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Exhibit 12.1

Cephalon, Inc.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Amounts in thousands of dollars)

	Year Ended December 31,
										Nine Months Ended Sept 30, 2003
	1998		1999		2000		2001		2002
Pre-tax income (loss) from continuing operations	(71,124	)	(79,432	)	(93,744	)	(55,484	)	62,433	82,241
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness	2,017		8,377		5,189		20,630		38,215	32,390
Appropriate portion of rentals	604		907		747		1,092		1,433	1,511
Preferred stock dividend requirements of consolidated subsidiaries	—		3,398		9,063		5,664		—	—
Total fixed charges	2,621		12,682		14,999		27,386		39,648	33,901
Pre-tax income (loss) from continuing operations, plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries	(68,503	)	(70,148	)	(87,808	)	(33,762	)	102,081	116,142
Ratio of earnings to fixed charges(1)	—		—		—		—		2.57	3.43

(1)

For the years ended December 31, 1998, 1999, 2000 and 2001, no ratios are provided because earnings were insufficient to cover fixed charges and fixed charges and preferred dividends, respectively.

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Cephalon, Inc. Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends