QLT Drops on Lower Revenue Estimates

QLT (QLTI) said the Centers for Medicare and Medicaid Services has decided not to uphold its original intention to expand the national coverage policy for Visudyne therapy to include patients with occult subfoveal choroidal neovascularization secondary to age-related macular degeneration, a leading cause of blindness in people over 50.

The company now expects sales for Visudyne of $275 million to $300 million in 2002, which would be 25% to 35% above last year's results.

The stock was down 10.2% to $15.32 in morning trading on Monday.