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QLT reports strong Visudyne sales

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VANCOUVER, Canada — QLT Inc. reported strong sales for the first quarter 2003, with sales of Visudyne (Verteporfin for injection) increasing 20% over the first quarter 2002 and totaling $82.1 million.

According to the company, sales in the United States accounted for approximately $42.1 million, which represents 51% of total Visudyne sales for the first quarter. The remaining $40 million results from sales primarily in Europe.

Earnings per share in the first quarter 2003 increased $0.11 over the first quarter 2002, totaling $0.17. The company attributes this increase mainly to strong Visudyne sales, improved profit share from the Visudyne alliance and positive foreign exchange gains.

Based on Visudyne sales results and current trends, QLT said it is narrowing its Visudyne sales range from between $310 million and $335 million to between $320 million and $335 million. The company said it has also updated its earnings per share guidance for 2003. The company now expects earnings per share of $0.43 to $0.53 or growth over 2002 earnings per share of 37% to 68% before special charges.