West Pharmaceutical jumps on continued GLP-1 demand

West Pharmaceutical, which manufactures injectable pharmaceutical packaging, rose more than 14% in early trading after it reported earnings results that beat Wall Street estimates, bolstered by sales of components that go into GLP-1 pens.

The company reported adjusted earnings per share of $1.96 for the quarter, more than the $1.68 analysts polled by FactSet were penciling in. West also reported sales of $805 million, crushing the $785.7 million the Street was expecting.

The company attributed the strong report to growth in its GLP-1 elastomers, which are small rubber components that go into the pens that deliver the blockbuster weight-loss drugs made by Novo Nordisk and Eli Lilly. Those parts accounted for 9% of sales for the quarter, the company said.

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