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QLT reports 37.4% decrease in revenue for third quarter of 2006

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VANCOUVER, British Columbia — QLT Inc. reported third quarter 2006 revenues of $38.2 million, down 37.4% from the same period of 2005.

The company's leading product, Visudyne (verteporfin for injection), had worldwide sales of $75.1 million, a decrease of 39.3% from the third quarter of last year. QLT lowered its expectations for Visudyne sales for the year to the range of $340 million to $355 million, from a previously expected range of $370 million to $385 million.

The company reported a $0.04 loss per share for the quarter, compared to an earnings per share of $0.14 in the same quarter of 2005. The decline was primary due to a write-down intended to reduce assets to be divested to fair market value, as well as a decrease in Visudyne sales and legal expenses in connection with U.S. patent litigation, according to a QLT press release.