QLT narrows quarterly loss but Visudyne sales slump

Tue Jul 29, 2008 8:58am EDT
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TORONTO (Reuters) - QLT Inc said on Tuesday that it narrowed its second-quarter loss considerably compared with the second quarter of 2007 when its results included a hefty legal charge.

The pharmaceutical company, known for its anti-blindness treatments, lost $7.4 million, or 10 cents a share, during the quarter, compared with its much wider loss of $68.7 million, or 92 cents a share, a year earlier.

The 2007 results included a $109.9 million litigation charge related to a trial decision involving the company's Visudyne eye treatment and the Massachusetts Eye and Ear Infirmary.

Revenue for the latest quarter was $13.7 million, down from $19 million a year earlier, as worldwide Visudyne product sales fell.

Analysts expected a loss of 3 cents a share and revenue of $13.7 million, according to Reuters Estimates.

Global Visudyne sales were $40.7 million, down 31.5 percent from the second quarter of 2007, largely due to the approval and reimbursement in Europe of alternative therapeutics for age-related macular degeneration.

Meanwhile, worldwide sales for Eligard, its prostate cancer treatment, were $60.3 million, up 35 percent from the same time last year.

($1=$1.02 Canadian)

(Reporting by Scott Anderson; Editing by Bernadette Baum)