Pharmaceutical giant Cephalon Inc. (NASDAQ: CEPH) slipped into the earnings spotlight after the close last night to report that its fourth-quarter profit dropped, due to a large charge for ending a partnership on a drug to help alcoholics, and higher research and development costs. For the quarter, earnings rolled in at $1.46 per share, excluding items, beating the consensus estimate by 10 cents.
CEPH posted a net profit of $11.6 million, or 15 cents per share, compared with a net profit of $41.8 million, or 53 cents a share, a year ago. Revenue for the quarter rose 20% to $540.1 million, fueled by a 28% rise in sales of Provigil, for the sleep disorder narcolepsy, to $281.2 million. Analysts had predicted revenue of $525.9 million.
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