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QLT reports $154.6 million operating loss for 2007

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VANCOUVER, British Columbia — QLT reported a 2007 operating loss of $154.6 million, or $1.47 per share, compared with an operating loss of $87.3 million, or $2.20 per share, in 2006, according to a press release from the company.

The company attributed the loss primarily to $110.2 million in charges related to a judgment in favor of the Massachusetts Eye and Ear Infirmary in July, the release said.

Operating loss for the fourth quarter of 2007 totaled $51 million, compared with a loss of $115.7 million in the fourth quarter of 2006, the release said.

Worldwide sales of Visudyne (verteporfin, Novartis) for 2007 totaled $214.9 million, a 39.3% decline compared with sales in 2006. Fourth-quarter Visudyne sales totaled $45.5 million, down 40.5% from the fourth quarter 2006. The sales drop was largely due to "the approval and reimbursement of alternative therapies for age-related macular degeneration," the release said.

QLT reported total revenues of $127.9 million for 2007, down 26.9% from revenues in 2006. The decline may be attributable to the decline in Visudyne sales, which translated into $67.7 million in revenue in 2007 - a 47.6% drop from $129.4 million in 2006.

For the year, QLT's profit share in Visudyne sales was 20.7%, compared with 27.6% in 2006, according to the release.

QLT expects Visudyne sales between $145 million and $160 million for 2008. Additionally, the company expects profit shares in Visudyne sales to stabilize at 20%, the release said.