West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q1 2019 Earnings Presentation
14 slides from West Pharmaceutical Services's earnings presentation, Apr 25, 2019
Slide 1: First-Quarter 2019 Analyst Conference Call
West Pharmaceutical Services, Inc. First-Quarter 2019 Analyst Conference Call 9 a.m. Eastern Time, April 25, 2019 ▪ A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com Speakers: ▪ To participate on the call, please dial: Eric M. Green − 8
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 inc
Slide 3: First-Quarter Earnings Highlights
First-Quarter Earnings Highlights • Net sales of $443.5 million grew 7%, organic sales growth was 11% • Reported-diluted EPS of $0.73 increased 26% (1) • Adjusted-diluted EPS of $0.74 increased 19% (1) • Repurchased 800,000 shares of common stock for $83.1 million • Company reaffirms full-year 2019
Slide 4: Organic Sales Growth Q1 2019
Organic Sales Growth Q1 2019 Overall Organic Proprietary organic sales growth of 9.4%, led by sales of high value 11% Sales Growth products, which grew double digits Sales led by high value products including NovaPure® and Westar® RU Biologics DD BIOLOGICS components Sales led by standard components
Slide 5: Executing Market-led Strategy
Executing Market-led Strategy Customer Reach Operational Excellence Scientific Innovation • Digital Technology Center • 80 basis points of profit margin • Hosted 150 customers from 45 launched in Bengaluru, India expansion, led by 180 points companies at West HQ with the from Proprietary Products Pa
Slide 6: First-Quarter 2019 Summary Results
First-Quarter 2019 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31, 2019 2018 Reported Net Sales $443.5 $415.7 Net Sales at Constant Currency $463.1 $415.7 Gross Profit Margin 33.1% 32.3% Reported Operating Profit $70.7 $53.4 Adjusted Operating Profit $
Slide 7: Change in Consolidated Net Sales
Change in Consolidated Net Sales First-quarter 2018 to 2019 ($ millions) 7 WST Q1 2019 Earnings
Slide 8: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended March 31, 2019 2018 Proprietary Products $132.3 $121.2 Gross Profit Proprietary Products 38.9% 37.1% Gross Profit Margin Contract-Manufactured Products $14.5 $13.2 Gross Profit Contract-Manufactured Products 14.0% 14.8% Gross Profit Margin Consolid
Slide 9: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition Q1 19 Q1 18 March 31, December 31, 2019 2018 Depreciation and Amortization $25.5 $26.4 Cash and Cash Equivalents $265.5 $337.4 Operating Cash Flow $47.6 $45.0 Debt $195.5 $196.1 Capital Expenditures $28.8 $28.0 Equi
Slide 10: 2019 Full-Year Guidance
2019 Full-Year Guidance 2019 Full-Year Guidance(1,2) Consolidated Net Sales $1.795 - $1.820 billion Operating Margin Improvement +100 bps Adjusted-Diluted EPS $2.80 - $2.90 Capital Spending $120 - $130 million (1) Please refer to “Notes to Non-U.S. GAAP Financial Measures” on slides 11-14, and “Non-
Slide 11: Notes to Non-GAAP Financial Measures
Notes to Non-U.S. GAAP Financial Measures For additional details, please see today’s press release & Safe Harbor Statement ▪ For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign curre
Slide 12: Reconciliation of Non-U.S. GAAP Measures
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures” (Slides 11-14), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported a
Slide 13: Reconciliation of Net Sales to Organic Net Sales
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures” (Slides 11-14), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Net Sales
Slide 14: Reconciliation of EPS Guidance to Adjusted EPS Guidance
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures” (Slides 11-14), “Cautionary Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported-D
West Pharmaceutical Services — Q1 2019 Earnings Presentation on 6ix