Merrill retains UCB at buy

UCB was retained at buy by Merrill Lynch analyst Erica Whittaker, with a reduced price target of €46 from €48. Merrill has reduced its sales forecasts beyond 2009 for the company's epilepsy drug based on new data suggesting a more pervasive generic substitution post patent expiration. However, Merrill expects Keppra sales to grown by more than 25% in 2006. The analyst believes the sales potential for Cimzia in Crohn's disease is underappreciated by the market. Six sets of clinical data from five different compounds are expected in the second half of 2006, which could provide upside to the Merrill's forecasts, if positive. Shares of the Brussels, Belgium, pharmaceutical company were up €0.94, or 2.38%, at €40.44 on volume of 532,839 shares versus the three-month running average of 276,707 shares. (Brussels: UCB)

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