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)
- -----------------------------------------------------------

December 31, 2005
Date of Event Which Requires Filing of this Statement)
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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 (for the benefit and on behalf of the Traditional
Investments division of the UBS Global Asset Management
business group of UBS AG (see Item 7))
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2. Check the Appropriate Box if a Member of a Group

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

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4. Citizenship or Place of Organization

Switzerland
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Number of       5.  Sole Voting Power 	    5,013,188
Shares Bene-    6.  Shared Voting Power       0
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  9,658,605

Reporting
Person With:
- -----------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting
Person:

9,658,605*
- -----------------------------------------------------------
10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares  / /
- -----------------------------------------------------------

11. Percent of Class Represented by Amount in Row 9

16.6%
- -----------------------------------------------------------
12. Type of Reporting Person

BK, HC
- -----------------------------------------------------------
UBS AG disclaims beneficial ownership of such securities
pursuant To Rule 13d-4 under the Securities Exchange Act
of 1934.  In accordance with SEC Release No. 34-395-538
(January 12, 1998), this filing reflects the securities
beneficially owned by the Traditional Investments division
of the UBS Global Asset Management business group of UBS AG
and its subsidiaries and affiliates (collectively, UBS).
This filing does not reflect securities, if any,
beneficially owned by any other division or business
group of UBS.

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   / /  See Item 8 of attached schedule
- -----------------------------------------------------------

3. SEC USE ONLY

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

4. Citizenship or Place of Organization

Delaware
- -----------------------------------------------------------
Number of       5.  Sole Voting Power 	    2,668,321
Shares Bene-    6.  Shared Voting Power       0
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  3,345,021
Reporting
Person With:
- -----------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting
Person:

3,345,021 shares*
- -----------------------------------------------------------
10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares  / /
- -----------------------------------------------------------
11. Percent of Class Represented by Amount in Row 9

5.8%
- -----------------------------------------------------------
12. Type of Reporting Person

HC
- -----------------------------------------------------------

* UBS Americas Inc. disclaims beneficial ownership of such
securities pursuant to Rule 13d-4 under the Securities Exchange
Act of 1934.  In accordance with SEC Release No. 34-395-538
(January 12, 1998), this filing reflects the securities
beneficially owned by the Traditional Investments division
of the UBS Global Asset Management business group of UBS AG
and its subsidiaries and affiliates (collectively, UBS).
This filing does not reflect securities, if any, beneficially
owned by any other division or business group of UBS.

Page 3 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


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

Item 2(a) Name of Persons Filing:
UBS AG and UBS Americas Inc

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

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 Americas Inc.
is the parent holding company of UBS Global Asset Management
(Americas) Inc.
- -----------------------------------------------------------
Item 4 (a)-(c)(iv).  Ownership:
Incorporated by reference to Items 5-11 of the cover pages.

Page 4 of 8 pages



- -----------------------------------------------------------
Cusip 156708189
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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 the UBS Global
Asset Management business group of UBS AG 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.  To the
best of our knowledge, 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

In addition to UBS Global AM, the following UBS affiliates
and subsidiaries are part of the Traditional Investments
division of the UBS Global Asset Management business group:
UBS Global Asset Management (US) Inc., UBS Global Asset
Management Trust Company, UBS Global Asset Management
International Limited, UBS Global Asset Management (Canada)
Co., UBS International, Inc., UBS Global Asset Management
(Australia) Ltd., UBS Global Asset Management (Hong Kong)
Limited, UBS (Trust & Banking) Limited, UBS Global Asset
Management (Japan) Ltd., UBS Global Asset Management
(Singapore) Ltd., UBS Global Asset Management (Taiwan) Ltd.,
UBS Global Asset Management (France) SA, UBS Global Asset
Management (Deutschland) GmbH, UBS Global Asset Management
(Italia) Sim Spa, UBS Fund Services (Luxembourg) S.A., UBS
Espana S.A., UBS (Cayman Islands) Ltd., UBS Fund Management
(Switzerland) AG, UBS Global Asset Management (UK) Ltd.
- -----------------------------------------------------------
Item 8 Identification and Classification of Members of the Group:

UBS Global Asset Management (Americas) Inc. (UBS Global AM) is
a wholly-owned subsidiary of UBS Americas Inc. which is a
wholly-owned subsidiary of UBS AG.  UBS AG is reporting direct
and indirect beneficial ownership of holdings. UBS Americas Inc.
is reporting indirect beneficial ownership of holdings by reason
of its ownership of UBS Global AM.  None of the reporting persons
affirms the existence of a group within the meaning of Rule 13d-5(b)(1).

Page 5 of 8 pages



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

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


Item 9 Notice of Dissolution of Group:

Not Applicable

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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.

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

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:  February 14, 2005

                              UBS AG


                              By:   /s/ Per Dyrvik
                              Per Dyrvik
                              Managing Director

                              By:   /s/ Teresa Ressel
                              Teresa Ressel
                              Managing Director

                              UBS Americas Inc.


                              By:   /s/ Per Dyrvik
                              Per Dyrvik
                              Managing Director

                              By:   /s/ Teresa Ressel
                              Teresa Ressel
                              Managing Director
Page 7 of 8


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


              AGREEMENT TO MAKE A JOINT FILING

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


Date:  February 14, 2006


                              UBS AG


                              By:   /s/ Per Dyrvik
                              Per Dyrvik
                              Managing Director

                              By:   /s/ Teresa Ressel
                              Teresa Ressel
                              Managing Director


                              UBS Americas Inc.


                              By:   /s/ Per Dyrvik
                              Per Dyrvik
                              Managing Director

                              By:   /s/ Teresa Ressel
                              Teresa Ressel
                              Managing Director


Page 8 of 8 pages