Sales of QLT Inc.'s (TSX:QLT) macular degeneration drug continued to fall in the second quarter of 2008.
Global Visudyne sales dropped 31.5% to US$40.7 million for the quarter ending June 30 from US$59.3 million in 2007's second quarter.
The drop in Visudyne sales was attributed to competition in Europe from other age-related macular degeneration drugs. Visudyne sales outside of the U.S. fell 37.7% for the quarter compared to the same period last year.
Age-related macular degeneration is the leading cause of blindness in the elderly.
QLT is scheduled to report its full financial results July 29.
The company's share price range during the past week: between $3.48 and $3.80; 52-week high: $7.98; 52-week low: $2.32.