Axcan given a neutral rating by Merrill

Axcan Pharma Inc. was rated at neutral by Merrill Lynch analyst Hari Sambasivam in part on what the analyst considers a lack of major revenue drivers with the failure of the international ITAX trial. The company reported first-quarter revenues of $72.8 million, beating Merrill's estimate of $68.4 million, thanks to strong U.S. product sales. Management revised its expectations for 2006 revenues to a range of $270 million to $280 million, from $260 million to $270 million. Shares of the Mont-Saint-Hilaire, Quebec, pharmaceutical company were up 52 cents, or 3.87%, at $13.94 on volume of 407,494 shares versus the three-month running average of 623,064 shares. (Nasdaq: AXCA)

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