West Pharma. 2Q profit up 10%

LIONVILLE, Pa. - Medical products maker West Pharmaceutical Services Inc. said today that profit rose 10 percent during the second quarter, buoyed by higher pharmaceutical product sales and a onetime payment.

For the quarter ended June 30, the Chester County company earned $28.7 million, or 82 cents per share, compared with profit of $26 million, or 73 cents per share, a year ago. Revenue rose 6 percent to $279.3 million from $263.7 million.

During the quarter, the company received a $6.6 million payment from Nektar Therapeutics for reimbursement in a prior partnership deal. Excluding a mix of charges and gains, the company said adjusted profit totaled 73 cents per share.

Analysts polled by Thomson Financial, on average, expected profit of 69 cents per share.

Shares rose $3.27, or 7.1 percent, to $49.18 in afternoon trading. The stock hit a 52-week high of $49.75 earlier in the trading session.

The company reaffirmed its full-year profit outlook within Wall Street forecasts: profit, excluding charges and onetime gains, between $2.40 and $2.45 per share on revenue of about $1.08 billion.

Analysts polled by Thomson Financial expect profit of about $2.45 per share.