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Biotech / Medical : QLT PhotoTherapeutics (QLTI) -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (1230)	10/1/2001 10:14:15 PM
From: Al Collard	Read Replies (1) \| Respond to of 1321

QLT expects to meet annual financial targets Mon 1 Oct 2001 News Release Ms. Elayne Wandler reports QLT reiterated today that it is confident it will meet Visudyne (verteporfin) sales and earnings per share (EPS) targets for fiscal 2001 to end the year with Visudyne sales of $225-million (U.S.) to $250-million (U.S.) and pretax EPS (excluding any foreign currency gains or losses) between 40 Canadian cents and 50 Canadian cents. In the wake of the tragic events of Sept. 11, 2001, however, the company expects Visudyne sales reported in the third quarter to be approximately 6 to 10 per cent lower than the consensus estimate of $63-million (U.S.). Despite lowered Visudyne sales, the company remains comfortable with the third quarter consensus EPS estimate of 12 Canadian cents. The decline in sales in the third quarter is expected to occur for a number of reasons. Approximately two-thirds of all Visudyne sales are generated in the United States, hence, a disruption in this market would have a corresponding effect on sales. Further, the last month of any given quarter typically accounts for a disproportionately higher share of Visudyne sales compared with the first two months of a quarter, due to the nature of retreatment schedules resulting from the implementation of early access programs prior to launch. As the last month of the third quarter, September would have also shored up sales from the typically slower summer months, further exacerbating the effect. Other factors that may have played a role include a temporary suspension of shipping services and general reduced productivity. Importantly, Visudyne sales were on track to meet expectations prior to Sept. 11 and with sales levels returning to normal, the company expects to meet projected growth rates in the fourth quarter. "Our thoughts and prayers are with those who have been affected by this tragedy," said Dr. Julia Levy, president and chief executive officer of QLT. "As with countless other companies across North America, we will see a temporary impact on revenues but are confident in the strength of our on-going business and our ability to meet our strategic goals and objectives." QLT will release financial results for the third quarter ending Sept. 30, after the close of the market on Oct. 24, 2001. Visudyne sales will be reported on Oct. 18, 2001, in conjunction with Novartis, QLT's marketing partner for Visudyne.