VANCOUVER, Oct. 20 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX:QLT) today reported
that Novartis AG announced global sales of QLT's Visudyne(R) (verteporfin)
product of US$34.1 million for the third quarter ended September 30, 2008.
This is a decrease of 30.1% over global sales reported in the third quarter of
2007. Sales in the U.S. were $9.1 million, down 2.9% from the prior-year third
quarter while sales outside the U.S. were $24.9 million, down 36.6% from the
same quarter of the prior year. The drop in Visudyne sales was primarily due
to the approval and reimbursement in Europe of alternative therapeutics for
age-related macular degeneration.
QLT will release its full financial results for the third quarter of 2008
on Tuesday, October 28, 2008, at 7:30 a.m. EST.
A full explanation of how QLT determines and recognizes revenue resulting
from Visudyne sales is set out 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.
Conference call information
QLT Inc. will hold an investor conference call to discuss third quarter
2008 results on Tuesday, October 28 at 8:30 a.m. EST (5:30 a.m. PST). 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. EST. 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.
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 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."
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: