QLT Announces Q3 Results and Provides Guidance Update



    Research and Development Restructuring Initiated

    VANCOUVER, Oct. 25 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) today
reported financial results for the third quarter ended September 30, 2007.
Unless specified otherwise, all amounts are in U.S. dollars and in accordance
with U.S. GAAP.
    "While the greater than 50% growth in Eligard(R) sales through the first
three quarters of 2007 has helped to offset the decline in worldwide
Visudyne(R) sales as we move through 2008 we now expect our overall revenue to
stabilize. If the revised labeling for Aczone is approved as we would hope, we
could see revenue growth whether we out-license or retain Aczone(TM) following
a potential launch next summer," said Bob Butchofsky, President and Chief
Executive Officer. "Based on the current U.S. Food and Drug Administration
(FDA) review guidelines, we expect an FDA decision on Aczone by the end of
March."
    "We are very excited about the recent acquisition of the ForSight punctal
plug technology and the opportunities associated with that program, and we
have begun implementing our plans for rapid development of the products that
we believe could emerge from that technology. As a part of that effort, in
order to align our resources with our expected near term revenue, and to best
ensure the success of our most advanced and promising programs, we are
reprioritizing our existing research and development (R&D) programs with the
net effect being a significant reduction in 2008 R&D costs and staffing levels
within both R&D and SG&A functions. We anticipate this review will be
completed before the end of the year and will result in overall annualized
expense reductions of approximately 20%."

    
    Highlights:

    -   Eligard guidance range increased to $175M to $185M (from a previous
        range of $160M to $180M) on the continued strength of sales driven
        primarily by expanded approvals in Europe and increasing market share
        for the 6-month Eligard product in the U.S.

    -   Visudyne sales are stable in the U.S. and declining in Europe as
        expected given competitive pressures. Profitability of Visudyne is
        down in the third quarter, however, currently expected to improve in
        2008.

    -   Planning for success with Aczone through modest investment in
        additional key marketing and sales positions, and currently
        conducting market research, branding and positioning. All spending on
        Aczone is expected to add value to the program whether QLT decides to
        self-market or license Aczone.

    -   R&D portfolio reprioritization with the net effect being a
        significant reduction in costs beginning in 2008 and reduced staffing
        levels in R&D and SG&A with anticipated overall annualized savings of
        approximately 20%.
    

    We anticipate a restructuring charge in connection with the
reprioritization with the majority of that charge being recorded in the fourth
quarter of 2007.

    2007 Q3 Results:

    Worldwide Product Sales

    Visudyne worldwide sales for the third quarter were $48.7 million, a
decrease of 35.1% over the third quarter of 2006. Visudyne sales in the U.S.
were $9.4 million, down 14.2% over last year, while sales in the rest of the
world were $39.3 million, a decrease of 38.7% over last year. The decline in
Visudyne sales during the third quarter was mainly due to the approval and
reimbursement of alternative therapeutics for age-related macular degeneration
(AMD) in Europe.
    Eligard worldwide sales for the third quarter were $46.3 million, up
35.8% from the third quarter of 2006. Eligard sales in the U.S. were
$18.7 million, up 8.4% over last year, while sales in the rest of the world
were $27.7 million, an increase of 63.9% over last year. The increase in sales
in the rest of the world was driven by significant growth in Europe,
particularly in markets where Eligard was launched during 2006.

    QLT Revenues

    The Company's revenues were $28.7 million in the third quarter, down
$9.6 million or 25.1% from the same period last year. Revenues from Visudyne
were $14.6 million in the quarter, down 43.3% from the third quarter last
year. QLT's share of profit from Visudyne sales decreased to 18.8% compared to
24.8% in the same period last year. Spending to support Visudyne is still
relatively high, but QLT and Novartis expect it to decline further in 2008. We
expect that our share of profit from Visudyne sales will begin to grow again
and to be in the low to mid 20% range in 2008. Eligard revenue included $7.5
million of royalty revenue, which represented approximately 16.2% of Eligard
sales.

    QLT Expenses

    Research and development (R&D) expense in the third quarter was
$10.7 million, down $2.8 million, or 21.0%, from R&D expense in the third
quarter last year, primarily due to decreased spending on Atrigel(R) programs
and Aczone.
    Selling, general and administrative (SG&A) expense in the third quarter
was $7.1 million, down $3.0 million or 29.4%, from the third quarter last
year, primarily due to decreased legal expenses associated with the TAP
litigation.

    Operating Income/Loss and Earnings Per Share (EPS)/Loss Per Share

    Operating loss for the quarter was $2.6 million, down from operating
income of $2.5 million in the third quarter last year. The $5.1 million drop
year-over-year occurred primarily because the $9.6 million drop in revenue was
not fully offset by the $5.8 million reduction in R&D and SG&A expenses
outlined above. In addition, third quarter operating results in 2007 included
$1.5 million for accrued amounts related to the Massachusetts Eye and Ear
Infirmary (MEEI) judgment (calculated as 3.01% of Visudyne worldwide sales)
that were not in the prior year results. That judgment has been stayed pending
the outcome of the appeal filed by QLT of the District Court decision in the
MEEI litigation.
    Also during the quarter, the Company recorded $3.0 million of other
income related to the outright purchase by the then-existing licensee of the
U.S. rights to QLT USA's BEMA Fentanyl technology.
    Earnings per share was $0.00 in the third quarter, compared to a loss per
share of $0.04 in the prior-year quarter. The increase occurred primarily
because the prior year result included a loss of approximately $9.9 million
related to discontinued operations.
    Non-GAAP EPS, which excludes all charges and amounts accrued related to
the MEEI judgment that is under appeal, stock compensation expense, and the
gain related to the sale of BEMA Fentanyl, was $0.02 for the third quarter.
Exhibits 1 and 2 provide the full detailed reconciliation between GAAP and
non-GAAP EPS, for the third quarter and nine months ended September 30, 2007.

    Cash and Short-term Investments

    The Company's consolidated cash balance at September 30, 2007 consisted
of $172.2 million of cash and cash equivalents and $122.0 million of
restricted cash. The quarter end cash position does not reflect the payment of
the up-front portion of the purchase price related to the completion of the
recent acquisition of ForSight Newco II, Inc., announced October 18, 2007. The
restricted cash balance comprises $119.8 million in a bond related to the MEEI
judgment announced in July, as well as a $2.3 million purchase price escrow
amount related to the divestment in late 2006 of the Company's generic
dermatology and manufacturing facility. The Company has $172.5 million of
convertible notes that may be put back to the Company in September 2008. The
Company expects to add to its cash balance by proceeding with its previously
announced intention to monetize the value built up in its property and
headquarters in Vancouver and to continue with its goal of licensing or
divesting the Atrigel systemic drug delivery technology.

    Guidance

    Based on recent events and current trends in Visudyne sales, QLT is
projecting that Visudyne sales will range from $210 million to $216 million in
2007. Given the continued strong Eligard sales performance, the Company is now
projecting that 2007 Eligard sales will be in the range of $175 million to
$185 million, an increase over previously announced guidance of $160 million
to $180 million.
    QLT is also projecting that its SG&A expenses for 2007 will be in the
range $27-28 million, up from guidance given at the beginning of the year of
$22-25 million. The increase is primarily due to pre-launch commercial
spending on Aczone (approximately $1.5 million), increased fees related to the
MEEI litigation (approximately $1.3 million) and the 20% increase this year in
our functional currency, the Canadian dollar, relative to the U.S. dollar
(approximately $1.0 million).
    R&D expenses for 2007 are expected to be between $45 million and $50
million.

    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
fields of ophthalmology and dermatology. 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 accordance with United States generally accepted accounting
     principles)

    (In thousands of United        Three months ended      Nine months ended
     States dollars, except           September 30,           September 30,
     per share information)         2007        2006        2007        2006
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue     $   20,774  $   31,609  $   73,770  $  119,828
      Net royalties                7,517       6,118      21,931      14,948
      Contract research and
       development                     -         275         299         946
      Licensing and milestones       367         244       1,020         732
    -------------------------------------------------------------------------
                                  28,658      38,246      97,020     136,454
    -------------------------------------------------------------------------

    Costs and expenses
      Cost of sales                9,912      10,466      30,873      32,198
      Accrued amounts to MEEI(1)   1,461           -       1,461           -
      Research and development    10,718      13,564      32,876      43,704
      Selling, general and
       administrative              7,087      10,040      19,488      27,614
      Depreciation                 1,632       1,622       4,795       4,727
      Litigation                     265           -     110,162           -
      Restructuring charge
       (recovery)                    177           4       1,035        (190)
    -------------------------------------------------------------------------
                                  31,252      35,696     200,690     108,053
    -------------------------------------------------------------------------

    Operating (loss) income       (2,594)      2,550    (103,670)     28,401

    Investment and other income
     (expense)
      Net foreign exchange
       (losses) gains               (863)        581      (1,285)     (2,886)
      Interest income              3,818       5,492      11,163      15,327
      Interest expense            (2,735)     (1,636)     (5,965)     (4,854)
      Other                        3,161         979       4,429       2,771
    -------------------------------------------------------------------------
                                   3,381       5,416       8,342      10,358
    -------------------------------------------------------------------------

    Income (loss) from continuing
     operations before income
     taxes                           787       7,966     (95,328)     38,759

    Recovery (provision) for
     income taxes                   (176)     (1,771)     32,313     (11,669)

    -------------------------------------------------------------------------
    Income (loss) from
     continuing operations           611       6,195     (63,015)     27,090
    -------------------------------------------------------------------------

    Loss from discontinued
     operations, net of
     income taxes                   (265)     (9,941)       (436)    (11,219)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net income (loss)         $      346  $   (3,746) $  (63,451)  $  15,871
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic net income (loss)
     per common share
      Continuing operations   $     0.01  $     0.07  $    (0.84) $     0.31
      Discontinued operations      (0.00)      (0.12)      (0.01)      (0.13)
    -------------------------------------------------------------------------
      Net income (loss)       $     0.00  $    (0.04) $    (0.85) $     0.18

    Diluted net income (loss)
     per common share
      Continuing operations   $     0.01  $     0.07  $    (0.84) $     0.31
      Discontinued operations      (0.00)      (0.12)      (0.01)      (0.13)
    -------------------------------------------------------------------------
      Net income (loss)       $     0.00  $    (0.04) $    (0.85) $     0.18

    Weighted average number
     of common shares
     outstanding (in thousands)
      Basic                       74,618      83,831      75,003      87,734
      Diluted                     74,624      83,831      75,003      87,785
    -------------------------------------------------------------------------

    (1) Amount accrued as 3.01% of Visudyne sales since June 30, 2007,
        pursuant to and pending outcome of appeal of the judgment rendered in
        the MEEI litigation.



    QLT Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    -------------------------------------
    (In accordance with United States generally accepted accounting
     principles)
                                                   September 30, December 31,
    (In thousands of United States dollars)                2007         2006
    -------------------------------------------------------------------------
    (Unaudited)
    ASSETS
    Current assets
      Cash and cash equivalents                       $  172,175  $  299,053
      Short-term investment securities                         -      75,163
      Restricted cash                                    122,037       3,916
      Accounts receivable                                 24,954      38,872
      Income taxes receivable                              7,291       4,049
      Inventories                                         15,601      34,268
      Current portion of deferred income tax assets       57,686       8,657
      Other                                               17,100      14,031
    -------------------------------------------------------------------------
                                                         416,844     478,009
    -------------------------------------------------------------------------

    Property, plant and equipment                         54,610      50,497
    Deferred income tax assets                             7,391       9,838
    Goodwill                                              93,923      98,641
    Long-term inventories and other assets                24,299       2,121
    -------------------------------------------------------------------------
                                                      $  597,067  $  639,106
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    Current liabilities
      Accounts payable                                $    9,543  $   15,255
      Income taxes payable                                     9          29
      Accrued restructuring charge                           300       2,383
      Accrued liabilities                                118,932     125,805
      Convertible debt                                   172,500           -
      Current portion of deferred revenue                 13,508      11,508
      Current portion of deferred income tax
       liabilities                                        11,496           -
    -------------------------------------------------------------------------
                                                         326,288     154,980

    Deferred income tax liabilities                           66       5,483
    Uncertain tax position liabilities                     2,008           -
    Deferred revenue                                       3,306       2,929
    Long-term debt                                             -     172,500
    -------------------------------------------------------------------------

                                                         331,668     335,892
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
    Common shares                                        702,221     708,206
    Additional paid in capital                           118,811     114,724
    Accumulated deficit                                 (667,907)   (603,251)
    Accumulated other comprehensive income               112,274      83,535
    -------------------------------------------------------------------------
                                                         265,399     303,214
    -------------------------------------------------------------------------
                                                      $  597,067  $  639,106
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at September 30, 2007, there were 74,620,328 issued and outstanding
    common shares and 5,832,772 outstanding stock options.



    QLT Inc.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    ----------------------------------------------
    2007 Third Quarter Reconciliation of GAAP Earnings
     to  Adjusted Non-GAAP Earnings                                Exhibit 1
    -------------------------------------------------------------------------
                                                                Three months
                                   Three months                        ended
    (In millions of United                ended                 September 30,
      States dollars, except       September 30,               2007 Adjusted
      per share information)          2007 GAAP     Adjustments   Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)

    Revenues
      Net product revenue              $   20.8     $      -        $   20.8
      Net royalties                         7.5            -             7.5
      Contract research and
       development                            -            -               -
      Licensing and milestones              0.4            -             0.4
    -------------------------------------------------------------------------
                                           28.7            -            28.7
    -------------------------------------------------------------------------
    Cost and expenses
      Cost of sales                        (9.9)         0.0  (a)       (9.9)
      Accrued amounts to MEEI              (1.5)         1.5  (b)          -
      Research and development            (10.7)         0.5  (a)      (10.2)
      Selling, general and
       administrative                      (7.1)         0.3  (a)       (6.7)
      Depreciation                         (1.6)           -            (1.6)
      Litigation                           (0.3)         0.3  (c)          -
      Restructuring charge                 (0.2)         0.2  (d)          -
    -------------------------------------------------------------------------
                                          (31.3)         2.8           (28.4)
    -------------------------------------------------------------------------

    Operating (loss) income                (2.6)         2.8             0.2

    Investment and other income
     (expense)
      Net foreign exchange losses          (0.9)           -            (0.9)
      Interest income                       3.8            -             3.8
      Interest expense                     (2.7)         1.1  (b)       (1.6)
      Other                                 3.2         (3.0) (e)        0.2
    -------------------------------------------------------------------------
                                            3.4         (1.9)            1.5
    -------------------------------------------------------------------------

    Income from continuing operations
     before income taxes                    0.8          0.9             1.7

      Recovery (provision) for income
       taxes                               (0.2)         0.4  (f)        0.2

    -------------------------------------------------------------------------
    Income from continuing operations       0.6          1.3             1.9
    -------------------------------------------------------------------------

    Loss from discontinued operations,
     net of income taxes                   (0.3)           -            (0.3)

    -------------------------------------------------------------------------
    Net income                         $    0.3      $   1.3        $    1.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net income (loss) per
     common share:
      Continuing operations            $   0.01                     $   0.03
      Discontinued operations             (0.00)                       (0.00)
      -----------------------------------------------------------------------
      Net income (loss)                $   0.00                     $   0.02

    Diluted net income (loss) per
     common share:
      Continuing operations            $   0.01                     $   0.03
      Discontinued operations             (0.00)                       (0.00)
      -----------------------------------------------------------------------
      Net income (loss)                $   0.00                     $   0.02

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

      Adjustments:
      ------------
      (a)  Remove stock based compensation.
      (b)  Remove accrued amounts to MEEI and related interest expense.
      (c)  Remove patent litigation charge.
      (d)  Remove restructuring charge.
      (e)  Remove the gain on sale of BEMA technology.
      (f)  Remove the income tax impact of the above adjustments.

      (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
    ----------------------------------------------
    Nine months ended September 30, 2007
     Reconciliation of GAAP Earnings to Adjusted
     Non-GAAP Earnings                                             Exhibit 2
    -------------------------------------------------------------------------
                                                                 Nine months
                                    Nine months                        ended
    (In millions of United                ended                 September 30,
      States dollars, except       September 30,               2007 Adjusted
      per share information)          2007 GAAP     Adjustments   Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)

    Revenues
      Net product revenue             $    73.8      $     -        $   73.8
      Net royalties                        21.9            -            21.9
      Contract research and
       development                          0.3            -             0.3
      Licensing and milestones              1.0            -             1.0
    -------------------------------------------------------------------------
                                           97.0            -            97.0
    -------------------------------------------------------------------------
    Cost and expenses
      Cost of sales                       (30.9)         0.0  (a)      (30.9)
      Accrued amounts to MEEI              (1.5)         1.5  (b)          -
      Research and development            (32.9)         1.6  (a)      (31.3)
      Selling, general and administrative (19.5)         1.3  (a) (c)  (18.2)
      Depreciation                         (4.8)           -            (4.8)
      Litigation                         (110.2)       110.2  (d)          -
      Restructuring charge                 (1.0)         1.0  (e)          -
    -------------------------------------------------------------------------
                                         (200.7)       115.5           (85.2)
    -------------------------------------------------------------------------

    Operating (loss) income              (103.7)       115.5            11.9

    Investment and other income (expense)
      Net foreign exchange losses          (1.3)           -            (1.3)
      Interest income                      11.2            -            11.2
      Interest expense                     (6.0)         1.1  (b)       (4.9)
      Other                                 4.4         (4.0) (f)        0.4
    -------------------------------------------------------------------------
                                            8.3         (2.9)            5.4
    -------------------------------------------------------------------------

    (Loss) income from continuing
     operations before income taxes       (95.3)       112.6            17.3

      Recovery (provision) for income
       taxes                               32.3        (35.8) (g)       (3.5)

    -------------------------------------------------------------------------
    (Loss) income from continuing
     operations                           (63.0)        76.8            13.8
    -------------------------------------------------------------------------

    (Loss) from discontinued operations,
     net of income taxes                   (0.4)           -            (0.4)

    -------------------------------------------------------------------------
    Net (loss) income                 $   (63.5)     $  76.8        $   13.4
    -------------------------------------------------------------------------
    Basic net (loss) income per
     common share:
      Continuing operations           $   (0.84)                    $   0.18
      Discontinued operations             (0.01)                       (0.01)
      -----------------------------------------------------------------------
      Net (loss) income               $   (0.85)                    $   0.18

    Diluted net (loss) income per
     common share:
      Continuing operations           $   (0.84)                    $   0.18
      Discontinued operations             (0.01)                       (0.01)
      -----------------------------------------------------------------------
      Net (loss) income               $   (0.85)                    $   0.18

    Weighted average number of common
     shares outstanding (in millions)
      Basic                                75.0                         75.0
      Diluted                              75.0                         75.0

      Adjustments:
      ------------
      (a)  Remove stock based compensation.
      (b)  Remove accrued amounts to MEEI and related interest expense.
      (c)  Remove impairment of equipment.
      (d)  Remove patent litigation charge.
      (e)  Remove restructuring charge.
      (f)  Remove the gain on sale of BEMA technology.
      (g)  Remove the income tax impact of the above adjustments.

      (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.
    

    Conference Call Information

    QLT Inc. will hold an investor conference call to discuss third quarter
2007 results on Thursday, October 25 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 2122, followed by the "No." sign.

    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."

    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.

    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 the Securities Act (Ontario). Forward-looking statements include,
but are not limited to: our expectations regarding projected 2007 sales of
Visudyne and Eligard and the potential for those products and Aczone to
generate increased revenue in 2009 and beyond, our projections of 2007 SG&A
and R&D expenses, our projections with respect to QLT's future share of profit
from Visudyne, the outcome of the FDA's decision on the pending application to
remove the label restriction on Aczone and the Company's expectations that the
current marketing expenditures related to Aczone will add future value to that
product irrespective of the outcome of the FDA decision, our expectations that
we will realize significant cost savings from the R&D reprioritization, the
expectations of the Company that it can raise additional cash from the
monetization of its property and technology, and statements which contain
language such as: "assuming," "prospects," "future," "projects," "expects" and
"outlook." Such forward-looking statements and information include statements
with respect to expectations with respect to QLT's future cash, revenues,
sales, expenses, future products and programs, and in-licensing, acquisition
or financing transactions. 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. Factors that could cause actual events or results to differ
materially include, but are not limited to: the Company's future operating
results are uncertain and likely to fluctuate; currency fluctuations in
primary markets might impact financial results; the risk that future sales of
Visudyne and Eligard may be less than expected (including as a result of the
timing and impact of existing competitive products and/or new products
launched by competitors and the level of physician acceptance of Visudyne in
combination with other agents); the Company's reliance on third parties for
the manufacture and marketing of Visudyne and Eligard; our expectation that we
will appeal the MEEI decision; the cost of litigation can be unpredictable and
may increase our 2007 SG&A expenses and adversely affect financial condition
beyond what is currently expected; general economic conditions and other
factors, including those 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., Vancouver, Canada, Therese Hayes,
Telephone: (604) 707-7000, or 1-800-663-5486, Fax: (604) 707-7001

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QLT INC.

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