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QLT reports $14.4 million operating loss, 40.4% decline in worldwide Visudyne sales in first quarter

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VANCOUVER, British Columbia — QLT reported an operating loss of $14.4 million, or $0.14 per share, for the first quarter, compared with an operating income of $1.7 million, or $0.06 per share, in the first quarter of 2007, the company announced in a press release.

The loss was driven by a charge of $7.4 million for restructuring activities, as well as a significant reduction in Visudyne sales, which declined 40.4% to $36.5 million during the quarter, the release said.

First-quarter Visudyne sales in the United States totaled $9.3 million, a 10.6% increase over sales in the first quarter of 2007. However, sales outside the United States were $27.2 million, down 48.5% from sales in last year's first quarter. QLT attributed the decline in Visudyne sales to the approval and reimbursement of alternative therapeutics for age-related macular degeneration in Europe.

QLT's revenues totaled $11.9 million for the quarter, a 42.1% drop compared with revenues posted in the first quarter of 2007.

QLT maintained that Visudyne sales will range between $145 million and $160 million in 2008. The company also expects its profit share in Visudyne sales will stabilize at 20%, according to the release.