OSI at buy by Merrill

OSI Pharmaceuticals, Inc. was rated at a buy by Merrill Lynch analyst Eric Ende. The company reported an adjusted fourth-quarter 2005 loss per share of $0.12, compared to Merrill's loss per share estimate of $0.32. Tarceva profit-split revenues from DNA, Macugen sales, and sales commissions were higher than expected by a total of $5 million, while expenses were in line with estimates. Following a conference call with the company, Merrill believes OSI's long-term Tarceva sales guidance may be conservative at about $1 billion in 2008, with revenues to OSI of $300 million to $325 million. Merrill believes the sales and profit share guidance may both be conservative, leaving room for upside to long-term earnings per share estimates. Shares of the Melville, N.Y., pharmaceutical company were down 15 cents, or 0.47%, at $31.43 on volume of 2,213,612 shares versus the three-month running average of 1,679,740 shares. (Nasdaq: OSIP)

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