Cephalon Guides Higher

Drug developer Cephalon(CEPH Quote - Cramer on CEPH - Stock Picks) preannounced positive second-quarter results thanks to strong sales of its sleep-disorder drug Provigil and its cancer painkiller Actiq.

The Frazer, Pa., maker of cancer, pain and nervous-system drugs expects to report earnings 40% higher than its previous guidance of 95 cents to $1.05 a share that it provided in May. The implies a profit of $1.33 to $1.47 a share.

The company also expects to report second-quarter sales of between $420 million and $430 million, up from its prior forecast of $380 million to $390 million.

Shares of Cephalon were halted in after-hours trading Wednesday. In the regular session, the stock was up $1, or 1.5%, to $65.93. Cephalon is slated to report its earnings on Aug. 3.