West Pharmaceutical raises annual profit forecast on strong demand for injectable drug components

July 23 (Reuters) - West Pharmaceutical Services raised its annual profit and revenue forecasts on Thursday as strong demand for components used in injectable drugs, including diabetes and obesity treatments, helped it beat second-quarter estimates.

Here are the details:

• West Pharma makes components such as stoppers, plungers and delivery systems used to package and administer vaccines, biologics and other injectable drugs.
• Medical equipment makers such as West Pharma have benefited from surging demand for diabetes and obesity drugs such as Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro, which rely on injection pens to deliver the therapies.
• In May, West Pharma said it had restored operations across its sites after a cybersecurity attack and expects the incident to have no material impact on its 2026 financial outlook.
• The Pennsylvania-based company reported second-quarter adjusted profit of $2.37 per share, above analysts' estimate of $2.08 per share, according to LSEG data.
• Its quarterly revenue came in at $872.3 million, above analysts' expectations of $838.6 million.
• Revenue in its proprietary products unit came in at $722.6 million, beating analysts' average estimate of $688.8 million. The segment makes up more than half of the company's total revenues.
• West Pharma now expects 2026 adjusted profit per share to be between $8.85 and $9.05, compared to prior view of $8.40 to $8.75 per share.
• The company expects its annual sales to be in the range of $3.35 billion to $3.38 billion, up from its previous forecast of between $3.295 billion and $3.35 billion.
• It expects third-quarter profit to be in the range of $2.14 to $2.24 per share, compared with estimates of $2.12.