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QLT announces first quarter results for 2008
Date:4/25/2008

rsement in Europe of alternative therapeutics for age-related macular degeneration.

Worldwide Eligard sales in the first quarter were $50.3 million, an increase of 20.1% over the first quarter of 2007. U.S. sales of $19.5 million were essentially flat from last year's first quarter, while sales outside the U.S. increased 37.8% to $30.8 million.

QLT Revenues

For the first quarter, total revenue of $11.9 million was down 42.1% from the first quarter of 2007 due primarily to the drop in worldwide Visudyne product sales. QLT's share of profit from Visudyne sales in the first quarter was 21.5%, down from 24.5% a year ago. The decline in profitability occurred as the reduction in Visudyne expenses has not kept pace with the decline in sales. All revenues derived from Eligard product sales are now included in Income from discontinued operations.

QLT Expenses

For the first quarter of 2008, expenditures for research and development (R&D) were $8.0 million compared to $8.4 million in the same period of 2007. The decrease occurred as increased spending on the punctal plug program was more than offset by declines related to preclinical research. Selling, general and administrative (SG&A) expense was $6.5 million, up from $5.3 million in the first quarter of 2007, primarily because low Visudyne production meant that absorption of overhead to inventory was very low compared to a year ago.

Operating Loss

Operating loss for the first quarter was $14.4 million, compared to operating income of $1.7 million in the prior-year quarter. The decrease from last year was driven by a charge of $7.4 million for restructuring activities implemented during the quarter and the reduction in revenue from Visudyne.

Income from Discontinued Operations

Income from Discontinued Operations was $2.1 million for the first quarter, up from $1.4 million a year ago. The increase was primarily due to higher revenue and contribution from Eligard.
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SOURCE QLT Inc.
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