DOW JONES NEWSWIRES
Cephalon Inc.'s (CEPH) first-quarter profit nearly doubled as
sales surged and a gain related to the fair value of investments
boosted the bottom line.
The drug maker has benefited from strong sales, especially of
its central-nervous system and oncology drugs, and it has launched
products and expanded via acquisitions to confront pressure from
generic competition. Monday, it agreed to be acquired by Teva
Pharmaceutical Industries Ltd. (TEVA) for $6.8 billion, which
topped a previous hostile bid from Valeant Pharmaceuticals
International Inc. (VRX, VRX.T).
Cephalon reported a profit of $211.1 million, or $2.64 a share,
up from $110.6 million, or $1.35 a share, a year earlier. Excluding
items such as a change in the fair value of investments and charges
from acquired research and development, basic earnings per share
rose to $2.09 from $1.92. Revenue jumped 25% to $745.1 million.
In February, the company forecast basic adjusted earnings per
share of $1.90 to $2.10 on $725 million to $755 million in
sales.
Sales of central-nervous-system drugs, the largest top-line
contributor, rose 7%, while pain and oncology saw respective
increases of 13% and 35%.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com