QLT Narrows Loss in Q4 - Analyst Blog
March 04 2014 - 10:00AM
Zacks
QLT Inc.’s (QLTI)
fourth quarter 2013 loss of 11 cents per share was narrower than
the year-ago loss of 16 cents per share and the Zacks Consensus
Estimate of a loss of 12 cents. The narrower loss was due to the
lower costs incurred by QLT in the final quarter of 2013.
QLT did not report any revenues
during the fourth quarter of 2013. We note that QLT’s product
portfolio previously included eye-drug Visudyne. In Sep 2012, QLT
sold its Visudyne business to Valeant Pharmaceuticals
International, Inc. (VRX).
Previously, QLT had an agreement
with Novartis (NVS) for the commercialization of
Visudyne in ex-U.S. territories. Visudyne is used for treating
abnormal growth of leaky blood vessels in the eye caused by wet
age-related macular degeneration.
Research and development expenses
at QLT came in at $4.8 million in the fourth quarter of 2013
compared with $5 million in the year-ago quarter. The reduction was
due to the cost savings from the restructuring schemes and the
completion of some early-stage pipeline programs. Selling, general
and administrative expense declined to $1.4 million in the fourth
quarter of 2013 from $2.3 million a year ago. The decrease was
primarily due to cost savings from the restructurings announced by
QLT in 2012.
Last year, QLT completed the sale
of its punctal plug drug delivery system technology to Mati
Therapeutics Inc. Mati was founded by Robert Butchofsky, an
ex-president and chief executive officer of QLT .
QLT, which focuses on developing
and commercializing innovative ocular products for those with high
unmet medical needs, carries a Zacks Rank #3 (Hold). An example of
a better-ranked stock is Auxilium Pharmaceuticals
Inc. (AUXL) with a Zacks Rank #1 (Strong Buy).
AUXILIUM PHARMA (AUXL): Free Stock Analysis Report
NOVARTIS AG-ADR (NVS): Free Stock Analysis Report
QLT INC (QLTI): Free Stock Analysis Report
VALEANT PHARMA (VRX): Free Stock Analysis Report
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