West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q1 2025 Earnings Presentation
19 slides from West Pharmaceutical Services's earnings presentation, Apr 24, 2025
Slide 1: First-Quarter 2025
First-Quarter 2025 First Quarter Overall Net Sales “I am pleased to report we delivered a solid first quarter as both revenues $698.0M | 0.4% and adjusted-diluted EPS exceeded our first quarter guidance. We are capitalizing on areas of strength and making progress to improve margins Diluted Earnings
Slide 2: First-Quarter Results 2025 Analyst Conference Call
West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial Officer First-Quarter Results 2025 Analyst Conference Call 9 a.m. Eastern Time | April 24, 2025
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, please register in advance at: Conference Call 9 a.m. Eastern Time https://register-conf.media- server.com/regi
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 2025 net sales of $698.0 million increased 0.4%; organic net sales increased by 2.1% • First quarter 2025 reported-diluted EPS of $1.23 compared to $1.55 in the same period last year; adjusted-diluted EPS of $1.45 compared to $1.56 in the same period last year WS
Slide 6: Proprietary Products Business HVP Components
Proprietary Products Business HVP Components • In the past 5 years, HVP components have grown at a CAGR of 13 percent • Expect HVP components revenues to grow mid-single digits in 2025 • Capitalizing on the significant opportunities in the GLP-1 market • Continue to make progress with our biologic’s
Slide 7: Proprietary Products Business HVP Delivery Devices and Standard Components
Proprietary Products Business HVP Delivery Devices and Standard Components SmartDose® On-Body Delivery System • Continued volume ramp in SmartDose® in the first quarter of 2025 • Working hard to drive significant margin improvement through scale & introducing an automated line • Continue to evaluate
Slide 8: Contract Manufacturing
Contract Manufacturing • GLP-1 auto-injector growth offsetting the CGM contract exits • Our investments in GLP-1 facilities deliver low single digit growth for the segment in 2025 • Moving to drug handling - we believe will be higher margin and lower capital intensity Grand Rapids, MI expansion WST
Slide 9: First-Quarter 2025 Summary Results
First-Quarter 2025 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31, 2025 2024 Reported Net Sales $698.0 $695.4 Gross Profit Margin 33.2% 33.1% Reported Operating Profit $107.0 $122.8 Adjusted Operating Profit (1) $125.0 $123.0 Reported Operating Profit
Slide 10: First-Quarter 2025 Organic Net Sales Growth
First-Quarter 2025 Organic Net Sales Growth Overall Organic Net Sales Growth: 2.1% (Q1 2025) Proprietary Products Q1 2025 organic net sales increased by 2.4% driven by sales of High-Value Products led by customer demand for self-injection device platforms partially offset by lower sales of FluroTec®
Slide 11: Change in Consolidated Net Sales
Change in Consolidated Net Sales First-quarter 2024 to 2025 ($ millions) WST Q1 2025 Earnings 11
Slide 12: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended March 31, 2025 2024 Proprietary Products Gross Profit $210.2 $207.1 Proprietary Products Gross Profit Margin 37.3% 37.0% Contract-Manufactured Products Gross Profit $21.7 $23.1 Contract-Manufactured Products Gross Profit Margin 16.1% 17.0% Consolid
Slide 13: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition YTD YTD March 31, December 31, Q1 2025 Q1 2024 2025 2024 Depreciation and Amortization $40.0 $35.6 Cash and Cash Equivalents $404.2 $484.6 Operating Cash Flow $129.4 $118.2 Debt $202.6 $202.6 Capital Expenditures $7
Slide 14: 2025 Full-Year Guidance
2025 Full-Year Guidance 2025 Full-Year Guidance Consolidated Net Sales $2.945 - $2.975 billion Adjusted-Diluted EPS $6.15 to $6.35 WST Q1 2025 Earnings 14
Slide 15: 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 Q1 2025 Earnings 15
Slide 16: Notes to Non-U.S. GAAP Financial Measures
For the purpose of aiding the comparison of our The Non-U.S. GAAP financial measures are Notes to Non-U.S. GAAP year-over-year results, we may refer to net sales and other financial results excluding the effects of incorporated into our discussion and analysis as management uses them in evaluating o
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 Reported and A
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 Net Sales to O
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 Reported-Dilut
West Pharmaceutical Services — Q1 2025 Earnings Presentation on 6ix