Results from the VIP study of Novartis and QLT's photodynamic therapyfor age-related macular degeneration, Visudyne (verteporfin), have taken the company and investors by surprise, with significant data that should allow a label expansion to capture around two-thirds of the 500,00 wet AMD patients who present each year in the USA and Europe. Shares in QLT surged 35.4% to $35.13 on news of the trial results.
Visudyne has been approved for marketing in 31 countries to treat classic wet AMD but the VIP results suggest the treatment could help those with the occult form of the disease.
Analysts at Lehman Brothers noted that "this is a spectacular result for QLT," adding that they are raising their estimates for Visudyne sales in 2002 to $400 million from $375 million, "although substantial further upside remains." Meanwhile, Deutsche Bank Alex Brown analysts said the new application could "at least" double sales of the drug if it secures regulatory approval. The company is expecting sales of Visudyne to be in the $212-$250 million range for 2001.
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