QLT Inc. (QLT) reported a significant y-o-y decline in revenues, lower than our expectations for 3Q 08. Although QLT reported better than anticipated operating performance in 3Q 08, we remain concerned for QLT’s weak product pipeline, with no strong product expected over the next 2 years and weakening sales of Visudyne. However, at current price levels we reiterate the NASDAQ common stock a BUY.We are likely to revert to a 6-12 month investment horizon as we now anticipate a significant positive currency impact on the Canadian stock over the medium term1. We maintain our BUY rating for the Canadian stock based on our expectation of a positive currency impact on the Canadian stock over the medium term.

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