UPDATE 1-QLT's Visudyne sales drop 30 percent

Mon Oct 20, 2008 7:22am EDT
 
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(In U.S. dollars)

TORONTO, Oct 20 (Reuters) - Sales of QLT Inc's (QLT.TO) (QLTI.O) anti-blindness treatment Visudyne dropped 30 percent in the third quarter, the company said on Monday, citing figures from its global marketing partner Novartis (NOVN.VX).

Novartis sold $34.1 million worth of QLT's main product in the quarter ended Sept. 30, down 30.1 percent from $48.7 million a year earlier, QLT said.

Sales in the United States were $9.1 million, down 2.9 percent from $9.4 million in the same period a year earlier.

Vancouver, British Columbia-based QLT said the drop in Visudyne sales was primarily due to the approval in Europe of alternative therapeutics for age-related macular degeneration.

QLT will release its third-quarter results on Oct 28. ($1=$1.18 Canadian) (Reporting by Scott Anderson; Editing by Steve Orlofsky)

 

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