QLT sees 3rd-qtr profit, but job cuts planned

The three months ended September 30, 2007, saw Canadian drugmaker QLT's net income reach $346,000, or breakeven per share, compared with the $3.7 million loss it recorded in the comparable quarter in 2006. The firm said that the improvement was due to a fall in R&D costs, reduced selling, general and administrative expenditure and the absence of charges related to discontinued operations.

Revenue fell 25% to $28.7 million, as the $46.3 million contribution from the anticancer agent Eligard (leuprolide), up 35.8% for the quarter, failed to offset a 35.1% decline to $48.7 million in Visudyne (verteporfin) sales. Analysts surveyed by Thomson Financial had expected turnover of $31.7 million, and earnings of $0.04 per share.

QLT said that, as a result of its mixed performance, it is "reprioritizing" its existing R&D efforts and would be significantly reducing staffing levels.