By Denny Jacob
West Pharmaceutical Services shares rose 19% after raising its outlook for the year.
Shares were trading around $341.77. The stock is on pace for its largest percentage increase on record and is currently the best performer in the S&P 500.
The pharmaceuticals, biologics, vaccines and consumer healthcare products manufacturer forecast sales between $2.88 billion and $2.91 billion as well adjusted earnings per-share in the range of $6.55 and $6.75. It previously guided for sales between $2.87 billion and $2.9 billion and adjusted earnings per-share in the range of $6.35 and $6.65.
West Pharmaceutical attributed the higher outlook in part due to favorable currency movements.
The company also reported better-than-expected sales in its third quarter. Sales edged down to $746.9 million, topping estimates of $709.6 million from analysts polled by FactSet.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
October 24, 2024 11:07 ET (15:07 GMT)
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