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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
QLT Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2011 02:26PM
QLT Inc. (QLTI) filed Quarterly Report for the period ended 2011-09-30. Highlight of Business Operations:For the three months ended September 30, 2011, net product revenue from Visudyne increased by $0.7 million, or 13%, to $6.2 million compared to $5.5 million for the same period in 2010. The increase was primarily due to the sale of a batch of Visudyne to Novartis, partially offset by lower Visudyne sales in the U.S.For the nine months ended September 30, 2011, net product revenue from Visudyne decreased by $4.1 million, or 16%, to $20.7 million compared to $24.8 million for the nine months ended September 30, 2010. The decrease was primarily due to the recognition of $5.0 million of previously deferred revenue in the prior period, following the commencement of the Amended PDT Agreement on January 1, 2010. The deferred revenue related to inventory previously shipped to Novartis for sales outside the U.S. The tables below summarize end-user Visudyne sales for the three and nine months ended September 30, 2011 and 2010. Under the Amended PDT Agreement with Novartis, Visudyne is sold by QLT in the U.S., and by Novartis outside the U.S. (for which we earn a 20% royalty on net sales). See Note 1 - Condensed Summary of Significant Accounting Policies in the Notes to the Unaudited Condensed Consolidated Financial Statements. Under the Amended PDT Agreement, Novartis continues to market and sell Visudyne outside the U.S. and pays us a 20% royalty on net sales of the product outside the U.S. For the three months ended September 30, 2011, royalty revenues increased by $0.3 million, or 10%, to $3.4 million, compared to $3.1 million for the same period in 2010 and for the nine months ended September 30, 2011, royalty revenues increased by $0.6 million, or 6%, to $10.4 million compared to $9.9 million for the same period in 2010. In each period, royalty revenues increased in line with the increase in Visudyne sales outside the U.S. For the three months ended September 30, 2011, cost of sales increased $0.8 million, or 43%, to $2.7 million compared to $1.9 million in 2010. The increase was primarily due to the sale of a batch of Visudyne to Novartis, offset by lower Visudyne sales in the U.S. For the nine months ended September 30, 2011, cost of sales decreased $4.4 million, or 37%, to $7.4 million compared to $11.8 million for the same period in 2010. The decrease was primarily due to inclusion in the prior period of $4.0 million of cost of sales associated with the recognition of revenue that related to inventory previously shipped to Novartis for sales outside the U.S.
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