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QLT reports 31.5% decline in global Visudyne sales
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VANCOUVER, British Columbia — QLT reported an operating loss of $7 million, or $0.10 per share, for the second quarter, compared with an operating loss of $108.9 million, or $0.92 per share, in the second quarter of 2007, the company announced in a press release. QLT attributed the improvement to a $109.9 million litigation charge in 2007 related to the Massachusetts Eye and Ear Infirmary lawsuit, the release said.
Global Visudyne (verteporfin) sales for the second quarter totaled $40.7 million, a decrease of 31.5% from last year's second quarter. Visudyne sales in the United States totaled $10.1 million, representing a 1.8% decline compared with sales during the second quarter of 2007; Visudyne sales outside the United States totaled $30.6 million, down 37.7% from the prior year. QLT said the decline in Visudyne sales was due to the approval and reimbursement of alternative therapeutics for age-related macular degeneration in Europe.
Second-quarter revenues totaled $13.7 million, a 28% decline compared with revenues posted during last year's second quarter. The company attributed the deficit to the drop in worldwide Visudyne product sales.
QLT's share of profit from second-quarter Visudyne sales totaled 23.2%, down from 24.2% during last year's second quarter, according to the release.