QLT: Diversify the risk

Having relied on sales of Visudyne for age-related macular degeneration as its main revenue source, QLT Inc. has bought some insurance against imminent competition from Macugen pegaptanib. But despite last week's plans to acquire modestly profitable Atrix Laboratories Inc., which QLT says will be accretive in 2006, the company isn't providing guidance on revenues for 2005, when Macugen is expected to come on the market.

Assuming approval, Macugen would be the first competition Visudyne verteporfin has faced since its initial approval in the U.S. in 2000. Eyetech Pharmaceuticals Inc. (EYET, New York, N.Y.) and partner Pfizer Inc. (PFE, New York, NY) last week completed a rolling NDA for Macugen...