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Cephalon Exceeds Both Sales and Earnings Guidance for Second Quarter of 2008
Date:7/29/2008

8,743 38,240 46,983

Oncology 23,949 47,642 71,591 8,743 38,240 46,983

Other 26,644 82,517 109,161 25,833 75,863 101,696

$727,480 $191,459 $918,939 $696,685 $162,388 $859,073

%

Increase

(Decrease)

United

States Europe Total

Sales:

PROVIGIL 7% 26% 8%

GABITRIL (5%) (20%) (8%)

CNS 6% 18% 7%

ACTIQ (32%) 41% (21%)

Generic OTFC (13%) - (13%)

FENTORA 11% - 11%

AMRIX 100% - 100%

Pain (4%) 41% (1%)

TREANDA 100% - 100%

Other 9% 25% 22%

Oncology 174% 25% 52%

Other 3% 9% 7%

4% 18% 7%

CEPHALON, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

June 30, December 31,

2008 2007

CURRENT ASSETS:

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SOURCE Cephalon, Inc.
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3. Cephalon Reinforces Important Prescribing and Dosing Information for FENTORA
4. Cephalon Submits New Drug Application for TREANDA for the Treatment of Chronic Lymphocytic Leukemia
5. Cephalon Quarterly Conference Call Invitation
6. Cephalon Announces Strong Third Quarter Financial Results
7. Cephalon Submits Supplemental New Drug Application for FENTORA
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10. Cephalons EFFENTORA Receives Positive Opinion from European Regulatory Authorities for the Management of Breakthrough Cancer Pain
11. Cephalon Provides Update on Regulatory Status of the FENTORA Supplemental New Drug Application
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