- Conference Call Scheduled for 9 a.m. EDT Today -
EXTON,
Pa., Feb. 13, 2025 /PRNewswire/ -- West
Pharmaceutical Services, Inc. (NYSE: WST) today announced its
financial results for the fourth-quarter and full-year 2024 and
introduced 2025 financial guidance.
Fourth-Quarter Summary (comparisons to prior-year period)
& Full-Year 2025 Guidance
- Fourth-quarter 2024 net sales of $748.8
million increased 2.3%; organic net sales grew 3.3%.
- Fourth-quarter 2024 reported-diluted EPS of $1.78 declined 2.7%; fourth-quarter 2024
adjusted-diluted EPS of $1.82
declined 0.5%.
- For Full-year 2025, the Company anticipates net sales in a
range of $2.875 billion to
$2.905 billion and adjusted-diluted
EPS in the range of $6.00 to
$6.20.
Eric M. Green, President, Chief
Executive Officer and Chair of the Board: "I am pleased to report
we had a strong quarter with revenues and profits exceeding our
expectations, and a return to positive organic growth as the impact
of destocking continues to moderate. Our core businesses continue
to benefit from our market-leading positions and proprietary
processes. Looking ahead to 2025, we expect our business momentum
to continue in key areas of our Proprietary Products business,
driven by improving High-Value Products ("HVP") trends in Biologics
and Generics, and growth driven by Annex 1 and GLP-1. We are
focused on operational excellence and driving strong returns in
2025."
Proprietary Products Segment
Fourth-quarter 2024 net sales increased to $613.9 million. Organic net sales growth was
4.5%. HVP represented approximately 74% of segment net sales in the
period, led by robust customer demand for self-injection device
platforms. Fourth-quarter sales included a benefit of approximately
$25 million in customer incentives earned in connection with
volumes achieved related to HVP Delivery Devices.
The Biologics market unit experienced high-single digit organic
net sales growth, driven by an increase in sales of self-injection
device platforms, offset by lower sales of NovaPure® products. The
Pharma market unit saw mid-single digit organic net sales growth,
driven by an increase in sales of Westar® products and
Administrative Systems. The Generics market unit had a mid-single
digit organic net sales decline, driven by lower volumes of
FluroTec® products.
Full-year 2024 net sales declined by 2.6% to $2.335 billion, while organic net sales
declined by 2.2%. Full-year 2024 HVP sales represented
approximately 73% of segment net sales with a low-single digit
organic net sales decline.
Contract-Manufactured Products Segment
Fourth-quarter 2024 net sales declined by 2.5% to $134.9 million, while organic net sales declined
2.0%. Segment performance was driven by a continued decrease in
sales of healthcare diagnostic devices, partially offset by growth
in self-injection devices for obesity and diabetes.
Full-year 2024 net sales grew by 1.1% to $558.7 million, while organic net sales also
increased 1.1%. Segment performance was driven by growth in
self-injection devices for obesity and diabetes, offset by a
decrease in sales of healthcare diagnostic devices.
Full-year 2024 Financial Highlights (comparisons to
prior-year period)
Full-year 2024 net sales were $2.893
billion, a decline of 1.9%, while organic net sales declined
1.5%.
Full-year 2024 adjusted-diluted EPS was $6.75, a decline of 16.5%, and full-year 2024
reported-diluted EPS was $6.69, a
decline of 15.1%.
Operating cash flow was $653.4
million, a decline of 15.9%. Capital expenditures were
$377.0 million, an increase of 4.1%.
Free cash flow (operating cash flow minus capital expenditures) was
$276.4 million, a decline of
33.3%.
During 2024, the Company repurchased 1,583,032 shares for
$560.9 million at an average share
price of $354.30 under its share
repurchase program.
Introducing 2025 Financial Guidance
- Full-year 2025 net sales are expected to be in a range of
$2.875 billion to $2.905 billion.
- Organic net sales growth is expected to be approximately 2% to
3%.
- Net sales guidance includes an estimated full-year 2025
headwind of $75 million based on
current foreign currency exchange rates.
- Full-year 2025 adjusted-diluted EPS is expected to be in a
range of $6.00 to $6.20.
- Full-year adjusted-diluted EPS guidance range includes an
estimated headwind of approximately $0.23 based on current foreign currency exchange
rates.
- This adjusted-diluted EPS guidance range assumes a full-year
2025 tax rate of approximately 22%, which does not include
potential tax benefits from stock-based compensation. As in prior
years, we are not including potential 2025 tax benefits from
stock-based compensation, as they are out of the Company's control.
Any tax benefits associated with stock-based compensation that we
receive in 2025 would provide a positive adjustment to our
full-year EPS guidance.
- Full-year 2025 capital spending is expected to be $275 million. This includes incremental capital
spending to support capacity expansions at existing HVP sites and
investments in Contract Manufacturing facilities.
Fourth-Quarter 2024 Conference Call
The live audio-only webcast will be made available via the
Company's Investor Relations website at westpharma.com.
To participate in the conference call by asking questions to
Management, please register in advance by clicking Conference
Registration
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
"raising," "positioned," "updating," "expected," "assumes,"
"unchanged," "includes," "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; 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, 2023, 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
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net sales
|
$
748.8
|
|
100 %
|
|
$
732.0
|
|
100 %
|
|
$
2,893.2
|
|
100 %
|
|
$
2,949.8
|
|
100 %
|
|
Cost of goods and
services sold
|
475.2
|
|
63
|
|
453.8
|
|
62
|
|
1,894.7
|
|
65
|
|
1,820.6
|
|
62
|
|
Gross
profit
|
273.6
|
|
37
|
|
278.2
|
|
38
|
|
998.5
|
|
35
|
|
1,129.2
|
|
38
|
|
Research and
development
|
18.5
|
|
3
|
|
18.4
|
|
3
|
|
69.1
|
|
2
|
|
68.4
|
|
2
|
|
Selling, general and
administrative expenses
|
85.3
|
|
12
|
|
90.0
|
|
12
|
|
338.5
|
|
12
|
|
353.4
|
|
12
|
|
Other expense (income),
net
|
10.2
|
|
1
|
|
8.9
|
|
1
|
|
21.0
|
|
1
|
|
31.4
|
|
1
|
|
Operating
profit
|
159.6
|
|
21
|
|
160.9
|
|
22
|
|
569.9
|
|
20
|
|
676.0
|
|
23
|
|
Interest (income)
expense, net
|
(5.6)
|
|
(1)
|
|
(8.2)
|
|
(1)
|
|
(16.6)
|
|
—
|
|
(19.0)
|
|
(1)
|
|
Other nonoperating
expense (income)
|
0.3
|
|
—
|
|
0.9
|
|
—
|
|
1.0
|
|
—
|
|
(3.0)
|
|
—
|
|
Income before income
taxes and equity in
net income of affiliated companies
|
164.9
|
|
22
|
|
168.2
|
|
23
|
|
585.5
|
|
20
|
|
698.0
|
|
24
|
|
Income tax
expense
|
36.8
|
|
4
|
|
34.5
|
|
5
|
|
107.5
|
|
4
|
|
122.3
|
|
4
|
|
Equity in net income of
affiliated companies
|
(2.0)
|
|
—
|
|
(3.3)
|
|
(1)
|
|
(14.7)
|
|
(1)
|
|
(17.7)
|
|
—
|
|
Net income
|
$
130.1
|
|
18 %
|
|
$
137.0
|
|
19 %
|
|
$ 492.7
|
|
17 %
|
|
$ 593.4
|
|
20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 1.79
|
|
|
|
$ 1.85
|
|
|
|
$
6.75
|
|
|
|
$ 7.98
|
|
|
|
Diluted
|
$ 1.78
|
|
|
|
$ 1.83
|
|
|
|
$
6.69
|
|
|
|
$ 7.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding
|
72.7
|
|
|
|
74.1
|
|
|
|
73.0
|
|
|
|
74.3
|
|
|
|
Average shares assuming
dilution
|
73.3
|
|
|
|
75.0
|
|
|
|
73.7
|
|
|
|
75.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST PHARMACEUTICAL
SERVICES
REPORTING SEGMENT
INFORMATION
(UNAUDITED)
(in
millions)
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
Net
Sales:
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Proprietary
Products
|
$
613.9
|
|
$
593.7
|
|
$
2,334.5
|
|
$
2,397.3
|
|
Contract-Manufactured
Products
|
134.9
|
|
138.3
|
|
558.7
|
|
552.5
|
|
Consolidated
Total
|
$
748.8
|
|
$
732.0
|
|
$
2,893.2
|
|
$
2,949.8
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
|
|
|
|
Proprietary
Products
|
$
250.7
|
|
$
253.4
|
|
$
900.5
|
|
$
1,034.0
|
|
Contract-Manufactured
Products
|
22.9
|
|
24.7
|
|
98.0
|
|
96.0
|
|
Unallocated
|
—
|
|
0.1
|
|
—
|
|
(0.8)
|
|
Gross
Profit
|
$
273.6
|
|
$
278.2
|
|
$
998.5
|
|
$
1,129.2
|
|
Gross Profit
Margin
|
36.5 %
|
|
38.0 %
|
|
34.5 %
|
|
38.3 %
|
|
|
|
|
|
|
|
|
|
Operating Profit
(Loss):
|
|
|
|
|
|
|
|
|
Proprietary
Products
|
$
162.3
|
|
$
163.6
|
|
$
577.8
|
|
$
710.1
|
|
Contract-Manufactured
Products
|
16.2
|
|
18.8
|
|
72.3
|
|
72.1
|
|
Stock-based
compensation expense
|
(4.3)
|
|
(1.4)
|
|
(18.7)
|
|
(23.3)
|
|
General corporate
costs
|
(14.6)
|
|
(20.1)
|
|
(61.5)
|
|
(82.9)
|
|
Reported Operating
Profit
|
$
159.6
|
|
$
160.9
|
|
$
569.9
|
|
$
676.0
|
|
Reported Operating
Profit Margin
|
21.3 %
|
|
22.0 %
|
|
19.7 %
|
|
22.9 %
|
|
|
|
|
|
|
|
|
|
Unallocated
items
|
3.2
|
|
(1.0)
|
|
2.9
|
|
14.6
|
|
Adjusted Operating
Profit
|
$
162.8
|
|
$
159.9
|
|
$
572.8
|
|
$
690.6
|
|
Adjusted Operating
Profit Margin
|
21.7 %
|
|
21.8 %
|
|
19.8 %
|
|
23.4 %
|
|
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
December 31, 2024
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$159.6
|
|
$36.8
|
|
$130.1
|
|
$1.78
|
|
Unallocated
Items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
3.0
|
|
0.7
|
|
2.3
|
|
0.03
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.2
|
|
—
|
|
0.7
|
|
0.01
|
|
Adjusted (Non-U.S.
GAAP)
|
$162.8
|
|
$37.5
|
|
$133.1
|
|
$1.82
|
|
Twelve Months ended
December 31, 2024
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$569.9
|
|
$107.5
|
|
$492.7
|
|
$6.69
|
|
Unallocated
Items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
2.1
|
|
0.4
|
|
1.7
|
|
0.02
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.8
|
|
0.1
|
|
2.8
|
|
0.04
|
|
Adjusted (Non-U.S.
GAAP)
|
$572.8
|
|
$108.0
|
|
$497.2
|
|
$6.75
|
|
Three Months ended
December 31, 2023
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$160.9
|
|
$34.5
|
|
$137.0
|
|
$1.83
|
|
Unallocated
items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
(2.1)
|
|
(0.6)
|
|
(1.5)
|
|
(0.02)
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.1
|
|
—
|
|
0.7
|
|
0.01
|
|
Cost investment
activity (4)
|
1.0
|
|
—
|
|
1.0
|
|
0.01
|
|
Adjusted (Non-U.S.
GAAP)
|
$159.9
|
|
$33.9
|
|
$137.2
|
|
$1.83
|
|
Twelve Months ended
December 31, 2023
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$676.0
|
|
$122.3
|
|
$593.4
|
|
$7.88
|
|
Unallocated
items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
(2.0)
|
|
(0.9)
|
|
(1.1)
|
|
(0.02)
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.7
|
|
0.1
|
|
2.8
|
|
0.04
|
|
Loss on disposal of
plant (3)
|
11.6
|
|
(0.7)
|
|
12.3
|
|
0.16
|
|
Cost investment
activity (4)
|
4.3
|
|
—
|
|
4.3
|
|
0.06
|
|
Legal settlement
(5)
|
—
|
|
(0.9)
|
|
(2.9)
|
|
(0.04)
|
|
Adjusted (Non-U.S.
GAAP)
|
$690.6
|
|
$119.9
|
|
$608.8
|
|
$8.08
|
|
|
|
(1)
|
Restructuring and other
charges was an expense of $3.0 million and $2.1 million in the
three and twelve months ended December 31, 2024, respectively. The
net expense represents the impact of two items, the first of which
is an expense of $3.0 million and $4.6 million during the three and
twelve months ended December 31, 2024, respectively, recorded
within selling, general and administrative expenses in connection
with a plan to optimize the legal structure of the Company and its
subsidiaries. The expense consists primarily of consulting fees,
legal expenses, and other one-time costs directly attributable to
this plan. This expense was partially offset by a $2.5 million
benefit in the twelve months ended December 31, 2024 recorded
within other expense (income) related to revised severance
estimates in connection with the Company's 2022 restructuring plan.
During the three and twelve months ended December 31, 2023, the
Company recorded a benefit to restructuring and other charges of
$2.1 million and $2.0 million, respectively. The twelve-month
benefit represents the net impact of a $2.8 million benefit within
other expense (income) for revised severance estimates in
connection with our 2022 restructuring plan and an inventory write
down of $0.8 million within cost of goods and services
sold.
|
|
|
|
(2)
|
During the three and
twelve months ended December 31, 2024 and 2023, the Company
recorded $0.2 million and $0.8 million, and $0.1 million and $0.7
million, respectively, of amortization expense within operating
profit associated with an intangible asset acquired during the
second quarter of 2020. During the three and twelve months ended
December 31, 2024 and 2023, the Company recorded $0.5 million and
$2.1 million, respectively, of amortization expense in association
with an acquisition of increased ownership interest in
Daikyo.
|
|
|
|
(3)
|
During the twelve
months ended December 31, 2023, the Company recorded expense of
$11.6 million 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.
|
|
|
|
(4)
|
During the three and
twelve months ended December 31, 2023, the Company recorded a cost
investment impairment charge of $1.0 million and $4.3 million,
respectively.
|
|
|
|
(5)
|
During the twelve
months ended December 31, 2023, the Company recorded a benefit of
$3.8 million within other nonoperating expense (income) as a result
of a favorable legal settlement related to a matter not included in
our normal operations.
|
|
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 (6 and 7)
|
|
|
Three Months ended
December 31, 2024
|
Proprietary
|
|
CM
|
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$613.9
|
|
$134.9
|
|
$748.8
|
|
Effect of changes in
currency translation rates
|
6.5
|
|
0.7
|
|
7.2
|
|
Organic net sales
(non-U.S. GAAP) (6)
|
$620.4
|
|
$135.6
|
|
$756.0
|
|
Twelve Months ended
December 31, 2024
|
Proprietary
|
|
CM
|
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$2,334.5
|
|
$558.7
|
|
$2,893.2
|
|
Effect of changes in
currency translation rates
|
6.9
|
|
0.1
|
|
7.0
|
|
Organic net sales
(non-U.S. GAAP) (6)
|
$2,341.4
|
|
$558.8
|
|
$2,900.2
|
|
Twelve Months ended
December 31, 2023
|
Proprietary
|
|
CM
|
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$2,397.3
|
|
$552.5
|
|
$2,949.8
|
|
Effect of divestitures
and/or acquisitions
|
(4.3)
|
|
—
|
|
(4.3)
|
|
Net sales excluding
divestiture (non-U.S. GAAP) (7)
|
$2,393.0
|
|
$552.5
|
|
$2,945.5
|
|
|
|
(6)
|
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.
|
|
|
|
(7)
|
Net sales excluding
divestitures represents the 2023 comparative sales figure used in
our organic sales growth calculation to eliminate the impact of our
2023 divestiture. As the 2023 divestiture took place in the second
quarter of 2023, there was no impact of divestitures and/or
acquisitions in the three months ended December 31,
2023.
|
|
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
|
|
|
2024 Actual
|
|
2025
Guidance
|
|
% Change
|
|
Reported-diluted EPS
(U.S. GAAP)
|
$6.69
|
|
$5.97 to
$6.17
|
|
(10.8%) to
(7.8%)
|
|
Restructuring and other
charges
|
0.02
|
|
—
|
|
|
|
Amortization of
acquisition-related intangible assets
|
0.04
|
|
0.03
|
|
|
|
Adjusted-diluted EPS
(Non-U.S. GAAP) (8)
|
$6.75
|
|
$6.00 to
$6.20
|
|
(11.1%) to
(8.1%)
|
|
|
Notes:
|
|
|
|
See "Introducing 2025
Financial Guidance" and "Non-U.S. GAAP Financial Measures" in
today's press release for additional information regarding
adjusted-diluted EPS.
|
|
|
|
(8)
|
We have opted not to
forecast 2025 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 2024, tax
benefits associated with stock-based compensation increased
adjusted-diluted EPS by $0.26. Any future tax benefits associated
with stock-based compensation that we receive in 2025 would provide
a positive adjustment to our full-year EPS guidance.
|
|
WEST PHARMACEUTICAL
SERVICES
CASH FLOW
ITEMS
(UNAUDITED)
(in
millions)
|
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
Depreciation and
amortization
|
$155.4
|
|
$137.3
|
|
Operating cash
flow
|
$653.4
|
|
$776.5
|
|
Capital
expenditures
|
$377.0
|
|
$362.0
|
|
Free cash
flow
|
$276.4
|
|
$414.5
|
|
WEST PHARMACEUTICAL
SERVICES
FINANCIAL
CONDITION
(UNAUDITED)
(in
millions)
|
|
|
As of
December 31,
2024
|
|
As of
December 31,
2023
|
|
Cash and cash
equivalents
|
$484.6
|
|
$853.9
|
|
Accounts receivable,
net
|
$552.5
|
|
$512.0
|
|
Inventories
|
$377.0
|
|
$434.7
|
|
Accounts
payable
|
$239.3
|
|
$242.4
|
|
Debt
|
$202.6
|
|
$206.8
|
|
Equity
|
$2,682.3
|
|
$2,881.0
|
|
Working
capital
|
$987.7
|
|
$1,264.6
|
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.
