QLT cuts revenue outlook after Visudyne sales drop
Last Updated: Thursday, October 19, 2006 | 10:27 AM ET
CBC News
Pharmaceutical company QLT Inc. reduced its annual sales outlook for the eye treatment Visudyne after a partner reported lower third-quarter sales of the drug.
The company said Novartis AG US reported Visudyne sales in the quarter were $75.1 million US, down 39.3 per cent from the third quarter of 2005. The drug is used to treat age-related macular degeneration.
"The decline in Visudyne sales has been more rapid than anticipated," QLT president and chief executive officer Bob Butchofsky said in a release, adding that the Vancouver company has cut its sales outlook for 2006 to between $340 million and $355 million US. The company's previous range was $370 million to $385 million US.
"Forecasting product sales in a market undergoing the kind of significant transformation that we see in age-related macular degeneration is very difficult and we are disappointed at having to reduce our annual guidance," Butchofsky said.
In the wake of the revenue warning, shares of QLT were off 24 cents at $8.68 in morning trading on the TSX.
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