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Business Description
Cephalon, Inc. is an international biopharmaceutical company engaged in the discovery, development and marketing of products to treat sleep disorders, neurological disorders, cancer and pain. In addition to conducting an active research and development program, it markets three products in the United States and numerous products in various countries throughout Europe. The Company operates manufacturing facilities in France for the production of modafinil, which is the active drug substance in PROVIGIL (modafinil) tablets [C-IV], and Salt Lake City, Utah, for the production of ACTIQ (oral transmucosal fentanyl citrate) [C-II] for worldwide distribution and sale. The Company's three biggest products in terms of product sales, PROVIGIL, ACTIQ and GABITRIL (tiagabine hydrochloride), accounted for approximately 86% of its worldwide net sales for 2003. In August 2004, the Company acquired Cima Labs, Inc., a company that develops and manufactures prescription and over-the-counter products.

Financial Information
For the nine months ended 9/30/04, revenues rose 42% to $716.4 million. Net loss totaled $151.9 million vs. an income of $52.6 million. Revenues reflect higher sales of PROVIGIL(R), ACTIQ(R) and GABITRIL(R). Net loss was offset by lower margin due to an increase in the reserch and development cost and selling and general expenses.