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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
873364	Cephalon Inc	CEPH	Pharmaceutical Preparations (2834)	232484489

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1066140	P William Egan	41 Moores Road Frazer PA 19355		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2011-05-06	10,000	$63.98	10,000	No	4	M	Direct
Common Stock	Disposition	2011-05-06	10,000	$79.89	0	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Non-Qualified Stock Option	Disposition	2011-05-06	10,000	$0.00	10,000	$63.98

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2005-05-17	2011-05-17	No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	21,661	Indirect	by Trust

Footnotes

This price is a weighted average sale price. The prices at which the shares actually sold ranged from $79.891 to $79.902. The reporting person has provided to the issuer, and upon request will provide to any security holder of the issuer or to the SEC staff, information regarding the number of shares sold at each price within the range.
Options vest 25% on each anniversary of grant and are fully vested 4 years from the date of grant. Options expire ten years from date of grant.