QLT Inc. (TSX:QLT; Nasdaq:QLTI) reported a 35% decrease in its quarterly revenue for its fiscal first quarter ending March 31, 2007, due to a steep drop in global sales of its Visudyne anti-blindness drug.
QLT's share of Visudyne revenue fell to US$20.6 million for the quarter compared with US$41.5 million in the first quarter of 2006.
While part of the decrease was due to a 7.1% drop in its share of Visudyne sales, QLT reported that global Visudyne sales fell 43% to US$61.2 million from US$106.8 million.
Total revenue for the quarter fell to US$32.7 million compared with US$50.4 million in 2006's first quarter.
Quarterly profit fell to US$4.9 million compared with US$12.1 million.
QLT share price range during the past week: between US$8.11 and US$8.56; 52-week high: US$11.67; 52-week low: US$6.92.