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

Reconciliation of GAAP Net Income to Adjusted Net Income

(Unaudited)

Three Months Ended

June 30,

2008 2007

GAAP NET INCOME $ 60,068 $ (4,308)

Cost of sales adjustments 28,892(1) 21,016(1)

Research and development adjustments - 16,500(2)

Settlement reserve - 56,000(3)

Gain on sale of investment - (5,791)(4)

Interest expense adjustment 3,750(5) -

Restructuring adjustment 1,565(6) -

Income tax adjustment (9,814)(7) (7,784)(7)

24,393 79,941

ADJUSTED NET INCOME $ 84,461 $ 75,633

BASIC ADJUSTED INCOME PER COMMON SHARE $1.25 $1.14

DILUTED ADJUSTED INCOME PER COMMON SHARE $1.13 $0.93

WEIGHTED AVERAGE NUMBER OF COMMON

SHARES OUTSTANDING 67,777 66,445

WEIGHTED AVERAGE NUMBER OF COMMON

SHARES OUTSTANDING-ASSUMING DILUTION 74,852 81,209

Notes to Reconciliation of GAAP Net Income to Adjusted Net Income

(1) To exclude the on-going amortization of acquired intangible assets

($26.8 million in 2008; $21.0 million in 2007), and accelerated

depreciation related to restructuring ($2.1 million in 2008).

(2) To exclude charges related to payments for several research and

development collaborations.

(3) To exclude the reserve established for the minimum liabilit
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SOURCE Cephalon, Inc.
Copyright©2008 PR Newswire.
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