WEST PHARMACEUTICAL SERVICES, INC. (NYSE:WST) Files An 8-K Results of Operations and Financial Condition
Item 2.02Results of Operations and Financial Condition
The information set forth in “Item 2.02 Regulation FD Disclosure” is incorporated herein by reference.
Item 2.02Regulation FD Disclosure
West has issued a voluntary recall of the Vial2Bag®; Vial2Bag® DC 13 mm; and Vial2Bag® DC 20 mm devices, manufactured by our wholly-owned subsidiary in Israel (previously known as MediMop Medical Projects Ltd.), to all end-user facilities. The recall is due to isolated reports of the prescribed drug dosage being unpredictable or variable when administered with the Vial2Bag DC 13 mm device. With an ongoing internal investigation of the Vial2Bag DC 13 mm device underway, and in an abundance of caution for patient safety, we are recalling the three devices while we continue our root cause analysis. Ensuring the quality of our products and the safety of the patients utilizing them is our top priority. We will continue to work to understand the reports and, in consultation with the United States Food and Drug Administration and other regulatory bodies, work to resupply the market as soon as is reasonably possible.
Before the impact of the ongoing recall, we estimate that full-year 2018 sales of Vial2Bag products would have been less than $25 million. As stated earlier, we are voluntarily recalling Vial2Bag products that are in inventories at customers and distributors.
The information contained in this Current Report on Form8-Kunder Items 2.02 and 7.01 is being furnished to Item 2.02 and Item 2.02 of Form8-Kand shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report onForm8-Kunder Items 2.02 and 7.01 shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific referencing in such filing.
Forward-Looking Statements
Certain forward-looking statements are included in this Current Report on Form 8-K. They use such words as “will,” “continue,” “estimate,” “would have been,” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this document. There is no certainty that actual results will be achieved in-line with current expectations. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: our analysis of the root cause of the circumstances relating to the voluntary recall is still underway and we cannot predict the time or expense required to address the issues; our estimates of the impact on our financial results related to the voluntary recall are preliminary and subject to change as we conduct further analysis; the voluntary recall and the related circumstances could subject us to claims or proceedings which may adversely impact our net sales and net income, as well as harm our reputation and customer relationships or distract management from operating our business. This list of important factors is not all inclusive. For a description of certain additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, see Item 1A, entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and as revised or supplemented by our quarterly reports on Form 10-Q.
Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
About WEST PHARMACEUTICAL SERVICES, INC. (NYSE:WST)
West Pharmaceutical Services, Inc. (West) is a manufacturer of components and systems for the packaging and delivery of injectable drugs, as well as delivery system components for the pharmaceutical, healthcare and consumer products industries. The Company’s segments include Pharmaceutical Packaging Systems segment (Packaging Systems) and the Pharmaceutical Delivery Systems segment (Delivery Systems). Its Packaging Systems segment includes primary packaging components and systems for injectable drug delivery, other components used in syringe, intravenous and blood collection systems, and prefillable syringe components. Its Delivery Systems segment includes safety and administration systems, multi-component systems for drug containment and administration and various custom contract-manufacturing solutions.
