QLT beats Street EPS estimates

QLT (TSE:QLT; QLTI) reported fourth quarter and full year 2002 EPS of C$0.16 and $0.47, respectively, both of which beat the consensus estimates by C$0.04. The company's EPS for the fourth quarter and fully year 2002, which exclude special charges, were lower than the same periods in 2001. The company said this in part reflects an increase in R&D associated with clinical development costs from a variety of compounds, including tariquidar, which is in two Phase III trials for non-small cell lung cancer.

Fourth quarter revenues increased 18% to C$51.8 million (US$34 million) from C$44.1 million (US$29 million) in 2001. Full year 2002 revenues came in at C$173.4 million (US$114 million), a 34% increase versus C$129.5 million (US$85.1 million) in 2001. As previously announced, Visudyne sales for fourth quarter and full year 2002 were C$120.9 million (US$77 million) and C$450.6 million (US$287.1 million), respectively. QLT previewed those figures last month when Visudyne marketing partner Novartis (NVS; SWX:NOVN) announced its earnings (see BioCentury Extra, Thursday Jan. 23, 2003). QLT's share of Visudyne's net profit was 32% and 27% for the fourth quarter and full year, respectively. Visudyne is approved in the U.S. and Europe to treat certain forms of wet age-related macular degeneration. ...