Overall, Baldino received about $14.9 million in overall compensation. His salary rose 4 percent to just over $1.2 million, but the performance bonus fell 19.6 percent to just under $1.8 million. Perks, which included a car allowance and financial planning benefits, fell 17 percent to $63,750.

He also received $11.8 million worth of stock and option awards based on their value when they were granted, according to a filing with the Securities and Exchange Commission. That marks a 5 percent reduction from the prior year. Also, the shares are “underwater” or worth less than $73.25 closing price on the day they were granted, Dec. 11.

Shares of Cephalon closed at $68.86 Wednesday.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.

In 2008, the company swung to a $225 million profit, from a loss in 2007, when the balance sheet was weighed down by restructuring and other charges. Meanwhile, revenue rose to $1.94 billion on sales of products including the epilepsy treatment Gabitril and the narcolepsy drug Provigil.

Also, the company settled a series of lawsuits in 2008 alleging it marketed Provigil, Gabitril and the painkiller Actiq for unnapproved indications. While physicians can prescribe a drug for unapproved uses, a company can’t market drugs for anything other than their Food and Drug Administration approved indications.

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