LIONVILLE, Pa. (April 27) — Medical components manufacturer West Pharmaceutical Services Inc. posted net sales of $257.6 million in the first quarter, up 15.6 percent from the same period in 2006, the company announced.
Net income for the quarter rose 46.4 percent to $26.5 million. Earnings per diluted share grew to 77 cents from 43 cents per share from continuing operations reported in the first quarter of 2006, principally as a result of the higher sales and associated gross margins in the Pharmaceutical Systems segment, as well as relatively lower selling, general and administrative costs and the favorable effects of the weaker dollar, West said.
The company maintained its full-year 2007 sales estimate of about $1.0 billion and increased expected earnings per diluted share from continuing operations to between $2.27 and $2.37.
Sales from West's high-value-added products continue to grow at or above its longer-term expectations, largely as a result of the growing demand among biotechnology customers for the firm's advanced components, said Donald E. Morel Jr., Ph.D., West chairman and CEO.
"Our solid performance continues to reflect the positive trends in the Pharmaceutical Systems business, with end market sales in pharmaceutical markets driving growth in our high-value packaging systems," he said. "We are maintaining our focus on developing capacity ahead of projected growth in those key product segments and markets."