West Pharma Q2 net sales miss; slashes FY 2024 EPS guidance by over $1.20

WEST PHARMACEUTICAL SERVICES INC

2024-Q2 EPS reported $3.06 revenue$1,397,500,000

Q2 net sales $702.1M, down 6.9% YoY; reported diluted EPS $1.51 vs $2.06; adj. EPS $1.52 vs $2.11.
Proprietary Products sales fell 9.4% to $559.7M; customer destocking continues, especially in Generics.
FY 2024 net sales guidance cut to $2.87-2.90B from $3.00-3.025B; adj. EPS lowered to $6.35-6.65 from $7.63-7.88.
First-half free cash flow fell 38.3% to $92.4M; company repurchased 1.24M shares for $454.1M at avg $366.53.
Management expects organic growth to return in Q4 and 2025; capex guidance raised to $375M.

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