Axcan rated at neutral by Merrill

Axcan Pharma Inc. was given a neutral rating by Merrill Lynch analyst Hari Sambasivam on the company's stronger-than-projected revenues earnings per share for the second quarter. Revenues of $72.8 million beat Merrill's estimate of $68.4 million, while diluted earnings per share (as converted) of $0.17 were in line with the analyst's estimate of $0.17. Merrill adjusted its estimates for product revenues for the remainder of 2006 to $278 million from $273 million. Shares of the Mont-Saint-Hilaire, Quebec, pharmaceutical company were down 55 cents, or 3.95%, at $13.39 on volume of 308,207 shares versus the three-month running average of 619,643 shares. (Nasdaq: AXCA)

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