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Earnings down for Cephalon

US-based biopharmaceutical firm Cephalon has recorded a 14 per cent decrease in net profit despite rising sales over the second quarter of 2011

US-based biopharmaceutical firm Cephalon has recorded a 14 per cent decrease in net profit despite rising sales over the second quarter of 2011.

The company had a net profit $142.6m compared to $165.3m in 2010.

Sales increased by 2 per cent however, with total revenue reported as $730.1m.

The company's oncology division had a particular impact on the company's performance, with sales up 22 per cent to $158.8m. This was helped by significant sales of chronic lymphocytic leukaemia treatment Treanda (bendamustine hydrochloride).

Cephalon is currently in the middle of an acquisition by Teva Pharmaceutical. In May, 2010, the companies entered into an agreement where Teva would acquire all outstanding shares in Cephalon for $81.50 per share in cash, a total value of around $6.8bn

In the quarterly report, Kevin Buchi, CEO, Cephalon, said: "We continue to work with both US and European authorities to obtain all necessary regulatory approvals in order to close the transaction with Teva."

3rd August 2011

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