QLT announces Visudyne(R) sales for first quarter of 2002
Strong Visudyne Sales Exceed Analysts' Expectations
VANCOUVER, April 16 /CNW/ - QLT Inc. (NASDAQ:QLTI; TSE:QLT) today
reported global Visudyne(R) (verteporfin) sales of approximately US$68.4
million (CAD$109.0 million) for the quarter ended March 31, 2002. This
represents an increase of 42.5% over sales in the first quarter of 2001 and is
ahead of analysts' expectations of US$66.5 million.
QLT will release its full financial results on Tuesday, April 23, 2002,
at 4:00 p.m. EST.
"We are very pleased to report Visudyne sales for the quarter ahead of
the Street's expectations," said Paul Hastings, QLT's president and chief
executive officer. "This year is off to a good start and we reiterate our
annual sales guidance of US$275-300 million by year end as the global Visudyne
franchise continues to expand."
Visudyne is now approved in 62 countries for predominantly classic AMD
and in over 40 countries for extended indications including CNV due to
pathologic myopia. In addition, submissions have been filed with regulatory
agencies in the European Union, Canada, Australia and New Zealand for the
occult form of AMD.
Visudyne sales in the U.S. for the quarter were approximately US$43.0
million (CAD$68.6 million), representing 62.9% of total sales for the quarter.
The remaining US$25.4 million (CAD$40.4 million) relates to sales in the rest
of the world.
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 other diseases. For more
information, you are invited to visit QLT's web site at www.qltinc.com.
QLT Inc. will hold an analyst and institutional investor conference call
to discuss third quarter results on Tuesday, April 23, 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 20517322.
Visudyne(R) is a registered trademark of Novartis AG
QLT Inc. is listed on The Nasdaq Stock Market under the trading symbol
"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
The financial results for Visudyne sales in this press release are
preliminary and unaudited and are not a complete disclosure of our quarterly
or annual financial results. Certain statements in this press release
constitute "forward-looking statements" of QLT within the meaning of the
Private Securities Litigation Reform Act of 1995, which involve known and
unknown risks, uncertainties and other factors that may cause our actual
results to be materially different from any future results, performance or
achievements expressed or implied by such statements. Forward-looking
statements include, but are not limited to, those with respect to anticipated
levels of sales of Visudyne(R) and opportunities to expand the market for
Visudyne, including the prospects of obtaining approval for the use of
Visudyne for the occult form of AMD in the countries listed above. These
statements are only predictions and actual events or results may differ
materially. Factors that could cause such actual events or results expressed
or implied by such forward-looking statements to differ materially from any
future results express or implied by such statements include, but are not
limited to: the risk that future sales of Visudyne may be less than expected,
our future operating results are uncertain and likely to fluctuate, currency
fluctuations in our primary markets may impact our financial results, the
outcome of the pending patent and securities litigation against us is
uncertain and may be unfavorable, we are dependent on third-parties to
commercialize Visudyne, uncertainty of and timing of pricing and reimbursement
and approvals in expanded indications, including the occult form of AMD, may
limit the future sales of Visudyne and other factors described in detail in
QLT's Annual Information Form on Form 10-K, forthcoming quarterly reports on
Form 10-Q and other filings with the U.S. Securities and Exchange Commission.
Forward-looking statements are based on our current expectations and QLT is
not obligated to update such information to reflect later events or
developments. |
