West Pharmaceutical Services Announces Third Quarter 20...(ses said Donald E.Morel Jr. Ph.D. West'...),Health

Date:11/1/2007

ses," said Donald E. Morel, Jr. Ph.D., West's Chairman and Chief Executive Officer. "Given the diversity of our revenue base and the underlying growth rates in the markets we serve, the growth drivers of our business remain intact despite the short-term impact of Pfizer's decision to exit the Exubera(R) product and the more restrictive reimbursement rules for the use of certain anemia drugs by cancer and dialysis patients. Over the long term, we are confident that we are well positioned to capitalize on the forecasted growth across a broad range of product lines and geographic regions, including products for biologics, oncology, diabetes care, prefillable systems and developing markets. Based on our long term revenue outlook and competitive position, we will continue to invest in new capacity, technology and products to satisfy the requirements of the markets and regions we serve."

Results of Operations

Pharmaceutical Systems Segment

Pharmaceutical Systems sales grew to $173.8 million in the quarter, a $20.1 million or 13.1% (5.0% due to currency) increase over the comparable period last year. Sales grew in each of the Company's geographic markets because of increased sales of pharmaceutical packaging and prefillable syringe components, and products employing the Company's proprietary coating technologies and Westar(R) Ready-To-Sterilize processing. Pricing accounted for approximately 2.3 percentage points of the overall sales increase, which more than compensated for higher direct costs for material and labor in the period. Gross profit increased $4.5 million, or 8.8%, in the quarter when compared to the prior-year period, while gross profit margin in the segment declined by approximately 1.2 percentage points, to 31.8%. The margin decline was attributed to relatively higher production management and engineering costs, as certain facilities continue to operate at or above peak capacity. In addition, expansion projects complicated normal seasonal E
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SOURCE West Pharmaceutical Services, Inc. Copyright©2007 PR Newswire. All rights reserved

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