QLTI

QLT Inc. (QLTI)

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QLT Inc. (QLTI)

Q3 2010 Earnings Call Transcript

November 3, 2010 8:30 am ET

Executives

Karen Peterson – IR

Bob Butchofsky – President and CEO

Cameron Nelson – VP, Finance and CFO

Dipak Panigrahi – SVP, Research & Development and Chief Medical Officer

Analysts

Jeffrey Cohen – C.K. Cooper

Scott Henry – Roth Capital

Doug Miehm – RBC Capital Markets

John Gibbons – Odin Partners

Presentation

Operator

Hello. This is the Chorus Call conference operator. Welcome to the QLT Inc. third quarter 2010 conference call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will an opportunity to ask questions. (Operator instructions) At this time, I’d like to turn the conference over to Karen Peterson, Investor Relations Specialist. Please go ahead.

Karen Peterson

Good morning, everyone. And welcome to QLT’s third quarter 2010 earnings conference call. If you have not yet received a copy of our press release, you can find it by visiting our website at www.qltinc.com. The conference call is being webcast live and will be available on our website for the next 30 days. Presenting today is Bob Butchofsky, our President and CEO, and Cameron Nelson, our Chief Financial Officer. Dr. Dipak Panigrahi, our Chief Medical Officer, will be available to answer questions during the Q&A portion of the call.

Before I turn the call over to Bob, I’d like to take a few moments to go over the Safe Harbor statements. I need to remind you that certain statements in this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute forward-looking information within the meaning of Canadian Securities laws.

Forward-looking statements include, but are not limited to, statements relating to our clinical development plans and objectives; timing to commence studies, complete enrollment and receive results; sales and other financial guidance; the potential benefits, targets and commercial success of our products and technologies; and other statements, which contain language such as believes, goal, future, will, projects, expects, and outlook, and similar expressions.

Forward-looking statements are based on estimates and assumptions made by QLT in light of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors that QLT believes are appropriate in the circumstances.

Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the conclusion, forecast, or projection in such statements. Any such risks and uncertainties are taken into account as part of our assumptions underlying these forward-looking statements, including but not limited to our future operating results that are uncertain and are likely to fluctuate. Currency fluctuations may impact financial results. The risk with future sales of Visudyne or Eligard may be less than expected due to market demand, competition, pricing reimbursement, and other factors.

Uncertainties related to timing, enrollment, cost and success of R&D and commercialization of products and other future unknown liabilities and other factors, including those described in the Risk Factors section of QLT’s annual report on Form 10-K and quarterly reports on Form 10-Q and then other filings within the US and Canadian securities regulatory authorities. These factors should be considered carefully and you should not place undue reliance on QLT’s forward-looking statements. QLT has no intention and undertakes no obligation to update such information to reflect later events or developments, except as required by law.

This presentation includes a discussion of non-GAAP financial measures as defined by applicable securities laws. The most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to QLT’s financial results prepared in accordance with GAAP have been included in the earnings press release issued today and posted on our website.

And with that, I’ll turn the call over to Bob.

Bob Butchofsky

All right. Good morning, everyone. And thank you for joining us on our third quarter 2010 earnings call. We had another very productive quarter, continuing our primary focus on research and development of innovative solutions that are designed to address the unmet medical needs for patients with ocular diseases.

I’m excited to tell you about the progress we’ve made over the past quarter and our expectations moving forward through the end of 2010 and into early 2011. I’ll also present some of our financial highlights, and then Cam will discuss those in more detail for you. Some of you have now met our new Chief Medical Officer, Dr. Dipak Panigrahi, who is an ophthalmologist. He is also joining us this morning. This is his first earnings call, and will be available to answer your questions about the pipeline during the Q&A portion of the call.

I’m pleased to talk about the advancement we’ve made in our clinical development programs, including the initiation of two Phase II clinical trials with the Punctal Plug Program, which target glaucoma and allergic conjunctivitis. And then recently we announced the expansion of the Phase Ib trial for our synthetic retinoid treatment to include not only patients with LCA or Leber's Congenital Amaurosis, but also patients with Retinitis Pigmentosa.

In terms of Visudyne, sales this quarter were $20.5 million. You’ve seen in our release today that we’ve reduced our 2010 guidance for Visudyne sales. But we had seen US sales flatten since June. We also updated our guidance for contingent consideration that’s related to sales of Eligard, and we have increased it due to strong Eligard performance year-to-date.

Read the rest of this transcript for free on seekingalpha.com