* Adjusted EPS $1.62 vs Street view $2.06
* Revenue rises 1.6 pct to $738.3 million
LOS ANGELES Aug 2 Drugmaker Cephalon Inc
CEPH.O, which is being acquired by Teva Pharmaceutical
Industries Ltd (TEVA.TA), reported lower-than-expected
quarterly earnings as revenue fell short of Wall Street
estimates and costs rose.
Second-quarter sales of Cephalon's central nervous system
drugs, including sleep drug Provigil, fell 5 percent from a
year earlier to $332.3 million. Spending on research and
development rose 33 percent to $134.8 million.
The company reported on Tuesday a net profit of $115.2
million, or $1.34 per share, compared with $92.4 million, or
$1.11 per share, a year earlier.
Excluding one-time items, earnings were $1.62 per share,
which fell short of the average analyst estimate of $2.06,
according to Thomson Reuters I/B/E/S.
Revenue rose 1.6 percent to $738.3 million, which also
missed Wall Street estimates of $764.4 million.
The shares of Cephalon, which agreed in May to be acquired
by Teva for $6.8 billion, or $81.50 per share, were unchanged
at $79.95 in after hours trading.
"We continue to work with both U.S. and European
authorities to obtain all necessary regulatory approvals in
order to close the transaction with Teva," Cephalon Chief
Executive Kevin Buchi said in a statement.
(Reporting by Deena Beasley; editing by Andre Grenon)