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West Pharmaceutical Services beats Street in Q1, raises guidance

April 29, 2021 By Sean Whooley

West Pharmaceutical Services - updated logoWest 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.

Filed Under: Business/Financial News, Contract Services, Drug-Device Combinations, Featured, MassDevice Earnings Roundup, Pharmaceuticals Tagged With: West Pharmaceutical, West Pharmaceutical Services

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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