West Pharma (NYSE: WST) reported Q3 EPS of $2.16, $0.30 better than the analyst estimate of $1.86. Revenue for the quarter came in at $747.4 million versus the consensus estimate of $749.89 million.

Full-Year 2023 Updated Financial Guidance

The Company is updating full-year 2023 net sales guidance to be a new range of $2.950 billion to $2.960 billion, compared to a prior range of $2.970 billion to $2.995 billion.

Organic net sales growth guidance is a range of 2% to 3%, compared to prior guidance of a range of 3% to 4%.
Net sales guidance assumes COVID-19 related sales of approximately $68 million, compared to prior guidance of $60 million.
Net sales guidance includes an estimated full-year 2023 tailwind of $20 million based on current foreign currency exchange rates, unchanged from prior guidance.
Net sales guidance also includes a reduction of $8 million resulting from a divestiture of a European facility that produced standard Proprietary Product components, unchanged from prior guidance.

Full-year 2023 adjusted-diluted EPS is expected to be in a range of $7.95 to $8.00 versus the consensus of $7.85, compared to prior guidance range of $7.65 to $7.80.

Full-year adjusted-diluted EPS guidance range includes a tailwind of approximately $0.07 based on current foreign currency exchange rates, compared to prior guidance of a tailwind of $0.05.
The updated guidance also includes EPS of $0.41 associated with first nine-months 2023 tax benefits from stock-based compensation.
For the fourth-quarter 2023, our EPS guidance range assumes a tax rate of 22% 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 2023 would provide a positive adjustment to our full-year adjusted-diluted EPS guidance.

Full-year 2023 capital spending guidance is unchanged and is expected to be $350 million. This includes incremental capital spending to support capacity expansions at existing HVP facilities.

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