West Pharmaceutical Services, Inc. of Exton reports second quarter sales driven by high-value components and proprietary systems were up 7.1 percent.
West has designed and manufactured pharmaceutical packaging and delivery systems since 1923. The company reported net sales of $368.9 million for the quarter that ended June 30, 2014. Sales were $344.5 million in that quarter in 2013. The company also affirmed its prior earnings per share guidance of $1.77 to $1.89.
“Our second quarter results benefited from sales of high-value components and proprietary systems, in addition to strong contract manufacturing services and disciplined spending,” said Donald E. Morel Jr., West’s chairman and CEO.
Morel said the company is benefiting from growth trends in injectable drug markets. He said they are also encouraged by the pre-commercial uptake of Daikyo Crystal Zenith products and the SmartDose electronic wearable injector, which is progressing in clinical development and in pre-clinical evaluation work.
Morel is forecasting consolidated sales growth of 4 to 6 percent over last year. The full financial report is at http://www.westpharma.com/.
“A more profitable sales mix coupled with disciplined program spending will be keys to delivering those results,” said Morel. “We believe that our long-term growth drivers remain intact, especially the strong growth in biologics for treating cancer, auto-immune disease, and diabetes.”
West also said Jeffrey Hunt, president of the firm’s pharmaceutical packaging systems division, resigned July 27. The division is reporting to Morel as company evaluates candidates. West has partners and customers in 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia the Pacific and Australia.