- Conference Call Scheduled for 9 a.m. EST Today -
EXTON,
Pa., Feb. 15, 2024 /PRNewswire/ -- West
Pharmaceutical Services, Inc. (NYSE: WST) today announced its
financial results for the fourth-quarter and full-year 2023 and
introduced full-year 2024 financial guidance.
Fourth-Quarter and Full-Year 2023 Summary (comparisons to
prior-year period)
- Fourth-quarter 2023 net sales of $732.0
million grew 3.3%; organic net sales growth was 1.4%.
Full-year 2023 net sales of $2.950
billion grew 2.2%; organic net sales growth was 1.6%.
- Fourth-quarter 2023 reported-diluted EPS of $1.83 grew 34.6%. Full-year 2023 reported-diluted
EPS of $7.88 grew 1.9%.
- Fourth-quarter 2023 adjusted-diluted EPS of $1.83 grew 3.4%. Full-year 2023 adjusted-diluted
EPS of $8.08 decreased 5.8%.
- The Company is introducing full-year 2024 financial guidance of
net sales in a range of $3.000
billion to $3.025 billion and
adjusted-diluted EPS in a range of $7.50 to $7.75.
"Adjusted-diluted EPS" and "organic net sales growth" are
Non-U.S. GAAP measurements. See discussion under the heading
"Non-U.S. GAAP Financial Measures" in this release.
"We had strong 2023 base organic sales growth, excluding the
headwinds from lower pandemic-related sales, led by high-value
product (HVP) components and devices and contract manufacturing,"
said Eric M. Green, President, Chief
Executive Officer and Chair of the Board of Directors. "Our
continued investments in both HVP as well as contract manufacturing
capacity to support customer demand will fuel our long-range
financial construct of future organic sales growth and operating
profit margin expansion."
Mr. Green continued, "In 2024, we expect moderated organic sales
growth as we manage timing of inventory management, especially with
our largest customers. We expect headwinds to be more pronounced
during the first quarter and less impactful in subsequent quarters.
I am pleased that our February order book for the second half of
the year is outpacing typical pre-pandemic levels, coupled with
customer optimism of certain breakout drug categories and timing of
additional HVP device capacity, all of which underscore our
expectation of a stronger second half organic sales growth."
Proprietary Products Segment
In the fourth-quarter
2023, net sales grew by 1.5% to $593.7
million. Organic net sales (excluding changes in currency
translation and the impact of a recent divestiture) declined by
0.3%, with currency translation increasing net sales growth by 270
basis points. HVP components and devices represented approximately
75% of segment net sales and generated low-single digit organic net
sales growth, led by customer demand for HVP components such as
NovaPure® as well as HVP devices such as self-injection systems and
administration systems.
The Pharma market unit had low-single digit organic net sales
growth, and the Biologics and Generic market units had organic
sales declines of low-single and mid-single digits,
respectively. 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 shown high-single digit growth, led by
double-digit growth in Biologics.
In the full-year 2023, net sales declined by 0.4% to
$2.397 billion. Organic net sales
declined by 0.8%, with currency translation increasing net sales
growth by 90 basis points. Sales related to COVID-19 declined
from full-year 2022. Excluding this COVID-19 impact, the
Proprietary Products segment organic sales would have shown
mid-teens digit growth, with all three market units having
double-digit organic sales growth. Full-year 2023 HVP
components and devices represented approximately 74% of segment net
sales with flat organic net sales growth.
Contract-Manufactured Products Segment
In the
fourth-quarter 2023, net sales grew by 11.6% to $138.3 million. Organic net sales grew by 9.4%,
with currency translation increasing net sales growth by 220 basis
points. Segment performance was led by growth in medical device and
diagnostic products.
In the full-year 2023, net sales grew by 15.0% to $552.5 million. Organic net sales grew by 13.8%,
with currency translation increasing net sales growth by 120 basis
points.
Full-Year 2023 Financial Highlights
Operating cash
flow was $776.5 million, an increase
of 7.3%. Capital expenditures were $362.0
million, compared with $284.6
million in 2022. Free cash flow (operating cash flow minus
capital expenditures) was $414.5
million, a decrease of 5.7%.
During the year ended December 31,
2023, we purchased 1,265,661 shares of our common stock
under the approved share repurchase program at a cost of
$438.3 million, or an average price
of $346.34 per share.
Introducing Full-Year 2024 Financial Guidance
- Full-year 2024 net sales are expected to be in a range of
$3.000 billion to $3.025 billion.
- Organic net sales growth is expected to be approximately 2% to
3%.
- Net sales guidance includes an estimated full-year 2024
headwind of $8 million based on
current foreign currency exchange rates.
- Full-year 2024 adjusted-diluted EPS is expected to be in a
range of $7.50 to $7.75.
- Full-year adjusted-diluted EPS guidance range includes an
estimated headwind of approximately $0.02 based on current foreign currency exchange
rates.
- This adjusted-diluted EPS guidance range assumes a full-year
2024 tax rate of approximately 22.5%, which does not include
potential tax benefits from stock-based compensation. As in prior
years, we are not including potential 2024 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 2024 would provide a positive adjustment to our
full-year EPS guidance.
- Full-year 2024 capital spending is expected to be $350 million. This includes incremental capital
spending to support capacity expansions at existing HVP and
Contract Manufacturing facilities.
Fourth-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 "will," "expect," "estimates," "estimated," "underscore,"
"are," "expected," "is," "includes," "assumes," "does not,"
"include," "would," "provide," "potential" 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
December
31,
|
Twelve Months Ended
December 31,
|
|
2023
|
2022
|
2023
|
2022
|
|
Net sales
|
$732.0
|
100 %
|
$708.7
|
100 %
|
$2,949.8
|
100 %
|
$2,886.9
|
100 %
|
|
Cost of goods and
services sold
|
453.8
|
62
|
446.6
|
63
|
1,820.6
|
62
|
1,750.7
|
61
|
|
Gross
profit
|
278.2
|
38
|
262.1
|
37
|
1,129.2
|
38
|
1,136.2
|
39
|
|
Research and
development
|
18.4
|
3
|
15.9
|
2
|
68.4
|
2
|
58.5
|
2
|
|
Selling, general and
administrative expenses
|
90.0
|
12
|
85.7
|
12
|
353.4
|
12
|
316.9
|
11
|
|
Other expense (income),
net
|
8.9
|
1
|
30.8
|
5
|
31.4
|
1
|
26.8
|
1
|
|
Operating
profit
|
160.9
|
22
|
129.7
|
18
|
676.0
|
23
|
734.0
|
25
|
|
Interest (income)
expense, net
|
(8.2)
|
(1)
|
(1.2)
|
-
|
(19.0)
|
(1)
|
2.8
|
-
|
|
Other nonoperating
expense (income)
|
0.9
|
-
|
2.2
|
-
|
(3.0)
|
-
|
51.3
|
2
|
|
Income before income
taxes and equity in net income of affiliated companies
|
168.2
|
23
|
128.7
|
18
|
698.0
|
24
|
679.9
|
23
|
|
Income tax
expense
|
34.5
|
5
|
28.9
|
4
|
122.3
|
4
|
114.7
|
4
|
|
Equity in net income of
affiliated companies
|
(3.3)
|
(1)
|
(3.2)
|
(1)
|
(17.7)
|
-
|
(20.7)
|
(1)
|
|
Net income
|
$137.0
|
19 %
|
$103.0
|
15 %
|
$593.4
|
20 %
|
$585.9
|
20 %
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$1.85
|
|
$1.38
|
|
$7.98
|
|
$7.87
|
|
|
Diluted
|
$1.83
|
|
$1.36
|
|
$7.88
|
|
$7.73
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding
|
74.1
|
|
74.4
|
|
74.3
|
|
74.4
|
|
|
Average shares assuming
dilution
|
75.0
|
|
75.6
|
|
75.3
|
|
75.8
|
|
|
WEST PHARMACEUTICAL
SERVICES
|
|
REPORTING SEGMENT
INFORMATION
|
|
(UNAUDITED)
|
|
(in
millions)
|
|
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December
31,
|
December
31,
|
|
Net
Sales:
|
2023
|
2022
|
2023
|
2022
|
|
Proprietary
Products
|
$593.7
|
$584.8
|
$2,397.3
|
$2,406.8
|
|
Contract-Manufactured
Products
|
138.3
|
123.9
|
552.5
|
480.4
|
|
Eliminations
|
-
|
-
|
-
|
(0.3)
|
|
Consolidated
Total
|
$732.0
|
$708.7
|
$2,949.8
|
$2,886.9
|
|
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
|
Proprietary
Products
|
$253.4
|
$243.0
|
$1,034.0
|
$1,053.3
|
|
Contract-Manufactured
Products
|
24.7
|
19.1
|
96.0
|
82.9
|
|
Unallocated
items
|
0.1
|
-
|
(0.8)
|
-
|
|
Gross
Profit
|
$278.2
|
$262.1
|
$1,129.2
|
$1,136.2
|
|
Gross Profit
Margin
|
38.0 %
|
37.0 %
|
38.3 %
|
39.4 %
|
|
|
|
|
|
|
Operating Profit
(Loss):
|
|
|
|
|
|
Proprietary
Products
|
$163.6
|
$168.5
|
$710.1
|
$784.4
|
|
Contract-Manufactured
Products
|
18.8
|
12.4
|
72.1
|
60.4
|
|
Stock-based
compensation expense
|
(1.4)
|
(6.7)
|
(23.3)
|
(23.7)
|
|
General corporate
costs
|
(20.1)
|
(44.5)
|
(82.9)
|
(87.1)
|
|
Reported Operating
Profit
|
$160.9
|
$129.7
|
$676.0
|
$734.0
|
|
Reported
Operating Profit Margin
|
22.0 %
|
18.3 %
|
22.9 %
|
25.4 %
|
|
Unallocated
items
|
(1.0)
|
29.0
|
14.6
|
28.0
|
|
Adjusted Operating
Profit
|
$159.9
|
$158.7
|
$690.6
|
$762.0
|
|
Adjusted
Operating Profit Margin
|
21.8 %
|
22.4 %
|
23.4 %
|
26.4 %
|
|
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, 2023
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$160.9
|
$34.5
|
$137.0
|
$1.83
|
|
Cost investment
activity (2)
|
1.0
|
-
|
1.0
|
0.01
|
|
Restructuring and other
charges (3)
|
(2.1)
|
(0.6)
|
(1.5)
|
(0.02)
|
|
Amortization of
acquisition-related intangible assets (4)
|
0.1
|
-
|
0.7
|
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
|
|
Loss on disposal of
plant (1)
|
11.6
|
(0.7)
|
12.3
|
0.16
|
|
Cost investment
activity (2)
|
4.3
|
-
|
4.3
|
0.06
|
|
Restructuring and other
charges (3)
|
(2.0)
|
(0.9)
|
(1.1)
|
(0.02)
|
|
Amortization of
acquisition-related intangible assets (4)
|
0.7
|
0.1
|
2.8
|
0.04
|
|
Legal settlement
(5)
|
-
|
(0.9)
|
(2.9)
|
(0.04)
|
|
Adjusted (Non-U.S.
GAAP)
|
$690.6
|
$119.9
|
$608.8
|
$8.08
|
|
|
Three months ended
December 31, 2022
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$129.7
|
$28.9
|
$103.0
|
$1.36
|
|
Cost investment
activity (2)
|
3.5
|
-
|
3.5
|
0.05
|
|
Restructuring and other
charges (3)
|
25.4
|
2.4
|
23.0
|
0.30
|
|
Amortization of
acquisition-related intangible assets (4)
|
0.1
|
-
|
0.7
|
0.01
|
|
Pension settlement
(6)
|
-
|
0.3
|
0.9
|
0.02
|
|
Tax law changes
(8)
|
-
|
(2.5)
|
2.5
|
0.03
|
|
Adjusted (Non-U.S.
GAAP)
|
$158.7
|
$29.1
|
$133.6
|
$1.77
|
|
|
Twelve months ended
December 31, 2022
|
Operating
profit
|
Income
tax
expense
|
Net
income
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$734.0
|
$114.7
|
$585.9
|
$7.73
|
|
Cost investment
activity (2)
|
3.5
|
-
|
3.5
|
0.05
|
|
Restructuring and other
charges (3)
|
23.8
|
2.0
|
21.8
|
0.29
|
|
Amortization of
acquisition-related intangible assets (4)
|
0.7
|
0.1
|
2.8
|
0.04
|
|
Pension settlement
(6)
|
-
|
20.6
|
31.6
|
0.42
|
|
Royalty acceleration
(7)
|
-
|
1.3
|
(1.3)
|
(0.02)
|
|
Tax law changes
(8)
|
-
|
(5.7)
|
5.7
|
0.07
|
|
Adjusted (Non-U.S.
GAAP)
|
$762.0
|
$133.0
|
$650.0
|
$8.58
|
|
|
|
(1)
|
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.
|
|
|
|
(2)
|
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. During the three and twelve months ended December 31,
2022, the Company recorded a cost investment impairment charge of
$3.5 million.
|
|
|
|
(3)
|
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. During the three and twelve
months ended December 31, 2022, the Company recorded restructuring
and related charges of $25.4 million and $23.8 million,
respectively. The twelve-month charge primarily includes $8.7
million in net severance and post-employment benefits primarily in
connection with our plan to adjust our operating cost base and
$15.3 million in asset-related charges associated with this
plan.
|
|
|
|
(4)
|
During the three and
twelve months ended December 31, 2023 and 2022, the Company
recorded $0.1 million and $0.7 million, respectively, of
amortization expense within operating profit associated with an
acquisition of an intangible asset during the second quarter of
2020. During the three and twelve months ended December 31, 2023
and 2022, 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.
|
|
|
|
(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.
|
|
|
|
(6)
|
During the three and
twelve months ended December 31, 2022, the Company recorded pension
settlement charges of $1.2 million and $52.2 million, respectively,
within other nonoperating expense (income), which primarily relates
to the full settlement of the U.S. qualified defined benefit plan
(the "U.S. pension plan").
|
|
|
|
(7)
|
During the twelve
months ended December 31, 2022, the Company increased its expected
tax benefit related to the prepayment of future royalties from one
of its subsidiaries by $1.3 million.
|
|
|
|
(8)
|
During the three and
twelve months ended December 31, 2022, the Company incurred $2.5
million and $5.7 million, respectively, of additional tax expense
due to the impact of a tax law change in the state of Pennsylvania
enacted during the period.
|
|
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
December 31, 2023
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$593.7
|
$138.3
|
-
|
$732.0
|
|
Effect of changes in
currency translation rates
|
(15.7)
|
(2.8)
|
-
|
(18.5)
|
|
Organic net sales
(Non-U.S. GAAP) (9)
|
$578.0
|
$135.5
|
-
|
$713.5
|
|
|
|
|
|
|
Twelve months ended
December 31, 2023
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$2,397.3
|
$552.5
|
-
|
$2,949.8
|
|
Effect of changes in
currency translation rates
|
(22.1)
|
(5.8)
|
-
|
(27.9)
|
|
Organic net sales
(Non-U.S. GAAP) (9)
|
$2,375.2
|
$546.7
|
-
|
$2,921.9
|
|
|
Three months ended
December 31, 2022
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$584.8
|
$123.9
|
-
|
$708.7
|
|
Effect of divestitures
and/or acquisitions
|
(4.9)
|
-
|
-
|
(4.9)
|
|
Net sales excluding
divestiture (Non-U.S. GAAP) (10)
|
$579.9
|
$123.9
|
-
|
$703.8
|
|
|
Twelve months ended
December 31, 2022
|
Proprietary
|
CM
|
Eliminations
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$2,406.8
|
$480.4
|
$(0.3)
|
$2,886.9
|
|
Effect of divestitures
and/or acquisitions
|
(11.5)
|
-
|
-
|
(11.5)
|
|
Net sales excluding
divestiture (Non-U.S. GAAP) (10)
|
$2,395.3
|
$480.4
|
$(0.3)
|
$2,875.4
|
|
|
|
(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
|
|
CASH FLOW
ITEMS
|
|
(UNAUDITED)
|
|
(in
millions)
|
|
|
Twelve Months Ended
December 31,
|
|
2023
|
2022
|
|
Depreciation and
amortization
|
$137.3
|
$120.6
|
|
Operating cash
flow
|
$776.5
|
$724.0
|
|
Capital
expenditures
|
$362.0
|
$284.6
|
|
Free cash
flow
|
$414.5
|
$439.4
|
|
WEST PHARMACEUTICAL
SERVICES
|
|
FINANCIAL
CONDITION
|
|
(UNAUDITED)
|
|
(in
millions)
|
|
|
As of
December 31,
2023
|
As of
December 31,
2022
|
|
Cash and cash
equivalents
|
$853.9
|
$894.3
|
|
Accounts receivable,
net
|
$512.0
|
$507.4
|
|
Inventories
|
$434.7
|
$414.8
|
|
Accounts
payable
|
$242.4
|
$215.4
|
|
Debt
|
$206.8
|
$208.9
|
|
Equity
|
$2,881.0
|
$2,684.9
|
|
Working
capital
|
$1,264.6
|
$1,400.5
|
|
WEST PHARMACEUTICAL
SERVICES
|
|
RECONCILIATION OF
REPORTED-DILUTED EPS GUIDANCE TO ADJUSTED -DILUTED EPS
GUIDANCE
|
|
(UNAUDITED)
|
|
|
|
2023
Actual
|
2024
Guidance
|
%
Change
|
|
Reported-diluted EPS
(U.S. GAAP)
|
$7.88
|
$7.46 to
$7.71
|
(5.3%) to
(2.2%)
|
|
Loss on disposal of
plant
|
0.16
|
-
|
|
|
Cost investment
activity
|
0.06
|
-
|
|
|
Restructuring and other
charges
|
(0.02)
|
-
|
|
|
Amortization of
acquisition-related intangible assets
|
0.04
|
0.04
|
|
|
Legal
settlement
|
(0.04)
|
-
|
|
|
Adjusted-diluted EPS
(Non-U.S. GAAP) (11)
|
$8.08
|
$7.50 to
$7.75
|
(7.2%) to
(4.1%)
|
|
|
|
(11)
|
See "Full-year 2024
Financial Guidance" and "Non-U.S. GAAP Financial Measures" in
today's press release for additional information regarding
adjusted-diluted EPS.
|
|
|
|
We have opted not to
forecast 2024 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 2023, tax
benefits associated with stock-based compensation increased
adjusted-diluted EPS by $0.42. Any future tax benefits associated
with stock-based compensation that we receive in 2024 would provide
a positive adjustment to our full-year EPS guidance.
|
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 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.
