West Announces Third Quarter 20...(ktar Therapeutics we received full reimb...),Health

Date:11/3/2009

ktar Therapeutics, we received full reimbursement for, among other things, severance-related employee costs, inventory on hand, leases and other facility costs associated with the shutdown of operations at the former Exubera® device manufacturing facility. During the first and second quarters of 2008, we received contract settlement payments from Nektar which more than offset related raw material, severance and facility costs, resulting in a net gain for the year-to-date period ended September 30, 2009.

Tax Benefits: During the first nine months of both 2009 and 2008, we recognized discrete tax provision benefits as follows:

• In 2009, we recognized a $2.1 million net income tax provision benefit principally resulting from the completion of a tax audit and the expiration of open tax periods in various tax jurisdictions.
• In 2008, an agreement reached with the Republic of Singapore reduced our income tax rate in that country for a period of 10 years, on a retroactive basis back to July 2007, resulting in a $1.0 million tax benefit.
• Also in 2008, we recognized a $2.3 million net tax provision benefit resulting from the expiration of open tax audit years in certain foreign tax jurisdictions.
  

(2) Reconciliation of 2009 Adjusted Guidance to 2009 Reported Guidance is as follows:

                                 Full Year 2009 Guidance (3)
                                 Diluted Earnings Per Share
                                 --------------------------
    Adjusted guidance                 $2.08 to $2.13
    Restructuring, net of tax             (0.14)
    Brazil tax amnesty, net of tax         0.04
    Discrete tax benefits                  0.06
    Reported guidance                 $2.04 to $2.09

(3) Reflects relative currency valuations, most significantly the Euro, which is reflected in our estimates for the remainder of the year at $1.48 per Euro.

        
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SOURCE  West Pharmaceutical Services, Inc.
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