West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q1 2023 Earnings Presentation
20 slides from West Pharmaceutical Services's earnings presentation, Apr 27, 2023
Slide 1: First-Quarter 2023
First-Quarter 2023 First Quarter Overall Net Sales $716.6M | 0.5% “We had a solid start to the year and are reaffirming our full-year organic sales growth outlook. We delivered strong performances in both our Generics and Pharma market units, Diluted Earnings Per Share: $1.85 as our teams are addres
Slide 2: West Pharmaceutical Services, Inc. First-Quarter 2023 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 2023 Analyst Conference Call 9 a.m. Eastern Time | April 27, 2023
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/BIaaff2
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 to in management’s discussion of the Company’s managem
Slide 5: West's 100-year history and CEOs
/ William S. West Rene L. Guerster __ William G. Little Donald E. Morel Founder and CEO President and CEO President and CEO President and CEO President and CEO 1923 - 1965 1965 - 1985 1985 - 1991 1991 - 2002 2002 - 2015 . r Ee ie Herman O. West “Past, present and fut ure everything we do has a y M4,
Slide 6: Financial Highlights
Financial Highlights • First quarter 2023 net sales of $716.6 million declined 0.5%; organic net sales growth of 2.3% • First quarter 2023 reported-diluted EPS of $1.85 compared to $2.29 in the same period last year; adjusted-diluted EPS of $1.98 compared to $2.30 in the same period last year WST Q1
Slide 7: Q1 2023 Business Highlights
Q1 2023 Business Highlights Announced Rang the NYSE Opening Bell Opened new R&D Lab sustainability in honor of in Radnor, PA with competencies partnership with NFL to support our capabilities in West’s 100th year chemistry, material sciences and Philadelphia Eagles biology in support of the Field Go
Slide 8: Capacity Investments making progress across the Globe
Capacity Investments making progress across the Globe Phase Phase Phase Phase Phase I II III IV V Project Start Date 2020-2021 2021-2022 2022-2023-2024 Progress Completed On Track Molding Presses 13 Sites Included Mixing Lines Pharma Wash 110 Major Facility Modifications Envision >Billions of Un
Slide 9: 2023 Full-Year Guidance
2023 Full-Year Guidance 2023 Full-Year Guidance Consolidated Net Sales $2.965 - $2.990 billion Adjusted-Diluted EPS $7.50 to $7.65 WST Q1 2023 Earnings 9
Slide 10: First-Quarter 2023 Summary Results
First-Quarter 2023 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31 2023 2022 Reported Net Sales $716.6 $720.0 Gross Profit Margin 37.9% 39.5% Reported Operating Profit $155.3 $189.7 Adjusted Operating Profit (1) $164.9 $189.9 Reported Operating Profit M
Slide 11: First-Quarter 2023 Organic Net Sales Growth
First-Quarter 2023 Organic Net Sales Growth Overall Organic Net Sales Growth: 2.3% (Q1 2023) Proprietary Products Q1 2023 organic net sales remained flat while sales of high-value products declined 2.3% year over year BIOLOGICS GENERICS PHARMA CONTRACT MANUFACTURING (Double Digit) High Double-Digit
Slide 12: Change in Consolidated Net Sales First-Quarter 2022 to 2023
Change in Consolidated Net Sales First-Quarter 2022 to 2023 ($ millions) WST Q1 2023 Earnings 12
Slide 13: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended March 31, 2023 2022 Proprietary Products Gross Profit $247.8 $260.7 Proprietary Products Gross Profit Margin 42.5% 43.4% Contract-Manufactured Products Gross Profit $23.5 $23.9 Contract-Manufactured Products Gross Profit Margin 17.6% 20.1% Consolid
Slide 14: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition YTD YTD March 31, December 31, Q1 2023 Q1 2022 2023 2022 Depreciation and Amortization $31.6 $29.6 Cash and Cash Equivalents $886.3 $894.3 Operating Cash Flow $138.1 $151.2 Debt $208.3 $208.9 Capital Expenditures $8
Slide 15: Making a Difference to Patient Health over the next Century
Making a Difference to Patient Health over the next Century Execute. Innovate. Grow. Delivering Unique Value to Customers and Patients Global Operational Effectiveness Across the Network Accelerating Investments for the Future WST Q1 2023 Earnings 15
Slide 16: Q&A
Eric M. Green Bernard J. Birkett Quintin Lai President and Senior VP and Chief Financial VP, Corporate Strategy & Chief Executive Officer, and Operations Officer Investor Relations Chair of the Board Q&A WST Q1 2023 Earnings 16
Slide 17: 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 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 and A
Slide 19: 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 20: 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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