West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q1 2024 Earnings Presentation
18 slides from West Pharmaceutical Services's earnings presentation, Apr 25, 2024
Slide 1: First-Quarter 2024
First-Quarter 2024 First Quarter Overall Net Sales “We had a solid start to the year and our full-year 2024 financial outlook $695.4M | 3.0% remains unchanged. We are actively managing the timing of inventory decisions by some of our customers, and our recent order trends Diluted Earnings Per Share:
Slide 2: First-Quarter Results 2024 Analyst Conference Call
West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial and Operations Officer First-Quarter Results 2024 Analyst Conference Call 9 a.m. Eastern Time | April 25, 2024
Slide 3: West Analyst Conference Call
A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com West Analyst To participate on the call by asking questions to Management, Conference Call please register in advance at: 9 a.m. Eastern Time https://register.vevent.com/register/BIe5bc0
Slide 4: Safe Harbor Statement
Cautionary Statement Under the Private Non-U.S. GAAP Financial Measures Securities Litigation Reform Act of 1995 Certain financial measures included in these presentation materials, or which may be referred This presentation and any accompanying management to in management’s discussion of the Compan
Slide 5: Financial Highlights
Financial Highlights • First quarter 2024 net sales of $695.4 million declined 3.0%; organic net sales also declined by 3.0% • First quarter 2024 reported-diluted EPS of $1.55 declined 16.2%; adjusted-diluted EPS of $1.56 declined by 21.2% WST Q1 2024 Earnings 5
Slide 6: Delivering unique value to Customers and Patients
Delivering unique value to Customers and Patients Increasing capacity to meet growing demand for our Proprietary Products and Contract Manufacturing segments HVP Co m p o n e n t s & Gl o b a l Ca p a c i t y D e l ive r y Sys t e m s Expansion WST Q1 2024 Earnings 6
Slide 7: 2024 Full-Year Guidance
2024 Full-Year Guidance 2024 Full-Year Guidance Consolidated Net Sales $3.000 - $3.025 billion Adjusted-Diluted EPS $7.63 to $7.88 WST Q1 2024 Earnings 7
Slide 8: First-Quarter 2024 Summary Results
First-Quarter 2024 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31, 2024 2023 Reported Net Sales $695.4 $716.6 Gross Profit Margin 33.1% 37.9% Reported Operating Profit $122.8 $155.3 Adjusted Operating Profit (1) $123.0 $164.9 Reported Operating Profit
Slide 9: First-Quarter 2024 Organic Net Sales Growth
First-Quarter 2024 Organic Net Sales Growth Overall Organic Net Sales Decline: 3.0% (Q1 2024) Proprietary Products Q1 2024 organic net sales decrease by 4.0% with sales of high-value products declining by low-single digits BIOLOGICS GENERICS PHARMA CONTRACT MANUFACTURING Low-Single Digit (Double Dig
Slide 10: Change in Consolidated Net Sales
Change in Consolidated Net Sales First-quarter 2023 to 2024 ($ millions) WST Q1 2024 Earnings 10
Slide 11: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended March 31, 2024 2023 Proprietary Products Gross Profit $207.1 $247.8 Proprietary Products Gross Profit Margin 37.0% 42.5% Contract-Manufactured Products Gross Profit $23.1 $23.5 Contract-Manufactured Products Gross Profit Margin 17.0% 17.6% Consolid
Slide 12: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition YTD YTD March 31, December 31, Q1 2024 Q1 2023 2024 2023 Depreciation and Amortization $35.6 $31.6 Cash and Cash Equivalents $601.8 $853.9 Operating Cash Flow $118.2 $138.1 Debt $206.2 $206.8 Capital Expenditures $9
Slide 13: Making a positive impact on healthcare across the globe
Making a positive impact on healthcare across the globe Unique Value to Customers and Patients Global Operational Effectiveness Across the Network Capital Investments for Future Growth WST Q1 2024 Earnings 13
Slide 14: Q&A
Eric M. Green Bernard J. Birkett Quintin Lai President & Senior VP & Chief Financial VP, Investor Relations Chief Executive Officer, and Operations Officer Chair of the Board Q&A WST Q1 2024 Earnings 14
Slide 15: Notes to Non-U.S. GAAP Financial Measures
Notes to Non-U.S. GAAP For the purpose of aiding the comparison of our The Non-U.S. GAAP financial measures are year-over-year results, we may refer to net sales and incorporated into our discussion and analysis as other financial results excluding the effects of management uses them in evaluating o
Slide 16: 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”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and A
Slide 17: 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”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Net Sales to O
Slide 18: 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”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported-Dilut
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