EXTON, Pa. - West Pharmaceutical Services, Inc. (NYSE: NYSE:WST), a prominent provider of injectable drug administration solutions with a market capitalization of $23.15 billion, announced today the election of Janet Haugen to its Board of Directors. The appointment expands the board to 12 members. According to InvestingPro data, the company maintains a "GOOD" financial health score, positioning it well among its peers.
Janet Haugen, 66, brings a wealth of experience to the board, having served as the Chief Financial Officer of Unisys (NYSE:UIS) Corporation for over 16 years. Her tenure at Unisys was marked by a significant transformation of the company's focus from hardware to IT services and software. Haugen's career also includes a partnership at Ernst & Young, where she worked with global clients in technology and manufacturing.
In addition to her new role at West, Haugen is a member of the boards of Bentley Systems, Juniper Networks (NYSE:JNPR), and CentralSquare Technologies. She holds an economics degree from Rutgers University and is a certified director with the National Association of Corporate Directors (NACD).
Paolo Pucci, Lead Independent (LON:IOG) Director at West, expressed confidence in Haugen's capabilities, citing her combined expertise in technology and finance as key assets for the company's board.
West Pharmaceutical (TADAWUL:2070) Services is recognized for its high-quality, innovative solutions that aid in the safe and effective delivery of medications. Employing approximately 10,000 people across 50 sites globally, the company produced around 43 billion components and devices last year. West reported net sales of $2.95 billion for the fiscal year 2023 and is listed on the New York Stock Exchange. The company is also part of the Standard & Poor's 500 index.
This expansion of West's Board of Directors is based on a press release statement and does not include any forward-looking statements or endorsements.
In other recent news, West Pharmaceutical Services reported Q3 2024 results, revealing a slight dip in organic sales but an increase in its full-year net sales and adjusted diluted EPS guidance. The company's net sales totaled $746.9 million, marking a 0.5% organic decrease compared to the same period last year. Adjusted diluted EPS experienced a 14.4% decrease, attributed to lower production volumes and a shift in product mix.
Jefferies maintained its Buy rating on West Pharmaceutical, with a price target of $393. The analysis from Jefferies highlighted West Pharmaceutical's long-range projection, which anticipates a 7-9% growth and a 100 basis point operating margin expansion. The firm's confidence is underpinned by an estimated increase from pricing, volume growth, and product mix improvements.
Despite challenges such as a destocking phase for high-value products and pressure on profit margins from high-value product devices, West Pharmaceutical remains optimistic about its position within the biologics sector and long-term growth prospects in the injectables market. The company expects improvements in the upcoming quarter, particularly in the area of wearable self-injection devices. These are recent developments that investors should keep in mind.
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