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QLT reports 2.5% rise in second-quarter net revenue

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VANCOUVER, British Columbia — QLT posted a net revenue of $12.7 million for the second quarter, up 2.5% from the second quarter of 2010, according to a company press release.

Research and development expense in the second quarter was $11.3 million, up from $7.3 million in the same period of 2010, the release said.

Operating loss for the second quarter was $8.7 million, compared with $3.7 million reported in the second quarter of last year. The increased loss was due to higher research and development and selling, general and administrative expenses, which were only partially offset by an increase in Visudyne (verteporfin) gross profit, the release said.

The GAAP loss per share for the second quarter was $0.12, compared with $0.02 in last year’s second quarter.

Visudyne sales for the second quarter were $25.4 million, up 4.3% from the second quarter of 2010. Sales in the U.S. were $6.5 million, up 2% from last year’s second quarter, while sales outside the U.S. were reported at $18.9 million, a 5% increase from last year’s numbers, according to the release.

Net product revenue in both periods included approximately $2 million related to shipments of Visudyne to Novartis for sale outside the U.S. market.