<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CEPHALON
INC.'S FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996 IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000873364
<NAME> CEPHALON, INC.
       
                                                  
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          MAR-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1996             JAN-01-1995
<PERIOD-END>                               MAR-31-1996             MAR-31-1995
<CASH>                                       5,826,000               6,565,000
<SECURITIES>                               161,762,000             171,502,000
<RECEIVABLES>                                   57,000                  33,000
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                           176,998,000             188,482,000
<PP&E>                                      40,057,000              39,654,000
<DEPRECIATION>                              10,610,000               9,652,000
<TOTAL-ASSETS>                             209,329,000             221,330,000
<CURRENT-LIABILITIES>                       17,338,000              18,402,000
<BONDS>                                     39,211,000              41,125,000
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                       242,000                 238,000
<OTHER-SE>                                 169,876,000             179,967,000
<TOTAL-LIABILITY-AND-EQUITY>               209,329,000             221,330,000
<SALES>                                              0                       0
<TOTAL-REVENUES>                             5,469,000               4,490,000
<CGS>                                                0                       0
<TOTAL-COSTS>                               19,788,000              16,603,000  
<OTHER-EXPENSES>                                     0                       0
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                             619,000                 468,000
<INCOME-PRETAX>                           (14,938,000)            (12,581,000)
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                       (14,938,000)            (12,581,000)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                              (14,938,000)            (12,581,000)
<EPS-PRIMARY>                                   (0.62)                  (0.69)
<EPS-DILUTED>                                        0                       0