QLT's neutral rating unchanged by Merrill

QLT Inc. was kept at its neutral rating by Merrill Lynch analyst Hari Sambasivam pending clarity on management's strategy to address the projected decline in Visudyne revenues, including further restructuring, share buyback, possible transactions, and impact of the Eligard litigation. First-quarter 2006 Visudyne sales of $106.8 million were above Merrill's estimate of $105 million. The analyst's earnings-per-share estimate for the first-quarter 2006 is $0.12, compared with consensus estimate of $0.13. Shares of the Vancouver, B.C., biopharmaceutical company were down 20 cents, or 2.43%, at $8.04 on volume of 879,011 shares versus the three-month running average of 1,560,990 shares. (Nasdaq: QLTI)

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