) fourth-quarter 2012 adjusted net loss of 15 cents per share was
narrower than the Zacks Consensus Estimate of a loss of 30 cents
and the year-ago loss of approximately 19 cents per share. Lower
operating expenses incurred by QLT in the final quarter of 2012
contributed to the narrower loss.
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The company suffered a loss of 73 cents per share in 2012
compared with a loss of approximately 70 cents incurred in 2011.
The Zacks Consensus Estimate for 2012 hinted at a loss of 98
cents per share.
QLT reported no revenues during the final quarter of 2012. We
note that QLT's product portfolio previously included eye-drug
Visudyne, which it co-developed with
). In Sep 2012, QLT sold its Visudyne business to
Valeant Pharmaceuticals International, Inc.
Research and development (R&D) expenses at QLT came in at $5
million in the final quarter of 2012 compared with $6.3 million
in the year-ago quarter. Selling, general and administrative
(SG&A) expense plummeted 47% to $2.4 million in the final
quarter of 2012. The decrease was primarily attributable to cost
savings from the restructurings announced by QLT in 2012.
The company restructured its operations to focus on the
development of its synthetic retinoid, QLT091001, for treating
certain inherited retinal diseases. QLT intends to meet the
officials of the US Food and Drug Administration (FDA) shortly to
discuss future development plans regarding QLT091001.
QLT currently carries a Zacks Rank #3 (Hold). Another company,
) is well placed in the pharma space, and carries a Zacks Rank #1