Oct 24 (Reuters) - West Pharmaceutical Services ( WST )

raised its annual profit forecast on Thursday, after beating

Wall Street estimates for quarterly revenue and profit, banking

on rising demand for cartridges and syringes used to manufacture

injectable therapies.

The company now expects 2024 profit in the range of $6.55 to

$6.75 per share, compared with its previous profit per share

forecast of $6.35 to $6.65.

The Pennsylvania-based firm has been anticipating growth in

sales owing partly due to the increase in demand for components

used in the packaging of treatments which include Novo Nordisk's

diabetes drug Ozempic, weight-loss drug Wegovy, and

Eli Lilly's ( LLY ) diabetes drug Mounjaro.

It also slightly nudged its full-year revenue forecast to be

between $2.88 billion and $2.91 billion, up from the prior range

of $2.87 billion to $2.90 billion.

Analysts, on an average, were expecting annual profit of

$6.51 per share and total revenue of $2.87 billion, according to

data compiled by LSEG.

Sales for the third quarter was $746.9 million, beating

analysts' average estimates of $709.62 million.

Revenue for its proprietary products segment, through which

West offers packaging products like stoppers, seals, syringes

and cartridges for injectable drug, came at $601.4 million ahead

of estimates of $565.15 million. The segment makes up more than

half of the company's total revenues.

On an adjusted basis, the company posted a profit of $1.85

per share for the quarter ended Sept. 30, above analysts'

expectations of $1.50 per share.