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

otal sales guidance is increased by $30 million to $1.86 - $1.91 billion. This includes CNS franchise sales of $975 - $1,000 million, pain franchise sales of $500 - $525 million, oncology franchise sales of $155 - $180 million, and other product sales of $200 - $225 million. Full year SG&A and R&D guidance is $770 - $790 million and $340 - $360 million, respectively, and reflects a $30 million increase in SG&A guidance. Adjusted net income guidance for 2008 is $346 - $353 million and basic adjusted income per common share guidance is $5.10 - $5.20.

For the third quarter of 2008, Cephalon is introducing sales guidance of $480 - $490 million, adjusted net income guidance of $85 - $92 million and basic adjusted income per common share guidance of $1.25 - $1.35.

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

Cephalon's management will discuss the company's second quarter 2008 performance in a conference call with investors beginning at 5:00 p.m. U.S. EDT today. To participate in the conference call, dial +1-913-312-9303 and refer to conference code number 6640353. Investors can listen to the call live by logging on to the company's website at http://www.cephalon.com and clicking on "Investor Information," then "Webcast." The conference call will be archived and available to investors for one week after the call.

About Cephalon, Inc.

Founded in 1987, Cephalon, Inc. is an international biopharmaceutical company dedicated to the discovery, development and commercialization of innovative products in four core therapeutic areas: central nervous system, pain, oncology and addiction. A member of the Fortune 1000, Cephalon currently employs approximately 3,000 people in the United States and Europe. U.S. sites include the company's headquarters in Frazer, Pennsylvania,
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SOURCE Cephalon, Inc.
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