West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q3 2024 Earnings Presentation
20 slides from West Pharmaceutical Services's earnings presentation, Oct 24, 2024
Slide 1: Third-Quarter 2024
Third-Quarter 2024 Third Quarter Overall Net Sales $746.9M | 0.1% “We are pleased to report solid third quarter results. Our West team across the globe continues to execute at a high-level, motivated by our purpose of Diluted Earnings Per Share: $1.85 improving patient lives. A key aspect of our str
Slide 2: West Pharmaceutical Services, Inc. Third-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 Officer Third-Quarter Results 2024 Analyst Conference Call 9 a.m. Eastern Time | October 24, 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/BI13834
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 • Third quarter 2024 net sales of $746.9 million declined 0.1%; organic net sales declined 0.5% • Third quarter 2024 reported-diluted EPS of $1.85 compared to $2.14 in the same period last year; adjusted-diluted EPS of $1.85 compared to $2.16 in the same period last year WST Q3
Slide 6: Our Growth Drivers in the Near- and Mid-Term
Our Growth Drivers in the Near- and Mid-Term Biologics is the We are investing in We are leveraging our HVP mix-shift with Driving Operational fastest growing sub- growth capital HVP Proprietary new drug launches, Excellence with LEAN segment of expansions of our portfolio with our Glass growth of r
Slide 7: Third-Quarter 2024 Summary Results
Third-Quarter 2024 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended September 30, 2024 2023 Reported Net Sales $746.9 $747.4 Gross Profit Margin 35.4% 38.6% Reported Operating Profit $161.3 $177.3 Adjusted Operating Profit (1) $160.6 $180.8 Reported Operating Pro
Slide 8: Third-Quarter 2024 Organic Net Sales
Third-Quarter 2024 Organic Net Sales Overall Organic Net Sales Decline: 0.5% (Q3 2024) Proprietary Products Q3 2024 organic net sales decreased by 0.5% driven by destocking of high-value products BIOLOGICS GENERICS PHARMA CONTRACT MANUFACTURING (Low-Single Digit) (Mid-Single Digit) Mid-Single Digit
Slide 9: Change in Consolidated Net Sales Third-quarter 2023 to 2024
Change in Consolidated Net Sales Third-quarter 2023 to 2024 ($ millions) WST Q3 2024 Earnings 9
Slide 10: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended September 30, 2024 2023 Proprietary Products Gross Profit $235.7 $261.4 Proprietary Products Gross Profit Margin 39.2% 43.4% Contract-Manufactured Products Gross Profit $29.0 $26.9 Contract-Manufactured Products Gross Profit Margin 19.9% 18.6% Cons
Slide 11: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition YTD YTD September 30, December 31, Q3 2024 Q3 2023 2024 2023 Depreciation and Amortization $114.7 $101.4 Cash and Cash Equivalents $490.9 $853.9 Operating Cash Flow $463.3 $537.4 Debt $202.6 $206.8 Capital Expenditu
Slide 12: 2024 Full-Year Guidance
2024 Full-Year Guidance 2024 Full-Year Guidance Consolidated Net Sales $2.875 - $2.905 billion Adjusted-Diluted EPS $6.55 to $6.75 WST Q3 2024 Earnings 12
Slide 13: Making a difference to improve patients' lives
Making a difference to improve patients’ lives Delivering Unique Value for Customers to Meet the Changing Market Needs Significant Capital Investments for Future Growth WST Q3 2024 Earnings 13
Slide 14: Q&A
Eric M. Green Bernard J. Birkett John Sweeney President & Senior VP & Chief Financial VP, Investor Relations Chief Executive Officer, Officer Chair of the Board Q&A WST Q3 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: Reconciliation of 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: Reconciliation of 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 18: Reconciliation of Net Sales to Organic Net Sales
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 19: Reconciliation of Net Sales to Organic Net Sales
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: Reconciliation of Reported-Diluted EPS Guidance to Adjusted
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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