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.
Reporting by Scott Anderson; editing by John Wallace