Lilly ICOS joint venture kept at neutral by Merrill

Merrill Lynch maintained its neutral rating of a Lilly ICOS joint venture researching additional uses for the erectile dysfunction medication Cialis. The rating was announced after phase-two clinical trials showed the drug is effective in treating urinary tract symptoms in men with benign prostatic hyperplasia (BPH).

Sales of drugs used to treat BPH totaled over $2 billion in 2004, but Merrill Lynch analyst Eric Ende cited pricing and reimbursement as potential issues that could limit market penetration. Cialis costs roughly $10 per tablet, while current medications for BPH cost $2 per tablet.

Both pharmaceutical companies saw heavy trading but little movement. Eli Lilly, based in Indianapolis, was up $0.36, or 0.69%, at $52.54. ICOS, based in Bothell, Wash., was down $0.19, or 0.72%, at $26.27.

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