West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q1 2022 Earnings Presentation
18 slides from West Pharmaceutical Services's earnings presentation, Apr 28, 2022
Slide 1: First-Quarter 2022
1 First-Quarter 2022 First Quarter Overall Net Sales $720.0M | 7.4% Diluted Earnings Per Share: $2.29 | 15.1% Adjusted Diluted Earnings Per Share: $2.30| 12.2% Eric M. Green President and Chief Executive Officer West Pharmaceutical Services, Inc. WST Q1 2022 Earnings “We delivered a solid first-quar
Slide 2: First-Quarter Results 2022 Analyst Conference Call
West Pharmaceutical Services, Inc. Eric M. Green President & CEO Bernard J. Birkett Senior Vice President & CFO First-Quarter Results 2022 Analyst Conference Call 9 a.m. Eastern Time | April 28, 2022
Slide 3: West Analyst Conference Call
3 West Analyst Conference Call 9 a.m. Eastern Time April 28, 2022 A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com To participate on the call, please dial: 877-930-8295 (U.S.) 253-336-8738 (International) The conference ID is 6690124 A
Slide 4: Safe Harbor Statement
4 Safe Harbor Statement This presentation and any accompanying management commentary contain “forward- looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development and operat
Slide 5: Financial Highlights
5 Financial Highlights WST Q1 2022 Earnings • First quarter 2022 net sales of $720.0 million grew 7.4%; organic sales growth was 11.0% • First quarter 2022 reported-diluted EPS of $2.29 increased 15.1%; adjusted- diluted EPS of $2.30 increased 12.2%
Slide 6: Demonstrating Our Passion to Improve Patient Lives
6 Pneuma Systems partnership to develop fluid flow technologies for drug delivery 2022 PDA Annual Meeting West experts received prestigious 2021 Fred Simon Award and Edward Smith Packaging Award Proud Recipient of Ireland-US Council Global Public Service Award for Waterford site’s service during the
Slide 7: First-Quarter 2022 Summary Results
7 First-Quarter 2022 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31 2022 2021 Reported Net Sales $720.0 $670.7 Gross Profit Margin 39.5% 40.5% Reported Operating Profit $189.7 $175.6 Adjusted Operating Profit (1) $189.9 $179.2 Reported Operating Profit
Slide 8: Overall Organic Sales Growth – 11.0% (Q1 2022)
8 Overall Organic Sales Growth – 11.0% (Q1 2022) Proprietary Products Q1 2022 organic sales growth of 14.4% led by sales of high-value products, which grew double digits BIOLOGICS GENERICS PHARMA Sales led by high-value products, including NovaPure® and Westar® components Sales led by high-value pro
Slide 9: Change in Consolidated Net Sales
9 Change in Consolidated Net Sales First-quarter 2021 to 2022 ($ millions) WST Q1 2022 Earnings
Slide 10: Gross Profit Update
10 Gross Profit Update ($ millions) Three Months Ended March 31, 2022 2021 Proprietary Products Gross Profit $260.7 $251.9 Proprietary Products Gross Profit Margin 43.4% 46.3% Contract-Manufactured Products Gross Profit $23.9 $20.0 Contract-Manufactured Products Gross Profit Margin 20.1% 15.7% Conso
Slide 11: Cash Flow and Balance Sheet Metrics
11 Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items YTD Q1 2022 YTD Q1 2021 Depreciation and Amortization $29.6 $29.1 Operating Cash Flow $151.2 $88.7 Capital Expenditures $65.8 $54.7 Financial Condition March 31, 2022 December 31, 2021 Cash and Cash Equivalents $667.7 $762.6 Debt $2
Slide 12: 2022 Full-Year Guidance
12 2022 Full-Year Guidance 2022 Full-Year Guidance Consolidated Net Sales $3.050 - $3.075 billion Adjusted-Diluted EPS $9.30 - $9.45 WST Q1 2022 Earnings
Slide 13: Execute. Innovate. Grow.
13 Execute. Innovate. Grow. Delivering Unique Value Global Operational Effectiveness Accelerating Investments for the Future Innovating for a Healthier World Our purpose to improve patient lives propels us each and every day. WST Q1 2022 Earnings
Slide 14: Q & A
14 Eric M. Green President and Chief Executive Officer Bernard J. Birkett Senior Vice President and Chief Financial Officer Quintin Lai Vice President, Corporate Strategy & Investor Relations Q & A WST Q1 2022 Earnings
Slide 15: Notes to Non-U.S. GAAP Financial Measures
15 Notes to Non-U.S. GAAP Financial Measures The Non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and fi
Slide 16: Reconciliation of Reported and Adjusted Operating Profit, Net Income and EPS
16 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported an
Slide 17: Reconciliation of Net Sales to Organic Net Sales
17 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Net Sales t
Slide 18: Reconciliation of Reported-Diluted EPS Guidance to Adjusted
18 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported-Di
West Pharmaceutical Services — Q1 2022 Earnings Presentation on 6ix