Maybe the Cephalon board should take its own Provigil, which is supposed to treat excessive sleepiness. The drugmaker gave Frank Baldino Jr. a salary of $1.2 million, a bonus of $2.2 million and other compensation of nearly $77,000, which included $33,240 for a car allowance and $14,500 in financial planning expenses. Then there were stock and option awards valued at $12.4 million on the date they were granted, the Associated Press writes.

And this is interesting - from 2004 to 2006, Baldino’s average annual pay was 140 percent above the median CEO pay of Cephalon’s peer group, according to Proxy Governance, the AP reports. His recent tenure is distinguished for other reasons - Cephalon is fighting a lawsuit filed by the Federal Trade Commission, which accused the drugmaker of illegally blocking the sale of low-cost generics to protect Provigil, which is its biggest moneymaker.

And last November, Cephalon paid $425 million to settle one of two investigations related to off-label marketing of Provigil, as well as its Gabitril epilepsy drug Gabitril and Actiq cancer pain reliever. A separate investigation by the Connecticut Attorney General is ongoing.

But let’s get back to compensation - Baldino also exercised 60,000 stock options worth $3.8 million and 83,750 restricted shares vested in 2007 with a value of $6.2 million. These figures, however, aren’t included in the AP tally for total compensation because they depend in part on an exec’s personal finance decisions. Instead, the AP calculations of total pay include salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. Here is the Cephalon proxy statement.

Baldino has had some recent success on his watch. Last week, the FDA approved Treanda, a chemo drug for patients with chronic lymphocytic leukemia, a slowly progressing cancer that effects the blood and bone marrow.