Merrill keeps UCB at buy

UCB was retained at a buy rating with a €48 per share price target by Merrill Lynch analyst Erica Whittaker on news that the company reported stronger 2005 revenues and better profitability than Merrill expected. UCB had revenues of €2.341 billion compared to Merrill's estimate of €2.23 billion and consensus of €2.249 billion. Worldwide sales of Keppra topped €560 million, versus the analyst's forecast of €542 million. The company reported adjusted earnings per share of €2.32 compared to Merrill's €2.05 and consensus of €2.02. Shares of the Brussels, Belgium, pharmaceutical company were down €1.85, or 4.47%, at €39.5. (Euronext: UCB)

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