Cephalon Announces Strong Third Quarter Financi...(f definitive agreements. The previouslyd...)

"We are pleased with the strong financial performance we delivered in the third quarter of 2007," said Frank Baldino, Jr., Ph.D., Chairman and CEO. "We also are launching this month our latest product, AMRIX(TM), a once daily extended release muscle relaxant, and are excited about the continued development of our oncology business with TREANDA(R)."

Dr. Baldino continued, "We look forward to finalizing our settlement with the U.S. Attorney's Office. We have always taken seriously our responsibility to conduct our business in accordance with both the letter and spirit of the law. Over the past few years, we have devoted substantial resources to continually enhancing our compliance program and have built a strong foundation for our ongoing compliance efforts."

Based on the strong third quarter financial results announced today, the company is reiterating its guidance for 2007 total sales of $1.675 - $1.725

billion, and increasing its basic adjusted income per common share guidance from $4.40 - $4.50 per share to $4.45 - $4.55 per share.

Basic adjusted income per common share guidance for the full-year 2007 and 2008 is reconciled below and is subject to the assumptions set forth therein.

Cephalon is introducing 2008 sales guidance of $1.80 - $1.85 billion. This includes CNS franchise sales of $975 - $1,000 million, pain franchise sales of $500 - $525 million, which will include sales of AMRIX(TM) (cyclobenzaprine hydrochloride extended-release capsules), oncology franchise sales of $110 - $120 million, and other product sales of $190 - $205 million. SG&A and R&D guidance for 2008 are $710 - $730 million and $340 - $360 million, respectively.

The company also is introducing adjusted net income guidance for 2008 of $344 - $351 million and 2008 basic adjusted income per common share guidance of $5.10 - $5.20.

Cephal
'/>"/>