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

nd quarter of 2009.

First-quarter 2008 results included $1.3 million of pre-tax income from the settlement agreement with Nektar Therapeutics, which provided for the reimbursement of the Company's costs of maintaining and converting the former Exubera(R) device production facility. The settlement had no impact on results in the current quarter.

NovaGuard(R) 510(k) Clearance

The Company has been notified by the U.S. Food and Drug Administration that its passive safety needle device has been cleared for marketing in the U.S. The device will be marketed as "NovaGuard", and is the market's first truly passive safety needle system and can be used with existing Luer Lock syringes. The device automatically deploys a protective shield around a needle when it is withdrawn from an injection site, eliminating the need for the user to activate the safety feature, and mitigating the risk of accidental needle-stick injuries.

The approval is not expected to materially affect the Company's financial results or guidance for 2009.

Financial Guidance

The Company revised its 2009 consolidated sales estimate, reducing the upper and lower ends of the range of expected sales by $10.0 million, and reduced the upper end of the range estimate of full-year Adjusted Diluted EPS(1) to $2.18. Full-year 2009 consolidated gross profit margin is expected to be higher than that realized in the first quarter as a result of an improving sales mix, cost savings initiatives and declining raw material costs. Revised full-year 2009 financial guidance, at assumed exchange rates(3), is summarized as follows:

                                                                2009 Guidance

    Consolidated Sales(3)                               $1.0 to $1.02 billion
    Pharmaceutical Systems Revenue(3)                    $760 to $775 million
    Pharmace
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SOURCE West Pharmaceutical Services, Inc.
Copyright©2009 PR Newswire.
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