Cephalon's 2007 Results Exceed Full Year Sales and Earning...(S net 817828 ...)

DEFERRED TAX ASSETS, net 160,134 118,192

OTHER ASSETS 129,371 105,287

$3,506,269 $3,045,497

CURRENT LIABILITIES:

Current portion of long-term debt $1,237,169 $1,023,312

Accounts payable 91,437 90,586

Accrued expenses 677,184 263,478

Total current liabilities 2,005,790 1,377,376

LONG-TERM DEBT 3,788 224,992

DEFERRED TAX LIABILITIES, net 56,540 72,491

OTHER LIABILITIES 138,084 61,178

Total liabilities 2,204,202 1,736,037

STOCKHOLDERS' EQUITY:

Common stock, $0.01 par value 700 678

Additional paid-in capital 1,934,965 1,780,749

Treasury stock, at cost (158,173) (151,068)

Accumulated deficit (624,128) (425,256)

Accumulated other comprehensive income 148,703 104,357

Total stockholders' equity 1,302,067 1,309,460

$3,506,269 $3,045,497

Certain reclassifications of prior year amounts have been made to conform

to the current year presentation. The NUVIGIL(R) (armodafinil) [C-IV]

inventory balance of $89.1 million as of December 31, 2006 has been

reclassified from inventory to other assets, as we do not presently intend

to launch NUVIGIL commercially until around 2010.

CEPHALON, INC. AND SUBSIDIARIES

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