QLT first-quarter revenues of $50.4 million down 18.3% from previous year

By Lisa Kerner

Erie, Pa., April 27 - QLT Inc.'s first-quarter revenues of $50.4 million were down 18.3% from the $61.7 million reported during same period last year.

The company reported first-quarter net income of $12.13 million, or $0.13 per share, compared with $15.26 million, or $0.16 for the same period a year ago. The decline was primarily due to the reduction in Visudyne sales and higher legal expenses.

Non-GAAP earnings per share for the first-quarter 2006 were $0.15.

QLT said Visudyne worldwide sales for the first quarter fell 13.7% to $106.8 million. In the United States, sales of Visudyne were down 40.6% from the previous year at $30.5 million but were up 5.3% in the rest of the world at $76.3 million.

The company noted that revenues from Visudyne fell to $41.5 million in the quarter from $50 million in the first quarter last year, primarily due to a decline in Visudyne sales. QLT's share of profit from Visudyne sales also decreased to 31.6% from 33.2% in the year-ago period.

Meanwhile, QLT said Eligard worldwide sales for the first quarter were $17.0 million, down 4.5% from the first quarter of 2005. Eligard sales in the United States were $4.4 million, down 58.1% over last year. Eligard sales in the rest of the world were $12.6 million, an increase of 73.6% over last year.

"Visudyne sales for this quarter were consistent with our internal expectations," president and chief executive officer Bob Butchofsky said in a company news release.

"We believe that physicians will continue to use combination therapy with Visudyne, anti-VEGF, and steroids as a treatment option for wet age-related macular degeneration."

QLT's cash and short-term investments decreased to $435 million on March 31 from $466 million during on Dec. 31, due to a tax installment payment and stock repurchase program.

QLT is a Vancouver, B.C., biopharmaceutical company specializing in developing treatments for eye diseases and dermatological and urological conditions.

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