QLT 4Q profit surges on sale of US subsidiary

NEW YORK

Canadian drug developer QLT Inc. said Thursday that its fourth-quarter profit surged on the sale of its U.S. subsidiary.

The company earned $80.6 million, or $1.49 per share, compared with $5.9 million, or 8 cents per share, in the same quarter a year before. Revenue, all derived from sales of the age-related macular degeneration drug Visudyne, fell to $10.8 million from $11.9 million.

Visudyne was developed and is marketed with Novartis.

During the quarter, QLT sold its QLT USA unit. The company reported income from discontinued operations of about $116.7 million during the quarter.

Excluding gains and charges, the company said it broke even during the quarter.

For the full year, the company earned $99.4 million, or $1.77 per share, compared with $134.9 million, or $1.81 per share, in 2008. Revenue fell to $42.1 million from $48.3 million.

Looking ahead, the company expects revenue between $47 million and $53 million in 2010.

U.S.-traded shares of QLT fell 20 cents, or 4.1 percent, to $4.73 in afternoon trading. The stock has traded between $1.40 and $5.15 over the past 52 weeks.