Shares of Cephalon Inc. rose more than 6 percent today after the Frazer company raised its first-quarter and full-year profit outlook.

Cephalon said it expects first-quarter basic adjusted earnings per share of $1.40 to $1.45 on sales of about $420 million, compared to its previous forecast of 90 cents to $1 a share on $400 million to $410 million in revenue.

Cephalon cited lower expenses and stronger than expected sales of pain medicines.

The company also raised its full-year 2007 profit forecast by $33 million to a range of $292 million to $298 million, or $4.40 to $4.50 adjusted basic earnings per share.

Cephalon did not change its 2007 sales estimates of $1.68 billion to $1.73 billion. The company is scheduled to report first-quarter earnings May 1.

Shares rose $4.87 to $80.17 in midday trading on the Nasdaq.