UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 3)

CEPHALON INC.
(Name of Issuer)
- -----------------------------------------------------------

Common Stock
(Title of Class of Securities)
- -----------------------------------------------------------

156708189
(CUSIP Number)
- -----------------------------------------------------------

March 31, 2004
(Date of Event Which Requires Filing of this Statement)
- -----------------------------------------------------------


Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:

/x/ Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).

Potential persons who are to respond to the collection of
information contained in this form are not required to
respond unless the form displays a currently valid OMB
control number.

Page 1 of 8 pages





1. Names of Reporting Persons and I.R.S. Identification No.

UBS AG
- -----------------------------------------------------------

2. Check the Appropriate Box if a Member of a Group

a   / /
b   /X/  See Item 8 of attached schedule
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3. SEC USE ONLY

- -----------------------------------------------------------

4. Citizenship or Place of Organization

Switzerland
- -----------------------------------------------------------

Number of       5.  Sole Voting Power 		 0
Shares Bene-    6.  Shared Voting Power       6,688,440
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  6,688,440

Reporting
Person With:
- -----------------------------------------------------------

9. Aggregate Amount Beneficially Owned by Each Reporting
Person:

6,688,440 shares*
- -----------------------------------------------------------

10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares  / /
- -----------------------------------------------------------

11. Percent of Class Represented by Amount in Row 9

11.96%
- -----------------------------------------------------------

12. Type of Reporting Person

BK
- -----------------------------------------------------------

* UBS AG disclaims beneficial ownership of such securities.

Page 2 of 8 pages




1. Names of Reporting Persons and I.R.S. Identification No.

UBS Americas Inc.
- -----------------------------------------------------------

2. Check the Appropriate Box if a Member of a Group

a   / /
b   /X/  See Item 8 of attached schedule
- -----------------------------------------------------------

3. SEC USE ONLY

- -----------------------------------------------------------

4. Citizenship or Place of Organization

Delaware
- -----------------------------------------------------------

Number of       5.  Sole Voting Power 		 0
Shares Bene-    6.  Shared Voting Power       6,688,440
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  6,688,440
Reporting
Person With:
- -----------------------------------------------------------

9. Aggregate Amount Beneficially Owned by Each Reporting
Person:

6,688,440 shares*
- -----------------------------------------------------------

10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares  / /
- -----------------------------------------------------------

11. Percent of Class Represented by Amount in Row 9

11.96%
- -----------------------------------------------------------

12. Type of Reporting Person

OO
- -----------------------------------------------------------

* UBS Americas Inc. disclaims beneficial ownership of such
securities.

Page 3 of 8 pages





1
Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).

UBS Global Asset Management (Americas) Inc.
36-3664388
- -----------------------------------------------------------
2
Check the Appropriate Box if a Member of a Group (See
Instructions)
a   / /
b   /x/ See Item 8 of attached schedule.
- -----------------------------------------------------------
3
SEC USE ONLY
- -----------------------------------------------------------
4
Citizenship or Place of Organization - Delaware
- -----------------------------------------------------------

Number of       5.  Sole Voting Power 		 0
Shares Bene-    6.  Shared Voting Power       6,688,440
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  6,688,440
Reporting
Person With:
- -----------------------------------------------------------
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,688,440 Shares*
- -----------------------------------------------------------
10
Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
- -----------------------------------------------------------
11
Percent of Class Represented by Amount in Row (9)
11.96%
- -----------------------------------------------------------
12
Type of Reporting Person (See Instructions)
IA
- -----------------------------------------------------------

* UBS Global Asset Management (Americas) Inc. disclaims
beneficial ownership of such securities.



Page 4 of 8 pages





Cusip 156708189
- -----------------------------------------------------------

Item 1(a).  Name of Issuer:
CEPHALON INC.

Item 1(b).  Address of Issuer's Principal Executive Offices:
145 BRANDYWINE PKWY
WEST CHESTER, PA  19380

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Item 2(a) Name of Persons Filing:
UBS AG and UBS Americas Inc. and UBS Global Asset Management
(Americas) Inc.("UBS Global AM")

Item 2(b) Address of Principal Business Office or, if none,
Residence:

UBS AG's principal business office is:
Bahnhofstrasse 45
PO Box CH-8021
Zurich, Switzerland

UBS Americas Inc.'s principal business office is:
677 Washington Blvd.
Stamford, CT  06901

UBS Global AM's principal business office is:
One North Wacker, Chicago, Illinois  60606

Item 2(c) Citizenship:
Incorporated by reference to Item 4 of the cover pages.

Item 2(d) Title of Class of Securities:
Common Stock (the "Common Stock")

Item 2(e) CUSIP Number:
156708189
- -----------------------------------------------------------

Item 3.  Type of Person Filing:

UBS AG is classified as a Bank as defined in section 3(a)(6)
of the Act pursuant to no action relief granted by the staff
of the Securities and Exchange Commission.  UBS Global AM is
an Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940.
- -----------------------------------------------------------
Item 4 (a)-(c)(iv).  Ownership:
Incorporated by reference to Items 5-11 of the cover pages.

Page 5 of 8 pages





Cusip 156708189
- -----------------------------------------------------------

Item 5.  Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following / /.
- -----------------------------------------------------------

Item 6.  Ownership of More than Five Percent on Behalf of
Another Person:

Accounts managed on a discretionary basis by UBS Global AM
have the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, the
Common Stock.  No account holds more than 5 percent of the
outstanding Common Stock.
- -----------------------------------------------------------

Item 7.  Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent
Holding Company:

Identification:  UBS Global Asset Management (Americas) Inc.
Classification:  IA
- -----------------------------------------------------------

Item 8 Identification and Classification of Members of the
Group:

UBS Global AM is an indirect wholly-owned subsidiary of UBS
Americas Inc. which is a wholly-owned subsidiary of UBS AG.
UBS AG and UBS Americas Inc. are reporting indirect
beneficial ownership of holdings by reason of their ownership
of UBS Global Asset Management (Americas) Inc.  UBS AG does
not hereby affirm the existence of a group within the meaning
of Rule 13d-5(b)(1).
- -----------------------------------------------------------
Item 9 Notice of Dissolution of Group:
Not Applicable
- -----------------------------------------------------------
Item 10 Certification:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
- -----------------------------------------------------------
Page 6 of 8 pages

- -----------------------------------------------------------

Cusip 156708189

- -----------------------------------------------------------

SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.

Date:  April 12, 2004

UBS AG

By:   /s/ Robert C. Dinerstein
	Robert C. Dinerstein
	Managing Director


By:   /s/ Per Dyrvik
	Per Dyrvik
	Managing Director


UBS Americas Inc.

By:   /s/ Robert C. Dinerstein
	Robert C. Dinerstein
	Managing Director


By:   /s/ Per Dyrvik
	Per Dyrvik
	Managing Director


UBS Global Asset Management
(Americas) Inc.

	By: /s/Mark F. Kemper
	Mark F. Kemper
	Executive Director


	By: /s/Mary T. Capasso
	Mary T. Capasso
	Director

Page 7 of 8 pages





- -----------------------------------------------------------

Cusip 156708189

- -----------------------------------------------------------

AGREEMENT TO MAKE A JOINT FILING

UBS AG and UBS Americas Inc. each agrees that this
Schedule 13G (including all amendments hereto) is filed by
and on behalf of each such party.


Date:  April 12, 2004


UBS AG

By:   /s/ Robert C. Dinerstein
	Robert C. Dinerstein
	Managing Director


By:   /s/ Per Dyrvik
	Per Dyrvik
	Managing Director



UBS Americas Inc.

By:   /s/ Robert C. Dinerstein
	Robert C. Dinerstein
	Managing Director


By:   /s/ Per Dyrvik
	Per Dyrvik
	Managing Director


UBS Global Asset Management
(Americas) Inc.


	By: /s/Mark F. Kemper
	Mark F. Kemper
	Executive Director

	By: /s/Mary T.Capasso
	Mary T. Capasso
	Director

Page 8 of 8 pages