West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q2 2019 Earnings Presentation
15 slides from West Pharmaceutical Services's earnings presentation, Jul 25, 2019
Slide 1: Second-Quarter 2019 Analyst Conference Call
West Pharmaceutical Services, Inc. Second-Quarter 2019 Analyst Conference Call 9 a.m. Eastern Time, July 25, 2019 ▪ A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com Speakers: ▪ To participate on the call, please dial: Eric M. Green − 8
Slide 2: Safe Harbor Statement
Safe Harbor Statement Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 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 inc
Slide 3: Second-Quarter 2019 Earnings Highlights
Second-Quarter 2019 Earnings Highlights • Net sales of $469.7 million grew 4.9%, organic sales growth was 8.1% • Reported-diluted EPS of $0.88 increased 17% • Adjusted-diluted EPS of $0.89 increased 27% (1) • Company raised full-year 2019 net sales guidance to a new range of between $1.810 billion a
Slide 4: Organic Sales Growth Q2 2019
Organic Sales Growth Q2 2019 Overall Organic Proprietary Products organic sales growth of 7.5%, led by sales of 8.1% Sales Growth high-value products, which grew double digits Sales led by high-value products, including NovaPure® and Westar® Biologics DD BIOLOGICS components and Daikyo Crystal Zenit
Slide 5: Executing Market-led Strategy
Executing Market-led Strategy Customer Reach Scientific Innovation Operational Excellence • Hosted more than 200 • 50 scientific & technical • Positive customer feedback on customers from 70 presentations, posters, articles and operational excellence companies at the China bylines presented and publ
Slide 6: Second-Quarter 2019 Summary Results
Second-Quarter 2019 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended June 30, 2019 2018 Reported Net Sales $469.7 $447.5 Gross Profit Margin 33.6% 31.8% Reported Operating Profit $80.5 $60.3 Adjusted Operating Profit $81.9 $62.5 Reported-Diluted EPS $0.88 $0.75 A
Slide 7: Change in Consolidated Net Sales
Change in Consolidated Net Sales Second-quarter 2018 to 2019 ($ millions) 7 WST Q2 2019 Earnings
Slide 8: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended June 30, 2019 2018 Proprietary Products Gross Profit $142.2 $128.8 Proprietary Products Gross Profit Margin 39.5% 37.2% Contract-Manufactured Products Gross Profit $15.7 $13.4 Contract-Manufactured Products Gross Profit Margin 14.3% 13.1% Consolida
Slide 9: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition YTD YTD June 30, December 31, Q219 Q218 2019 2018 Depreciation and Amortization $51.8 $51.9 Cash and Cash Equivalents $326.7 $337.4 Operating Cash Flow $152.7 $127.0 Debt $196.0 $196.1 Capital Expenditures $57.1 $48
Slide 10: 2019 Full-Year Guidance
2019 Full-Year Guidance 2019 Full-Year Guidance(1,2) Consolidated Net Sales $1.810 - $1.825 billion Adjusted-Diluted EPS $3.00 - $3.10 Capital Spending $120 - $130 million (1) Please refer to “Notes to Non-U.S. GAAP Financial Measures” on slides 11-15, and “Non-U.S. GAAP Financial Measures” in today
Slide 11: Notes to Non-U.S. GAAP Financial Measures
Notes to Non-U.S. GAAP Financial Measures For additional details, please see today’s press release & Safe Harbor Statement ▪ For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign curre
Slide 12: Notes to Non-U.S. GAAP Financial Measures
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” (Slides 11-15), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of
Slide 13: Notes to Non-U.S. GAAP Financial Measures
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” (Slides 11-15), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of
Slide 14: Notes to Non-U.S. GAAP Financial Measures
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” (Slides 11-15), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of
Slide 15: Notes to Non-U.S. GAAP Financial Measures
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” (Slides 11-15), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of
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