Shares of West Pharmaceutical Services (WST) surged 16.93% on Thursday after the medical device company reported better-than-expected results for the third quarter and raised its full-year guidance, boosting investor confidence in its prospects.

For Q3 2024, West Pharmaceutical posted adjusted earnings per share of $1.85, beating the consensus estimate of $1.50 among analysts. The company's revenue of $746.9 million also topped Wall Street's projection of $709.6 million.

Following the robust quarterly performance, West Pharmaceutical raised its full-year 2024 net sales guidance to a range of $2.875 billion to $2.905 billion, compared to its prior guidance of $2.87 billion to $2.9 billion and the consensus estimate of $2.874 billion. The company also lifted its full-year adjusted EPS forecast to $6.55 to $6.75, up from the previous range of $6.35 to $6.65.

"West Pharmaceutical's strong Q3 results and increased guidance underscore the company's ability to drive growth and profitability," said Peter Lawrence, an analyst at Evercore ISI. "The raised outlook reflects robust demand for their products and effective execution."

West Pharmaceutical's shares closed at $315.01 on Thursday, up 16.93% from the previous day's close, as investors cheered the company's upbeat outlook and better-than-expected financials. The strong performance suggests Wall Street is increasingly optimistic about West Pharmaceutical's growth prospects for the remainder of 2024 and beyond.