Vancouver-based QLT Inc.'s (TSX:QLT) first-quarter bottom line has been hit hard by plunging sales of Visudyne, one of its leading products.
The biotech company reported revenue of $11.9 million for its current first quarter, a 42.1% decrease from the $20.5 million it recorded last year. That translated to a net first-quarter loss of $10.5 million compared with a net income of $4.8 million a year earlier.
Quarter-to-quarter Visudyne sales dropped 40.4% to $36.5 million. QLT attributed the decrease to alternative treatments in Europe for age-related macular degeneration, the leading cause of blindness in the elderly. Sales of Visudyne outside the U.S. were $27.2 million, a 48.5% decrease from 2007's first quarter; sales in the U.S. were $9.3 million, up 10.6% over the same period a year ago.
QLT's share of profits from the drug also decreased to 21.5% from 24.5% a year ago.
Worldwide sales of Eligard, which treats advanced prostate cancer, totalled $50.3 million in the first quarter, an increase of 20.1% over the first quarter of 2007.
QLT has undergone major restructuring in recent months, leading to $7.4 million in charges for the quarter. The company has set a target of reducing personnel by 45%.
QLT's share price range this week: between $4.02 and $3.78; 52-week high: $8.79; 52-week low: $2.32.