<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Cephalon,
Inc.'s Form 10Q for the quarterly period ended June 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000873364
<NAME> CEPHALON, INC.
       
                                                  
<PERIOD-TYPE>                   9-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1996             JAN-01-1995
<PERIOD-END>                               SEP-30-1996             SEP-30-1995
<CASH>                                       8,006,000               6,565,000
<SECURITIES>                               136,691,000             171,502,000
<RECEIVABLES>                                        0                       0
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<CURRENT-ASSETS>                             5,807,000              10,415,000
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<DEPRECIATION>                              12,541,000               9,652,000
<TOTAL-ASSETS>                             180,364,000             221,330,000
<CURRENT-LIABILITIES>                       18,836,000              18,402,000
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                       245,000                 238,000
<OTHER-SE>                                 140,500,000             179,967,000
<TOTAL-LIABILITY-AND-EQUITY>               180,364,000             221,330,000
<SALES>                                              0                       0
<TOTAL-REVENUES>                            17,575,000              46,347,000
<CGS>                                                0                       0
<TOTAL-COSTS>                               64,229,000              65,064,000
<OTHER-EXPENSES>                                     0                       0
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<INTEREST-EXPENSE>                           1,745,000               2,468,000
<INCOME-PRETAX>                                      0                       0
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<NET-INCOME>                              (48,399,000)            (21,185,000)
<EPS-PRIMARY>                                   (2.00)                  (1.10)
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