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West Pharmaceutical Services beats Street in Q3, raises guidance

October 28, 2021 By Sean Whooley

West Pharmaceutical Services - updated logoWest Pharmaceutical Services (NYSE:WST) shares rose slightly today on third-quarter results that topped the consensus forecast.

The Exton, Pennsylvania-based maker of injectable drug packaging and delivery systems posted profits of $175.6 million, or $2.31 per share, on sales of $706.5 million for the three months ended Sept. 30, 2021, more than doubling its bottom-line on sales growth of 28.9%.

Adjusted to exclude one-time items, earnings per share were $2.06, 26¢ ahead of Wall Street, where analysts were looking for sales of $687.1 million.

“We had robust growth in all three of our proprietary products market units, led by the sales of components in our high-value product (HVP) portfolio,” West Pharmaceutical Services President & CEO Eric M. Green said in a news release.  “This quarter’s strong performance came from both our base business, especially in the Biologics market unit, and COVID-19 related sales.  Demand continues to grow for our premium offerings, such as NovaPure and FluroTec components, and, as a result, we are again increasing our planned capital expenditures, commencing next year, to expand HVP capacity at existing sites.”

West Pharmaceutical Services said it now expects to log adjusted EPS of between $8.40 and $8.50, compared with a range of $8.05 to $8.20 previously. The company updated its prior sales guidance for between $2.8 billion and $2.81 billion, rising from a range of $2.76 billion to $2.785 billion.

The company’s board of directors approved a fourth-quarter 2021 dividend of 18¢ per share, representing a 5.9% increase over the 17¢ per share paid in each of the four preceding quarters.

WST shares were up 0.4% at $423.07 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — has not experienced a significant change.

Filed Under: Business/Financial News, 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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