Breaking News, Financial News

Financial Report: West

Record sales for the quarter

Author Image

By: Tim Wright

Editor-in-Chief, Contract Pharma

West

2Q Revenues: $324.8 million (+6%)

2Q Earnings: $15.6 million (-22%) 

YTD Revenues: $641.1 million (+6%)

YTD Earnings: $44.8 million (+13%)

Comments: Pharmaceutical Packaging Systems segment sales grew 6% due to improved sales and increased selling prices. Pharmaceutical Delivery Systems sales grew 3% from increases in safety syringe system sales and contract services. R&D increased by $0.9 million, primarily for further investment in the development of the SmartDose electronic patch injection system. Restructuring, impairment and related charges were $3.7 million in the quarter. Charges of $1.3 million in the quarter and $3.2 million YTD were associated with the December 2010 restructuring and employee severance and benefits, as well as asset transfer and facility closure costs.

Keep Up With Our Content. Subscribe To Contract Pharma Newsletters