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Merrill has QLT at neutral
QLT Inc. was rated at neutral by Merrill Lynch analyst Hari Sambasivam on light Visudyne sales of $95.3 million, compared with Merrill's estimate of $101 million. The decrease was attributed in part to and increased trialing of Avastin (off-label) and destocking ahead of the launch of Lucentis. The analyst is forecasting Visudyne sales in 2006, 2007 and 2008 of $389 million, $250 million and $150 million, respectively. Estimates for the quarter include total revenues of $46.3 million and pro forma net income of $12 million, or $0.12 per share. Shares of the Vancouver, B.C.-based pharmaceutical company were down 31 cents, or 4.47%, at $6.62 on volume of 991,682 shares versus the three-month running average of 784,136 shares. (Nasdaq: QLTI)
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