West Pharmaceutical's Q3 Performance Shows Rising Demand For Syringes, Company Boosts Annual Forecast And Dividend

West Pharmaceutical's Q3 Performance Shows Rising Demand For Syringes, Company Boosts Annual Forecast And Dividend
West Pharmaceutical's Q3 Performance Shows Rising Demand For Syringes, Company Boosts Annual Forecast And Dividend

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On Thursday, West Pharmaceutical Services, Inc. (NYSE:WST) reported adjusted EPS of $1.85, down from $2.16 a year ago, beating the consensus of $1.50.

The designer and manufacturer of injectable pharmaceutical packaging and delivery systems reported sales of $746.9 million, beating the consensus of $709.62 million.

The Proprietary Products Segment’s sales declined by 0.2% to $601.4 million, and the organic net sales decline was 0.5%.

High-value products (components and devices) represented over 75% of segment net sales in the period, led by customer demand for self-injection device platforms.

Sales in the Contract-Manufactured Products Segment grew marginally by 0.4% to $145.5 million. Organic net sales were consistent with the third quarter of last year.

Segment performance was driven by growth in self-injection devices for obesity and diabetes, offset by a decrease in sales of healthcare diagnostic devices.

Eric M. Green, President, CEO, and Chair of the Board, commented, “We are pleased to report solid third-quarter results...This reinforces my confidence in West’s execution capabilities as we continue to deliver our proven market-led strategy and attractive long-term potential.”

Dividend: West Pharmaceutical approved the fourth quarter 2024 dividend of $0.21/share, up 5% from the $0.20/share paid in the four preceding quarters. The dividend will be paid on November 20 to shareholders of record as of November 13.

Guidance: West Pharmaceutical Services raised its fiscal year 2024 guidance on favorable currency movements.

The company expects 2024 adjusted EPS guidance of $6.55-$6.75 compared to prior guidance of $6.35-$6.65 and consensus of $6.51.

West Pharmaceutical Services forecasts 2024 sales of $2.875 billion-$2.905 billion compared to prior guidance of $2.87 billion-$2.9 billion and a consensus of $2.874 billion.

Price Action: At the last check on Thursday, WST stock was up 17.60% at $337.

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This article West Pharmaceutical's Q3 Performance Shows Rising Demand For Syringes, Company Boosts Annual Forecast And Dividend originally appeared on Benzinga.com

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