West Pharmaceutical Services, Inc. (NYSE: WST) reported first-quarter 2024 adjusted earnings per share (ETF:EPS) of $1.56, which beat the Zacks Consensus Estimate by 20.9%. The bottom line, however, was down 21.2% year over year. The adjustments include expenses related to the amortization of acquisition-related intangible assets. GAAP EPS for the quarter was $1.55, down 16.2% year over year. The company's shares have risen 8.1% in the past year compared with the industry's growth of 4.9%. The broader S&P 500 Index has increased 25.5% in the same time frame. Image Source: Zacks Investment Research Revenues in Detail West Pharmaceutical registered net sales of $695.4 million in the first quarter, down 3% year over year. The figure, however, beat the Zacks Consensus Estimate by 3.3%. The company recorded an organic net sales decline of 3% in the reported quarter. Per management, the top-line decline was driven by Proprietary Products' lower high-value product (HVP) sales and weak Generic product sales. However, higher Contract Manufacturing component sales and continued demand for NovaPure and self-injection device platforms partially offset the decline. Segmental Details West Pharmaceutical operates under two segments — Proprietary Products and Contract-Manufactured Products. Net sales in the Proprietary Products segment were $559.5 million, indicating a decline of 4% year over year as well as on an organic basis. HVP net sales, which accounted for approximately 72% of the segment's net sales, registered an organic decline of low-single-digit percentage points. The Pharma market units of the Proprietary Products segment reflected a high-single-digit percentage point organic decline in the first-quarter sales. The Generic market unit registered a double-digit percentage point decline in sales. However, ...