West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q1 2021 Earnings Presentation
20 slides from West Pharmaceutical Services's earnings presentation, Apr 30, 2021
Slide 1: First-Quarter 2021 Cautionary Statement
1 First-Quarter 2021 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 incl
Slide 2: First-Quarter Results 2021 Analyst Conference Call
West Pharmaceutical Services, Inc. Eric M. Green President & CEO First-Quarter Results 2021 Analyst Conference Call 9 a.m. Eastern Time | April 29, 2021 Bernard J. Birkett Senior Vice President & CFO
Slide 3: West Analyst Conference Call
3 West Analyst Conference Call 9 a.m. Eastern Time April 29, 2021 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 4285757 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 Results
5 Financial Results • First quarter 2021 net sales of $670.7 million grew 36.5%; organic sales growth was 31.1% • First quarter 2021 reported-diluted EPS of $1.99 increased 101%; adjusted- diluted EPS of $2.05 increased 103% WST Q1 2021 Earnings
Slide 6: Q1 Drivers of Growth in our High-Value Product Portfolio
6 Q1 Drivers of Growth in our High- Value Product Portfolio STERILIZED WASHED COATED ADMINISTERED CAMERA INSPECTED QUALITY BY DESIGN CONTAINMENT SELF INJECTION WST Q1 2021 Earnings
Slide 7: The Power of West's Global Manufacturing Network
7 The Power of West’s Global Manufacturing Network Investments made allow West to truly leverage our global footprint for expanding capacity and risk mitigation. WST Q1 2021 Earnings
Slide 8: West is Driving Sustainable Business Practices
8 Six Pillars: $3.1 MILLION in corporate and foundation giving in 2020 in absolute water consumption from 2019 to 2020 50% of West’s C-suite comprised of women, people of color and international diversity in Energy from 2019 to 2020 in waste recycled and global waste diversion at sites in 2020 West
Slide 9: First-Quarter 2021 Summary Results
9 First-Quarter 2021 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31 2021 2020 Reported Net Sales $670.7 $491.5 Gross Profit Margin 40.5% 34.0% Reported Operating Profit $175.6 $88.0 Adjusted Operating Profit (1) $179.2 $88.0 Reported Operating Profit M
Slide 10: Overall Organic Sales Growth – 31.1% (Q1 2021)
10 Overall Organic Sales Growth – 31.1% (Q1 2021) Proprietary Products Q1 2021 organic sales growth of 39.6% led by sales of high-value products, which grew double digits BIOLOGICS GENERICS PHARMA Sales led by high-value products, including Flurotec®, Daikyo®, NovaPure® and Westar® components, Daiky
Slide 11: Change in Consolidated Net Sales
11 Change in Consolidated Net Sales First-quarter 2020 to 2021 ($ millions) WST Q1 2021 Earnings
Slide 12: Gross Profit Update
12 Gross Profit Update ($ millions) Three Months Ended March 31, 2021 2020 Proprietary Products Gross Profit $251.9 $150.1 Proprietary Products Gross Profit Margin 46.3% 40.2% Contract-Manufactured Products Gross Profit $20.0 $16.9 Contract-Manufactured Products Gross Profit Margin 15.7% 14.3% Conso
Slide 13: Cash Flow and Balance Sheet Metrics
13 Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items YTD Q1 2021 YTD Q1 2020 Depreciation and Amortization $29.1 $26.0 Operating Cash Flow $88.7 $57.1 Capital Expenditures $54.7 $32.1 Financial Condition March 31, 2021 December 31, 2020 Cash and Cash Equivalents $483.7 $615.5 Debt $25
Slide 14: 2021 Full-Year Guidance
14 2021 Full-Year Guidance 2021 Full-Year Guidance Consolidated Net Sales $2.630 - $2.655 billion Adjusted-Diluted EPS $6.95 - $7.10 WST Q1 2021 Earnings
Slide 15: Execute. Innovate. Grow.
15 We enable our customers’ ability to support patient health and fuel a brighter future with product innovation. Execute. Innovate. Grow. WST Q1 2021 Earnings Strong Base Business Global Operational Effectiveness
Slide 16: Q & A
16 Eric M. Green President and Chief Executive Officer Bernard J. Birkett Senior Vice President and Chief Financial Officer Quintin Lai VP, Corporate Development, Strategy & Investor Relations Q & A WST Q1 2021 Earnings
Slide 17: Notes to Non-U.S. GAAP Financial Measures
17 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 18: Reconciliation of Reported and Adjusted Operating Profit, Net Income and EPS
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 an
Slide 19: Reconciliation of Net Sales to Organic Net Sales
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 Net Sales t
Slide 20: Reconciliation of Diluted EPS Guidance to Adjusted Guidance
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-Di
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