- Conference Call Scheduled for 9 a.m. EDT Today -
EXTON,
Pa., Oct. 26, 2023 /PRNewswire/ -- West
Pharmaceutical Services, Inc. (NYSE: WST) today announced its
financial results for the third-quarter 2023, updated full-year
2023 financial guidance and declared a fourth-quarter 2023
dividend.
Third-Quarter 2023 Summary (comparisons to prior-year
period)
- Net sales of $747.4 million grew
8.8%; organic net sales growth was 5.7%.
- Reported-diluted EPS of $2.14
increased 34.6%.
- Adjusted-diluted EPS of $2.16
increased 6.4%.
- Company is updating full-year 2023 net sales guidance to a new
range of $2.950 billion to
$2.960 billion, compared to a prior
range of $2.970 billion to
$2.995 billion.
- Company is updating full-year 2023 adjusted-diluted EPS
guidance to a new range of $7.95 to
$8.00, compared to a prior range of
$7.65 to $7.80.
- The Company also announced that its Board of Directors has
approved a fourth-quarter 2023 dividend of $0.20 per share, a 5.3% increase over the
$0.19 per share paid in each of the
four preceding quarters. This is the thirty-first consecutive
annual increase in the Company's dividend. The dividend will
be paid on November 15, 2023, to
shareholders of record as of November 8,
2023.
"Adjusted-diluted EPS" and "organic net sales" are Non-U.S. GAAP
measurements. See discussion under the heading "Non-U.S. GAAP
Financial Measures" in this release.
"We had a solid quarter of organic net sales growth, driven by
our Proprietary Products' high-value product (HVP) and strong
Contract Manufacturing components," said Eric M. Green, President, Chief Executive
Officer and Chair of the Board. "We are observing a slowdown
in restocking trends by large Pharma and Generic customers, which
is reflected in our revised guidance. As we look to the
fourth-quarter 2023, we anticipate double-digit base,
non-COVID-19-related organic sales growth, fueled by strong HVP
component demand with certain customers and therapeutic
categories."
Proprietary Products Segment
Net sales grew by 6.3% to
$602.5 million. Organic net
sales growth (excluding changes in currency translation and the
impact of a recent divestiture) was 3.2%, with currency translation
increasing net sales growth by 250 basis points. HVP net
sales represented over 75% of segment net sales and generated
mid-single digit organic net sales growth, led by customer demand
for HVP components such as FluroTec®, Daikyo® and Envision® as well
as HVP devices such as self-injection systems and administration
systems.
The Generics market unit had high-single digit organic net sales
growth, and the Biologics and Pharma market units had low-single
digit organic net sales growth. As expected, sales related to
COVID-19 continued to decline from the same period last year.
Excluding this COVID-19 impact, the Proprietary Products segment
organic sales would have grown double-digits, led by Biologics and
Generics market units.
Contract-Manufactured Products Segment
Net sales grew
by 20.8% to $144.9 million.
Organic net sales growth was 17.4% with currency translation
increasing net sales growth by 340 basis points. Segment
performance was led by growth in sales of components for
drug-injection devices and for healthcare diagnostic devices.
Financial Highlights (first nine months of
2023)
Operating cash flow was $537.4
million, an increase of 9.0%. Capital expenditures
were $253.3 million, an increase of
33.5% over the same period last year. Free cash flow
(operating cash flow minus capital expenditures) was $284.1 million, a decline of 6.4%.
During the first nine months of 2023, the Company repurchased
753,399 shares for $261.3 million at
an average share price of $346.86
under its share repurchase program.
Full-Year 2023 Updated Financial Guidance
- The Company is updating full-year 2023 net sales guidance to be
a new range of $2.950 billion to
$2.960 billion, compared to a prior
range of $2.970 billion to
$2.995 billion.
- Organic net sales growth guidance is a range of 2% to 3%,
compared to prior guidance of a range of 3% to 4%.
- Net sales guidance assumes COVID-19 related sales of
approximately $68 million, compared
to prior guidance of $60
million.
- Net sales guidance includes an estimated full-year 2023
tailwind of $20 million based on
current foreign currency exchange rates, unchanged from prior
guidance.
- Net sales guidance also includes a reduction of $8 million resulting from a divestiture of a
European facility that produced standard Proprietary Product
components, unchanged from prior guidance.
- Full-year 2023 adjusted-diluted EPS is expected to be in a
range of $7.95 to $8.00, compared to prior guidance range of
$7.65 to $7.80.
- Full-year adjusted-diluted EPS guidance range includes a
tailwind of approximately $0.07 based
on current foreign currency exchange rates, compared to prior
guidance of a tailwind of $0.05.
- The updated guidance also includes EPS of $0.41 associated with first nine-months 2023 tax
benefits from stock-based compensation.
- For the fourth-quarter 2023, our EPS guidance range assumes a
tax rate of 22% and does not include potential tax benefits from
stock-based compensation. Any tax benefits associated with
stock-based compensation beyond those recorded in the first nine
months of 2023 would provide a positive adjustment to our full-year
adjusted-diluted EPS guidance.
- Full-year 2023 capital spending guidance is unchanged and is
expected to be $350 million. This
includes incremental capital spending to support capacity
expansions at existing HVP facilities.
Third-Quarter 2023 Conference Call
The live
audio-only webcast will be made available via the Company's
Investor Relations website here or by clicking here.
To participate in the conference call by asking questions to
Management, please register in advance by clicking here. Upon
registration, all telephone participants will receive the dial-in
number along with a unique PIN number that will be used to access
the call.
Management will refer to a slide presentation during the call,
which will be made available on the day of the call. To view the
presentation, select "Presentations" in the "Investors" section of
the Company's website.
A replay of the conference call and webcast will be available on
the Company's website for 30 days.
Forward-Looking Statements
This release contains statements that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements may include such words
as "unchanged," "approved," "will," "be," "expect," "are," "note,"
"has been," "reflected," "unchanged," "expected," "to be,"
"assumes," "includes," "does," "would," "provide," and other
similar terminology. These statements reflect management's
current expectations regarding future events and operating
performance and speak only as of the date of this release.
There is no certainty that actual results will be achieved in-line
with current expectations. These forward-looking statements
involve a number of risks and uncertainties. The following
are some of the factors that could cause our actual results to
differ materially from those expressed in or underlying our
forward-looking statements: prevailing economic conditions and
general uncertainties relating thereto that may be unknown and
unforeseeable; customers' changing inventory requirements and
manufacturing plans and customer decisions to move forward with our
new products and product categories; interruptions or weaknesses in
our supply chain, illness in our workforce and access to transport
for our products; disruptions or limitations in the Company's
manufacturing capacity; average profitability, or mix, of the
products we sell; dependence on third-party suppliers and partners;
increased raw material, energy and labor costs; fluctuations in
currency exchange; the ability to meet development milestones with
key customers; and the consequences of other geopolitical events,
including natural disasters, acts of war, and global health
crises. This list of important factors is not all inclusive.
For a description of certain additional factors that could cause
the Company's future results to differ from those expressed in any
such forward-looking statements, see Part I Item 1A, entitled "Risk
Factors," in the Company's Annual Report on Form 10-K for the year
ended December 31, 2022, and other
filings with the United States Securities and Exchange Commission,
including the Company's quarterly reports on Form 10-Q and current
reports on Form 8-K.
Except as required by law or regulation, we undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Non-U.S. GAAP Financial Measures
This release contains
certain non-GAAP financial measures, including organic net sales
and adjusted-diluted EPS. 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 currency exchange rates. Organic net sales exclude
the impact from acquisitions and/or divestitures and translate the
current-period reported sales of subsidiaries whose functional
currency is other than the U.S. Dollar at the applicable foreign
currency exchange rates in effect during the comparable prior-year
period. We may also refer to financial results excluding the
effects of unallocated items. The re-measured results
excluding effects from currency translation and excluding the
effects of unallocated items are not in conformity with U.S.
generally accepted accounting principles ("U.S. GAAP") and should
not be used as a substitute for the comparable U.S. GAAP financial
measures. The non-U.S. GAAP financial measures are
incorporated into our discussion and analysis as management uses
them in evaluating our results of operations and believes that this
information provides users a valuable insight into our overall
performance and financial position. A reconciliation of these
adjusted non-U.S. GAAP measures to the comparable U.S. GAAP
financial measures is included in the accompanying tables.
|
WEST PHARMACEUTICAL
SERVICES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(UNAUDITED)
(in millions, except per share data)
|
|
|
Three Months
Ended
September
30,
|
Nine Months
Ended
September
30,
|
|
|
2023
|
2022
|
2023
|
2022
|
|
|
Net sales
|
$747.4
|
100 %
|
$686.9
|
100 %
|
$2,217.8
|
100 %
|
$2,178.2
|
100 %
|
|
|
Cost of goods and
services sold
|
459.1
|
61
|
418.9
|
61
|
1,366.8
|
62
|
1,304.1
|
60
|
|
|
Gross
profit
|
288.3
|
39
|
268.0
|
39
|
851.0
|
38
|
874.1
|
40
|
|
|
Research and
development
|
16.4
|
2
|
13.6
|
2
|
50.0
|
2
|
42.6
|
2
|
|
|
Selling, general
and
administrative expenses
|
89.0
|
12
|
66.3
|
10
|
263.4
|
12
|
231.2
|
11
|
|
|
Other expense (income),
net
|
5.6
|
1
|
1.9
|
-
|
22.5
|
1
|
(4.0)
|
-
|
|
|
Operating
profit
|
177.3
|
24
|
186.2
|
27
|
515.1
|
23
|
604.3
|
27
|
|
|
Interest (income)
expense, net
|
(5.9)
|
(1)
|
0.7
|
-
|
(10.8)
|
(1)
|
4.0
|
-
|
|
|
Other nonoperating
(income) expense
|
(3.8)
|
-
|
49.3
|
7
|
(3.9)
|
-
|
49.1
|
2
|
|
|
Income before
income
taxes and equity in net income of
affiliated companies
|
187.0
|
25
|
136.2
|
20
|
529.8
|
24
|
551.2
|
25
|
|
|
Income tax
expense
|
29.4
|
4
|
20.4
|
3
|
87.8
|
4
|
85.8
|
4
|
|
|
Equity in net income
of
affiliated companies
|
(3.7)
|
(1)
|
(4.8)
|
(1)
|
(14.4)
|
(1)
|
(17.5)
|
(1)
|
|
|
Net income
|
$161.3
|
22 %
|
$120.6
|
18 %
|
$456.4
|
21 %
|
$482.9
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$2.17
|
|
$1.62
|
|
$6.13
|
|
$6.49
|
|
|
|
Diluted
|
$2.14
|
|
$1.59
|
|
$6.05
|
|
$6.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
shares
outstanding
|
74.3
|
|
74.4
|
|
74.4
|
|
74.4
|
|
|
|
Average shares
assuming
dilution
|
75.3
|
|
75.7
|
|
75.5
|
|
75.9
|
|
|
|
WEST PHARMACEUTICAL
SERVICES
REPORTING SEGMENT
INFORMATION
(UNAUDITED)
(in millions)
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
Net
Sales:
|
2023
|
2022
|
2023
|
2022
|
|
Proprietary
Products
|
$602.5
|
$567.0
|
$1,803.6
|
$1,822.0
|
|
Contract-Manufactured
Products
|
144.9
|
120.0
|
414.2
|
356.5
|
|
Eliminations
|
-
|
(0.1)
|
-
|
(0.3)
|
|
Consolidated
Total
|
$747.4
|
$686.9
|
$2,217.8
|
$2,178.2
|
|
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
|
Proprietary
Products
|
$261.4
|
$247.3
|
$780.6
|
$810.3
|
|
Contract-Manufactured
Products
|
26.9
|
20.7
|
71.3
|
63.8
|
|
Unallocated
|
-
|
-
|
(0.9)
|
-
|
|
Gross
Profit
|
$288.3
|
$268.0
|
$851.0
|
$874.1
|
|
Gross Profit
Margin
|
38.6 %
|
39.0 %
|
38.4 %
|
40.1 %
|
|
|
|
|
|
|
Operating Profit
(Loss):
|
|
|
|
|
|
Proprietary
Products
|
$181.6
|
$188.6
|
$546.5
|
$615.9
|
|
Contract-Manufactured
Products
|
21.0
|
14.7
|
53.3
|
48.0
|
|
Stock-based
compensation
expense
|
(5.9)
|
(6.0)
|
(21.9)
|
(17.0)
|
|
General corporate
costs
|
(19.4)
|
(11.1)
|
(62.8)
|
(42.6)
|
|
Reporting Operating
Profit
|
$177.3
|
$186.2
|
$515.1
|
$604.3
|
|
Reported
Operating Profit Margin
|
23.7 %
|
27.1 %
|
23.2 %
|
27.7 %
|
|
Unallocated
items
|
3.5
|
0.2
|
15.6
|
(1.0)
|
|
Adjusted Operating
Profit
|
$180.8
|
$186.4
|
$530.7
|
$603.3
|
|
Adjusted
Operating Profit Margin
|
24.2 %
|
27.1 %
|
23.9 %
|
27.7 %
|
|
WEST PHARMACEUTICAL
SERVICES
RECONCILIATION OF NON-U.S. GAAP MEASURES
(UNAUDITED)
Please refer to "Non-U.S. GAAP Financial
Measures" for more information
(in millions, except per
share data)
|
|
|
Reconciliation of
Reported and Adjusted Operating Profit, Net Income and Diluted
EPS
|
|
|
Three months ended
September 30, 2023
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$177.3
|
$29.4
|
$161.3
|
$2.14
|
|
Unallocated
Items:
|
|
|
|
|
|
Cost investment
impairment (2)
|
3.3
|
-
|
3.3
|
0.05
|
|
Amortization of
acquisition-related intangible
assets (4)
|
0.2
|
0.1
|
0.7
|
0.01
|
|
Legal settlement
(5)
|
-
|
(0.9)
|
(2.9)
|
(0.04)
|
|
Adjusted (Non-U.S.
GAAP)
|
$180.8
|
$28.6
|
$162.4
|
$2.16
|
|
|
Nine months ended
September 30, 2023
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$515.1
|
$87.8
|
$456.4
|
$6.05
|
|
Unallocated
Items:
|
|
|
|
|
|
Loss on disposal of
plant (1)
|
11.6
|
(0.7)
|
12.3
|
0.16
|
|
Cost investment
impairment (2)
|
3.3
|
-
|
3.3
|
0.05
|
|
Restructuring and other
charges (3)
|
0.1
|
(0.3)
|
0.4
|
-
|
|
Amortization of
acquisition-related intangible
assets (4)
|
0.6
|
0.1
|
2.1
|
0.03
|
|
Legal settlement
(5)
|
-
|
(0.9)
|
(2.9)
|
(0.04)
|
|
Adjusted (Non-U.S.
GAAP)
|
$530.7
|
$86.0
|
$471.6
|
$6.25
|
|
|
Three months ended
September 30, 2022
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$186.2
|
$20.4
|
$120.6
|
$1.59
|
|
Unallocated
items:
|
|
|
|
|
|
Pension settlement
(6)
|
-
|
20.0
|
29.6
|
0.39
|
|
Amortization of
acquisition-related intangible
assets (4)
|
0.2
|
0.1
|
0.7
|
0.01
|
|
Tax law changes
(7)
|
-
|
(3.2)
|
3.2
|
0.04
|
|
Adjusted (Non-U.S.
GAAP)
|
$186.4
|
$37.3
|
$154.1
|
$2.03
|
|
|
Nine months ended
September 30, 2022
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$604.3
|
$85.8
|
$482.9
|
$6.36
|
|
Unallocated
items:
|
|
|
|
|
|
Restructuring and other
charges (3)
|
(1.6)
|
(0.4)
|
(1.2)
|
(0.01)
|
|
Pension settlement
(6)
|
-
|
20.3
|
30.5
|
0.40
|
|
Amortization of
acquisition-related intangible
assets (4)
|
0.6
|
0.1
|
2.1
|
0.03
|
|
Tax law changes
(7)
|
-
|
(3.2)
|
3.2
|
0.04
|
|
Royalty acceleration
(8)
|
-
|
1.3
|
(1.3)
|
(0.02)
|
|
Adjusted (Non-U.S.
GAAP)
|
$603.3
|
$103.9
|
$516.2
|
$6.80
|
|
|
|
(1)
|
During the nine months
ended September 30, 2023, the Company recorded expense of $11.6
million within other expense (income), as a result of the sale of
one of the Company's manufacturing facilities within the
Proprietary Products segment. The transaction closed during the
second quarter of 2023.
|
|
|
|
(2)
|
During the three and
nine months ended September 30, 2023, the Company recorded expense
of $3.3 million within other expense (income), as a result of an
impairment of one of the Company's cost investments.
|
|
|
|
(3)
|
Restructuring and other
charges of $0.1 million for the nine months ended September 30,
2023, represents the net impact of an inventory write down of $0.9
million within cost of goods and services sold and a $0.8 million
benefit within other expense (income) for revised severance
estimates in connection with its 2022 restructuring plan. During
the nine months ended September 30, 2022, the Company recorded a
benefit within other expense (income) of $1.6 million for
restructuring and severance related costs in connection with its
2020 plan related to revised severance estimates.
|
|
|
|
(4)
|
During the three and
nine months ended September 30, 2023 and 2022, the Company
recorded $0.2 million and $0.6 million, respectively, of
amortization expense within operating profit associated with an
intangible asset acquired during the second quarter of 2020. During
the three and nine months ended September 30, 2023 and 2022,
the Company recorded $0.6 million and $1.6 million,
respectively, of amortization expense in association with an
acquisition of increased ownership interest in Daikyo.
|
|
|
|
(5)
|
During the three and
nine months ended September 30, 2023, the Company recorded a
benefit of $3.8 million within other nonoperating (income)
expense as a result of a favorable legal settlement related to a
matter not included in our normal operations.
|
|
|
|
(6)
|
During the three and
nine months ended September 30, 2022, we recorded a gross
pension settlement charge of $49.6 million and
$50.8 million, respectively, within other nonoperating
(income) expense, that fully settled the U.S. qualified defined
benefit plan (the "U.S. pension plan").
|
|
|
|
(7)
|
During the three and
nine months ended September 30, 2022, the Company incurred
additional tax expense of $3.2 million due to the impact of a tax
law change in the state of Pennsylvania enacted during the
period.
|
|
|
|
(8)
|
During the nine months
ended September 30, 2022, the Company increased its expected
tax benefit related to the prepayment of future royalties from one
of its subsidiaries by $1.3 million.
|
|
WEST PHARMACEUTICAL
SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to "Non-U.S. GAAP Financial Measures" for more
information
(in millions, except per share
data)
|
|
|
Reconciliation of
Net Sales to Organic Net Sales (9 and 10)
|
|
|
Three months ended
September 30, 2023
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$602.5
|
$144.9
|
$-
|
$747.4
|
|
Effect of changes in
currency translation rates
|
(21.1)
|
(4.0)
|
-
|
(25.1)
|
|
Organic net sales
(non-U.S. GAAP) (9)
|
$581.4
|
$140.9
|
$-
|
$722.3
|
|
|
Nine months ended
September 30, 2023
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$1,803.6
|
$414.2
|
$-
|
$2,217.8
|
|
Effect of changes in
currency translation rates
|
(6.5)
|
(2.9)
|
-
|
(9.4)
|
|
Organic net sales
(non-U.S. GAAP) (9)
|
$1,797.1
|
$411.3
|
$-
|
$2,208.4
|
|
|
Three months ended
September 30, 2022
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$567.0
|
$120.0
|
$(0.1)
|
$686.9
|
|
Effect of divestitures
and/or acquisitions
|
(3.5)
|
-
|
-
|
(3.5)
|
|
Net sales excluding
divestiture (non-U.S.
GAAP) (10)
|
$563.5
|
$120.0
|
$(0.1)
|
$683.4
|
|
|
Nine months ended
September 30, 2022
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$1,822.0
|
$356.5
|
$(0.3)
|
$2,178.2
|
|
Effect of divestitures
and/or acquisitions
|
(6.6)
|
-
|
-
|
(6.6)
|
|
Net sales excluding
divestiture (non-U.S.
GAAP) (10)
|
$1,815.4
|
$356.5
|
$(0.3)
|
$2,171.6
|
|
|
|
(9)
|
Organic net sales
exclude the impact from acquisitions and/or divestitures and
translate the current-period reported sales of subsidiaries whose
functional currency is other than the U.S. Dollar at the applicable
foreign exchange rates in effect during the comparable prior-year
period.
|
|
|
|
(10)
|
Net sales excluding
divestitures represents the 2022 comparative sales figure used in
our organic sales growth calculation to eliminate the impact of our
2023 divestiture.
|
|
WEST PHARMACEUTICAL
SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES
(UNAUDITED)
Please refer to "Non-U.S. GAAP Financial
Measures" for more information
(in millions, except per
share data)
|
|
|
Reconciliation of
Reported-Diluted EPS Guidance to Adjusted-Diluted EPS
Guidance
|
|
|
2022 Actual
|
2023
Guidance
|
% Change
|
|
Reported-diluted EPS
(U.S. GAAP)
|
$7.73
|
$7.74 to
$7.79
|
0.1% to 0.8%
|
|
Restructuring and other
charges
|
0.29
|
-
|
-
|
|
Pension
settlement
|
0.42
|
-
|
-
|
|
Amortization of
acquisition-related
intangible assets
|
0.04
|
0.04
|
-
|
|
Cost investment
activity
|
0.05
|
0.05
|
-
|
|
Royalty
acceleration
|
(0.02)
|
-
|
-
|
|
Tax law
changes
|
0.07
|
-
|
-
|
|
Loss on disposal of
plant
|
-
|
0.16
|
-
|
|
Legal
settlement
|
-
|
(0.04)
|
|
|
Adjusted-diluted EPS
(Non-U.S.
GAAP) (11)
|
$8.58
|
$7.95 to
$8.00
|
(7.3%) to
(6.8%)
|
|
Notes:
|
|
|
|
|
See "Full-year 2023
Financial Guidance" and "Non-U.S. GAAP Financial Measures" in
today's press release for additional information regarding
adjusted-diluted EPS.
|
|
|
|
(11)
|
We have opted not to
forecast 2023 tax benefits from stock-based compensation in
upcoming quarters, as they are out of the Company's control.
Instead, we recognize the benefits as they occur. In the
first nine months of 2023, tax benefits associated with stock-based
compensation increased adjusted-diluted EPS by $0.41. Any future
tax benefits associated with stock-based compensation that we
receive in 2023 would provide a positive adjustment to our
full-year EPS guidance. In full-year 2022, tax benefits associated
with stock-based compensation increased adjusted-diluted EPS by
$0.22.
|
|
WEST PHARMACEUTICAL
SERVICES
CASH FLOW ITEMS
(UNAUDITED)
(in millions)
|
|
|
Nine months Ended
September 30,
|
|
2023
|
2022
|
|
Depreciation and
amortization
|
$101.4
|
$89.5
|
|
Operating cash
flow
|
$537.4
|
$493.2
|
|
Capital
expenditures
|
$253.3
|
$189.7
|
|
Free cash
flow
|
$284.1
|
$303.5
|
|
WEST PHARMACEUTICAL
SERVICES
FINANCIAL CONDITION
(UNAUDITED)
(in millions)
|
|
|
As
of
September 30,
2023
|
As
of
December 31,
2022
|
|
Cash and cash
equivalents
|
$898.6
|
$894.3
|
|
Accounts receivable,
net
|
$519.1
|
$507.4
|
|
Inventories
|
$431.8
|
$414.8
|
|
Accounts
payable
|
$219.8
|
$215.4
|
|
Debt
|
$207.3
|
$208.9
|
|
Equity
|
$2,868.2
|
$2,684.9
|
|
Working
capital
|
$1,438.8
|
$1,400.5
|
Trademark Notices
Trademarks and registered trademarks are the property of West
Pharmaceutical Services, Inc., in the
United States and other jurisdictions, unless noted
otherwise.
Daikyo®, Daikyo Crystal Zenith® and
Daikyo CZ® are registered trademarks of Daikyo Seiko,
Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo
Seiko, Ltd.
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SOURCE West Pharmaceutical Services, Inc.
