VANCOUVER, Oct. 18 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ:QLTI;TSX:QLT) today reported that Novartis AG announced global sales of QLT'sVisudyne(R) (verteporfin) product of US$48.7 million for the quarter endedSeptember 30, 2007. This represents a decrease of 35.1% over sales in thethird quarter of 2006 and a 17.9% decline compared to the second quarter of2007. Visudyne sales in the U.S. for the quarter were approximately US$9.4million, representing 19.3% of total sales for the quarter. U.S. average dailyVisudyne sales were 118 vials in the third quarter of 2007 compared to 122vials in the second quarter of 2007.
The Company currently projects that total annual worldwide sales ofVisudyne for 2007 will be in the range of US$210-$216 million.
"Visudyne average daily vial sales in the U.S. were relatively stable andin addition to the traditional seasonal weakness we experience in the thirdquarter, European sales declined due to increased trial of anti-VEGF drugs,"said Bob Butchofsky, President and Chief Executive Officer of QLT Inc. "Wecontinue to believe that Visudyne will remain an important part of treatmentregimen for age-related macular degeneration (AMD) and are encouraged by theprogress we are making in enrolling patients in our company sponsored clinicaltrial, known as 'RADICAL,' that is studying the use of Visudyne followed by ananti-VEGF agent with or without a steroid as compared to an anti-VEGF agentalone."
QLT will release its full financial results on Thursday, October, 25,2007, at 7:30 a.m. Eastern Time (ET).
QLT Inc. is a global biopharmaceutical company dedicated to the discovery,development and commercialization of innovative therapies. Our research anddevelopment efforts are focused on pharmaceutical products in the fields ofophthalmology and dermatology. In addition, we utilize two unique technologyplatforms, photodynamic therapy and Atrigel(R), to create products such asVisudyne(R) and Eligard(R). For more information, visit our web site atwww.qltinc.com.
A full explanation of how QLT determines and recognizes revenue resultingfrom Visudyne sales is contained in the financial statements contained in theperiodic reports on Forms 10-Q and 10-K, under the heading "SignificantAccounting Policies - Revenue Recognition." Visudyne sales are product salesby Novartis under its agreement with QLT.
Conference call information
QLT Inc. will hold an investor conference call to discuss third quarter2007 results on Thursday, October 25 at 8:30 a.m. ET (5:30 a.m. PT). The callwill be broadcast live via the Internet at www.qltinc.com. To participate onthe call, please dial 1-800-319-4610 (North America) or 604-638-5340(International) before 8:30 a.m. ET. A replay of the call will be availablevia the Internet and also via telephone at 1-800-319-6413 (North America) or604-638-9010 (International), access code 2122, followed by the "number" sign.
QLT Inc. is listed on The NASDAQ Stock Market under the trading symbol"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
The Visudyne(R) sales figures in this press release are preliminary andunaudited and are not a complete disclosure of our quarterly financialresults. Certain statements in this press release constitute "forward-looking"statements and information of QLT within the meaning of the Private SecuritiesLitigation Reform Act of 1995 and applicable Canadian securities legislation.These forward-looking statements include, but are not limited to: QLT'sprojection of 2007 annual sales of Visudyne and our beliefs relating toVisudyne remaining an important part of treatment regimen for AMD, and otherstatements which contain language such as "expects," "believes," "may,""projects," "outlook" and similar expressions which do not relate tohistorical matters. These forward-looking statements involve known and unknownrisks, uncer