West Pharmaceutical Services
4Q Revenues:$422.5 million (+2%)
4Q Earnings: $52.0 million (n/a)
FY Revenues: $1.7 billion (+7%)
FY Earnings: $206.9 million (+37%)
Comments: Proprietary Products segment sales were up 2%, led by growth in Biologics and Generics market units. Pharma market sales were flat, affected by the voluntary recall of Vial2Bag due to reports of potential variable dosing associated with the Vial2Bag DC 13 mm device. High-value product (HVP) sales growth was 1%, led by NovaPure, FluroTec and Westar RU components, partially offset by the impact from the voluntary recall. Contract-Manufactured Products segment sales were up 2% with continued growth in diabetes-related diagnostic and delivery devices. During 2017, as a result of the continued deterioration of conditions in Venezuela, and continued reduced access to U.S. Dollar settlement controlled by the Venezuelan government, the Company recorded a charge of $11.1 million related to the deconsolidation of its Venezuelan subsidiary. As of April 1, 2017, the Company’s consolidated financial statements exclude the results of its Venezuelan subsidiary.