West Pharma cuts guidance

 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, 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.

Third-Quarter 2023 Conference Call
The live audio-only webcast will be made available via the Company's Investor Relations website here or by clicking here.

To participate in the conference call by asking questions to Management, please register in advance by clicking here. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call.

Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company's website.

A replay of the conference call and webcast will be available on the Company's website for 30 days.

https://www.biospace.com/article/releases/west-announces-third-quarter-2023-results-updates-full-year-2023-guidance-and-declares-fourth-quarter-2023-dividend/