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Cephalon 2Q Profit Rises 33%, Adjusted Net Falls On Weak Sales

DOW JONES NEWSWIRES Cephalon Inc.'s (CEPH) second-quarter earnings rose 33% on an investment gain, but the biopharmaceutical company's adjusted profit fell, breaking a long streak, on weak sales for central nervous systems drugs. Sales of central-nervous-system drugs, the company's top-selling category, dropped 4.8%, while the smaller divisions for pain and oncology products saw sales rise 4.4% and 22%, respectively. The company's core profit had increased for three years straight until the latest period. The pace of growth in central-nervous-system drugs had been abating before declining in the latest period, as have the rates for pain and oncology. Cephalon posted a profit of $118.2 million, or $1.34 a share, from $89.1 million, or $1.11 a share, a year earlier. The latest results included a large gain on the fair value of investments, among other items. Excluding them, adjusted earnings fell to $1.62 a share from $2.05. Revenue increased 1.6% to $738.3 million. Analysts expected earnings of $2.06 a share on revenue of $764 million. Gross margin as a percentage of total revenue rose to 83.2% from 76.5%. But costs for research and development jumped 33%. In May, Cephalon agreed to a takeover by Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) for $6.8 billion, which prevailed over a hostile bid from Valeant Pharmaceuticals International Inc. (VRX, VRX.T). In June, U.S. antitrust regulators requested more details about the deal, a development Teva said it expected. Shares were up 0.2% at $80.09 after hours. Through the close, the stock has risen 30% so far this year, better than the wider market. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Valeant Pharma (VRX)
DateTimeHeadline
04/29/201611:06:36Proxy Statement (definitive) (def 14a)
04/29/201610:15:00Valeant Files Overdue Annual Report, Makes Sweeping Board Changes--Update
04/29/201609:31:00Valeant Announces Nominees For Election To Board Of Directors
04/29/201609:31:00Valeant Announces Nominees For Election To Board Of Directors
04/29/201609:13:00Valeant Files Overdue Annual Report, Resolving Risk of Default--Update
04/29/201608:57:00Valeant Files Overdue Annual Report, Resolving Risk of Default--Update
04/29/201608:42:00Valeant Files Overdue Annual Report--Update
04/29/201608:30:00Valeant Files Overdue Annual Report
04/29/201607:45:25Current Report Filing (8-k)
04/29/201607:28:00Valeant Pharmaceuticals Files Annual Report On Form 10-K For...
04/29/201607:26:19Annual Report (10-k)
04/27/201621:50:00Valeant to Make Sweeping Changes to Board
04/27/201621:30:00Valeant Discloses Pay for New CEO
04/27/201620:57:00Valeant Discloses Pay for New CEO
04/27/201617:40:00Valeant Steering Away From Aggressive Price Increases, Officials...
04/27/201617:25:02Current Report Filing (8-k)
04/27/201601:20:00Valeant Was Too Aggressive in Raising Drug Prices, CEO Says
04/26/201610:20:00Former Valeant Financial Chief to Testify Before Senate
04/26/201609:58:00Former Valeant Financial Chief Schiller to Testify At Senate...
04/26/201603:04:00CEO's Departure Rattles Perrigo Shareholders -- WSJ

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