May 15 (Reuters) – West Pharmaceutical Services said on Friday its operations were steadily recovering after a cyberattack earlier this month disrupted manufacturing and logistics globally.
The incident first detected on May 4 led the company to take systems offline and restrict access, which temporarily disrupted operations.
Shares of the medical equipment maker were up more than 1% in afternoon trading, after a roughly 7% decline since the incident.
Its high-value product sites, including its largest facility in Eschweiler, Germany, are fully operational, with standard packaging and most West Vantage sites having resumed shipments, the company said.
West did not disclose the financial impact or provide a timeline for full restoration, but said the unauthorized activity had been contained and immediate risks mitigated.
Evercore ISI analyst Daniel Markowitz said he expects some impact to second-quarter results from the cyberattack but does not anticipate any hit to its full-year outlook, adding that the effect is likely already priced into the stock decline.
Markowitz added that flexible capacity could help operations catch up within the quarter, implying potential upside.
Stryker and Intuitive Surgical also reported cybersecurity incidents in March, while Medtronic disclosed an incident in April.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Vijay Kishore)
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