Merrill rates Angiotech at buy

Angiotech Pharmaceuticals, Inc. was rated at buy by Merrill Lynch analyst Hari Sambasivam. The company reported in line revenues of $44 million, including $39 million of Taxus royalties, compared to Merrill's estimate of $43 million and Taxus royalties of $40 million. Pro-forma net income was $12 million or $0.14 per share, lower than the analyst's estimate of $15 million, or $0.17 per share. Angiotech's revised outlook for 2006 included total revenues of $390 million to $401 million. Shares of the Vancouver, B.C., pharmaceutical company were down 36 cents, or 0.02%, at C$17.64 on volume of 174,101 shares versus the three-month running average of 213,705 shares. (Toronto: ANP)

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