Cephalon kept by Merrill at neutral

Cephalon was maintained by Merrill Lynch analyst Gregg Gilbert at a neutral rating on the successful protection of Provigil and rapid replacement by Nuvigil. Merrill said strong launches of Sparlon for ADHD and Vivitrol for alcohol dependency are needed for the stock to outperform. The analyst's new model assumes the company moves all of its Provigil business over to Nuvigil during 2006. New 2006 and 2007 earnings-per-share estimates are $3.45 and $4.04, up from $2.86 and $2.60, respectively. Shares of the Frazer, Pa., biopharmaceutical company were down $1.50, or 2.01%, at $73.02 on volume of 2,460,857 shares versus the three-month running average of 1,990,880 shares. (Nasdaq: CEPH)

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