February 21, 2008 / 1:27 PM / 10 years ago

QLT posts loss; sales of eye drug Visudyne slump

TORONTO (Reuters) - QLT Inc QLT.TO reported a fourth-quarter loss on Thursday, hurt by slumping sales of its drug Visudyne to fight macular degeneration and a research and development charge.

The company lost $46.5 million, or 62 cents a share, compared with a loss of $117.5 million, or $1.56 a share, a year earlier. The 2006 period included a charge of $112.5 million related to litigation at its U.S. subsidiary.

Revenue fell 20 percent to $30.9 million as a drop in Visudyne revenue was only partially offset by higher revenue from its Eligard prostate cancer treatment.

Quarterly revenue for Visudyne fell 50 percent to $13.6 million, while revenue from Eligard jumped 54 percent to $16.9 million.

Worldwide sales of Visudyne, which the company shares with its global marketing partner, Novartis NOVN.VX, were $214.9 million in 2007, down 39 percent from 2006. Eligard sales jumped almost 50 percent to $180.9 million.

The company expects Visudyne sales of $145 million to $160 million in 2008, and said its share would be about 20 percent.

Eligard sales for 2008 are expected to exceed $200 million.

($1=$1.01 Canadian)

Reporting by Scott Anderson; editing by John Wallace

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