Cephalon 1st-qtr 2011 sales leap 28% but below consensus forecasts

5 May 2011

US drugmaker Cephalon (Nasdaq: CEPH), which earlier this week agreed to be acquired by Israel’s Teva in a $6.8 billion deal (The Pharma Letter May 3), has reported first quarter 2011 net sales of $736.0 million, a leap of 28%. Basic income per common share for the period was $2.79. Excluding amortization expense and certain other items, adjusted net income for the first quarter of 2011 was $158.4 million, a 10% increase over the same period in 2010.

Basic adjusted income per common share for the quarter was $2.09, a 9% increase over the $1.92 for the first quarter of 2010. Sales and earnings were within the previously announced guidance range, the company noted. Analysts expected Cephalon to report a profit of $2.04 per share and $751.9 million in revenue, according to FactSet.

Strong oncology revenue growth

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