Axcan kept at neutral by Merrill

Merrill Lynch analyst Hari Sambasivam kept Axcan Pharma Inc. at its neutral rating ahead of the company's third-quarter 2006 financial results. Merrill is estimating total product revenues of $67.8 million, an increase from the prior-year period's reported $59.4 million. The analyst is expecting pro forma net income of $8.7 million, or $0.16 per share, also up from the year-ago period. Merrill is looking for updates on Food and Drug Administration discussions related to the U.S. trial of ITAX in functional dyspepsia. Shares of the Mont-Saint-Hilaire, Quebec-based pharmaceutical company were unchanged at $12.97, on volume of 124,120 shares versus the three-month running average of 164,805 shares. (Nasdaq: AXCA)

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