Date:8/22/2011

a wholly-owned subsidiary of Teva Pharmaceutical Industries Ltd. in October 2011 and, in addition, may include statements regarding anticipated scientific progress on its research programs, development of potential pharmaceutical products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, sales and earnings guidance, and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or other words and terms of similar meaning. Cephalon's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries as well as more specific risks and uncertainties facing Cephalon such as those set forth in its reports on Form 8-K, 10-Q and 10-K filed with the SEC. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Cephalon does not intend to update publicly any forward-looking statement, except as required by law. The Private Securities Litigation Reform Act of 1995 permits this discussion.Cephalon:Investor Contacts:Media Contacts:Chip Merritt

(610) 738-6376

cmerritt@cephalon.comFritz Bittenbender

Cell: (610) 457-7041

Office: (610) 883-5855

fbittenb@cephalon.comJoseph Marczely

(610) 883-5894

jmarczely@cephalon.comNatalie de Vane

Cell: (610) 999-8756

Office: (610) 727-6536

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SOURCE Cephalon, Inc. Copyright©2010 PR Newswire. All rights reserved

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