Merrill keeps Serono at buy

Serono SA was reiterated at buy by Merrill Lynch analyst Erica Whittaker. The company's first-quarter 2006 results were light on the top line but exceeded forecasts on the bottom line. Serono reported total revenue of $668 million, compared with Merrill's estimate of $672 million and consensus of $666 million. The company increased its 2006 earnings-per-share estimate to $45, from $42 to $43.40. Merrill's earnings-per-share estimate is $42.80. Shares of the Geneva, Switzerland., biotechnology company were up 2 cents, or 0.12%, at $16.32 on volume of 315,300 shares versus the three-month running average of 196,935 shares. (NYSE: SRA)

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