QLT Reports Fourth-Quarter Earnings Of $5.9 Million, Reversing Year-Earlier Loss
Thu, 02/19/2009 - 3:55am
Drug developer QLT Inc. reported Thursday a fourth-quarter profit of US$5.9 million, reversing a year-earlier loss of $46.4 million. The company said its earnings amounted to eight cents per share versus a 62 cent per share loss. Vancouver-based QLT, which reports financial results in U.S. dollars, said quarterly revenue rose 26.3 per cent to $39 million. Increased revenue from QLT's Eligard prostate cancer treatment more than offset a drop in revenue from the Visudyne eye disease treatment. Visudyne revenue fell 12.7 per cent to $11.9 million, while revenue related to Eligard — royalty and product revenue combined — rose 41.4 million to $24 million. "2008 was a pivotal year for us as we concluded a series of corporate development activities, including divesting the majority of our non-core assets, retiring our convertible debt, and launching a Dutch tender offer," president and CEO Bob Butchofsky said in a statement. However, he noted that QLT has not been able to sell the Eligard business as planned. "While we feel comfortable including Eligard in our guidance for 2009, there is still the possibility that we will receive an attractive offer for the asset and divest Eligard at some point in the future," Butchofsky said.