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Cephalon's 2007 Results Exceed Full Year Sales and Earnings Guidance

Wednesday, February 13, 2008 General News
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FRAZER, Pa., Feb. 12 Cephalon, Inc.(Nasdaq: CEPH) today reported 2007 sales of $1.727 billion, compared to salesof $1.720 billion for 2006, exceeding the company's previously issuedguidance. Basic loss per common share for the full year 2007 was $2.88.Excluding the previously announced settlement reserve, amortization expenseand certain other items, basic adjusted income per common share for the fullyear was $4.64, which compares to $5.22 for 2006 and exceeds the high end ofthe company's earnings guidance range of $4.45 to $4.55.
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2007 central nervous system (CNS) franchise sales increased 16 percent to$909.4 million compared to 2006 and the pain franchise reported strong salesof $512.6 million, a decrease of only 22 percent despite a full year ofgeneric competition to ACTIQ(R) (oral transmucosal fentanyl citrate) [C-II].Sales of other products increased 15 percent to $305.3 million.
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"We delivered strong performance across all aspects of our business in2007. We launched AMRIX, filed three NDAs, introduced three new Phase 1programs, and delivered greater sales and earnings than expected," said FrankBaldino, Jr., Ph.D., Chairman and CEO. "We believe that 2008 will mark thebeginning of a new phase of growth for the company with a full year of AMRIXsales, the potential for approval of TREANDA and expanded indications forFENTORA, and continued progress on the clinical development plan for NUVIGIL.In fact, the NUVIGIL program is already off to a great start with promisingresults from our first Phase 2 study in the treatment of schizophrenia."

The company is reiterating its guidance for 2008 total sales of $1.80 -$1.85 billion, adjusted net income of $344 - $351 million and its basicadjusted income per common share guidance of $5.10 - $5.20.

Cephalon is introducing first quarter 2008 sales guidance of $435 - $445million, adjusted net income guidance of $67.7 - $74.5 million and basicadjusted income per common share guidance of $1.00 - $1.10.

Basic adjusted income per common share guidance for both the first quarter2008 and full-year 2008 is reconciled below and is subject to the assumptionsset forth therein.

Cephalon's management will discuss the company's fourth quarter and fullyear 2007 performance in a conference call with investors beginning at 5:00p.m. U.S. EST on Tuesday, February 12, 2008. To participate in the conferencecall, dial +1-913-312-0669 and refer to conference code number 4647168.Investors can listen to the call live by logging on to the company's websiteat www.cephalon.com and clicking on "Investor Information," then "Webcast."The conference call will be archived and available to investors for one weekafter the call.

About Cephalon, Inc.

Founded in 1987, Cephalon, Inc. is an international biopharmaceuticalcompany dedicated to the discovery, development and marketing of innovativeproducts in four core therapeutic areas: central nervous system, pain,oncology and addiction. A member of the Fortune 1000, Cephalon currentlyemploys close to 3,000 people in the United States and Europe. U.S. sitesinclude the company's headquarters in Frazer, Pennsylvania, and offices,laboratories or manufacturing facilities in West Chester, Pennsylvania, SaltLake City, Utah, and suburban Minneapolis, Minnesota. Cephalon's Europeanheadquarters are located in Maisons-Alfort, France.

The company's proprietary products in the United States include:PROVIGIL(R) (modafinil) Tablets [C-IV], FENTORA(R) (fentanyl buccal tablet)[C-II], TRISENOX(R) (arsenic trioxide), AMRIX(R) (cyclobenzaprinehydrochloride extended-release capsules), VIVITROL(R) (naltrexone forextended-release injectable suspension), GABITRIL(R) (tiagabinehydrochloride), and ACTIQ(R). The company also markets numerous productsinternationally. Full prescribing information on its U.S. products isavailable at http://www.cephalon.com or by calling 1
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