VANCOUVER, July 17 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX:QLT) today reported
that Novartis AG announced global sales of QLT's Visudyne(R) (verteporfin)
product of US$40.7 million for the second quarter ended June 30, 2008. This is
a decrease of 31.5% over global sales reported in the second quarter of 2007.
However, Visudyne's sales for the second quarter increased 11.5% over the
first quarter of 2008. Sales in the U.S. were $10.1 million, down 1.8% from
the prior-year second quarter, while sales outside the U.S. were
$30.6 million, down 37.7% from 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 second quarter of
2008 on Tuesday, July 29, 2008, at 7:30 a.m. EDT.
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 and Eligard(R) and future product
opportunities. For more information, visit our web site at www.qltinc.com.
Conference call information
QLT Inc. will hold an investor conference call to discuss second quarter
2008 results on Tuesday, July 29 at 8:30 a.m. EDT (5:30 a.m. PDT). 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.
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
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."
The Visudyne(R) sales figures in this press release are preliminary and
unaudited and are not a complete disclosure of our quarterly financial
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; The Trout
Group: New York, USA, Brandon Lewis, Telephone: (646) 378-2915; Or Marcy
Strickler, Telephone: (646) 378-2927