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Updated from 1:52 p.m. EDT
Pharmaceutical stocks rallied Monday, benefiting from positive earnings and merger news in the sector.
Drugmaker Eli Lilly (LLY Quote) topped analysts' first-quarter expectations and said it should earn $3.30 to $3.40 a share for the full year, up from its earlier target of $3.25 to $3.35. The stock was up $1.52, or 2.7%, to $58.40.
While Friedman Billings and Prudential downgraded shares of MedImmune (MEDI Quote), billionaire investor Carl Icahn said he will not oppose a sale of biotech drug maker. MedImmune was up $1.25, or 2.8%, to $45.44. ...
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