Act of 1995 and constitute "forward looking information" within the
meaning of applicable Canadian securities laws. Forward looking statements
include, but are not limited to: our plans to divest our Eligard asset; our
expectations for the development of our punctal plug platform; our
expectations for 2009 Visudyne sales and our share of profit from Visudyne
sales; our expectations for 2009 Eligard sales; our expectations for 2009 R&D
and SG&A expenses and 2009 EBIDTA; our expectations for timing to receive the
primary endpoint results relating to our Visudyne RADICAL study; and
statements which contain language such as: "assuming," "prospects," "future,"
"projects," "believes," "expects" and "outlook." Forward-looking statements
are predictions only which involve known and unknown risks, uncertainties and
other factors that may cause actual results to be materially different from
those expressed in such statements. Many such risks, uncertainties and other
factors are taken into account as part of our assumptions underlying these
forward-looking statements and include, among others, the following: the
Company's future operating results are uncertain and likely to fluctuate; our
ability to successfully complete the sale of our Eligard asset at an
acceptable price and the time period necessary to complete such sale are
uncertain; uncertainties relating to the timing and results of the clinical
development and commercialization of our products and technologies (including
Visudyne and our punctal plug technology) and the associated costs of these
programs; the timing, expense and uncertainty associated with the regulatory
approval process for products; uncertainties regarding the impact of
competitive products and pricing; risks and uncertainties associated with the
safety and effectiveness of our technology; risks and uncertainties related to
the scope, validity, and enforceability of our intellectual property rights
and the impact of patents and other intellectual property of third parties;
and general economic conditions and other factors described in detail in QLT's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings
with the U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Forward looking statements are based on the current
expectations of QLT and QLT does not assume any obligation to update such
information to reflect later events or developments except as required by law.





For further information:

For further information: QLT Inc. Media Contact: Vancouver, Canada,
Karen Peterson, Telephone: (604) 707-7000, or 1-800-663-5486, Fax: (604)
707-7001; The Trout Group, Investor Relations, Contact: New York, USA,
Christine Yang, Telephone: (646) 378-2929; or Marcy Strickler, Telephone:
(646) 378-2927

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QLT INC.

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