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Financial Report: West Pharmaceutical Services

Contract manufacturing revenues account for 79% of 4Q11 sales

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By: Tim Wright

Editor-in-Chief, Contract Pharma

West Pharmaceutical Services

4Q Revenues: $295.4 million (+7%)

4Q Earnings: $18.9 million (+2%)

FY Revenues: $1.2 billion (+8%)

FY Earnings: $75.5 million (+6%)

Comments: Pharmaceutical Packaging Systems sales were $210.3 million (+9%), contributing approximately half of overall revenue growth. Pharmaceutical Delivery Systems sales were $85.3 million in the quarter (+2%). Contract manufacturing revenues accounted for 79% of sales in the quarter, and proprietary products accounted for 21%. Restructuring charges were $1.0 million in the quarter related to the closing of the Montgomery, PA facility, reduction of operations at its Cornwall, England facility, as well as the elimination of operations and administrative positions at other locations.

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