Elan reiterated by Merrill Lynch at sell

Elan Corp. plc was reiterated by Merrill Lynch analyst Erica Whittaker at a sell rating following second-quarter results. Merrill does not see its multiple sclerosis drug Tysabri returning to the market until 2006 and then only in limited use. Without the drug and those revenues, Merrill sees Elan having trouble meeting debt obligations. Elan shares Thursday dropped $0.49, or 6.13%, to close at $7.50 on volume of 11,094,300 shares versus the three-month running average of 12,097,200 shares.

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