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Cephalon, Inc. Added to NASDAQ 100 Index

Published: May 31, 2007

Frazer, Pa., May 31 /PRNewswire-FirstCall/ -- Cephalon, Inc. today announced that the company will be added to the NASDAQ- 100 Index(R), effective as of the market open on Friday, June 1, 2007. Shares of Cephalon will also be included in the PowerShares QQQ(TM).

"We are delighted to be recognized as part of the NASDAQ-100 Index," said J. Kevin Buchi, Executive Vice President and Chief Financial Officer. "Listing in the NASDAQ-100 reflects significant achievements across our business in recent years. We look forward to continuing growth as the Company advances its mission of developing innovative medicine for improving human health."

Launched in January 1985, the NASDAQ-100 Index includes 100 of the largest non-financial domestic and international securities listed on The NASDAQ Stock Market based on market capitalization. The PowerShares QQQ was launched in March 1999 and represents ownership in the PowerShares QQQ Trust. The Trust holds a portfolio of equity securities that compose the Nasdaq-100 Index and aims to provide investment results that generally correspond with the Nasdaq- 100 Index performance.

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. A first time member of the Fortune 1000, Cephalon currently employs approximately 3,000 people in the United States and Europe. U.S. sites include the company's headquarters in Frazer, Pennsylvania, and offices, laboratories or 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's proprietary products in the United States include: PROVIGIL(R) (modafinil) Tablets [C-IV], FENTORA(R) (fentanyl buccal tablet) [C-II], TRISENOX(R) (arsenic trioxide) injection, VIVITROL(R) (naltrexone for extended-release injectable suspension), GABITRIL(R) (tiagabine hydrochloride), and ACTIQ(R) (oral transmucosal fentanyl citrate) [C-II]. The Company also markets numerous products internationally. 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, adjusted net income and basic adjusted income per common share guidance; and other statements regarding matters that are not historical facts, including the Company's expectations for continued growth in the future. 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.

Cephalon, Inc.

CONTACT: Media, Sheryl Williams, +1-610-738-6493, swilliam@cephalon.com,or Investors, Robert (Chip) Merritt, +1-610-738-6376,cmerritt@cephalon.com, both of Cephalon, Inc.

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