Company Raises Full-Year 2007 Income Per Share Guidance
FRAZER, Pa., April 25 /PRNewswire-FirstCall/ -- Cephalon, Inc. (Nasdaq:
CEPH) today announced that, based on preliminary financial results, it
expects basic adjusted income per common share for the first quarter of
2007 to exceed its previously issued guidance by approximately 50 percent,
largely driven by lower expenses and stronger than expected pain franchise
sales. Revised first quarter 2007 basic adjusted income per common share
guidance is now $1.40 - $1.45. The company also anticipates that net sales
for the first quarter of 2007 will be approximately $420 million, compared
to its previously issued sales guidance of $400 - $410 million.
The company is increasing its full-year 2007 adjusted net income
guidance by $33 million to $292 - $298 million and its basic adjusted
income per common share guidance by $0.50 to $4.40 - $4.50. Preliminary
basic adjusted income per common share amounts for the first quarter of
2007 and full-year 2007 guidance are reconciled below. Total sales guidance
for 2007 remains unchanged; the company will update the mix of sales
guidance, along with SG&A and R&D guidance, when it releases first quarter
2007 results on Tuesday, May 1, 2007 at 4:30 p.m. U.S. EST.
On May 1, 2007 at 5:00 p.m. U.S. EST, the company will host a
conference call with investors to discuss the company's first quarter 2007
performance. To participate in the conference call, dial 1-913-981-4911 and
refer to conference code number 8754971. Investors can listen to the call
live by logging on to the company's website at http://www.cephalon.com and
clicking on "Newsroom," then "Webcast." The conference call will be
archived and available to investors for one week after the call.
Cephalon, Inc.
Founded in 1987, Cephalon, Inc. is an international biopharmaceutical
company dedicated to the discovery, development and marketing of innovative
products in four core therapeutic areas: central nervous system, pain,
oncology and addiction. Cephalon currently employs approximately 3,000
people in the United States and Europe. Cephalon's U.S. headquarters are
located in Frazer, Pennsylvania, with offices, laboratories and
manufacturing facilities in West Chester, Pennsylvania, Salt Lake City,
Utah, and suburban Minneapolis, Minnesota. Cephalon's European headquarters
are located in Maisons-Alfort, France.
The company currently markets six proprietary products in the United
States: PROVIGIL(R) (modafinil), FENTORA(R) (fentanyl buccal tablet)
[C-II], ACTIQ(R) (oral transmucosal fentanyl citrate) [C-II], GABITRIL(R)
(tiagabine hydrochloride), TRISENOX(R) (arsenic trioxide) injection, and
VIVITROL(R) (naltrexone for extended-release injectable suspension). Full
prescribing information on its U.S. products is available at
http://www.cephalon.com or by calling 1-800-896-5855.
In addition to historical facts or statements of current condition,
this press release may contain forward-looking statements. Forward-looking
statements provide Cephalon's current expectations or forecasts of future
events. These may include statements regarding anticipated scientific
progress on its research programs; development of potential pharmaceutical
products, interpretation of clinical results; prospects for regulatory
approval; manufacturing development and capabilities; market prospects for
its products; sales and earnings guidance, including the amount by which
actual first quarter 2007 financial results exceed the company's previously
issued guidance, the amounts included in the reconciliation attached to
this press release and any future changes to full year 2007 guidance; and
other statements regarding matters that are not historical facts. You may
identify some of these forward-looking statements by the use of words in
the statements such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe" or other words and terms of similar meaning.
Cephalon's performance and financial results could differ materially from
those reflected in these forward-looking statements due to general
financial, economic, regulatory and political conditions affecting the
biotechnology and pharmaceutical industries as well as more specific risks
and uncertainties facing Cephalon such as those set forth in its reports on
Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange
Commission. Given these risks and uncertainties, any or all of these
forward-looking statements may prove to be incorrect. Therefore, you should
not rely on any such factors or forward-looking statements. Furthermore,
Cephalon does not intend to update publicly any forward-looking statement,
except as required by law. The Private Securities Litigation Reform Act of
1995 permits this discussion.
This press release and/or the financial information attached to this
press release include "Adjusted Net Income Guidance" and "Basic Adjusted
Income per Common Share Guidance," amounts that are considered "non-GAAP
financial measures" under SEC rules. As required, we have provided
reconciliations of these measures. Additional required information is
located in the Form 8-K furnished to the SEC in connection with this press
release.
CEPHALON, INC. AND SUBSIDIARIES
Reconciliation of Projected GAAP Basic Income per Common Share
to Projected Basic Adjusted Income Per Common Share
(Unaudited)
Three Months Ended
March 31, 2007
Projected GAAP basic income per
common share $1.09 -- $1.14
Amortization of current intangibles $0.32 -- $0.32
Research and development
collaboration agreement $0.15 -- $0.15
Tax effect of pre-tax adjustments at
the applicable tax rates $(0.16) -- $(0.16)
Projected basic adjusted income per
common share $1.40 -- $1.45
Reconciliation of Projected GAAP Basic Income per Common Share
to Basic Adjusted Income Per Common Share Guidance
(Unaudited)
Twelve Months Ended
December 31, 2007
Projected GAAP basic income per
common share $3.47 -- $3.57
Amortization of current intangibles $1.28 -- $1.28
Research and development
collaboration agreement $0.15 -- $0.15
Tax effect of pre-tax adjustments at
the applicable tax rates $(0.50) -- $(0.50)
Basic adjusted income per common
share guidance $4.40 -- $4.50
SOURCE Cephalon, Inc.
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Related links:
http://www.cephalon.com
http://www.prnewswire.com/comp/134563.html/
CONTACT:
Media, Sheryl Williams, +1-610-738-6493,
swilliams@cephalon.com, Investors, Robert (Chip) Merritt,
+1-610-738-6376, officecmerritt@cephalon.com, both of Cephalon,
Inc.
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