West Pharma (NYSE: WST) reported Q3 EPS of $1.15, $0.16 better than the analyst estimate of $0.99. Revenue for the quarter came in at $548 million versus the consensus estimate of $510.14 million.

Third-Quarter 2020 Summary (comparisons to prior-year period)

• Net sales of $548.0 million grew 20.1%; organic sales growth was 18.2%.
• Reported-diluted EPS of $1.09 increased 45%.
• Adjusted-diluted EPS of $1.15 increased 46%.
• Company is raising full-year 2020 net sales guidance to a new range of $2.10 billion and $2.11 billion.
• Company is raising full-year 2020 adjusted-diluted EPS guidance to a new range of $4.50 and $4.55.

"Adjusted-diluted EPS" and "organic sales growth" are Non-U.S. GAAP measurements. See discussion under the heading "Non-U.S. GAAP Financial Measures" in this release.

"Third-quarter results were robust across the entire business, led by High-Value Products (HVP) and Biologics. Additionally, we benefited from incremental sales related to the COVID-19 pandemic including components used with treatments and supporting therapies as well as potential vaccines currently in clinical trials," said Eric M. Green, President and Chief Executive Officer. "I am proud of our team members for their relentless passion and sense of urgency to help our customers and the patients we jointly serve. Continued excellence in executing our market-led strategy and our global operations position us well for the remainder of the year and into 2021."

GUIDANCE:

West Pharma sees FY2020 EPS of $4.50-$4.55, versus the consensus of $4.25. West Pharma sees FY2020 revenue of $2.1-2.11 billion, versus the consensus of $2.05 billion.

• Full-year 2020 net sales guidance is expected to be in a range of $2.10 billion and $2.11 billion, compared to a prior range of $2.035 billion and $2.055 billion.
  • Organic sales growth is expected to be approximately 14% to 15%, compared to a prior guidance of 12%.
  • Net sales guidance includes an estimated full-year headwind of $4 million for the full-year 2020 based on current foreign exchange rates, compared to prior guidance of a headwind of $26 million.
• Full-year 2020 adjusted-diluted EPS is expected to be in a range of $4.50 and $4.55, compared to a prior range of $4.15 and $4.25.
  • Full-year adjusted-diluted EPS guidance includes an estimated headwind of approximately $0.02 based on current foreign currency exchange rates, compared to prior guidance of a headwind of $0.07.
  • The revised guidance includes an $0.18 EPS impact from tax benefits from stock-based compensation in the first nine months of 2020.
  • For the remainder of the year, our EPS guidance range assumes a tax rate of 24% and does not include potential tax benefits from stock-based compensation. Any tax benefits associated with stock-based compensation beyond those recorded in the first nine months of 2020 would provide a positive adjustment to our full-year EPS guidance.

For earnings history and earnings-related data on West Pharma (WST) click here.