Merrill retains Serono at buy

Serono SA was kept at its buy rating by Merrill Lynch analyst Erica Whittaker after the company's second-quarter Rebif sales were slightly better than expected. Reported operating income of $203 million was exactly what Merrill had forecasted and ahead of consensus of $107 million. Net income of $189 million beat the analyst's $181 million estimate and consensus forecast of $175 million. Shares of the Geneva, Switzerland-based biopharmaceutical company were down CHF20.00, or 2.38%, at CHF820.00 on volume of 64,756 shares versus the three-month running average of 43,497 shares. (VTX: SEO)

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