Cephalon's 2007 Results Exceed Full Year Sales and Earning...( Company Reiterates 2008 Earnings Gui...)

Company Reiterates 2008 Earnings Guidance and Introduces Q1 2008 Guidance

FRAZER, Pa., Feb. 12 /PRNewswire-FirstCall/ -- Cephalon, Inc. (Nasdaq: CEPH) today reported 2007 sales of $1.727 billion, compared to sales of $1.720 billion for 2006, exceeding the company's previously issued guidance. Basic loss per common share for the full year 2007 was $2.88. Excluding the previously announced settlement reserve, amortization expense and certain other items, basic adjusted income per common share for the full year was $4.64, which compares to $5.22 for 2006 and exceeds the high end of the company's earnings guidance range of $4.45 to $4.55.

2007 central nervous system (CNS) franchise sales increased 16 percent to $909.4 million compared to 2006 and the pain franchise reported strong sales of $512.6 million, a decrease of only 22 percent despite a full year of generic competition to ACTIQ(R) (oral transmucosal fentanyl citrate) [C-II]. Sales of other products increased 15 percent to $305.3 million.

"We delivered strong performance across all aspects of our business in 2007. We launched AMRIX, filed three NDAs, introduced three new Phase 1 programs, and delivered greater sales and earnings than expected," said Frank Baldino, Jr., Ph.D., Chairman and CEO. "We believe that 2008 will mark the beginning of a new phase of growth for the company with a full year of AMRIX sales, the potential for approval of TREANDA and expanded indications for FENTORA, and continued progress on the clinical development plan for NUVIGIL. In fact, the NUVIGIL program is already off to a great start with promising results 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 basic adjusted income per common share guidance of $5.10 - $5.20.

Cephalon is introducing first quarter 2008 sales guidance of $435 - $445 mil
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