Exhibit 99.1
(QLT INC. LOGO) QLT INC. 887 Great Northern Way t 604.707.7000
Vancouver, BC Canada V5T 4T5 f 604.707.7001
www.qltinc.com
news release
QLT ANNOUNCES VISUDYNE(R) SALES FOR FOURTH QUARTER
AND FISCAL YEAR 2004
FOR IMMEDIATE RELEASE JANUARY 20, 2005
VANCOUVER, CANADA--QLT Inc. (NASDAQ:QLTI; TSX:QLT) today reported that its
alliance partner, Novartis, announced global Visudyne(R) (verteporfin) sales of
approximately US$124 million for the quarter and US$448 million for the year
ended December 31, 2004. Visudyne sales for the fourth quarter and the full year
represent increases of 29.3% and 25.6% over sales in the fourth quarter and
annual sales in 2003 respectively.
QLT will release its full financial results on Wednesday, February 23, 2005, at
7:30 a.m. EST.
QLT Inc. is a global biopharmaceutical company specializing in developing
treatments for cancer, eye diseases and dermatological and urological
conditions. We have combined our expertise in the discovery, development,
commercialization and manufacture of innovative drug therapies with our unique
technology platforms to create highly successful products such as Visudyne(R)
and Eligard(R). For more information, visit our website at www.qltinc.com.
QLT Inc. will hold an investor conference call to discuss year-end results and
2005 guidance on Wednesday, February 23rd at 8:30 a.m. EST (5:30 a.m. PST). The
call will be broadcast live via the Internet at www.qltinc.com. A replay of the
call will be available via the Internet and also via telephone at
1-800-395-0403, access code 3471375.
-30-
QLT Inc.:
Vancouver, Canada
Therese Hayes / Tamara Hicks
Telephone: 604-707-7000 or 1-800-663-5486
Fax: 604-707-7001
Visudyne(R) is a registered trademark of Novartis AG.
Eligard(R) is a registered trademark of Sanofi-Aventis.
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QLT Inc. is listed on The Nasdaq Stock Market under the trading symbol "QLTI"
and on The Toronto Stock Exchange under the trading symbol "QLT."
A full explanation of how QLT determines and recognizes revenue resulting from
Visudyne sales is contained in the financial statements contained in the
periodic reports on Forms 10-Q and 10-K, under the heading "Significant
Accounting Policies - Revenue Recognition." Visudyne sales are product sales by
Novartis under its alliance with QLT.
The Visudyne(R) sales figures in this press release are preliminary and
unaudited and are not a complete disclosure of our quarterly or annual financial
results. Certain statements in this press release constitute "forward-looking
statements" of QLT within the meaning of the Private Securities Litigation
Reform Act of 1995, which involve known and unknown risks, uncertainties and
other factors that may cause our actual results to be materially different from
any future results, performance or achievements expressed or implied by such
statements. These statements are only predictions and actual events or results
may differ materially. Factors that could cause such actual events or results
expressed or implied by such forward-looking statements to differ materially
from any future results expressed or implied by such statements are described in
detail in QLT's Annual Information Form on Form 10-K, quarterly reports on Form
10-Q and other filings with the U.S. Securities and Exchange Commission and
Canadian securities regulatory authorities. Forward-looking statements are based
on our current expectations and QLT does not assume any obligation to update
such information to reflect later events or developments, except as may be
required by law.
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