October 27, 2009 / 12:14 PM / 9 years ago

UPDATE 1-QLT Q3 net down; to record $100 mln gain in Q4

* Q3 EPS $0.16 vs $1.97

* Sees 2009 R&D, SG&A expense at bottom of forecast range

TORONTO, Oct 27 (Reuters) - Canadian eye care company QLT Inc QLT.TO reported lower third-quarter profit on Tuesday and said it would record a fourth-quarter gain of more than $100 million from the sale of its QLT USA division.

The company earned $8.9 million, or 16 cents a share, for the third quarter, down from $146.9 million, or $1.97 a share, a year earlier. The 2008 figures included $155 million in gains from the sale of assets and real estate.

Quarterly revenue fell 19.1 percent to $8.8 million.

Research and development expense was $7.4 million, up from $6.9 million a year earlier, primarily due to increased spending on its punctal plug program. Selling, general and administrative expenses were $4.5 million, up slightly from $4.4 million last year.

QLT reiterated its previous outlook for full-year R&D expenses of $30 million to $33 million, and SG&A expenses of $18 million to $21 million. However, it said “both line items will be near the bottom end of the guidance ranges.”

The company recently sold its QLT USA unit, known for its Eligard prostate cancer treatment, to Tolmar Holding for $230 million. ($1=$1.07 Canadian) (Reporting by Scott Anderson; editing by John Wallace)

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