QLT ANNOUNCES FOURTH QUARTER AND YEAR END 2008 RESULTS
Provides Guidance for 2009
|For Immediate Release
||February 19, 2009
VANCOUVER, CANADAQLT Inc. (NASDAQ: QLTI; TSX: QLT) (QLT or the Company) today reported its
financial results for the fourth quarter ending December 31, 2008 and full year 2008 as well as
issued its guidance for 2009. Unless specified otherwise, all amounts are in U.S. dollars and in
accordance with U.S. GAAP.
2008 was a pivotal year for us as we concluded a series of corporate development activities,
including divesting the majority of our non-core assets, retiring our convertible debt, and
launching a Dutch tender offer, said Bob Butchofsky, President and Chief Executive Officer of QLT.
We are excited to embark on our next chapter as an ophthalmology-focused, development driven
company. While we feel comfortable including Eligard® in our guidance for 2009, there is still the
possibility that we will receive an attractive offer for the asset and divest Eligard at some point
in the future. This will be a significant year for our punctal plug platform and we plan to be in a
position to wrap up Phase II development by the end of this year.
2008 FINANCIAL RESULTS
Discontinued Operations Reporting
We have not sold our Eligard business as originally planned and announced in January 2008.
Therefore, in accordance with Financial Accounting Standard 144, the Eligard operations no longer
qualify to be reported in discontinued operations. Our statement of operations for 2008 includes
the results of Eligard within continuing operations, while financial results related to Aczone® and
Atrigel® are reported within discontinued operations. Prior year comparative results conform to
this presentation, and we expect to continue reporting our results this way in 2009.
Worldwide Product Sales
As previously announced, global Visudyne® sales for the fourth quarter were $30.6 million, a
decrease of 32.7% over sales in the fourth quarter of 2007. Sales in the U.S. of $8.0 million were
down 20.0% from the prior-year fourth quarter, while sales outside the U.S. of $22.6 million were
down 36.3%. For the full year 2008, worldwide Visudyne sales were $141.9 million, 34.0% lower than
in 2007, as U.S. sales declined 4.1% and non-U.S. sales declined 40.4%. The drop in Visudyne sales
was primarily due to the approval and reimbursement in Europe of alternative therapeutics for
age-related macular degeneration.
Worldwide Eligard sales in the fourth quarter were $59.4 million, an increase of 23.6%
over the fourth quarter of 2007. U.S. sales of $20.4 million were up 16.8% from the fourth quarter
of 2007, while sales outside the U.S. increased 27.5% to $39.1 million. For the full year 2008,
Eligard sales were $224.8 million, up 24.2% from the prior year, as U.S. sales of $76.7 million
grew 2.3% and non-U.S. sales of $148.1 million were up 39.8%.
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