West Pharmaceuticals 1Q Inline With Estimates

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On April 30, 2009, West Pharmaceutical Services(WST Quote) reported that its earnings dropped 41.2% during Q1 FY09. Net income attributable to the shareholders for the quarter declined to $15.40 million or $0.46 per share from $26.20 million or $0.76 per share in Q1 FY08. On a non-GAAP basis, earnings of $0.42 per share were inline with the most recent consensus estimate.

Revenue declined 10.5% to $242.40 million from $270.70 million a year ago, due to adverse currency translation. The decrease in sales was also due to the absence of sales of the discontinued Exubera inhalable insulin device and a disposable medical device component that the company ceased producing. Segment-wise, revenue from the Pharmaceutical Systems segment slipped 11.7% to $183.20 million from $207.50 million. Sales of Safety and Administration Systems and Devices declined as a result of a customer-driven delay, while Disposable Device Component sales were approximately 5.3% lower on a constant currency basis. The Tech Group's revenue declined 6.2% to $62.30 million from $66.40 million. ...