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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
07/30/201501:00:00Pharming Reports on Financial Results First Half Year 2015
07/28/201506:06:27Quarterly Report (10-q)
07/26/201521:52:43Teva Poised to Get a Big Boost in Generics
07/23/201507:30:08Valeant Upgrades Views With Big Quarter
07/23/201506:15:19Current Report Filing (8-k)
07/23/201506:00:00Valeant Pharmaceuticals Reports Second Quarter 2015 Financial...
07/23/201506:00:00Valeant Pharmaceuticals Reports Second Quarter 2015 Financial...
07/22/201516:57:31Statement of Changes in Beneficial Ownership (4)
07/22/201516:53:00Statement of Changes in Beneficial Ownership (4)
07/21/201501:00:00HAEi Global Access Program for RUCONEST® Now Live
07/20/201501:00:00Pharming Announces US$17 Million (€15.6 Million) Straight Debt F...
07/17/201508:00:00Valeant Pharmaceuticals Agrees To Acquire Amoun Pharmaceutical
07/17/201508:00:00Valeant Pharmaceuticals Agrees To Acquire Amoun Pharmaceutical
07/17/201506:59:27Current Report Filing (8-k)
07/14/201518:42:00UNILENS VISION INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL...
07/02/201519:19:22Statement of Changes in Beneficial Ownership (4)
07/02/201519:15:56Statement of Changes in Beneficial Ownership (4)
07/02/201519:12:25Statement of Changes in Beneficial Ownership (4)
07/02/201519:07:34Statement of Changes in Beneficial Ownership (4)
07/02/201518:14:34Statement of Changes in Beneficial Ownership (4)

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