West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Investor Day (May 2006)
142 slides from West Pharmaceutical Services's investor day presentation, May 10, 2006
Slide 1: Donald E. Morel, Jr., Ph.D., Chairman & CEO
Donald E. Morel, Jr., Ph.D. Chairman & Chief Executive Officer
Slide 2: Agenda
Agenda Don Morel Welcome Steve Ellers Global Operations Overview Mike Schaefers Pharma Systems Marketing Don McMillan Selective Product Overview Bob Hargesheimer Tech Group John Paproski Innovation Engine Bill Federici Financial Overview All Participants Q&A
Slide 3: Forward-looking statements
Certain statements contained in this presentation and certain statements that may be made by management of the Company orally during this presentation are forward-looking statements that set forth anticipated results based on management’s plans and assumptions. Such statements give our current expec
Slide 4: Who are we?
Who are we? Each and every day millions of West products are used to enhance healthcare around the world.
Slide 5: Corporate Profile
Corporate Profile World's premier manufacturer of components and systems for injectable drug delivery Stoppers and seals for vials Disposable components used in syringe, IV, blood collection and diagnostic systems Founded in 1923 HQ in Lionville, PA 2005 sales $700M Market capitalization $1.2 Billio
Slide 6: Diverse Customer Base
Diverse Customer Base Company Estimated Market Share: 70% in Pharma; 70% in Device; 95% in Biotech
Slide 7: Global Presence
32 manufacturing sites 34 sales offices 7 technical centers 6,000 employees worldwide Global Presence
Slide 8: Key Company Developments
Key Company Developments Acquisition of Monarch Laboratories Acquisition of The Tech Group Acquisition of Medimop Sale of GFI Clinical Unit Sale of Contract Manufacturing Operations New management team Restructuring and increased CAPEX Sale of OTC Research Services Group Kinston plant accident Kinst
Slide 9: FY05 Net sales: Approx. $700 MM
FY05 Net sales: Approx. $700 MM Business Segments
Slide 10: Geographic Sales Mix
Geographic Sales Mix (2005, based on point of sale)
Slide 11: Corporate Growth Strategy
Corporate Growth Strategy Core Pharmaceutical Systems Business Maximize the value of West’s core business (Company estimated market: $1.1 BN) Market segmentation Generate maximum value from key growth drivers New product innovation Lean manufacturing Geographic expansion Strategic acquisitions Medim
Slide 12: Corporate Growth Strategy
Corporate Growth Strategy Tech Group Business Build market share in multi-component systems for drug delivery (Company estimated market: $4.5 BN) Leverage customer base Develop a portfolio of proprietary systems for injectable, transmucosal, and pulmonary delivery Pursue selected consumer opportunit
Slide 13: Diabetes
Diabetes Components for Pen System Applications Components for Traditional System Applications Devices
Slide 14: West's Competitive Edge
West’s Competitive Edge Unmatched experience/expertise: drug material interface Ability to source components from multiple locations globally Protected IP : West’s components and systems Regulatory barrier to entry : NDA and ANDA filing must include reference to all packaging/components in contact w
Slide 15: Investment Considerations
Investment Considerations Established platform for sustainable growth Significant barriers to entry Favorable growth drivers in key market segments Global, diverse customer base Global manufacturing capability Strong, experienced management team Strong corporate governance
Slide 16: Steve Ellers
Steve Ellers President & Chief Operating Officer
Slide 17: Overview
Overview Organization Financial performance Strategic initiatives Manufacturing strategy Product launch process
Slide 18: President and Chief Operating Officer
President and Chief Operating Officer Business Units with P/L North America South America Europe and Asia Pacific The Tech Group Reconstitution (Medimop) Global Headquarters Global Supply Chain & Support Services Strategic Business Development Innovation
Slide 19: 2005 Performance
2005 Performance Record sales and profits Completed three acquisitions Better positioned for profitable growth Stronger position with customers Improved product pipeline Innovation launched
Slide 20: Drivers for Improved Financial Performance
Drivers for Improved Financial Performance Returned focus to core injectable business Reorganized to regional business units Faster response time to market Better coordination of resources Significant increase in CAPEX Better quality Greater capacity Improved efficiencies Faster response time to mar
Slide 21: Net sales 2001-2006(E)
SERVICES WEST Paarmaceutica ips Investor Day May 10, 2006 $900 $800 $700 $600 $500 $400 $300 $200 $100 $in Millions TH 2001 2002 2003 2004 2005 2006(E) @ Core Businesses @& Acquisitions
Slide 22: Operating Profit Performance
Operating Profit Performance Note: 2004 operating profit excludes $11.6M of business interruption and out-of-pocket costs related to the 2003 Kinston accident. CAGR = 15%
Slide 23: Consolidated Capital Expenditures
Consolidated Capital Expenditures Capital as % of sales 12% 9% 12% 11% 8% Depreciation as % of sales 8% 8% 6% 6% 7%
Slide 24: Key Initiatives For Growth
Key Initiatives For Growth Market segmentation Product launches Accelerate innovation Lean Sigma initiatives Expand capacity to meet growing demand
Slide 25: Market Segmentation Identifies Market Needs
Manufacturing Strategy Capital Expenditures Product Launches Market Segmentation Identifies Market Needs
Slide 26: Market Segment Growth Drivers
Market Segment Growth Drivers Biotechnology/Oncology Diabetes Prefillable Syringes Reconstitution Systems FluroTec ® and Barrier Coatings Westar ® Processing West Spectra TM
Slide 27: Market Segment Growth Drivers
Market Segment Growth Drivers Biotechnology/Oncology Diabetes Prefillable Syringes Reconstitution Systems Components for Traditional System Applications Components for Pen System Applications
Slide 28: Market Segment Growth Drivers
Market Segment Growth Drivers Biotechnology/Oncology Diabetes Prefillable Syringes Reconstitution Systems
Slide 29: Market Segment Growth Drivers
Market Segment Growth Drivers Biotechnology/Oncology Diabetes Prefillable Syringes Reconstitution Systems
Slide 30: Manufacturing Strategy
Market Segmentation Identifies Market Needs Capital Expenditures Product Launches Manufacturing Strategy
Slide 31: Manufacturing Philosophy
Manufacturing Philosophy Centers of Excellence – Focused Factories Pharmaceutical Device Cellular Manufacturing Zero Defect Vision inspection Six Sigma Multiple site sourcing Managed as cost centers
Slide 32: Manufacturing Processes
Manufacturing Processes Rubber Compounding Molding Trimming Finishing Specialty products Metal TrimTec ®
Slide 33: Investing for Sustainable Growth
WES Pharmaceutical ij Investor Day May 10, 2006 Investing for Sustainable Growth
Slide 34: WEST ?2rrecuticalyps Investor Day May 10, 2006
WEST ?2rrecuticalyps Investor Day May 10, 2006
Slide 35: WEST ?2rrecuticalyps Investor Day May 10, 2006
WEST ?2rrecuticalyps Investor Day May 10, 2006 Investi
Slide 36: WEST? i2rnzceutical ips Investor Day May 10, 2006
WEST? i2rnzceutical ips Investor Day May 10, 2006 Growth
Slide 37: Investing for Sustainable Growth
WEST? i2rnzceutical ips Investor Day May 10, 2006 Investing for Sustainable Growth
Slide 38: WEST! Fer bare tly Investor Day May 10, 2006
WEST! Fer bare tly Investor Day May 10, 2006
Slide 39: Capital Expenditures
Market Segmentation Identifies Market Needs Manufacturing Strategy Product Launches Capital Expenditures
Slide 40: Consolidated Capital Expenditures
Consolidated Capital Expenditures Capital as % of sales 12% 9% 12% 11% 8% Depreciation as % of sales 8% 8% 6% 6% 7%
Slide 41: Product Launches
Market Segmentation Identifies Market Needs Manufacturing Strategy Capital Expenditures Product Launches
Slide 42: Product Launch Process
Product Launch Process Match need in market with West product Target specific customers Secure development partnerships Sampling Machine trials Stability tests Regulatory assistance Analytical Labs
Slide 43: Product Launch Process
Product Launch Process Plan – Initiate Launch Campaign CAPEX investments Promotion Training Sample kits Broad market - product launch (2 - 3 years later) Market experience Market acceptance Customer ramp-ups
Slide 44: Product Launches
Product Launches Westar ® RS Elastomer components Seals
Slide 45: Westar Units Sold
Westar ® Units Sold (in millions)
Slide 46: Product Launches
Product Launches Drive development through superior positioning Investor Day May 10, 2006 FluroTec ® Unrivaled barrier coating Westar ® State of the art ready-to-sterilize elastomer closures Flip-Off ® CCS ™ Prewashed and sterilized Flip-Off seals West Spectra ™ Covert and overt security for product
Slide 47: Key Trends
Key Trends Growth Drivers Global demographics – Diabetes Biotechnology – Oncology, prefilled syringe systems and reconstitution Anti-counterfeiting needs Growing demand for capital Lead market Add value to customers Grow faster than market Cross sell West capabilities Pharma Systems Tech Medimop Inn
Slide 48: Summary
Summary Grow faster than market Fund CAPEX investments Accelerate innovation activities: In house R&D Licensing Strategic partnering Acquisitions Expand geographically Synergies from cross selling
Slide 49: Mike Schaefers, Ph.D.
Mike Schaefers, Ph.D. Director of Marketing Europe
Slide 50: Marketing Initiatives
Marketing Initiatives Sustainable above-market growth through: Global key account management Marketing initiatives for key growth products Market segmentation strategy New product launches / pre-launch activities Innovations
Slide 51: Global Key Account Management
Global Key Account Management Based upon well trained and experienced Key Account Managers Integrates West ’ s well-known Technical Support function into customer relationship Coordinates all activities between customers and West globally using the Diamond approach
Slide 52: Global Key Account Management – cont.
Global Key Account Management – cont. Marketing TCS Regulatory Operations QA R&D Information Systems Investing for Sustainable Growth Investor Day May 10, 2006 Key Account Coordination Supplier Development Supplier Customer Marketing Regulatory Operations QA R&D Information Systems
Slide 53: Global Key Account Management
Global Key Account Management Ensures usage of Value Selling / Value Capture Generates long-term supply agreements Establishes strategic partnerships with customers
Slide 54: Marketing Initiatives for Growth Products
Marketing Initiatives for Growth Products Product positioning and branding Focused communication Sales campaigns Liaison with opinion leaders, authorities
Slide 55: Marketing Initiatives for Growth Products
Marketing Initiatives for Growth Products Drive development through superior positioning Investing for Sustainable Growth Investor Day May 10, 2006 FluroTec ® Unrivaled barrier coating Westar ® State of the art ready to sterilize elastomer closures Flip-Off ® CCS ™ Prewashed and sterilized Flip-Off
Slide 56: Communication
Communication Develop new, global state-of-the-art web site with links to key products Generate and publish product specific articles around key growth products Issue ads for key growth products Exhibit and lecture at key conferences and congresses globally Marketing Initiatives For Growth Products
Slide 57: Sales Campaigns
Sales Campaigns Develop and execute sales campaigns to increase product awareness and knowledge of customers through: Mailing to targeted customers Product specific brochures Product specific sample kits Product specific customer presentations Educational Series Technical seminars & roadshows Market
Slide 58: Strengthen product positioning through liaison
Strengthen product positioning through liaison with: Opinion leaders Professional organizations (i.e. PDA, AAPS ) Regulatory bodies (i.e. FDA, EMEA) Marketing Initiatives For Growth Products
Slide 59: Market Segmentation Strategy
Implement Develop Focus Market Segmentation Strategy Analyze market trends and customer needs Focus development on key segments Develop segment plans through dedicated, cross-functional teams Implement segment specific market plans Analyze Investor Day May 10, 2006 Investing for Sustainable Growth
Slide 60: Market Segmentation Strategy
Market Segmentation Strategy Key growth segments – delivery systems Prefilled syringes Medical devices Key growth segments – markets Vaccines Diabetes Biopharmaceuticals Generics
Slide 61: Market Segmentation Strategy
Market Segmentation Strategy Concentrate company and marketing resources based upon specific market plan i.e.: Technical Support Material Sciences Business Development Manager Regulatory Affairs Segment specific sales and communication tools i.e.: Biotech Sample Kit Biotech Web Site
Slide 62: Product Launches
Product Launches Promote reconstitution and transfer systems (Medimop ) Clip´n´Ject Vial Adapter Mix2Vial MixJect Investing for Sustainable Growth Investor Day May 10, 2006
Slide 63: Product Launches
Product Launches Prefilled syringe component offerings Complete range of FluroTec plungers from 0.5 ml to 10 ml Global launch of new, ´state of the art´ Thermoset Formula for Needle Shields and Tip Caps Launch FluroTec Tip Cap into market Investing for Sustainable Growth Investor Day May 10, 2006
Slide 64: Six Sigma Quality Product
Six Sigma Quality Product Meeting customer demand for enhanced quality products 100 % inspected Low particulate matter Low protein contamination Product Launches
Slide 65: Summary
Summary Sustainable above-market growth through: Global key account management Marketing initiatives for key growth products Market segmentation strategy New product launches / pre-launch activities Innovations
Slide 66: Don McMillan
Don McMillan President, North America Pharmaceutical Systems Division
Slide 67: Pharmaceutical and Biotech Market
Pharmaceutical and Biotech Market Pharmaceutical Market West has strong position for packaging components Low single digit growth rates Focusing on Biotech to strengthen their pipelines Partnership, acquisitions and alliances Biotech Market CAGR 15% (2003 – 2008) High value products Sensitive protei
Slide 68: West's focus on the Biotech Market
West’s focus on the Biotech Market Value drivers Drug product efficacy Management of risk Patient convenience and compliance Product R&D driven by the needs of the Biotech market Proprietary products Value added products drive growth in excess of volume Incorporate advanced technologies Barrier coat
Slide 69: WEST ?2rrecuticalyps Investor Day May 10, 2006
WEST ?2rrecuticalyps Investor Day May 10, 2006 WEST?2arcuticl yp drugs WestFlurolec.
Slide 70: WEST ?2rrecuticalyps Investor Day May 10, 2006
WEST ?2rrecuticalyps Investor Day May 10, 2006 Inv ble Growth
Slide 71: Product Evolution to Combat Drug Counterfeiting
Product Evolution to Combat Drug Counterfeiting Permission granted by Amgen, Inc. West’s standard product 2 nd generation product 3 rd generation product 2 nd generation product
Slide 72: The Next Generation Products
The Next Generation Products Package authentication with overt and covert technologies Item level serialization for electronic track and trace
Slide 73: Emerging Biotech
Emerging Biotech Many small companies focused on bringing new therapies to market West has an opportunity to: Educate the market Share regulatory and packaging science expertise Dedicated Emerging Biotech team Consultative selling process Tailor products to their specific needs Laboratory services P
Slide 74: Customers' Product Development Cycle
Customers’ Product Development Cycle Packaging Components Phase III Commercialization Phase II Phase 1 Laboratory Services Delivery/Device Systems Packaging Components Traditional West Interface: West’s Evolving Interface:
Slide 75: Conclusion
Conclusion Existing relationships with major players Dedicated effort for emerging companies Broad line of existing proprietary products and services Biotech market needs drive product R&D Leverage market knowledge to identify and introduce additional value added products and services
Slide 76: Bob Hargesheimer
Bob Hargesheimer President, The Tech Group
Slide 77: Custom injection molding and assembly services
Custom injection molding and assembly services focused on OEM customers in the consumer and health care markets. Investing for Sustainable Growth
Slide 78: Acquired by West, May 2005
Acquired by West, May 2005 The Tech Group FY04 Sales: $74.2 MM Consumer 24% Health Care 76% West Device Group FY04 Sales: $65.0 MM Health Care 30% Consumer 70%
Slide 79: The Tech Group Offerings
The Tech Group Offerings Custom contract-manufacturing services Precision plastic injection-molding and assembly Expertise in product design, including in-house mold design and construction Automated assembly solutions Quick-response center for developmental and prototype tooling
Slide 80: Markets
Markets Health Care Consumer
Slide 81: Customer Base
Customer Base Health Care Device Consumer
Slide 82: Internationally Positioned manufacturing facilities
Internationally Positioned 12 manufacturing facilities 1,900 employees 887,000 square feet for manufacturing
Slide 83: The Tech Group Growth Strategy
The Tech Group Growth Strategy Market leadership through technical excellence. Design services Regulatory expertise Analytical lab services Tooling High volume assembly Six Sigma support
Slide 84: The Tech Group Growth Strategy
The Tech Group Growth Strategy Build share in multi-component systems. Leverage relationships and experience. Add value with West experience/capabilities. Technology support for proprietary systems. Pursue select Consumer opportunities. Technology based advantage.
Slide 85: Health Care Market Segments
Health Care Market Segments Pharmaceutical Delivery Surgical/Medical Device
Slide 86: Health Care Market Segments
Health Care Market Segments Diagnostic Other
Slide 87: The Tech Group Growth Strategy
The Tech Group Growth Strategy Build share in multi-component systems. Leverage relationships and experience. Add value with West experience/capabilities. Technology support for proprietary systems. Pursue select Consumer opportunities. Technology based advantage.
Slide 88: WEST? i2rnzceutical ips Investor Day May 10, 2006
WEST? i2rnzceutical ips Investor Day May 10, 2006
Slide 89: Summary
Summary Continued growth through: Building share in multi-component systems Pursue selected consumer opportunities Focus on key services Leverage West and Tech capabilities Execute on product pipeline
Slide 90: John Paproski, VP of Innovation
Investing for Sustainable Growth John Paproski Vice President of Innovation
Slide 91: Focus On Growth: Historical View
Focus On Growth: Historical View Drug Development Division was a focal point Formulation and Nasal Based Delivery Systems -- exited in 2005 Plastic Division (now Tech Group) added new processing technologies State-of-art molding technologies Clean room molding High speed assembly Market the capabili
Slide 92: Focus On Growth: Historical View: R&D
Focus On Growth: Historical View: R&D Global Engineering and Product Development Product design and development Tooling design and construction Elastomer material development Design and construction of assembly and processing equipment Develop new packaging and device concepts # of Employees: 64 pro
Slide 93: Innovation at West: Stepping It Up
Innovation at West: Stepping It Up Refocused on proprietary products for injectable drug packaging and delivery systems Increased innovation spending an additional $4-6M in 2006 Multiple technology license/agreements acquired Increased I.P. activity Prototype thru scale up developments Medimop acqui
Slide 94: Innovation at West: The Process
Innovation at West: The Process
Slide 95: Required Elements for Innovation Success
Required Elements for Innovation Success 1. Market need 2. Customer access Current Focus: The Pharmaceutical Market 3. West core competency Injectable technical expertise and support Global manufacturing capability in metal, rubber, plastic and assembly GMP and GLP capabilities Creative injectable p
Slide 96: Injectable Pharma Market Trends
Injectable Pharma Market Trends Sustained new biotech NME’s Frequent lyophilized NME’s Prefilled syringe growth Self administration Patient/clinician convenience as a differentiator Simplify pharma filling and processing Needle safety Counterfeit concerns Long acting drug formulations
Slide 97: Importance of Injectables
Innovation at West: Importance of Injectables NME & BLA Approvals (FDA) Source: The Pink Sheet; FDA Website
Slide 98: Therapeutic Categories Pharma Market Trends
Therapeutic Categories Pharma Market Trends Therapeutic Areas Anti-Infectives Biologicals Cardiovascular Diabetes Therapy Hormones Immunology Neurology Oncology Ophthalmology Osteoporosis Market Trends Pre Filled Syringe Growth Self Administration Abundant Biotech NME’s Frequent Lyophilized NME’s Ne
Slide 99: The Reconstitution Product Category: Market Drivers
The Reconstitution Product Category: Market Drivers Lyophilized NME’s Necessity for stability Self administration Caregiver convenience: a pharma product differentiator
Slide 100: Reconstitution Supplies
Reconstitution Supplies
Slide 101: Remove Flip Off From Diluent Vial
Remove Flip Off ™ From Diluent Vial
Slide 102: Remove Flip Off From Drug Vial
Remove Flip Off™ From Drug Vial
Slide 103: Alcohol Swab Stopper Surface
Alcohol Swab Stopper Surface
Slide 104: Remove Needle Cover
Remove Needle Cover
Slide 105: Prepare Syringe
Prepare Syringe
Slide 106: Draw Air Into Syringe
Draw Air Into Syringe
Slide 107: Prepare for Diluent Withdrawal
Prepare for Dilluent Withdrawl
Slide 108: Insert Syringe into Vial Stopper
Insert Syringe into Vial Stopper
Slide 109: Push Air into Vial
Push Air into Vial
Slide 110: Withdraw Diluent From Vial
Withdraw Dilluent From Vial
Slide 111: Adjust Dose in Syringe
Adjust Dose in Syringe
Slide 112: Withdraw Syringe from Vial
Withdraw Syringe from Vial
Slide 113: Insert Syringe into Drug Vial
Insert Syringe into Drug Vial
Slide 114: Inject Liquid Into Drug Vial
Inject Liquid Into Drug Vial
Slide 115: Unmixed Solution
Unmixed Solution
Slide 116: Dispose of Syringe
Dispose of Syringe
Slide 117: Mix Solution
Mix Solution
Slide 118: Insure Mixing is Complete
Insure Mixing is Complete
Slide 119: Swab the top of the Drug Vial
Swab the top of the Drug Vial
Slide 120: Prepare the Injection Syringe
Prepare the Injection Syringe
Slide 121: Draw air into the Injection Syringe
Draw air into the Injection Syringe
Slide 122: Push air into the Vial
Push air into the Vial
Slide 123: Invert Vial
Invert Vial
Slide 124: Carefully Position Needle
Carefully Position Needle
Slide 125: Draw Contents from Vial
Draw Contents from Vial
Slide 126: Ready for Injection
Ready for Injection
Slide 127: The Reconstitution Product Category
The Reconstitution Product Category Innovation at West: Portfolio Building West’s Traditional Products Clip’n’Ject Medimop
Slide 128: Targeting Innovation
Targeting Innovation ALIGN PRODUCT CATEGORY WITH MARKET TRENDS Vial Projects Component Projects To Be Announced To Be Announced Reconstitution Counterfeiting Pharma Processing Caregiver Convenience Caregiver Safety Lyo NME’s Biotech NME’s Self Admin. PFS Growth Inj. Pharma Market Trends Product Cate
Slide 129: Growing New Product Portfolio
Innovation at West: Growing New Product Portfolio Expansion within the product category Spin-off products Evolutionary path within the category Follow-up product generations Supporting products New categories Focused and manageable injectable projects Future non injectable Cross category
Slide 130: Innovation Summary
Innovation Summary Best pipeline of products in recent history Offerings will: Relate directly to customers and markets we now serve Leverage the combined capabilities and customer access that exist in our: Divisions Partners Recently acquired businesses
Slide 131: William Federici, Chief Financial Officer
William Federici Chief Financial Officer Investing for Sustainable Growth
Slide 132: GAAP/Non-GAAP Reconciliation
.12 - - - - - Interest Payment $.54* $1.40 $1.33 $1.32 $.96 $.83 EPS Non-GAAP - - (.02) - - - Affiliate Gain - - .30 (.42) - - Kinston - - - - (.03) - Foreign Currency (.01) .05 (.07) - (.09) - Unusual Tax Items - (.04) .03 .26 .30 .05 Restructuring $0.43 $1.39 $1.09 $1.48 $.78 $.78 EPS Reported Q1
Slide 133: Consolidated Sales and Non-GAAP EPS
Consolidated Sales and Non-GAAP EPS from Continuing Operations ($ in millions)
Slide 134: First Quarter Results
First Quarter Results ($ in millions, except per share data) $0.41 $0.43 E.P.S. from Continuing Operations $0.41 $0.54 Non-GAAP E.P.S. from Continuing Operations $13.0 $14.3 Income from Continuing Operations $20.1 $28.2 Operating Profit $25.2 $38.0 Selling, General & Administrative Expenses 31% 30%
Slide 135: Capital Management
Capital Management $118.7 $133.5 Working Capital $11.4 YTD Spending Capital Expenditures: 45.0% 42.3% Debt to Total Invested Capital $625.0 $640.6 Total Capitalization $281.0 $271.0 Total Debt 12/31/05 3/31/06 ($M)
Slide 136: Segment operating margin chart
WES T?harmaceutical, ip Investor Day May 10, 2006 35.0% oie 25% 5% 36% 30.0% 25.0% 2.0% 13.6% 9 61% 16.5% 15.0% : 4 10.0% 5.0% 0.0% 2004 2005 Q1 2006 m Tech Group m Pharmaceutical Systems|
Slide 137: Corporate Cash Flow
Corporate Cash Flow ($ in millions) Corporate Cash Flow is defined as operating cash flow less capital expenditures and dividends.
Slide 138: Debt Maturity Schedule
Debt Maturity Schedule ($ in millions) $0
Slide 139: Debt to Total Capitalization
Debt to Total Capitalization Goal: 40-45% excluding acquisitions and significant capital expansion
Slide 140: In Summary
In Summary Strong cash flow from operations Strong balance sheet Foundation is in place to fund future growth Focus on cost control and lean initiatives
Slide 141: Donald E. Morel, Jr., Ph.D.
Donald E. Morel, Jr., Ph.D. Chairman & Chief Executive Officer
Slide 142: Summary
Summary West has a set of competitive advantages that uniquely position the company for future growth These competitive advantages capitalize on the primary growth drivers in key market segments Global, diverse customer base Solid financial base Strong, experienced management team focused on executi
West Pharmaceutical Services — Investor Day (May 2006) on 6ix