Shares of West Pharmaceutical sank after the company’s fiscal 2024 guidance and fourth-quarter revenue missed analyst projections.
The stock was down 19% at $329 in early trading. Shares are now in negative territory year-to-date.
The maker of injectable pharmaceuticals is guiding for earnings of $7.46 to $7.71 a share for fiscal 2024, or $7.50 to $7.75 a share when adjusted for one-time items. Analysts polled by FactSet had been expecting earnings of $8.60 a share, or $8.77 on an adjusted basis.
Revenue is expected to come in at $3 billion to $3.03 billion, below current analyst forecasts of $3.21 billion, according to FactSet.
The company’s fourth-quarter revenue of $732 million also missed the $739.5 million consensus estimate of analysts surveyed by FactSet.