LIONVILLE, Pa. (Feb. 22) — Medical components manufacturer West Pharmaceutical Services Inc. posted record sales in the fourth quarter and full year in 2005, the company announced Feb. 21.
Yearlong sales from continuing operations were $699.7 million — including $106.6 million from businesses acquired in 2005, compared to $541.6 million in 2004. Net income from continuing operations for the year was $45.2 million, or $1.39 per diluted share, compared to $33.5 million, or $1.09 per diluted share, in 2004.
West´s sales from continuing operations in the fourth quarter were $195.6 million in the fourth quarter, compared to $142.0 million in the 2004 quarter. About $46.1 million was attributed to businesses acquired in 2005.
Net income from continuing operations in the quarter was $12.9 million, or 39 cents per diluted share, compared to $7.3 million, or 23 cents per diluted share, in the fourth quarter of 2004.
West acquired Monarch Laboratories in February 2005, and Medimop Medical Projects in August 2005. The two businesses are included in the company's Pharmaceutical Systems segment.
The Lionville-based company expects to earn between $1.60 and $1.70 per diluted share in 2006, based on expected sales of between $810 and $830 million — which represents about 16- to 19-percent growth over 2005 sales. Excluding the acquisitions made in 2005 from both periods, revenue growth in 2006 is expected to be between 6 and 8 percent, the firm said.
Including the revenues of businesses acquired in 2005 from the beginning of 2005, growth is expected to be between 10 and 12 percent.