BUZZ-West Pharmaceutical falls after Q1 revenue declines

Reuters04-25

** Medical equipment maker West Pharmaceutical's shares fall 1.3% to $380.64

** Company reports Q1 revenue of $695.4 mln vs $716.6 mln a year earlier, as biotech customers work through their inventory to bring it closer to pre-pandemic levels

** Revenue from WST's proprietary products unit, which accounts for more than half of company's total revenue, fell 4% to 559.5 mln

** West Pharma CEO Eric Green says as several of its customers are still working through their stock, he still expects Q2 to have an impact from customer destocking

** Company beats Q1 profit estimates

** Raises 2024 profit forecast to $7.63-$7.88 per share vs previous outlook of $7.50-$7.75 per share

** Including session moves, stock up 6.3% YTD

(Reporting by Sneha S K in Bengaluru)

((Sneha.SK@thomsonreuters.com))

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