April 28, 2009 / 12:09 PM / 9 years ago

UPDATE 1-QLT posts profit; prostate cancer drug sales help

* Q1 EPS $0.02 vs year-earlier loss $0.14

* Revenue rises 12.7 percent to $30.1 mln

* Revenue related to Eligard $17.9 mln

* Shares down 37 percent in past year (In U.S. dollars. Adds details)

TORONTO, April 28 (Reuters) - QLT Inc QLT.TO reported a first-quarter profit on Tuesday, helped in part by higher sales of its Eligard prostate cancer treatment.

The Vancouver, British Columbia-based company posted a profit of $1.3 million, or 2 cents a share, compared with a loss of $10.5 million, or 14 cents a share, a year earlier, when it also included restructuring charges.

Revenue rose 12.7 percent to $30.1 million due to the increased Eligard sales. Revenue from Eligard was $17.9 million, up 24.5 percent from first quarter 2008.

Analysts on average were expecting profit of 4 cents a share on revenue of $28.3 million, according to Reuters Estimates.

The company, whose shares have fallen 37 percent in the past year, unveiled restructuring measures last year as it tried to narrow its focus to eye care.

Among the planned actions was the sale of its U.S. operations, whose primary assets include Eligard. But it failed to reach an agreement, despite indicating late last year that it was in active discussions to sell the treatment. ($1=$1.22 Canadian) (Reporting by Scott Anderson; Editing by Lisa Von Ahn)

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