QLT's 1st-qtr 2007 EPS falls 54% on Visudyne

Canadian drugmaker QLT says that its earnings per share in the first quarter of 2007 fell to $0.06 from $0.13 in the like, year-ago period, primarily due to a reduction in Visudyne (verteporfin) sales, which fell 42.7% to $61.2 million. US turnover of the wet age-related macular degeneration drug totaled $8.4 million, down 72.4%, while sales in the rest of the world plummetted 30.7% to $52.8 million, due to new competition in the European market.

Worldwide sales of the anticancer drug, Eligard (leuprolide) were $41.8 million, up 145.6%. US turnover of the drug sky-rocketed 341% to $19.5 million, while sales in the rest of the world jumped 76.9% to $22.3 million.

The Vancouver-based company's revenues were $32.7 million, down 35.1%, as income from Visudyne fell 50.5% to $20.6 million. Lower overall sales saw QLT's share of profit from Visudyne decrease to 24.5% from 31.6% in the same period last year.