QLT reports $4.2 million operating loss, 30.1% decline in global Visudyne sales

VANCOUVER, British Columbia — QLT reported a third-quarter operating loss of $4.2 million, compared with an operating loss of $6.5 million reported during the third quarter of 2007, the company announced in a press release. This progress was largely due to a reduction of operating expenses, the release said.

Global Visudyne (verteporfin) sales for the third quarter totaled $34.1 million, down 30.1% from sales in the same period last year. Visudyne sales in the United States totaled $9.1 million, representing a 2.9% decline compared with the previous year's third quarter. Visudyne sales outside the United States totaled $24.9 million, down 36.6% from last year's third quarter. QLT primarily attributed the sales decline to the approval and reimbursement of alternative therapeutics for age-related macular degeneration in Europe, according to the release.

Third-quarter revenue totaled $10.9 million, representing a 25.6% decline compared with revenues posted during the third quarter of 2007.

QLT's share of profit from Visudyne sales in the third quarter was 22.6%, an increase of 18.8% from the same period in 2007.

As of Sept. 30, the company's cash and cash equivalents totaled $155.9 million, according to the release.