Drugmaker Cephalon Inc (CEPH.O), which is being acquired by Teva Pharmaceutical Industries Ltd (TEVA.TA), reported lower-than-expected quarterly earnings as revenue fell short of Wall Street estimates and costs rose. Second-quarter sales of Cephalon's central nervous system drugs, including sleep drug Provigil, fell 5 percent from a year earlier to $332.3 million. Spending on research and development rose 33 percent to $134.8 million. The company reported on Tuesday a net profit of $115.2 million, or $1.34 per share, compared with $92.4 million, or $1.11 per share, a year earlier. Excluding one-time items, earnings were $1.62 per share, which fell short of the average analyst estimate of $2.06, according to Thomson Reuters I/B/E/S.
Cephalon, Inc. is a global biopharmaceutical company dedicated to discovering, developing and bringing to market medications to improve the quality of life of individuals around the world. Shares of CEPH fell by 0.17% or $-0.14/share to $79.95. In the past year, the shares have traded as low as $54.15 and as high as $81.11. On average, 2324630 shares of CEPH exchange hands on a given day and today's volume is recorded at 3564951.
