) 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
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.
Previously, QLT had an agreement with
) 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
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.
) with a Zacks Rank #1 (Strong Buy).
AUXILIUM PHARMA (AUXL): Free Stock Analysis
NOVARTIS AG-ADR (NVS): Free Stock Analysis
QLT INC (QLTI): Free Stock Analysis Report
VALEANT PHARMA (VRX): Free Stock Analysis
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