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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
  D.C.&#160; 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of
  earliest event reported) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#160; <b>May&nbsp;1, 2008</b></font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Cephalon,&nbsp;Inc.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of
  Registrant as Specified in Charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-19119</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">23-2484489</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other
    Jurisdiction</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
    Incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
    No.)</font></p>
    </td>
   </tr>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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   <tr>
    <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.96%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">41
    Moores Rd.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.96%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Frazer,
    Pennsylvania</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19355</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.96%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
    Principal Executive Offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone
  number, including area code
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>(610)
  344-0200</b></font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
  Applicable</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former Name or
  Former Address, if Changed Since Last Report)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Written
  communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
  230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Pre-commencement communications pursuant
  to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Pre-commencement communications
  pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\dtodman\08-13141-1\task2909481\13141-1-ba.htm',USER='dtodman',CD='May  1 11:03 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.02</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Results of Operations and
  Financial Condition</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information
  under this caption is furnished by Cephalon,&nbsp;Inc. (the &#147;Company&#148;) in
  accordance with Securities Exchange Commission Release No.&nbsp;33-8216. This
  information shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the
  Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or
  incorporated by reference in any filing under the Securities Act of 1933, as
  amended, or the Exchange Act, except as shall be expressly set forth by specific
  reference in such a filing.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;1, 2008,
  the Company issued a press release announcing certain financial results for the
  first quarter 2008 and guidance amounts for the second quarter of 2008 and
  full-year 2008.&#160; A copy of the press
  release is attached hereto as Exhibit&nbsp;99.1 and incorporated herein by
  reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the attached
  press release, the Company discloses &#147;Adjusted net income&#148; &#147;Basic adjusted income
  per common share,&#148; &#147;Diluted adjusted income per common share,&#148; &#147;Basic adjusted income
  per common share guidance,&#148; and &#147;Adjusted net income guidance&#148; for certain
  periods, all of which are considered &#147;non-GAAP financial measures&#148; under
  Securities and Exchange Commission rules.&#160;
  A &#147;non-GAAP financial measure&#148; is defined as a numerical measure of a company&#146;s
  financial performance, financial position or cash flows that excludes (or
  includes) amounts that are included in (or excluded from) the most directly
  comparable measure calculated and presented in accordance with GAAP in the
  Company&#146;s financial statements.&#160;
  Management does not intend the presentation of non-GAAP financial
  measures to be considered in isolation or as a substitute for results prepared
  in accordance with GAAP.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For all periods
  presented, the Company reconciles net income on a GAAP basis to adjusted net
  income.&#160; Management believes that the presentation
  of these adjusted measures is useful to investors because it provides a means
  of evaluating the Company&#146;s operating performance and results from period to
  period on a comparable basis not otherwise apparent on a GAAP basis, since many
  one-time or infrequent charges, including items that may not affect the Company&#146;s
  operations, do not meet the strict GAAP definition of unusual non-recurring
  items.&#160; Furthermore, in preparing
  operating plans, budgets and forecasts, and in assessing historical
  performance, management relies, in part, on trends in the Company&#146;s historical
  results, exclusive of these items, and provides its forecasts to investors on
  this basis.&#160;&#160; Finally, management
  believes that this presentation is useful in facilitating comparisons between the
  Company and other companies in its industry, many of whom exclude similar items.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic adjusted income
  per common share and diluted adjusted income per common share represent the
  Company&#146;s adjusted net income, as described above, on a per share basis.&#160; Management believes that the presentation of
  these measures is meaningful because it provides investors with a means of
  evaluating adjusted net income against the Company&#146;s previously issued adjusted
  income per common share guidance.&#160; In
  addition, in assessing the Company&#146;s performance against its previously issued per
  share guidance, management uses these adjusted per share measures.&#160; The presentation of guidance for adjusted net
  income and basic adjusted net income per common share reconciles the Company&#146;s
  projected net income and basic income per common share on a GAAP basis to its
  current quarterly and full-year guidance.&#160;
  Management believes the presentation of these measures is useful to
  investors because it will enable investors to assess and compare the Company&#146;s
  guidance on an adjusted and a GAAP basis with adjusted actual results, when
  issued.&#160; Moreover, these measures provide
  a straightforward view of the Company&#146;s operations free from the complexity
  associated with determining the daily impact on the income per share
  calculation resulting from the Company&#146;s outstanding convertible notes. &#160;Finally, management utilizes the adjusted net
  income and basic adjusted income per common share measures in connection with
  its internal budgeting and forecasting.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Financial Statements and
  Exhibits</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
    </td>
    <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.22%;">
    <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits</font></u><font size="2" style="font-size:10.0pt;">.</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:37.6pt;width:93.06%;">
   <tr>
    <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.68%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:88.3%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description of Document</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in .7pt 0in .7pt;width:88.3%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
    May&nbsp;1, 2008</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
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  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\dtodman\08-13141-1\task2909481\13141-1-ba.htm',USER='dtodman',CD='May  1 11:03 2008' -->
  
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></u></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CEPHALON, INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;1, 2008</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ J. Kevin Buchi</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Kevin Buchi</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice
    President&nbsp;&amp; Chief Financial<br>
    Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\dtodman\08-13141-1\task2909481\13141-1-ba.htm',USER='dtodman',CD='May  1 11:03 2008' -->
  
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.02%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="89%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:89.32%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.02%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="89%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.32%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.02%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
    May&nbsp;1, 2008</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-13141_18k.htm", "description": "8-K", "secsgml_size_bytes": 31098}]
metadata_filer: {"company-data": {"conformed-name": "CEPHALON INC", "cik": "0000873364", "assigned-sic": "2834", "irs-number": "232484489", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19119", "film-number": "08794875"}, "business-address": {"street1": "41 MOORES ROAD", "city": "FRAZER", "state": "PA", "zip": "19355", "phone": "6103440200"}, "mail-address": {"street1": "41 MOORES ROAD", "city": "FRAZER", "state": "PA", "zip": "19355"}}
text: UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C.  20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  Date of report (Date of
  earliest event reported)
  May 1, 2008
  Cephalon, Inc.
  (Exact Name of
  Registrant as Specified in Charter)
  Delaware
  0-19119
  23-2484489
  (State or Other
    Jurisdiction
  (Commission
  (IRS Employer
  of
    Incorporation)
  File Number)
  Identification
    No.)
  41
    Moores Rd.
  Frazer,
    Pennsylvania
  19355
  (Address of
    Principal Executive Offices)
  (Zip Code)
  Registrant's telephone
  number, including area code
  (610)
  344-0200
  Not
  Applicable
  (Former Name or
  Former Address, if Changed Since Last Report)
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:
  o
  Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant
  to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item 2.02
  Results of Operations and
  Financial Condition
  .
  The information
  under this caption is furnished by Cephalon, Inc. (the "Company") in
  accordance with Securities Exchange Commission Release No. 33-8216. This
  information shall not be deemed "filed" for purposes of Section 18 of the
  Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
  incorporated by reference in any filing under the Securities Act of 1933, as
  amended, or the Exchange Act, except as shall be expressly set forth by specific
  reference in such a filing.
  On May 1, 2008,
  the Company issued a press release announcing certain financial results for the
  first quarter 2008 and guidance amounts for the second quarter of 2008 and
  full-year 2008.  A copy of the press
  release is attached hereto as Exhibit 99.1 and incorporated herein by
  reference.
  In the attached
  press release, the Company discloses "Adjusted net income" "Basic adjusted income
  per common share," "Diluted adjusted income per common share," "Basic adjusted income
  per common share guidance," and "Adjusted net income guidance" for certain
  periods, all of which are considered "non-GAAP financial measures" under
  Securities and Exchange Commission rules. 
  A "non-GAAP financial measure" is defined as a numerical measure of a company's
  financial performance, financial position or cash flows that excludes (or
  includes) amounts that are included in (or excluded from) the most directly
  comparable measure calculated and presented in accordance with GAAP in the
  Company's financial statements. 
  Management does not intend the presentation of non-GAAP financial
  measures to be considered in isolation or as a substitute for results prepared
  in accordance with GAAP.
  For all periods
  presented, the Company reconciles net income on a GAAP basis to adjusted net
  income.  Management believes that the presentation
  of these adjusted measures is useful to investors because it provides a means
  of evaluating the Company's operating performance and results from period to
  period on a comparable basis not otherwise apparent on a GAAP basis, since many
  one-time or infrequent charges, including items that may not affect the Company's
  operations, do not meet the strict GAAP definition of unusual non-recurring
  items.  Furthermore, in preparing
  operating plans, budgets and forecasts, and in assessing historical
  performance, management relies, in part, on trends in the Company's historical
  results, exclusive of these items, and provides its forecasts to investors on
  this basis.   Finally, management
  believes that this presentation is useful in facilitating comparisons between the
  Company and other companies in its industry, many of whom exclude similar items.
  Basic adjusted income
  per common share and diluted adjusted income per common share represent the
  Company's adjusted net income, as described above, on a per share basis.  Management believes that the presentation of
  these measures is meaningful because it provides investors with a means of
  evaluating adjusted net income against the Company's previously issued adjusted
  income per common share guidance.  In
  addition, in assessing the Company's performance against its previously issued per
  share guidance, management uses these adjusted per share measures.  The presentation of guidance for adjusted net
  income and basic adjusted net income per common share reconciles the Company's
  projected net income and basic income per common share on a GAAP basis to its
  current quarterly and full-year guidance. 
  Management believes the presentation of these measures is useful to
  investors because it will enable investors to assess and compare the Company's
  guidance on an adjusted and a GAAP basis with adjusted actual results, when
  issued.  Moreover, these measures provide
  a straightforward view of the Company's operations free from the complexity
  associated with determining the daily impact on the income per share
  calculation resulting from the Company's outstanding convertible notes.  Finally, management utilizes the adjusted net
  income and basic adjusted income per common share measures in connection with
  its internal budgeting and forecasting.
  Item 9.01
  Financial Statements and
  Exhibits
  .
  (c)
  Exhibits
  .
  Exhibit No.
  Description of Document
  99.1
  Press Release dated
    May 1, 2008
  2
  SIGNATURES
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.
  CEPHALON, INC.
  Date: May 1, 2008
  By:
  /s/ J. Kevin Buchi
  J. Kevin Buchi
  Executive Vice
    President & Chief Financial
  Officer
  3
  EXHIBIT INDEX
  Exhibit
  Number
  Description
  99.1
  Press Release dated
    May 1, 2008
  4