Vancouver's QLT Inc. (TSX:QLT, Nasdaq:QLTI) reported a 25% drop in quarterly revenue as worldwide sales of its Visudyne eye treatment fell 35.1%.
Third-quarter revenue dropped to US$28.7 million for the period ending September 30 compared with $38.2 million in 2006's third quarter.
Increased competition from competing drugs was cited as the main reason for the sales decline.
QLT, however, is expecting sales of its Eligard prostate cancer drug to offset declining Visudyne sales in 2008. Eligard sales have jumped 50% in the past three quarters and are expected to grow in 2007 and 2008. The company has projected Eligard revenue of between $175 million and $185 million for the current fiscal year.
QLT's share price range during the past week: between $4.22 and $4.74; 52-week high: $11.67; 52-week low: $4.10.