Lundbeck kept at neutral by Merrill

Merrill Lynch analyst Erica Whittaker maintained Lundbeck A/S at a neutral rating and value of DKr 140 per share following the company's poor second-quarter profitability. In addition, the analyst reduced 2006 EBIT forecasts for the company to DKr 1.56 billion from DKr 1.61 billion. Lundbeck should just meet its unchanged 2006 EBIT outlook of DKr 1.6 billion. Merrill's models include the 2008 launch of Lundbeck's gaboxadol insomnia drug with Merck and resulting sales of about $950 million in 2011. Shares of the Copenhagen, Denmark-based pharmaceutical company were up DKr 1.50, or 1.12%, at DKr 135.50 on volume of 340,416 shares versus the three-month running average of 432,981 shares. (Copenhagen: LUN)

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