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QLT Announces Fourth Quarter and Year End 2008 Results
Date:2/19/2009

Provides Guidance for 2009

VANCOUVER, Feb. 19 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) ("QLT" or the "Company") today reported its financial results for the fourth quarter ending December 31, 2008 and full year 2008 as well as issued its guidance for 2009. Unless specified otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.

"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," said Bob Butchofsky, President and Chief Executive Officer of QLT. "We are excited to embark on our next chapter as an ophthalmology-focused, development driven company. While we feel comfortable including Eligard(R) 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. This will be a significant year for our punctal plug platform and we plan to be in a position to wrap up Phase II development by the end of this year."

2008 FINANCIAL RESULTS

Discontinued Operations Reporting

We have not sold our Eligard business as originally planned and announced in January 2008. Therefore, in accordance with Financial Accounting Standard 144, the Eligard operations no longer qualify to be reported in discontinued operations. Our statement of operations for 2008 includes the results of Eligard within continuing operations, while financial results related to Aczone(R) and Atrigel(R) are reported within discontinued operations. Prior year comparative results conform to this presentation, and we expect to continue reporting our results this way in 2009.

Worldwide Product Sales

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SOURCE QLT Inc.
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