VANCOUVER, Oct. 18 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX:QLT) today reported
that Novartis AG announced global sales of QLT's Visudyne(R) (verteporfin)
product of US$48.7 million for the quarter ended September 30, 2007. This
represents a decrease of 35.1% over sales in the third quarter of 2006 and a
17.9% decline compared to the second quarter of 2007. Visudyne sales in the
U.S. for the quarter were approximately US$9.4 million, representing 19.3% of
total sales for the quarter. U.S. average daily Visudyne sales were 118 vials
in the third quarter of 2007 compared to 122 vials in the second quarter of
The Company currently projects that total annual worldwide sales of
Visudyne for 2007 will be in the range of US$210-$216 million.
"Visudyne average daily vial sales in the U.S. were relatively stable and
in addition to the traditional seasonal weakness we experience in the third
quarter, European sales declined due to increased trial of anti-VEGF drugs,"
said Bob Butchofsky, President and Chief Executive Officer of QLT Inc. "We
continue to believe that Visudyne will remain an important part of treatment
regimen for age-related macular degeneration (AMD) and are encouraged by the
progress we are making in enrolling patients in our company sponsored clinical
trial, known as 'RADICAL,' that is studying the use of Visudyne followed by an
anti-VEGF agent with or without a steroid as compared to an anti-VEGF agent
QLT will release its full financial results on Thursday, October, 25,
2007, at 7:30 a.m. Eastern Time (ET).
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 two unique
technology platforms, photodynamic therapy and Atrigel(R), to create products
such as Visudyne(R) and Eligard(R). For more information, visit our web site
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.
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
Atrigel is a registered trademark of QLT USA, Inc.
Visudyne is a registered trademark of Novartis AG.
Eligard is a registered trademark of Sanofi-Synthelabo Inc.
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
results. Certain statements in this press release constitute "forward-looking"
statements and information of QLT within the meaning of the Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities legislation.
These forward-looking statements include, but are not limited to: QLT's
projection of 2007 annual sales of Visudyne and our beliefs relating to
Visudyne remaining an important part of treatment regimen for AMD, and other
statements which contain language such as "expects," "believes," "may,"
"projects," "outlook" and similar expressions which do not relate to
historical matters. These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual results to be
materially different from the results, performance or achievements expressed
or implied by 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 risk
that future sales of Visudyne may be less than expected (including as a result
of the impact of existing competitive products or new products launched by
competitors and the level of physician acceptance of Visudyne in combination
with other agents), the uncertainty of and timing of pricing and the ability
to obtain and maintain reimbursement might limit the future sales of Visudyne,
QLT's reliance on third parties for the manufacture and marketing of Visudyne,
general economic conditions and other factors that are described in detail in
QLT's Annual Information Form 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 our
current expectations and QLT does not assume any obligation to update such
information to reflect later events or developments, except as may be required
For further information:
For further information: QLT Inc.: Vancouver, Canada, Tamara Hicks or
Therese Hayes, Telephone: (604) 707-7000 or (800) 663-5486, Fax: (604)