QLT Inc. (QLTI, Financial) filed Annual Report for the period ended 2010-12-31.
Qlt Inc. has a market cap of $345.3 million; its shares were traded at around $6.75 with and P/S ratio of 8.2. Hedge Fund Gurus that owns QLTI: Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns QLTI: Charles Brandes of Brandes Investment, Jeremy Grantham of GMO LLC.
We have one commercial product, Visudyne, which utilizes light-activated photodynamic therapy (PDT) to treat the eye disease known as wet AMD, the leading cause of blindness in people over the age of 50 in North America and Europe. Visudyne is also used for the treatment of subfoveal choroidal neovascularization (CNV) secondary to pathologic myopia, or severe near-sightedness, and presumed ocular histoplasmosis. Visudyne was co-developed by QLT and Novartis Pharma AG of Switzerland (Novartis) and is marketed and sold in over 80 countries worldwide. Total revenue from the sale of Visudyne for each of the fiscal years ended December 31, 2010, 2009 and 2008 was $44.7 million, $42.1 million and $48.3 million, respectively.
During the 12 month period commencing November 3, 2009 and ended November 2, 2010, pursuant to a normal course issuer bid, we repurchased through the facilities of the NASDAQ Stock Market (NASDAQ), and immediately cancelled, an aggregate 3.7 million of our issued and outstanding common shares at an average price of $5.59 per share, for a total cost of $20.9 million. See Note 14 Share Capital in the Notes to the Consolidated Financial Statements.
On December 8, 2010, we announced that our Board of Directors authorized a normal course issuer bid to repurchase up to 3.6 million of our issued and outstanding common shares, being 10% of our public float as of December 9, 2010, over a 12 month period commencing December 16, 2010. All purchases are to be effected in the open market through the facilities of the Toronto Stock Exchange (TSX) or NASDAQ, and in accordance with regulatory requirements. The actual number of common shares which are purchased and the timing of such purchases are determined by management, subject to compliance with applicable law. All common shares repurchased will be cancelled. Since initiating the normal course issuer bid, we have repurchased through the facilities of the NASDAQ, and immediately cancelled, an aggregate 22,300 common shares at an average price of $6.78 per share, for an aggregate cost of $0.2 million. See Note 14 Share Capital in the Notes to the Consolidated Financial Statements.
On October 1, 2009, we divested the Eligard line of products as part of the sale of all of the shares of our U.S. subsidiary, QLT USA, to TOLMAR Holding, Inc. (Tolmar) for up to an aggregate $230.0 million plus cash on hand of $118.3 million. Pursuant to the stock purchase agreement, we received $20.0 million on closing and $10.0 million on October 1, 2010, and we are entitled to receive up to an additional $200.0 million of consideration payable on a quarterly basis in amounts equal to 80% of the royalties paid under the license agreements with each of Sanofi and Astellas (formerly with MediGene), for the commercial marketing of Eligard in the U.S., Canada and Europe. The estimated fair value of these expected future quarterly payments is reflected as Contingent Consideration on our Consolidated Balance Sheet. We are entitled to these quarterly payments until the earlier of our receipt of the additional $200.0 million or October 1, 2024. As of December 31, 2010, we had received an aggregate $45.4 million of contingent consideration and had up to $154.6 million remaining to be received. While we expect to receive the full amount of contingent consideration in the next four to six years, our continued receipt of contingent consideration under the stock purchase agreement is dependent upon sales of Eligard by Sanofi and Astellas (formerly with MediGene), which could vary significantly due to competition, manufacturing difficulties and other factors. See Item 1A. Risk Factors.
Visudyne is a photosensitizer that we co-developed with Novartis for the treatment of subfoveal CNV due to wet AMD, the leading cause of blindness in people over the age of 50 in North America and Europe. Since its commercialization, Visudyne has been used in more than two million treatments worldwide. For the year ended December 31, 2010, Visudyne worldwide net sales were $90.6 million, which included $22.6 million in U.S. sales. Sales of Visudyne in 2010 resulted in $31.1 million of net product revenue and $13.6 million of royalties from Novartis. See the section entitled Commercialization Rights and Revenue below.
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Qlt Inc. has a market cap of $345.3 million; its shares were traded at around $6.75 with and P/S ratio of 8.2. Hedge Fund Gurus that owns QLTI: Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns QLTI: Charles Brandes of Brandes Investment, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
As of June 30, 2010, the aggregate market value of the common shares held by non-affiliates of the registrant (based on the last reported sale price of the common shares of U.S. $5.75, as reported on the NASDAQ Stock Market) was approximately U.S. $301,653,085.We have one commercial product, Visudyne, which utilizes light-activated photodynamic therapy (PDT) to treat the eye disease known as wet AMD, the leading cause of blindness in people over the age of 50 in North America and Europe. Visudyne is also used for the treatment of subfoveal choroidal neovascularization (CNV) secondary to pathologic myopia, or severe near-sightedness, and presumed ocular histoplasmosis. Visudyne was co-developed by QLT and Novartis Pharma AG of Switzerland (Novartis) and is marketed and sold in over 80 countries worldwide. Total revenue from the sale of Visudyne for each of the fiscal years ended December 31, 2010, 2009 and 2008 was $44.7 million, $42.1 million and $48.3 million, respectively.
During the 12 month period commencing November 3, 2009 and ended November 2, 2010, pursuant to a normal course issuer bid, we repurchased through the facilities of the NASDAQ Stock Market (NASDAQ), and immediately cancelled, an aggregate 3.7 million of our issued and outstanding common shares at an average price of $5.59 per share, for a total cost of $20.9 million. See Note 14 Share Capital in the Notes to the Consolidated Financial Statements.
On December 8, 2010, we announced that our Board of Directors authorized a normal course issuer bid to repurchase up to 3.6 million of our issued and outstanding common shares, being 10% of our public float as of December 9, 2010, over a 12 month period commencing December 16, 2010. All purchases are to be effected in the open market through the facilities of the Toronto Stock Exchange (TSX) or NASDAQ, and in accordance with regulatory requirements. The actual number of common shares which are purchased and the timing of such purchases are determined by management, subject to compliance with applicable law. All common shares repurchased will be cancelled. Since initiating the normal course issuer bid, we have repurchased through the facilities of the NASDAQ, and immediately cancelled, an aggregate 22,300 common shares at an average price of $6.78 per share, for an aggregate cost of $0.2 million. See Note 14 Share Capital in the Notes to the Consolidated Financial Statements.
On October 1, 2009, we divested the Eligard line of products as part of the sale of all of the shares of our U.S. subsidiary, QLT USA, to TOLMAR Holding, Inc. (Tolmar) for up to an aggregate $230.0 million plus cash on hand of $118.3 million. Pursuant to the stock purchase agreement, we received $20.0 million on closing and $10.0 million on October 1, 2010, and we are entitled to receive up to an additional $200.0 million of consideration payable on a quarterly basis in amounts equal to 80% of the royalties paid under the license agreements with each of Sanofi and Astellas (formerly with MediGene), for the commercial marketing of Eligard in the U.S., Canada and Europe. The estimated fair value of these expected future quarterly payments is reflected as Contingent Consideration on our Consolidated Balance Sheet. We are entitled to these quarterly payments until the earlier of our receipt of the additional $200.0 million or October 1, 2024. As of December 31, 2010, we had received an aggregate $45.4 million of contingent consideration and had up to $154.6 million remaining to be received. While we expect to receive the full amount of contingent consideration in the next four to six years, our continued receipt of contingent consideration under the stock purchase agreement is dependent upon sales of Eligard by Sanofi and Astellas (formerly with MediGene), which could vary significantly due to competition, manufacturing difficulties and other factors. See Item 1A. Risk Factors.
Visudyne is a photosensitizer that we co-developed with Novartis for the treatment of subfoveal CNV due to wet AMD, the leading cause of blindness in people over the age of 50 in North America and Europe. Since its commercialization, Visudyne has been used in more than two million treatments worldwide. For the year ended December 31, 2010, Visudyne worldwide net sales were $90.6 million, which included $22.6 million in U.S. sales. Sales of Visudyne in 2010 resulted in $31.1 million of net product revenue and $13.6 million of royalties from Novartis. See the section entitled Commercialization Rights and Revenue below.
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