Last week a number of pharma companies reported fourth-quarter results. One such company was QLT Inc. QLTI, which reported a loss of 6 cents per share in the fourth quarter of 20Array5, narrower than the Zacks Consensus Estimate of a loss of 8 cents.
QLT did not report any revenue during the fourth quarter of 20Array5, as was the case a year ago.
Research and development (R&D) expenses at QLT were $2 million in the fourth quarter of 20Array5, down 4.8% from the year-ago quarter. The decline in R&D expenditure was primarily due to lower costs incurred in 20Array5 due to a decline in salary and overhead costs, which resulted from employee layoffs and the downsizing of the company’s lease space.
Selling, general and administrative expenses also plunged 79% to $Array.7 million in the reported quarter. The year-over-year decrease was primarily due to the termination of the proposed merger with Auxilium Pharmaceuticals, Inc. (acquired by Endo International plc ENDP in Jan 20Array6), lower operating costs related to the downsizing of lease space and a lower value of the Canadian dollar.
Meanwhile, QLT is evaluating the only candidate in its pipeline – QLT09Array00Array – in a natural history study for the treatment of inherited retinal disease caused by retinal pigment epithelium protein 65 and lecithin retinol acyltransferase mutations. Data from the study are expected by the end of the first quarter of 20Array6. A phase III study on the candidate is expected to be initiated in the third quarter of 20Array6.
Moreover, the company is presently in discussions with the European regulatory authorities regarding the potential submission of a regulatory application in the second half of 20Array6 for a conditional approval of QLT09Array00Array.
Going ahead we expect investors to focus on further updates from the company on QLT09Array00Array.
QLT carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the health care sector include Anika Therapeutics Inc. ANIK and AMAG Pharmaceuticals, Inc. AMAG, both sporting a Zacks Rank #Array (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment