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West Announces First Quarter 2009 Results
Date:4/30/2009

rel. "We expect several of the factors that impacted our first quarter results to improve as the year goes on, including raw material costs, pricing tied to contract anniversary dates, and currency, if the dollar is reasonably stable. Our lean manufacturing programs should begin to contribute to margins, while higher pension costs will persist. We expect some sales weakness to continue through the second quarter and have reduced our annual revenue expectations marginally, about 1%, and accordingly are re-setting the upper limit of our earnings expectations at $2.18 per share."

"For the longer term, we continue to be optimistic. Excluding currency, in a very broad and deep recession our first quarter sales were down less than 3% from the first quarter of 2008. West's operating cash flows remain strong and are sufficient to fund our expansion and development plans. We are committed to maintaining a solid balance sheet. We are investing in order to participate more fully in attractive global markets, particularly in Asia, and are developing new products and technologies for the containment, closure, and safe administration of high-value biologic drugs. For example, West received marketing clearance for our NovaGuard(R) safety needle system last week. We believe that, with our existing products, expanded geographic markets, and key product development projects, our prospects for sustained long-term growth are essentially unchanged."

Pharmaceutical Systems Segment

Pharmaceutical Systems segment sales were $183.2 million and operating profit was $27.4 million in the first quarter of 2009, compared to $207.5 million in sales and $43.6 million of operating profit in the comparable 2008 quarter. Unfavorable foreign currency translation accounted for $18.5 million, or 9.0 percentage points of the 11.7% in lower sales and $2.1 million of lower operating profit. Measured at constant exchange rates, international sale
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SOURCE West Pharmaceutical Services, Inc.
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