West Pharmaceutical Services (NYSE:WST) posted Street-beating first-quarter financial results and raised its full-year guidance for 2021.
The Exton, Pa.-based company posted profits of $151.2 million, or $1.99 per share, on sales of $670.7 million for the three months ended March 31, 2021, more than doubling its bottom-line on sales growth of 36.5%.
Adjusted to exclude one-time items, earnings per share were $2.05, 62¢ ahead of Wall Street, where analysts were looking for sales of $611.4 million.
West Pharmaceutical noted that components for drug delivery devices drove growth in its contract-manufactured product segment. That arm of the business grew 7.6%.
“We delivered another solid performance in the first quarter with strong organic sales growth from both our base business as well as increased demand for our products associated with COVID-19 vaccines,” West Pharmaceutical Services president & CEO Eric M. Green said in a news release. “I am proud of the relentless focus and consistent execution of our global team members to deliver critical components and solutions during these times. With a strong start to the year, we are raising our full-year financial guidance.
“West will continue to play an integral role with our customers as they develop and bring new medicines to the market for a brighter future.”
West said it expects to log adjusted EPS of $6.95 to $7.10, compared with $6 to $6.15 previously, and updated its prior sales guidance for between $2.63 billion and $2.655 billion, a rise from the previous projection of $2.5 billion to $2.525 billion.
WST shares were unchanged in pre-market trading today.