QLT Announces Visudyne™ Sales for First Quarter of 2001
QUARTERLY GROWTH IN SALES EXCEEDS 20% FOR THIRD CONSECUTIVE QUARTER
FOR IMMEDIATE RELEASE APRIL 19, 2001
VANCOUVER, CANADA - Following today’s release of first quarter sales for 2001 by Novartis AG
(NYSE:NVS), QLT Inc. (NASDAQ:QLTI; TSE:QLT) reported global Visudyne™ sales of
approximately US$48 million (CDN$73.5 million or 80 million Swiss Francs) for the quarter ended
March 31, 2001. This compares to global Visudyne sales of US$38 million (CDN$58 million or 66
million Swiss Francs) in the fourth quarter of 2000, representing approximately 26% quarterly
increase.
QLT expects to release its full financial results on Wednesday, April 25, 2001, at 1:00 p.m. EST.
Preliminary estimates of net income for the quarter indicate that the Company should record
profitability above the high-end range of current analyst expectations.
"We are pleased that the continued efforts of our marketing partner, Novartis Ophthalmics, and
acceptance of Visudyne therapy by retinal specialists has resulted in the third consecutive quarter
of greater than 20% growth in Visudyne sales," said Dr. Julia Levy, QLT’s President and Chief
Executive Officer.
"In the first 12 months since the product was launched, total Visudyne sales have exceeded
US$140 million, making Visudyne the most successful ophthalmic pharmaceutical product based
on first year sales. More importantly, retinal specialists in over 35 countries have now performed
more than 120,000 treatments with Visudyne therapy."
Overall growth in global Visudyne sales of approximately 26% over the fourth quarter of 2000 was
consistent with market research results previously released by QLT projecting increased usage by
physicians.
Commercial Visudyne sales in the United States for the quarter were approximately US$31 million
(CDN$47.5 million or 51.5 million Swiss Francs), representing approximately 65% of total sales for
the quarter. The remaining US$17 million (CDN$26 million or 28.5 million Swiss Francs) was
related to sales in Canada, Europe and other markets.
QLT expects that its share of Visudyne net profits (excluding the reimbursement for manufacturing
and other costs) for the first quarter will be approximately 21% of total Visudyne sales. QLT’s
revenue from Visudyne sales consists of reimbursement for manufacturing, third-party royalties
and other costs along with 50% of the Visudyne net profits which are calculated as sales less
marketing, overhead and manufacturing costs.
QLT Inc. is a world leader in photodynamic therapy, a field of medicine utilizing light-activated
drugs in the treatment of disease. QLT’s innovative science has led to the development and
commercialization of breakthrough treatments utilizing this technology for applications in
ophthalmology and oncology and is exploring the potential in immune disorders.
QLT Inc. will hold an analyst and institutional investor conference call to discuss first quarter
results on Wednesday, April 25, at 4:30 p.m. EST (1:30 p.m. PST). The call will be broadcast live
via the Internet at www.qltinc.com. A replay of the call will be available via the Internet and also via
telephone at (416) 626-4100, access code 18478353. |
