West Pharmaceutical rockets on surging GLP-1 demand

West Pharmaceutical, a company that sells a tiny rubber component of GLP-1 pens, is up more than 20% after it reported earnings that crushed Wall Street estimates thanks to soaring demand for the weight-loss drugs.

The company reported adjusted earnings per share of $1.84, compared to the $1.51 analysts polled by FactSet were expecting. It also reported $766.5 million in sales, more than the $726.1 million the Street was penciling in.

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 8% of sales for the quarter, the company said.