Corning (GLW) Launches Viridian Vials for Sustainable Future
Corning Incorporated GLW has taken another step toward a greener future with the launch of Corning Viridian Vials, an innovative addition to its pharmaceutical glass-packaging portfolio. This innovative technology combines performance and sustainability, offering significant benefits for both the environment and Corning's bottom line.
Pharmaceutical manufacturers face the challenge of meeting the growing demand for injectable medicines while reducing their environmental impact. Viridian Vials addresses this challenge by improving filling-line efficiency by up to 50% and reducing vial-manufacturing carbon-dioxide-equivalent (CO2e) emissions by up to 30%. These advancements are made possible through cutting-edge coating technology, allowing medications to be delivered safely and efficiently while minimizing harm to the planet.
One of the key environmental benefits of Viridian Vials is the reduction in glass material usage. Compared to conventional glass vials, Viridian Vials uses 20% less glass material without compromising quality or safety. This lowers manufacturing and transportation-related emissions while reducing the total amount of glass waste. Additionally, the vials' low-friction external coating helps improve filling-line efficiency while minimizing cracks, breaks and cosmetic rejects.
Corning's commitment to sustainability extends beyond its own innovations. The company has partnered with West Pharmaceutical Services as the exclusive distributor of Viridian Vial technology. This collaboration brings together two industry leaders who share a common goal of using resources responsibly for a healthier, more sustainable world.
Notwithstanding challenging macroeconomic conditions, Corning expects to witness 6-8% compound annual sales growth and 12-15% compound annual earnings per share growth through 2023 while investing $10-$12 billion in research, development & engineering, capital, and mergers and acquisitions. It plans to expand its operating margin and return on invested capital and deliver $8-$10 billion to shareholders, including an annual dividend per share increase of at least 10%. To achieve its goals, the company expects to add an incremental $3-$4 billion in annual sales and improve profitability by the end of 2023.
The stock has gained 7.9% over the past year compared with the industry’s rise of 30.4%.
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Corning currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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