West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q4 2021 Earnings Presentation
22 slides from West Pharmaceutical Services's earnings presentation, Feb 17, 2022
Slide 1: Fourth-Quarter 2021 and Full Year Results
1 Fourth-Quarter 2021 and Full Year Results Full Year Overall Net Sales $2.832B | 31.9% Diluted Earnings Per Share: $8.67 | 90% Adjusted Diluted Earnings Per Share: $8.58| 80% Eric M. Green President and Chief Executive Officer West Pharmaceutical Services, Inc. WST Q4/FY 2021 Earnings “We had a suc
Slide 2: Fourth-Quarter and Full Year Results 2021 Analyst Conference Call
West Pharmaceutical Services, Inc. Eric M. Green President & CEO Bernard J. Birkett Senior Vice President & CFO Fourth-Quarter and Full Year Results 2021 Analyst Conference Call 9 a.m. Eastern Time | February 17, 2022
Slide 3: West Analyst Conference Call
3 West Analyst Conference Call 9 a.m. Eastern Time February 17, 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 198614
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: Our Mission, Vision, Purpose and Core Values
5 OUR CORE VALUES OUR MISSION OUR VISION OUR PURPOSE We contain and deliver injectable therapies that improve patient lives. We serve to improve patient lives. To be the world leader in the integrated containment and delivery of injectable medicines. Passion for Customers Leadership in Quality One W
Slide 6: Financial Results
6 Financial Results • Fourth quarter 2021 net sales of $730.8 million grew 26.0%; organic sales growth was 28.3% • Fourth quarter 2021 reported-diluted EPS of $1.93 increased 49.6%; adjusted- diluted EPS of $2.04 increased 52.2% • Full year 2021 net sales of $2.832 billion grew 31.9%; organic sales
Slide 7: West is a Global Leader in Containment and Delivery of Injectable Medicines
7 Donated over $2.5M to our local communities to help those in greatest need Delivered over 50 scientific presentations, and published over 55 peer-reviewed and industry publications 865+ new team members joined West Shipped close to 45 billion components touching billions of patients Rose to the ch
Slide 8: West is Driving Sustainable Business Practices
8 Six Pillars: 250+ charitable organizations that West partnered with across the globe in absolute water consumption from 2019 to 2020 >65% of West’s C-suite comprised of women, people of color or international diversity in Energy from 2019 to 2020 in waste recycled and global waste diversion at sit
Slide 9: Delivering Customer Needs with High-Value Products & Services
9 STERILIZED WASHED CAMERA INSPECTED CONTAINMENT QUALITY BY DESIGN SELF-INJECTION COMPLEXITY OF PROBLEM SOLVED COATED COLLABORATION Delivering Customer Needs with High-Value Products & Services WST Q4/FY 2021 Earnings
Slide 10: Fourth-Quarter 2021 Summary Results
10 Fourth-Quarter 2021 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended December 31 2021 2020 Reported Net Sales $730.8 $580.2 Gross Profit Margin 41.1% 36.4% Reported Operating Profit $184.0 $116.1 Adjusted Operating Profit (1) $189.2 $119.1 Reported Operating P
Slide 11: Fourth-Quarter 2021 Organic Sales Growth
11 Overall Organic Sales Growth – 28.3% (Q4 2021) Proprietary Products Q4 2021 organic sales growth of 36.8% led by sales of high-value products, which grew double digits BIOLOGICS GENERICS PHARMA Sales led by high-value products, including NovaPure® and Westar® components Sales led by high-value pr
Slide 12: Change in Consolidated Net Sales
12 Change in Consolidated Net Sales Fourth-quarter 2020 to 2021 ($ millions) WST Q4/FY 2021 Earnings
Slide 13: Gross Profit Update
13 Gross Profit Update ($ millions) Three Months Ended December 31, 2021 2020 Proprietary Products Gross Profit $282.4 $189.4 Proprietary Products Gross Profit Margin 46.3% 41.7% Contract-Manufactured Products Gross Profit $20.1 $21.7 Contract-Manufactured Products Gross Profit Margin 16.5% 17.2% Co
Slide 14: Cash Flow and Balance Sheet Metrics
14 Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items YTD Q4 2021 YTD Q4 2020 Depreciation and Amortization $122.3 $109.1 Operating Cash Flow $584.0 $472.5 Capital Expenditures $253.4 $174.4 Financial Condition December 31, 2021 December 31, 2020 Cash and Cash Equivalents $762.6 $615.5
Slide 15: 2022 Full-Year Guidance
15 2022 Full-Year Guidance 2022 Full-Year Guidance Consolidated Net Sales $3.050 - $3.075 billion Reported-Diluted EPS $9.20 - $9.35 WST Q4/FY 2021 Earnings
Slide 16: Strong Base Business Delivering Unique Value
16 Strong Base Business Delivering Unique Value Global Operational Effectiveness Accelerating Investments for the Future Innovating for a Healthier World We enable our customers’ ability to support patient health and fuel a brighter future with product innovation. WST Q4/FY 2021 Earnings
Slide 17: Q & A
17 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 Q4/FY 2021 Earnings
Slide 18: Notes to Non-U.S. GAAP Financial Measures
18 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 19: Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
19 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 20: Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS (2020)
20 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 21: Reconciliation of Net Sales to Organic Net Sales
21 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 22: Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
22 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 — Q4 2021 Earnings Presentation on 6ix