Merrill retains Lundbeck at neutral

Lundbeck was kept at a neutral rating by Merrill Lynch analyst Erica Whittaker as the company's bottom line second-quarter operating and net income miss expectations due to increased costs. Lundbeck revenues of Dkr 2.20 billion were in line with Merrill forecast of Dkr 2.19 billion. The company retained its previously stated outlook of 2006 operating profit of Dkr 1.6 million. Shares of the Copenhagen, Denmark-based pharmaceutical company were down DKr 6.00, or 4.29%, at DKr 134.00 on volume of 2,331,567 shares versus the three-month running average of 436,591 shares. (Copenhagen: LUN)

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