Elan at sell by Merrill

Elan Corp. plc was retained at a sell rating by Merrill Lynch analyst Erica Whittaker. The Food and Drug Administration informed Elan and Biogen Idec that it has delayed the deadline for its final decision on Tysabri approval by 90 days, with a revised PDUFA date deadline of June 28. Merrill had forecast some Tysabri sales in the second quarter of 2006; it now is moving its unchanged $62 million 2006 Tysabri sales forecast all into the second half of 2006. Shares of the Dublin, Ireland, pharmaceutical company were down 55 cents, or 3.83%, at $13.80 on volume of 18,633,500 shares versus the three-month running average of 10,209,80 shares. (NYSE: ELN)

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