药物组件需求强劲，West Pharma预计2026年利润超预期

Core Viewpoint - West Pharmaceutical reported strong fourth-quarter performance driven by robust demand for its patented products, exceeding market expectations, and anticipates 2026 profits to surpass Wall Street forecasts [1][8]. Financial Performance - The company’s fourth-quarter adjusted earnings per share (EPS) reached $2.04, exceeding the expected $1.83 [5][12]. - Total revenue for the quarter was $805 million, higher than the anticipated $794.38 million [6][13]. - Revenue from the patented products segment, which accounts for over half of total revenue, was $661.8 million, surpassing the expected $652.95 million [7][14]. - The contract manufacturing segment saw a year-over-year sales increase of 6.2%, reaching $143.2 million, slightly below the expected $143.3 million [7][14]. Future Projections - For 2026, the company projects adjusted EPS between $7.85 and $8.20, above the analyst consensus of $7.78 [2][9]. - The first-quarter adjusted EPS is expected to be between $1.65 and $1.70, aligning with analyst expectations of $1.65 [3][10]. - Full-year revenue is forecasted to be between $3.22 billion and $3.28 billion, with the analyst average at $3.25 billion [4][11]. - The revenue forecast includes income from the sale of the SmartDose 3.5 mL delivery system to AbbVie, expected to close in mid-2026 [4][11].