X0202 4 2004-12-17 0 0000873364 CEPHALON INC CEPH 0001209721 OSBORN JOHN E 145 BRANDYWINE PKWY WEST CHESTER PA 19380 0 1 0 0 Sr. VP, General Counsel & Sec. Common Stock 2004-12-15 4 M 0 20000 24.25 A 36662 D Common Stock 2004-12-15 4 S 0 1226 48.32 D 35436 D Common Stock 2004-12-15 4 S 0 1666 48.34 D 33770 D Common Stock 2004-12-15 4 S 0 306 48.41 D 33464 D Common Stock 2004-12-15 4 S 0 200 48.43 D 33264 D Common Stock 2004-12-15 4 S 0 506 48.44 D 32758 D Common Stock 2004-12-15 4 S 0 2300 48.45 D 30458 D Common Stock 2004-12-15 4 S 0 200 48.46 D 30258 D Common Stock 2004-12-15 4 S 0 4155 48.48 D 26103 D Common Stock 2004-12-15 4 S 0 200 48.49 D 25903 D Common Stock 2004-12-15 4 S 0 600 48.5 D 25303 D Common Stock 2004-12-15 4 S 0 300 48.51 D 25003 D Common Stock 2004-12-15 4 S 0 100 48.52 D 24903 D Common Stock 2004-12-15 4 S 0 100 48.53 D 24803 D Common Stock 2004-12-15 4 S 0 2227 48.54 D 22576 D Common Stock 2004-12-15 4 S 0 32 48.55 D 22544 D Common Stock 2004-12-15 4 S 0 3696 48.56 D 18848 D Common Stock 2004-12-15 4 S 0 1000 48.58 D 17848 D Common Stock 2004-12-15 4 S 0 1186 48.59 D 16662 D Common Stock 2004-12-16 4 A 0 18000 0 A 34662 D Common Stock 2004-12-17 4 S 0 28 48.18 D 34634 D Common Stock 2004-12-17 4 S 0 4121 48.19 D 30513 D Common Stock 2004-12-17 4 F 0 1263 48.99 D 29250 D Incentive Stock Option (right to buy) 48.06 2004-12-16 4 A 0 2080 0 A 2008-12-16 2014-12-16 Common Stock 2080 2080 D Non-Qualified Stock Option (right to buy) 24.25 2004-12-15 4 M 0 20000 0 D 2001-02-27 2007-02-27 Common Stock 20000 0 D Non-Qualified Stock Option (right to buy) 48.06 2004-12-16 4 A 0 17920 0 A 2008-12-16 2014-12-16 Common Stock 17920 17920 D Restricted stock award, pursuant to Company benefit plan, vesting 25% per year over 4 years. Shares withheld pursuant to exercise of tax withholding right under Cephalon, Inc. 2004 Equity Compensation Plan. Options vest 25% on each annual anniversary of grant and are fully vested 4 years from date of grant. Options expire 10 years from date of grant. John E. Osborn 2004-12-17