West Pharmaceutical Services reported a 2.3% year-over-year increase in fourth-quarter 2024 net sales, reaching $748.8 million, with organic net sales rising 3.3%.
However, the company’s adjusted diluted earnings per share declined 0.5% to $1.82, while reported diluted earnings per share (EPS) dropped 2.7% to $1.78. Full-year 2024 revenue declined 1.9% to $2.89 billion, reflecting lower sales in key product segments, and adjusted diluted EPS fell 16.5% to $6.75.
Still, West CEO Eric M. Green said the company’s performance exceeded expectations, highlighting a return to organic growth as destocking pressures eased. The Proprietary Products segment, which saw Q4 revenue rise to $613.9 million, benefited from strong demand for self-injection device platforms.
The Biologics market unit experienced high-single digit organic net sales growth. However, the Contract-Manufactured Products segment reported a 2.5% revenue decline to $134.9 million, driven by weaker sales in healthcare diagnostic devices.
“Looking ahead to 2025, we expect our business momentum to continue in key areas of our Proprietary Products business, driven by improving High-Value Products (HVP) trends in Biologics and Generics, and growth driven by Annex 1 and GLP-1,” Green said in a statement.
West projects full-year 2025 net sales between $2.875 billion and $2.905 billion, with organic growth of 2% to 3%. Adjusted diluted EPS is expected to range from $6.00 to $6.20, reflecting a projected $75 million foreign currency headwind.
The company plans to invest $275 million in capital expenditures, focusing on expanding high-value product capacity and contract manufacturing facilities.