Merrill maintains Cephalon at neutral

Cephalon Inc. was maintained at neutral by Merrill Lynch analyst Gregory B. Gilbert. The company reported third-quarter earnings of $0.78 per share, above Merrill's $0.70 estimate, but revenue was 5% below estimate, sales for Provigil and Actiq came in below estimates due to reductions in wholesaler inventory levels and the company lowered its 2005 sales guidance by $50 million. Gilbert lowered Merrill's earnings-per-share estimates to $2.76 for 2005, down from $2.79, and $2.30 for 2006, down from $3.21. Shares of the Frazer, Pa.-based pharmaceutical were up $0.71, or 1.57%, at $45.88 on volume of 1,999,517 shares versus the three-month running average of 1,478,170 shares.

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