Thursday, biopharmaceutical company QLT Inc. (QLTI,QLT.TO), reported a profit for the fourth quarter, compared to a loss last year. QLT also issued guidance for fiscal year 2009.
For the fourth quarter, the Vancouver, Canada-based company reported net income of US$5.87 million or US$0.08 per share, compared with a loss of US$46.55 million or US$0.62 per share in the same quarter last year.
Results for the quarter included gains on asset divestments, licensing and milestone revenue, recognition of tax asset of the company's wholly-owned subsidiary QLT USA, Inc., restructuring charges, inventory charges, and stock compensation expense.
Income from continuing operations for the quarter was US$5.92 million or US$0.08 per share, compared with a loss of US$45.03 million or US$0.60 per share in the same quarter last year.
Excluding items, net income for the quarter was US$5.0 million or US$0.07 per share.
On average, three analysts polled by Thomson Reuters expected the company to report loss of US$0.04 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the quarter increased 26.3% to US$39.01 million from US$30.89 million last year, as the increase in Eligard revenue more than offset a drop in Visudyne revenue.
Analysts had consensus revenue estimate of US$10.05 million for the quarter.
Net product revenue for the quarter rose to US$24.80 million from US$22.09 million in the same quarter last year. Net royalties for the quarter climbed to US$11.01 million from US$8.43 million, while licensing and milestones surged to US$3.20 million from US$367 thousand in the prior-year quarter.
Product wise, QLT 's global Visudyne sales for the fourth quarter dropped 32.7% to US$30.6 million from the prior-year quarter, primarily due to the approval and reimbursement in Europe of alternative therapeutics for age-related macular degeneration. Sales in the U.S. declined 20.0% to US$8.0 million from the prior-year quarter, while sales outside the U.S. were down 36.3% year-over-year to US$22.6 million.
The company's global Eligard sales for the fourth quarter increased 23.6% to US$59.4 million from the previous-year quarter. U.S. sales were up 16.8% to US$20.4 million, while sales outside the U.S. increased 27.5% to US$39.1 million from the prior-year quarter.
Operating income for the fourth quarter was US$11.45 million, compared with operating loss of US$48.12 million in the same period last year.
Research and Development expenses for the quarter decreased to US$6.52 million from US$11.98 million in the corresponding quarter last year.
Quarterly results included gains on the sale of the building and land of US$21.7 million. The results also included combined pre-tax gains on the divestures of Aczone and Atrigel of US$134.9 million.
For fiscal year 2008, net income was US$134.89 million or US$1.81 per share, compared with a net loss of US$110.00 million or US$1.47 per share last year.
Income from continuing operations for the fiscal year 2008 was US$14.95 million or US$0.20 per share, compared with loss from continuing operations of US$103.33 million or US$1.38 per share in the prior year.
Revenues for fiscal year 2008 declined to US$124.14 million from US$127.61 million last year.
Analysts expected the company to report loss of US$0.28 per share on revenue of US$46.30 million for 2008.
The company indicated that it is developing a drug for the potential treatment of Leber's Congenital Amaurosis, an inherited progressive retinal degenerative disease that leads to retinal dysfunction and visual impairment beginning at birth.
QLT also announced the final results of a modified Dutch auction tender offer whereby QLT accepted for purchase and cancellation 20 million of its common shares at a price of US$2.50 per share, for a total consideration of US$50 million.
Looking forward to 2009, QLT expects Visudyne sales within a range of US$90 million - US$110 million and expects its share of profit from sales would be about 24-26% in 2009. The company expects Eligard sales for the full year to be US$220 million - US$240 million. Adjusted EBITDA is expected to be US$10 million - US$15 million for 2009, assuming Eligard is not divested during the year.
QLTI is currently trading at US$1.96, down $0.04 or 2.00% on the Nasdaq. QLT.TO is trading at C$2.51, down C$0.01 or 0.40% on TSX.
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