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West Announces Second Quarter 2011 Results
Date:7/28/2011

LIONVILLE, Pa., July 28, 2011 /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the second quarter of 2011.  Summary comparative results were as follows: ($ millions, except per-share data )Three Months EndedJune 30,20112010Net Sales

$ 307.9

$ 281.8Gross Profit

84.6

83.2Reported Operating Profit

27.8

30.5Adjusted Operating Profit (1)

30.5

30.9Reported Diluted EPS

$ 0.57

$ 0.62Adjusted Diluted EPS(1)

$ 0.62

$ 0.64(1) See  "Restructuring and Other Items" section of the release and "Supplemental Information and Notes to Non-GAAP Financial Measures" in the tables following the text of this release for a description of items excluded from "adjusted" amounts.Second-quarter 2011 net sales grew 9.3% from the same period last year, primarily as a result of foreign currency translation. Sales grew 2.8% at constant exchange rates. Both of the Company's business units reported modest sales improvements excluding the comparative effects of currency. In Pharmaceutical Packaging Systems, stronger sales in Europe and Asia more than compensated for customer and product-specific sales declines in North America. Pharmaceutical Delivery Systems growth was due to increased contract manufacturing business and sales of reconstitution devices. The Company's order backlog was significantly higher at the end of the quarter, 9% above the June 30, 2010 backlog when measured at constant exchange rates.

Consolidated gross profit margin decreased to 27.5% from 29.5% in the same prior-year period as a result of higher material costs and a less profitable product sales mix in the quarter.  R&D increased to 2.4% of sales, on a $1.6 million cost increase, mostly for increased development of the Company's electronic-patch-injector sy
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SOURCE West Pharmaceutical Services, Inc.
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