Merrill keeps Biogen at neutral

Biogen Idec Inc. was maintained at its neutral rating by Merrill Lynch analyst Eric Ende after the company's third-quarter results beat earnings per share estimates due in part to lower research and development expenses. Avonex sales of $445 million beat Ende's estimate of $438 million. Based on NDC data, market share remains essentially flat, but sales were boosted by a June price increase, so Merrill raised its estimate. Shares of the Cambridge, Mass.-based pharmaceutical company were up $3.69, or 8.40%, to $47.60. (Nasdaq: BIIB)

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