LIONVILLE, Pa. (Feb. 21, 2008) — West Pharmaceutical Services Inc. posted net sales of $1.02 billion for fiscal 2007, surpassing the $1 billion level for the first time.
The sales figure was an 11.7-percent increase over the $913.3 million reported for 2006, the medical components manufacturer announced Feb. 21. Net earnings for 2007 were $70.7 million, up 5.4 percent from the year before.
Fourth quarter net sales rose 10.4 percent from the year-earlier period to $256.1 million. Net income decreased to $6 million from $15 million.
Despite several challenges in the second half of the year, West was able to meet record demand, strengthen its balance sheet and increase its investment in innovation to capitalize on future growth opportunities, said Donald Morel, the company's chairman and CEO.
Demand remains strong in critical therapeutic markets and across key product lines in the early months of 2008, he said. West forecasts sales growth during the year of 3 to 5 percent, producing expected sales of $1.05 billion to $1.07 billion.
Adjusted earnings per diluted share are anticipated to be between $2.40 and $2.50, compared to the $2.37 reported in 2007.