Actelion reiterated by Merrill at neutral

Actelion Ltd. was retained by Merrill Lynch analyst Erica Whittaker at a neutral rating following second-quarter earnings. Merrill remains concerned about future Tracleer sales growth as the pulmonary hypertension market becomes more competitive with the expected market entry of Pfizer's Revatio in second half of 2005 and Encysive's Thelin in mid-2006. Actelion shares Thursday dropped CHF 2.00, or 1.42%, to close at CHF 139.00 on volume of 84,013 shares versus the three-month running average of 73,558.5 shares.

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