UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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WEST PHARMACEUTICAL SERVICES, INC.
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Pennsylvania
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1-8036
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23-1210010
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(State or other jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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101 Gordon Drive, PO Box 645, Lionville, PA
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19341-0645
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(Address of principal executive offices)
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(Zip Code)
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Not Applicable
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(Former name or address, if changed since last report)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits
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Exhibit 99.1
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West Pharmaceutical Services, Inc. Press Release, dated April 17, 2012
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WEST PHARMACEUTICAL SERVICES, INC.
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/s/ William J. Federici
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William J. Federici
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Vice President and Chief Financial Officer
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Exhibit No.
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Description
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99.1
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West Pharmaceutical Services, Inc. Press Release, dated April 17, 2012
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KH3)0&3,?A=GA)Y(N<75Y,_N M1PBY$NN[H=R*7DVZ:ZT!KO#.`OR"^\03@XFW8"YN`KJ6/;X<>X#J1VGN^J@+ MRL[.ULK6*UM8EAMX5"Q1*-``*P#-0"@%`*`K7YAI=GEE>+IKXMQ;)KZ-)`W_ M`(:L-,7S+Q*_4W\+^J.3ZZ8Y@WGR4XZ,YYBXR*1=UM8L;ZX&FHVV^C)J/092 M@J%G[N"T^.PFZ?:QW5PVFX_-%=;N38:UU_=632Z:_P`65E[/_2J+I"Z)/B2M M8?7%<"E:MRH.AOEBXMX5EDN33)H]PWP-FQ_AIH\K#U,^T?LFJ+5KU6H+ZE]I M%FB01W&OC#(W18GOW3,P;]H'6K;+-.W&FY%1F4U 2:"TG<+:Q%BI6*-0B:A3H"0NX^LUNRV75NVHOM-.9S#N7 M')=ANOD;B E$/]N[ZGS+*XCYP\6/E[?8[FKS9O*F M25H[6Z1I_&5E'AA9#TCVGO)!':*K[^1G[J=OICP+"QGH>TU "W*;[_L M<[7-Q+ VO".07&5N+`W_`(MJ M]LB*XC9"SH^X$AA^AI47.99WHX4Z;25D\RK,L35=AV':2R36L,TL?@R2(KO" M3J49@"5UZ:Z=E ;_'X`D.?6W\4KMM[O1BN@U^[ L[3]%$9* MX@R."39XV(\73[?_`-B1=WU#I602$&>X6@/B\6\4GL/Q\ZZ?4*P"5AY#P=`K MOP]U51JS>/(X`T_X@`?IH#+B<+8 ).DBJI?EO\`,9)= MB_`RK_%2W3])%;\E62U6UQ*QZ5>X&P\:^6#(-<))R3*11VX.K6UCN>1A^ MKXDBHJ?X6K1=U=4Z%S)%K2'7K?(O?"X+$X7%0XG&6RV]A;J4CA7J-#U8L3U8 ML3J2>VJ6Y ^@%G*Q=;*\+HT>IUV)(B MR;@.[8[2[&%E&NO[QISM_Y49OR5(> MJ6N)&6E7N',W;A_RS65K ?(V,%_8SV4X/A7"-&^G0C<.T'TCM%`4)=0\JQ&3EQ_QRQS M6CE%9[B*/4::JP\5E.UE.HUK(/=%FO,2V5F3)1HAZL3 GMZMI0'MP[>8'+ M;Q+"?)M\!&0;N>%X=J+KKU\`C XM))UNGM4)C6*"4QF8AFU121]G4GH=-=*`R0\F)R302E%@ M^(D@C"HQ8A7CMU);=I^_9QV=@]5`9SRS%^(5C6:5$D$4TJ)JD9:4P*S$D=&D M4@::^GLH#SS , MV]S\5'(8S9^&/%]V-92VF[:%".IU)[].V@,EWG5.&M 1(&D*H2S;=2`O:22!VF@/=:YB.ZM;J9()4ELV9)K:10)` MZQK(%T!8>\KJ1H>^@(?' VT<:,L#ATN$=3XR3_$I:QQZ`[?ME]QZ]!K0'SD>706UT8H MHF>*)+J2ZG(U5%M%`<@`ZG1W4&@,G]66$*D70DTB27Q;M(R(&EMD+3I'J2VJ M[6^K376@/K^K+(;D-K="Y5@JVAC'BL#&9=P&[0#8-?>(]';0&D^:N"M+^PLN M3P^(D31HMR5CU;PY!NB=E9DTT+;3[164#2>.<53D&02SQ\TQT&ZXFD@58XE] M)(E;M[AIUH"]\#@L?@\;%C[%-L4?5G/5G<]KL>\FL`D*`4`H!0"@%`*`A\E8 M9A\Q#?V)MR([9[=1.7]QI75F<*H][]VOZ0H"(7@[)>#=\/=0.L(FN;A=TP*2 M/+-LCVE/OFD)U)]W7L-`?IX=D_P^9$NHX[]UM3#.-Q$ \C:?1 M0'T>&-%?R/;0VGPX:*2WEE5GF000)&D0!!4+OC#[]=>IZ=]`9FXG<%,=!XJ? M#V5O;6[`Z[F$ -?B71(]) M44JKHD";]^@`Z@G2L@G,OQ^YN,=965E(D:V*.(M^H&\6SP0GW0>BL^X^RL`^ M#QF7\5M;@2)\':BV1(NN[P[5)MH[--3+*K>Q:`\*\2RR_%Q>-"8LI%X60EU; MQ$#3S32B(;=&WK<%=21IIWT!]R\3R*S7,\$T;F:ZWI;L[Q(+0EI'BWQJ6!>5 MMS=-"%"]E`8(N&Y-+,6V^V57AN8)MF]5`N[H2R[%V]AC4+IW:5D'HO>'W$\N M0G9HK@SW$4MM;2EEC\)9$FE1V"L09'3K[I^RM8![[;!WMI@IK2S>&TOY9#-O MA39$&+@A>@W$;%";CU[_`%4!X9>.YB3+1YL+:)?))&3:*SB%E2*:/ TN9H?A[-F$6TL6E6 M:-)("H"L8MR!1J-6)U[J`RY/C&3NYKM@;=UO)9)%D ]QTMA=:RPSQ&*4GM((TU]O?0'DXWQS'\?QB6-FO9[TT MQ`WR/WLVGY/10$I0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0 M"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`* )`4`H!0"@/__9 ` end
Contacts:
West
Michael A. Anderson
Vice President and Treasurer
(610) 594-3345
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Investors and Financial Media:
Westwicke Partners
John Woolford / Stefan Loren
(443) 213-0506
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Diluted Earnings Per Share for the
Three Months Ended March 31,
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2012
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2011
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Adjusted Diluted EPS
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$ | 0.83 | $ | 0.60 | ||||
Restructuring and related charges, net of tax
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(0.01 | ) | (0.04 | ) | ||||
Discrete tax items
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(0.01 | ) | - | |||||
Reported earnings per share
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$ | 0.81 | $ | 0.56 |
Full Year 2012 Guidance (a)
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Diluted Earnings Per Share
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Adjusted guidance per diluted share
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$ | 2.50 to $2.67 | ||
Restructuring, net of tax(b)
Acquisition-related contingency(c)
First-quarter 2012 discrete tax item(b)
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(0.05) to (0.03)
(0.03) to (0.01)
(0.01)
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Reported guidance per diluted share
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$ | 2.41 to $2.62 |
(a)
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Guidance includes various currency exchange rate assumptions, most significantly the Euro at $1.33 for 2012. Actual results will vary as a result of variability of exchange rates.
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(b)
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See descriptions of the nature of these items provided in connection with the Reconciliation of Adjusted Diluted EPS and reported earnings per share, above.
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(c)
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The acquisition-related contingency results from the periodic revaluation of a contingent consideration obligation related to our 2010 acquisition of technology used in our SmartDose™ electronic patch injector system.
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·
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sales demand and our ability to meet that demand;
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·
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competition from other providers in our businesses, including customers’ in-house operations, and from lower-cost producers in emerging markets, which can impact unit volume, price and profitability;
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·
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customers’ changing inventory requirements and manufacturing plans that alter existing orders or ordering patterns for the products we supply to them;
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·
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the timing, regulatory approval and commercial success of customer products that incorporate our packaging and delivery products and systems, including Daikyo Crystal Zenith® (“CZ”) prefilled syringes, cartridges and vials, and the Confidose®, SmartDose™ and NovaGuard™ systems;
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·
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whether customers agree to incorporate West’s products and delivery systems with their new and existing drug products, the ultimate timing and successful commercialization of those products and systems, which involves substantial evaluations of the functional, operational, clinical and economic viability of the Company’s products, and the rate, timing and success of regulatory approval for the drug products that incorporate the Company’s components and systems;
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·
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the timely and adequate availability of filling capacity, which is essential to conducting definitive stability trials and the timing of first commercialization of customers’ products in CZ prefilled syringes;
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the timely execution and completion of our 2010 restructuring plan within the cost estimates, and the achievement of cost savings anticipated by the plan;
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average profitability, or mix, of products sold in any reporting period, including lower than expected sales growth of our high-value pharmaceutical packaging products, of CZ products and of other proprietary safety and administration devices;
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maintaining or improving production efficiencies and overhead absorption;
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dependence on third-party suppliers and partners, some of which are single-source suppliers of critical materials and products, including our Japanese partner and affiliate Daikyo Seiko, Ltd.;
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the availability and cost of skilled employees required to meet increased production, managerial, research and other needs, including professional employees and persons employed under collective bargaining agreements;
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interruptions or weaknesses in our supply chain, which could cause delivery delays or restrict the availability of raw materials, key purchased components and finished products;
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the successful and timely implementation of price increases necessary to offset rising production costs, including raw material prices, particularly petroleum-based raw materials;
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the cost and progress of development, regulatory approval and marketing of new products as a result of our research and development efforts;
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the relative strength of the U.S. dollar in relation to other currencies, particularly the Euro, British Pound, Danish Krone, Singapore Dollar, and Japanese Yen; and
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the potential adverse effects of recently-enacted U.S. healthcare legislation on customer demand, product pricing and profitability.
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