Exton based West Pharmaceutical Services posted generally positive third quarter financial results on Thursday, and included updated guidance for the full year.

“I’m pleased to report that third-quarter operating results were strong and consistent with our expectations,” said Eric M. Green, West’s Chief Executive Officer.

While sales for the producer of packaging components and delivery systems for injectable drugs and other healthcare products were down 3.2 percent at $344.5 million compared to the same quarter last year, net sales at constant currency improved significantly, up 5.2 percent. Growth in contract manufacturing sales as well as high-value packaging components has more than offset the decline in sales of proprietary delivery systems and disposable device components.

Gross profit margin was up 0.5 percent to 31.4 percent compared to the third quarter last year, as increased labor and overhead costs held back its more profitable sales mix, increased prices and lower raw material costs. While consolidated gross profit was lower by 1.5 percent, coming in at $108.3 million, with $9 million in adverse currency effects.

R&D costs fell back slightly at $1.1 million, or 2.5 percent of revenue, compared to 2.7 percent for the same quarter last year mainly caused by the reallocation of resources to customer-funded development work. Overall, this quarter was in line with the previous year with adjusted diluted EPS of $0.44 while the estimate for adjusted diluted EPS for the full year has increased to between $1.79 and $1.84.

“We expect a solid fourth quarter and to finish the year in the upper end of our prior guidance range for adjusted diluted EPS, and are raising the lower end of that range accordingly. We now estimate 2015 net sales at constant currency will be in the lower end of our 7% to 8% guidance range and, looking forward to next year, we expect 2016 net sales at constant currency to grow in the range of 6% to 8%,” stated Green, adding that “This is an exciting time for West, as we plan for the continued growth of our business. Our products touch the lives of millions of patients each and every day, and we are well positioned to grow.”