Skip to content
AnalystLens

WST · West Pharmaceutical Services

50 filings

10-Q

WST 10-Q Quarterly Reports

West Pharmaceutical Services - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K118

WST filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 118 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Sep ’25Sep ’25
  1. 2026-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2026

    West Pharmaceutical Services, Inc. reported third-quarter 2026 net sales of $874.5 million, up from $804.6 million a year earlier, and net income of $214.0 million, compared with $140.0 million. Diluted EPS was $3.02, versus $1.92 in the prior-year quarter. Operating profit rose to $267.4 million, helped by a $55.7 million pre-tax gain on the sale of the SmartDose® 3.5mL On-Body Delivery System to AbbVie, which closed July 1, 2026 for $126.9 million in cash. The filing states that a one-time tax cost of $22.4 million was associated with that sale. For the nine months, net sales were $2,591.7 million and net income was $506.8 million. Growth was led by HVP components within Proprietary Products, which the filing attributes to demand for Biologics and GLP-1 products. Cash and cash equivalents fell to $464.1 million from $791.3 million at December 31, 2025, mainly because of $685.3 million of share repurchases in the nine months. Operating cash flow was $403.4 million, down from $503.7 million, which the filing attributes primarily to higher receivables and inventory. The company repurchased 663,511 shares in the third quarter for $231.0 million and had $314.7 million remaining under its $1.0 billion program authorized in February 2026. The filing also discloses a May 2026 cybersecurity attack that temporarily disrupted global operations and a securities class action that remains at an early stage. On October 26, 2026, the company entered a new $750 million revolving credit facility and a $200 million Term Loan A maturing in 2031, which refinanced the existing term loan. The company also plans to repay its $73.0 million Series C notes on or about November 2, 2026.

    Oct 29, 2026
  2. 2026-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2026

    West Pharmaceutical Services, Inc. reported second-quarter 2026 net sales of $872.3 million, up 13.8% as reported and 12.7% excluding foreign currency translation, compared with $766.5 million in the second quarter of 2025. Growth was led by Proprietary Products, where net sales rose 16.6% as reported, driven by HVP components, which the filing ties to strong demand for Biologics and GLP-1 products, and by HVP delivery devices, which benefited from demand for SmartDose 3.5mL self-injection devices ahead of the July 2026 sale. Net income was $154.0 million, or $2.15 per diluted share, versus $131.8 million, or $1.82 per diluted share, a year earlier. Management's non-GAAP adjusted diluted EPS for the quarter was $2.37, compared with $1.84 in the prior-year quarter. For the six months ended June 30, 2026, net sales were $1,717.2 million, up 17.3% as reported, and net income was $292.8 million, or $4.07 per diluted share. Operating cash flow declined to $213.9 million from $306.5 million, mainly due to working capital changes and higher incentive payments. Cash and cash equivalents fell to $435.8 million from $791.3 million at December 31, 2025, as the company repurchased $454.3 million of its common stock during the six months under a $1.0 billion program authorized in February 2026. The filing also discloses a material cybersecurity attack in May 2026 that temporarily disrupted global operations, with West Vantage revenue affected by approximately $7 million from production downtime. Separately, the company agreed to sell its SmartDose 3.5mL On-Body Delivery System business to AbbVie for $112.5 million, closed on July 1, 2026 for cash proceeds of approximately $136 million, and expects a third-quarter pre-tax gain of $55 million to $60 million. A securities class action filed in May 2025 remains in early stages, and the company says it cannot reasonably estimate losses.

    Jul 23, 2026
  3. 2026-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2026

    West Pharmaceutical Services, Inc. reported first-quarter 2026 net sales of $844.9 million, up from $698.0 million in the first quarter of 2025, with net income of $138.8 million (diluted EPS of $1.92) compared with $89.8 million (diluted EPS of $1.23). Operating profit rose to $177.1 million from $107.0 million. Proprietary Products net sales were $694.3 million versus $563.0 million, and West Vantage net sales were $150.6 million versus $135.0 million. The filing states that consolidated net sales growth was 21.0% as reported and 15.3% excluding foreign currency translation, and that adjusted consolidated operating profit was $181.0 million, or 21.4% of net sales. Results included a one-time tax cost of $12.0 million from an internal legal entity restructuring, which raised the effective tax rate to 24.8% from 21.8%. Cash flow and capital allocation were dominated by buybacks. Net cash provided by operating activities was $89.9 million, down from $129.4 million, reflecting working capital changes and higher incentive payments. Shares repurchased totaled $297.6 million, or 1,222,019 shares at an average price of $243.57. Cash and cash equivalents fell to $521.4 million from $791.3 million at December 31, 2025, while total debt was steady at $202.8 million. Shares outstanding declined to 70.9 million at March 31, 2026 from 72.0 million at year-end, and the Board authorized a new $1.0 billion repurchase program in February 2026, with $702.35 million remaining at March 31, 2026. The filing also discloses a pending agreement, announced in December 2025, to sell SmartDose 3.5mL On-Body Delivery System manufacturing and supply rights to AbbVie for approximately $112.5 million, expected to close in mid-2026. A securities class action filed in May 2025 remains at the motion-to-dismiss stage, and the company states it cannot yet estimate any potential losses.

    Apr 23, 2026
  4. 2025-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2025

    West Pharmaceutical Services, Inc. reported third-quarter 2025 net sales of $804.6 million, up from $746.9 million a year earlier, with the filing stating an organic increase of 5.0%. Net income was $140.0 million, or $1.92 per diluted share, compared with $136.0 million, or $1.85 per diluted share, in the prior-year quarter. Operating profit rose to $167.6 million from $161.3 million. For the nine months, net sales were $2,269.1 million and net income was $361.6 million, or $4.97 per diluted share, compared with $362.6 million, or $4.91 per diluted share, a year earlier. Results for the nine months were affected by $21.9 million of restructuring and related charges tied to the 2025 restructuring plan and the optimization of the legal structure of the Company and its subsidiaries. Cash flow from operations for the nine months was $503.7 million, up from $463.3 million. Capital expenditures fell to $209.8 million from $272.1 million, and share repurchases totaled $134.0 million, compared with $506.5 million in the prior-year period. Cash and cash equivalents were $628.5 million at September 30, 2025, and total debt was $202.7 million. The company had no outstanding borrowings under its $500.0 million multi-currency revolving credit facility, and it stated that it was in compliance with all debt covenants. The filing also discloses a securities class action filed May 5, 2025 in the U.S. District Court for the Eastern District of Pennsylvania, alleging violations of the Securities Exchange Act related to public statements and insider transactions. The company states it is unable to predict the outcome or estimate a range of potential loss.

    Oct 23, 2025
  5. 2025-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2025

    West Pharmaceutical Services, Inc. reported net sales of $766.5 million for the three months ended June 30, 2025, up from $702.1 million a year earlier, and $1,464.5 million for the six months, up from $1,397.5 million. Net income was $131.8 million for the quarter versus $111.3 million, and diluted EPS was $1.82 versus $1.51. For the six months, net income was $221.6 million, compared with $226.6 million, and diluted EPS was $3.05 versus $3.06. Consolidated operating profit rose to $153.7 million for the quarter from $126.2 million. Restructuring charges under the 2025 plan totaled $16.6 million in other expense for the six months, and the filing estimates total plan charges of $30 million to $32 million with annualized savings of $35 million to $40 million. Cash provided by operating activities was $306.5 million for the six months, up from $283.2 million, while capital expenditures fell to $146.5 million from $190.8 million. Share repurchases totaled $134.0 million for the six months, compared with $454.1 million a year earlier, and the 550,000-share program was completed in April 2025. Cash and cash equivalents were $509.7 million at June 30, 2025, and total debt was $202.6 million, with $497.7 million available under the $500.0 million revolving credit facility. The company disclosed a securities class action filed May 5, 2025 in the U.S. District Court for the Eastern District of Pennsylvania on behalf of investors who acquired common stock between February 16, 2023 and February 12, 2025. The company stated it is unable to predict the outcome or estimate potential loss. Management also noted that new U.S. tariffs are not expected to have a material impact on 2025 results.

    Jul 24, 2025
  6. 2025-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2025

    West Pharmaceutical Services, Inc. reported first-quarter 2025 net sales of $698.0 million, up from $695.4 million in the prior-year quarter, a 0.4% increase as reported and 2.1% excluding foreign currency translation. Proprietary Products net sales rose 0.6% as reported (2.4% organic), led by self-injection device platforms, partly offset by lower FluroTec products sales. Contract-Manufactured Products net sales fell 0.7% as reported, though they rose 0.8% organically on self-injection devices for obesity and diabetes. Gross margin was 33.2% versus 33.1% a year earlier. Profitability declined. GAAP operating profit fell 12.9% to $107.0 million, and net income dropped to $89.8 million from $115.3 million. Diluted EPS was $1.23 versus $1.55. The decline was driven mainly by $16.4 million of restructuring and related charges in other expense (income), tied to a 2025 restructuring plan approved in January 2025 with expected total charges of roughly $30 million to $32 million and annualized savings of $35 million to $40 million. Excluding unallocated items, adjusted operating profit was $125.0 million (17.9% margin) and adjusted diluted EPS was $1.45 versus $1.56. The effective tax rate rose to 21.8% from 12.9%, mainly due to a smaller stock-compensation tax benefit. Cash generation and capital return were the key liquidity themes. Operating cash flow was $129.4 million, capital expenditures were $71.3 million, and the company repurchased 550,281 shares for $133.5 million. Cash and cash equivalents declined to $404.2 million from $484.6 million at year-end, while debt held steady at $202.6 million and $497.7 million remained available under the revolving credit facility. Management stated that tariffs are not expected to be material to 2025 results, and the company was in compliance with all debt covenants.

    Apr 24, 2025
  7. 2024-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2024

    West Pharmaceutical Services, Inc. reported third-quarter 2024 net sales of $746.9 million, essentially flat versus $747.4 million in the prior-year quarter, with the filing stating a 0.1% decrease as reported and a 0.5% decrease organically. Gross profit fell to $264.7 million from $288.3 million, and gross profit margin declined to 35.4% from 38.6%. Operating profit was $161.3 million versus $177.3 million, and net income was $136.0 million, or $1.85 per diluted share, compared with $161.3 million, or $2.14 per diluted share, a year earlier. The filing attributes the Proprietary Products margin decline mainly to a mix shift from HVP Components to HVP Delivery Devices and lower plant absorption from reduced customer demand, partly offset by sales price increases and approximately $19 million of customer incentives tied to volumes. For the nine months ended September 30, 2024, net sales were $2,144.4 million, down 3.3% as reported, and net income was $362.6 million, or $4.91 per diluted share, versus $456.4 million, or $6.05 per diluted share, in 2023. Net cash provided by operating activities was $463.3 million, against $537.4 million a year earlier. Capital expenditures were $272.1 million, and the company repurchased shares for $506.5 million under its program. Cash and cash equivalents fell to $490.9 million from $853.9 million at December 31, 2023, while total debt was $202.6 million, reflecting a July 2024 refinancing that included a new $130.0 million term loan due July 2, 2027. Management states that its disclosure controls were effective as of September 30, 2024, that it was in compliance with all debt covenants, and that cash on hand, operating cash flow and the $500.0 million revolving credit facility, with $497.6 million of borrowing capacity available, are expected to be adequate for foreseeable liquidity needs. The filing reports no material changes to risk factors from the 2023 Annual Report.

    Oct 24, 2024
  8. 2024-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2024

    West Pharmaceutical Services, Inc. reported second-quarter 2024 net sales of $702.1 million, down from $753.8 million in the prior-year quarter, with net income of $111.3 million versus $155.1 million and diluted EPS of $1.51 versus $2.06. For the six months ended June 30, 2024, net sales were $1,397.5 million (compared with $1,470.4 million) and net income was $226.6 million (compared with $295.1 million). Consolidated operating profit fell to $126.2 million for the quarter from $182.5 million, and gross profit declined to $230.0 million from $291.4 million, with the filing citing lower plant absorption from reduced customer demand and an unfavorable product mix in Proprietary Products. The decline was attributed in part to customers' inventory management, which reduced sales of certain high-value product offerings, including Westar, Daikyo Crystal Zenith and FluroTec products. Cash and cash equivalents fell to $446.2 million at June 30, 2024 from $853.9 million at December 31, 2023, reflecting $454.1 million of share repurchases and $190.8 million of capital expenditures in the six months, partly offset by $283.2 million of operating cash flow. Working capital decreased to $849.3 million from $1,264.6 million. The company stated it was in compliance with all debt covenants and that its $500.0 million Credit Facility had $497.6 million of available borrowing capacity. After the quarter end, on July 2, 2024, West entered into a Third Amendment to its Credit Facility that established a $130.0 million New Term Loan maturing July 2, 2027. Proceeds, together with cash on hand, were used to repay the $79.9 million term loan and $53.0 million of Series B Senior Notes due July 5, 2024.

    Jul 25, 2024
  9. 2024-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2024

    West Pharmaceutical Services, Inc. reported first-quarter 2024 net sales of $695.4 million, down from $716.6 million in the same period of 2023, with the company citing lower sales of certain high-value product offerings in its Proprietary Products segment, partially offset by growth in Contract-Manufactured Products. Net income fell to $115.3 million from $140.0 million, and diluted earnings per share were $1.55 compared with $1.85. Consolidated gross profit declined to $230.2 million, and gross profit margin fell to 33.1% from 37.9%, driven by lower sales volume and an unfavorable product mix in Proprietary Products. Operating profit decreased to $122.8 million from $155.3 million, and the prior-year quarter included a $9.4 million loss on the disposal of a plant that did not recur. Cash and cash equivalents declined to $601.8 million from $853.9 million at year-end 2023, primarily because of $267.0 million of share repurchases and $90.6 million of capital expenditures, which the company attributed to additional manufacturing capacity to meet customer demand. Net cash provided by operating activities was $118.2 million, compared with $138.1 million a year earlier. Total debt was $206.2 million, the company had no outstanding borrowings under its $500.0 million revolving credit facility, and it stated it was in compliance with all debt covenants. Management stated that cash on hand, operating cash flow and credit facility availability will be adequate for foreseeable liquidity needs. The company repurchased 729,679 shares for $267.0 million during the quarter, leaving $294.7 million available under its $1.0 billion repurchase program. Working capital decreased to $1,044.5 million from $1,264.6 million.

    Apr 25, 2024
  10. 2023-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2023

    West Pharmaceutical Services, Inc. reported net sales of $747.4 million for the three months ended September 30, 2023, up from $686.9 million a year earlier, and net sales of $2,217.8 million for the nine months, compared with $2,178.2 million in the prior-year period. Net income was $161.3 million for the quarter, versus $120.6 million in the prior-year quarter, and diluted EPS was $2.14 versus $1.59. The prior-year quarter included a $49.6 million pension settlement charge, which the filing identifies as the main driver of the year-over-year change in other nonoperating expense. For the nine months, net income was $456.4 million compared with $482.9 million, with operating profit down to $515.1 million from $604.3 million. The filing attributes the nine-month operating profit decline mainly to lower COVID-related sales within Proprietary Products, partly offset by growth in Contract-Manufactured Products. Balance sheet and cash flow data show cash and cash equivalents of $898.6 million at September 30, 2023, and total debt of $207.3 million. Net cash provided by operating activities was $537.4 million for the nine months, versus $493.2 million a year earlier, while capital expenditures rose to $253.3 million from $189.7 million to add manufacturing capacity. The company repurchased $261.3 million of common stock under its $1.0 billion program approved in February 2023, leaving $738.7 million of authorization available at quarter-end. The filing states that the Russia-Ukraine conflict has not had a material impact on the company to date, and it reports no material changes to its market risk exposure. The filing also discloses that the Board approved amended and restated bylaws effective October 23, 2023, which update shareholder nomination and proposal procedures and conform to Pennsylvania law and the SEC's Universal Proxy Card rules. Management reported that disclosure controls and procedures were effective as of September 30, 2023.

    Oct 26, 2023
  11. 2023-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2023

    West Pharmaceutical Services, Inc. reported net sales of $753.8 million for the three months ended June 30, 2023, down from $771.3 million in the prior-year quarter, and $1,470.4 million for the six months, versus $1,491.3 million a year earlier. Operating profit fell to $182.5 million for the quarter from $228.4 million, and net income was $155.1 million, compared with $188.5 million. Diluted EPS was $2.06 for the quarter versus $2.48 a year earlier. Management attributed the decline primarily to lower COVID-related sales in the Proprietary Products segment, partially offset by growth in Contract-Manufactured Products, which rose 15.3% for the quarter as reported. The balance sheet remained solid, with cash and cash equivalents of $796.3 million at June 30, 2023, total debt of $207.8 million, and equity of $2,746.7 million. Cash from operating activities was $307.3 million for the six months, while capital expenditures were $157.5 million, reflecting investment in additional manufacturing capacity to meet customer demand. The company repurchased $233.5 million of shares during the six months under a $1.0 billion program approved in February 2023, and paid $28.2 million in dividends. The filing also notes a $11.6 million loss on the disposal of a manufacturing plant in the Proprietary Products segment, which closed in the second quarter, and ongoing restructuring under a 2022 plan with expected charges of approximately $25 million to $27 million and annualized savings of $22 million to $24 million. Management stated the company was in compliance with all debt covenants and that cash on hand, operating cash flow and its $500.0 million Credit Facility should be adequate for foreseeable liquidity needs.

    Jul 27, 2023
  12. 2023-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2023

    West Pharmaceutical Services, Inc. reported net sales of $716.6 million for the three months ended March 31, 2023, compared with $720.0 million in the same period of 2022. Net income was $140.0 million, down from $173.8 million, and diluted net income per share was $1.85, versus $2.29 a year earlier. Consolidated operating profit fell to $155.3 million from $189.7 million, with the filing citing a decline in COVID-related sales as the main driver in Proprietary Products, along with inflationary pressures and a $9.4 million asset impairment tied to the planned sale of a manufacturing facility. Adjusted for unallocated items, diluted EPS was $1.98 (non-U.S. GAAP), according to the filing's reconciliation. Contract-Manufactured Products net sales rose 12.5% to $133.5 million, while Proprietary Products net sales declined 3.0% to $583.1 million, including foreign currency translation headwinds. Cash and cash equivalents were $886.3 million at March 31, 2023, and net cash provided by operating activities was $138.1 million. The company repurchased $60.1 million of stock under a share repurchase program approved in February 2023 authorizing up to $1.0 billion, and its Board declared dividends of $0.19 per share. The filing notes that the Russia-Ukraine conflict has not had a material impact on the company because it has no manufacturing operations or significant commercial relationships in either country. The company also disclosed ongoing restructuring under a December 2022 plan, with expected charges of approximately $25 million to $27 million and annualized savings of $22.0 million to $24.0 million, and reported full compliance with its debt covenants.

    Apr 27, 2023
  13. 2022-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2022

    West Pharmaceutical Services, Inc. reported net sales of $686.9 million for the three months ended September 30, 2022, down from $706.5 million in the prior-year quarter, and net sales of $2.18 billion for the nine months, up from $2.10 billion. Net income for the quarter was $120.6 million, or $1.59 per diluted share, compared with $175.6 million, or $2.31 per diluted share, a year earlier. The quarterly decline was driven largely by a $49.6 million pension settlement charge recorded in other nonoperating expense tied to termination of the U.S. pension plan, and by a $20.4 million prior-year tax benefit from a royalty prepayment that was not repeated. Operating profit rose to $186.2 million from $181.4 million, supported by lower SG&A expenses, which fell to $66.3 million from $91.9 million. The filing states that foreign currency translation had an unfavorable impact of $49.8 million on quarterly net sales, and that excluding currency effects, consolidated net sales increased 4.3%. For the nine months, net income was $482.9 million, or $6.36 per diluted share, and operating cash flow was $493.2 million compared with $423.2 million a year earlier. Capital expenditures were $189.7 million, and the company repurchased $202.9 million of shares during the period under its 2022 program. The balance sheet remained solid, with cash and cash equivalents of $729.0 million, total debt of $209.4 million, and equity of $2,470.8 million at September 30, 2022. The company had $497.6 million of available borrowing capacity under its $500.0 million revolving credit facility and stated it was in compliance with all debt covenants. The filing also notes that the Russia-Ukraine war had not had a material impact through the nine months.

    Oct 27, 2022
  14. 2022-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2022

    West Pharmaceutical Services, Inc. reported net sales of $771.3 million for the three months ended June 30, 2022, up from $723.6 million a year earlier, and $1,491.3 million for the six months, up from $1,394.3 million. Net income was $188.5 million for the quarter (diluted EPS $2.48) versus $187.3 million (diluted EPS $2.47) in the prior-year quarter, and $362.3 million for the six months (diluted EPS $4.77) versus $338.5 million (diluted EPS $4.47). The filing attributes the sales growth to increased volume and product mix and sales price increases, partly offset by unfavorable foreign currency translation of $47.4 million in the quarter. Consolidated gross profit margin declined to 41.7% in the quarter from 43.5%, which management ties to plant spend, inflation-driven labor and overhead costs, and an unfavorable product mix in Contract-Manufactured Products, partly offset by approximately $11 million in net one-time COVID-19 supply agreement fees in Proprietary Products. The Proprietary Products segment drove results, with net sales up 11.3% as reported and 18.3% organically in the quarter, led by high-value products including NovaPure. Contract-Manufactured Products net sales fell 13.6% in the quarter, reflecting lower sales of diagnostic device components. Cash flow from operations rose to $324.3 million for the six months from $233.1 million, while capital expenditures increased to $131.9 million and shareholders received $175.7 million in share repurchases during the period. Cash and cash equivalents stood at $718.5 million at June 30, 2022, and the company had $497.6 million of available borrowing capacity under its $500.0 million revolving Credit Facility. Management stated that the Russia-Ukraine war had not had a material impact on the company through the six months ended June 30, 2022.

    Jul 28, 2022
  15. 2022-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2022

    West Pharmaceutical Services, Inc. reported first-quarter 2022 net sales of $720.0 million, up from $670.7 million in the prior-year period, and net income of $173.8 million, compared with $151.2 million a year earlier. Diluted net income per share was $2.29, versus $1.99. The filing states that consolidated net sales increased 11.0% excluding foreign currency translation effects, while the reported increase of 7.4% included an unfavorable currency impact of $24.2 million. Proprietary Products net sales grew 14.4% on an organic basis, driven by high-value offerings such as NovaPure and Westar components, partly offset by approximately $15 million in one-time COVID supply agreement fees recorded in the first quarter of 2021. Contract-Manufactured Products net sales declined 6.6% as reported, reflecting lower sales of components for diagnostic devices. Gross margin was 39.5% versus 40.5% a year earlier, and operating profit rose to $189.7 million from $175.6 million. Operating cash flow increased to $151.2 million from $88.7 million, while capital expenditures were $65.8 million. During the quarter, the company repurchased 390,000 shares for $147.1 million, at an average price of $377.23, under a 2022 program authorizing up to 650,000 shares. Cash and cash equivalents declined to $667.7 million from $762.6 million at year-end 2021, and total debt was $252.5 million. In March 2022, West amended and extended its credit facility to $500.0 million, with an expiration of March 2027. As of March 31, 2022, no borrowings were outstanding under the facility, and borrowing capacity was $497.6 million. The company stated that it was in compliance with all debt covenants and that its cash and financing resources would be adequate for foreseeable liquidity needs.

    Apr 28, 2022
  16. 2021-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2021

    West Pharmaceutical Services, Inc. reported net sales of $706.5 million for the three months ended September 30, 2021, up from $548.0 million a year earlier, and net sales of $2,100.8 million for the nine months, compared with $1,566.7 million in the prior-year period. Net income was $175.6 million for the quarter (diluted EPS of $2.31) versus $82.3 million (diluted EPS of $1.09) in 2020, and $514.1 million for the nine months (diluted EPS of $6.78) versus $247.8 million. The filing attributes much of the growth to the Proprietary Products segment, which included approximately $115 million of COVID-19 related activity for vaccines, antiviral treatments and treatment of underlying COVID-19 symptoms in the quarter. The quarter's net income also benefited from a $20.4 million tax benefit tied to the prepayment of future royalties from one of its subsidiaries; the company reported adjusted diluted EPS of $2.06 for the quarter excluding this and other unallocated items. Cash flow and balance sheet metrics were solid. Net cash provided by operating activities was $423.2 million for the nine months, compared with $323.8 million a year earlier, while capital expenditures rose to $176.9 million from $116.7 million, which the company tied to meeting customer demand. The company repurchased $137.1 million of common stock in the nine months and paid $37.8 million in dividends. Cash and cash equivalents were $688.0 million at September 30, 2021, and total debt was $254.1 million, with $297.6 million of borrowing capacity under the $300.0 million Credit Facility. Management stated it was in compliance with all debt covenants. The filing's risk discussion notes no material changes to the risk factors in the 2020 Annual Report. Management highlighted supply chain interruptions, customer demand timing, product mix, raw material price pass-through, and dependence on single-source suppliers, including the affiliate Daikyo, as factors that could cause actual results to differ from expectations.

    Oct 28, 2021
  17. 2021-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2021

    West Pharmaceutical Services, Inc. reported net sales of $723.6 million for the three months ended June 30, 2021, up from $527.2 million a year earlier, and $1,394.3 million for the six months, up from $1,018.7 million. Net income was $187.3 million for the quarter (diluted EPS $2.47) versus $91.2 million (diluted EPS $1.21) in the prior-year quarter, and $338.5 million for the six months (diluted EPS $4.47) versus $165.5 million. The filing attributes the growth primarily to Proprietary Products, whose quarterly net sales rose 47.0% as reported (39.3% organic), driven by high-value product offerings, and which included approximately $117 million of COVID-19 related activity for vaccines, antiviral treatments and treatment of underlying COVID-19 symptoms in the quarter. Balance sheet and cash flow data show cash and cash equivalents of $576.2 million at June 30, 2021, down from $615.5 million at December 31, 2020, while accounts receivable rose to $480.5 million and inventories to $345.2 million. Net cash provided by operating activities was $233.1 million for the six months, while capital expenditures were $111.6 million, and the company repurchased $137.1 million of shares under its share repurchase program. Total debt was $254.1 million, and the $300.0 million Credit Facility had $297.6 million of borrowing capacity available. Management stated that its production facilities have continued to operate as before the pandemic, that liquidity remains strong, and that it was in compliance with all debt covenants at June 30, 2021. The company also noted a restructuring plan approved in July 2020, with expected charges of approximately $15 million to $17 million, of which $6.8 million had been recorded since approval.

    Jul 30, 2021
  18. 2021-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2021

    West Pharmaceutical Services, Inc. reported first-quarter 2021 net sales of $670.7 million, up from $491.5 million in the first quarter of 2020, an increase of 36.5% as reported and 31.1% excluding foreign currency translation effects. Growth was driven by the Proprietary Products segment, whose net sales rose to $543.7 million from $373.5 million, with the filing attributing growth primarily to high-value product offerings and approximately $102.9 million of COVID-19 related activity for vaccines, antiviral treatments and treatment of underlying COVID-19 symptoms. Net income was $151.2 million, or $1.99 per diluted share, compared with $74.3 million, or $0.99 per diluted share, a year earlier. Operating profit was $175.6 million versus $88.0 million, and the filing reports a $2.2 million cost investment impairment and $1.2 million in restructuring and related charges among unallocated items. Balance sheet and cash flow data show cash and cash equivalents declined to $483.7 million from $615.5 million at December 31, 2020, largely reflecting $137.1 million of share repurchases and $54.7 million of capital expenditures. Net cash provided by operating activities was $88.7 million, compared with $57.1 million in the prior-year period, driven by improved operating results. Accounts receivable rose to $465.7 million from $385.3 million, which the filing attributes to increased sales activity. Total debt was $254.6 million, and the $300.0 million Credit Facility had no outstanding borrowings, with $297.5 million of borrowing capacity available. The company stated it was in compliance with all debt covenants. The filing also notes that a share repurchase program for calendar year 2021 authorizes up to 631,000 shares, of which 479,000 shares were purchased in the first quarter at an average price of $286.23 per share. Management stated that cash on hand, operating cash generation and Credit Facility availability will be adequate for foreseeable liquidity needs.

    Apr 30, 2021
  19. 2020-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2020

    West Pharmaceutical Services, Inc. reported third-quarter 2020 net sales of $548.0 million, up from $456.1 million in the prior-year quarter, with net income of $82.3 million, or $1.09 per diluted share, versus $56.3 million, or $0.75 per diluted share, a year earlier. The filing attributes the increase primarily to the Proprietary Products segment, which delivered 20.3% organic growth in the quarter, including approximately $32 million of COVID-19 related activity for antiviral treatments and treatment of underlying COVID-19 symptoms. Operating profit rose to $99.2 million from $67.3 million, and consolidated gross profit margin reached 35.5% compared with 32.4% a year earlier. For the nine months ended September 30, 2020, net sales were $1,566.7 million, up 14.4% as reported and 15.1% organic, and net income was $247.8 million, or $3.28 per diluted share. Net cash provided by operating activities rose to $323.8 million from $260.8 million, while capital expenditures were $116.7 million and the company repurchased $115.5 million of common stock. Cash and cash equivalents stood at $519.4 million at September 30, 2020, and the Credit Facility had $297.5 million of available borrowing capacity with no outstanding borrowings. The filing also discloses a July 2020 restructuring plan expected to require $15 million to $17 million in charges over up to twenty-four months, with $4.5 million recorded to date. The company states its production facilities continued to operate during the pandemic, and it notes that on October 21, 2020 it received FDA market clearance for its Vial2BagAdvanced 20mm Admixture Device following the January 2019 voluntary recall of the Vial2Bag product line.

    Oct 23, 2020
  20. 2020-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2020

    West Pharmaceutical Services, Inc. reported net sales of $527.2 million for the three months ended June 30, 2020, up from $469.7 million a year earlier, and $1,018.7 million for the six months, up from $913.2 million. Net income was $91.2 million, or $1.21 per diluted share, for the quarter, compared with $66.1 million, or $0.88 per diluted share, in the prior-year quarter. For the six months, net income was $165.5 million, or $2.19 per diluted share, versus $121.5 million, or $1.61 per diluted share. The filing attributes the sales growth primarily to the Proprietary Products segment, which delivered 13.3% organic growth in the quarter, and notes approximately $19 million of COVID-19 related activity for antiviral treatments and treatment of underlying COVID-19 symptoms in that segment's quarterly sales. Cash flow and balance sheet metrics were steady. Net cash provided by operating activities was $205.2 million for the six months, up from $152.7 million, while capital expenditures were $69.2 million. The company repurchased 761,500 shares for $115.5 million during the first half of 2020 under its calendar-year 2020 program, which authorizes up to 848,000 shares. No shares were repurchased in the second quarter. Cash and cash equivalents were $445.9 million at June 30, 2020, and the company had $297.5 million of borrowing capacity under its $300.0 million Credit Facility. Management stated it was in compliance with all debt covenants. The filing notes that production facilities continued to operate with minimal change during the pandemic, and it adds a risk factor covering potential COVID-19 impacts on operations, supply chains, and demand. Operating profit rose to $103.6 million in the quarter from $80.5 million, and the effective tax rate fell to 15.6% from 19.4%, which management attributes to higher stock-based compensation deductions.

    Jul 24, 2020
  21. 2020-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2020

    West Pharmaceutical Services, Inc. reported net sales of $491.5 million for the three months ended March 31, 2020, up from $443.5 million in the prior-year period, with consolidated net sales increasing 10.8% as reported and 12.7% excluding foreign currency translation effects and incremental acquisition sales. Growth was driven mainly by the Proprietary Products segment, which delivered 11.8% organic growth. Net income rose to $74.3 million, or $0.99 per diluted share, from $55.4 million, or $0.73 per diluted share, with operating profit of $88.0 million compared with $70.7 million. The filing states that first-quarter results were not significantly impacted by COVID-19 and that production facilities continued operating with very little change, while noting that the future impact of the pandemic cannot be predicted. Cash flow and capital allocation were central to the quarter. Net cash provided by operating activities was $57.1 million, and the company spent $115.5 million repurchasing 761,500 shares at an average price of $151.65 under its calendar-year 2020 program. Cash and cash equivalents declined to $335.3 million from $439.1 million at December 31, 2019, and total debt was $256.7 million. Total equity fell to $1,490.2 million from $1,573.2 million, largely reflecting a $42.7 million other comprehensive loss, primarily from foreign currency translation adjustments of $47.3 million. The company disclosed one new risk factor related to COVID-19, citing possible effects on its operations, supply chains, and demand, and it reported that its disclosure controls were effective as of March 31, 2020. Management stated that liquidity remains adequate, with $297.5 million of available borrowing capacity under its Credit Facility and compliance with all debt covenants.

    Apr 24, 2020
  22. 2019-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2019

    West Pharmaceutical Services, Inc. reported third-quarter 2019 net sales of $456.1 million, up from $431.7 million in the prior-year quarter, and net income of $56.3 million, or $0.75 per diluted share, versus $55.2 million, or $0.73 per diluted share, a year earlier. For the nine months ended September 30, 2019, net sales were $1,369.3 million and net income was $177.8 million, or $2.36 per diluted share. Management attributed growth primarily to high-value proprietary product offerings in the Proprietary Products segment, and to healthcare-related injection and diagnostic devices in the Contract-Manufactured Products segment. Consolidated operating profit was $67.3 million for the quarter and $218.5 million for the nine months. Results included a voluntary recall of the Vial2Bag product line announced January 24, 2019, with a net provision of $4.9 million recorded for the nine months. Balance sheet and cash flow data remained solid. Cash and cash equivalents were $396.0 million at September 30, 2019, and available borrowing capacity under the Credit Facility was $269.9 million. Net cash provided by operating activities was $260.8 million for the nine months, while capital expenditures were $88.8 million and the company repurchased $83.1 million of its common stock under its 2019 program, which is now complete. Long-term debt was $195.1 million. The company adopted ASC 842 on January 1, 2019, recording operating lease right-of-use assets of $71.0 million. Subsequent to quarter end, on October 15, 2019, the company entered into an Amendment Agreement with Daikyo Seiko, Ltd., and increased its ownership interest in Daikyo to 49%, which it stated would not have a material impact on its financial statements.

    Oct 29, 2019
  23. 2019-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2019

    West Pharmaceutical Services, Inc. reported net sales of $469.7 million for the three months ended June 30, 2019, up from $447.5 million in the prior-year period, and $913.2 million for the six months, up from $863.2 million. Net income was $66.1 million ($0.88 per diluted share) for the quarter, compared with $56.1 million ($0.75 per diluted share) a year earlier, and $121.5 million ($1.61 per diluted share) for the six months versus $99.7 million ($1.33 per diluted share). Operating profit rose to $80.5 million for the quarter from $60.3 million, and the filing states that foreign currency translation was an unfavorable factor of $15.1 million on quarterly net sales. Balance sheet and cash flow data show cash and cash equivalents of $326.7 million at June 30, 2019, total debt of $196.0 million, and equity of $1,445.1 million. Net cash provided by operating activities was $152.7 million for the six months, versus $127.0 million a year earlier, while capital expenditures were $57.1 million and share repurchases totaled $83.1 million for 800,000 shares. The company completed its 2019 share repurchase program and entered into a new $300.0 million revolving Credit Facility expiring March 2024, with $269.0 million of available borrowing capacity at period end. The filing also discloses an ongoing voluntary recall of the Vial2Bag product line, initiated January 24, 2019, with the company recording $5.8 million of provisions for the six months and stating it continues to work to return the products to market. The company acquired its distributor in South Korea for $18.9 million in April 2019, and it adopted ASC 842 lease accounting on January 1, 2019, recognizing operating lease right-of-use assets and liabilities on the balance sheet.

    Jul 29, 2019
  24. 2019-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2019

    West Pharmaceutical Services, Inc. reported first-quarter 2019 net sales of $443.5 million, up from $415.7 million in the prior-year quarter, a 6.7% increase as reported and 11.4% excluding foreign currency translation effects. Net income rose to $55.4 million, or $0.73 per diluted share, compared with $43.6 million, or $0.58 per diluted share, in the first quarter of 2018. Consolidated operating profit increased 32.4% to $70.7 million, and the operating profit margin was 15.9% versus 12.8% a year earlier. The Proprietary Products segment drove most of the growth, with net sales of $340.4 million and operating profit of $77.0 million, while Contract-Manufactured Products delivered net sales of $103.1 million. The company's results were affected by a voluntary recall of its Vial2Bag product line, announced January 24, 2019. The recall led to a $4.5 million provision for potential inventory returns in the quarter, partially offset by a reduction in the provision for product returns. Management said it continues to work to get the products back on the market. Cash and cash equivalents declined to $265.5 million from $337.4 million at December 31, 2018, largely because of $83.1 million of share repurchases under a completed 800,000-share 2019 program. Net cash provided by operating activities was $47.6 million. In March 2019 West entered a new $300.0 million senior unsecured revolving Credit Agreement expiring in March 2024, replacing a facility that was due to expire in October 2020. At March 31, 2019 the company had $28.1 million of outstanding borrowings under the facility and borrowing capacity of $269.4 million. Adoption of ASC 842 on January 1, 2019 added operating lease right-of-use assets of $75.2 million and operating lease liabilities, which together with higher income taxes payable increased total current liabilities.

    May 8, 2019
  25. 2018-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2018

    West Pharmaceutical Services, Inc. reported net sales of $431.7 million for the three months ended September 30, 2018, up from $398.2 million in the prior-year quarter, and $1,294.9 million for the nine months, up from $1,183.5 million. Net income was $55.2 million, or $0.73 per diluted share, for the quarter, compared with $51.0 million, or $0.67 per diluted share, a year earlier. For the nine months, net income was $154.9 million, or $2.05 per diluted share, versus $150.7 million, or $1.99 per diluted share. Results for the quarter were affected by restructuring and related charges of $1.2 million, a $1.1 million charge tied to Argentina's classification as highly inflationary, and a $7.7 million tax benefit from share-based payment accounting. Growth was led by the Proprietary Products segment, where quarterly net sales rose 5.2% as reported (6.6% excluding currency effects), driven by high-value offerings such as Westar components and ready-to-use seals, stoppers, and plungers. Contract-Manufactured Products sales rose 19.5% for the quarter, largely on higher volume in Ireland. Consolidated gross margin was 31.4% for both the three-month periods, and operating profit was $60.8 million versus $62.9 million a year earlier. The company ended the quarter with $297.3 million in cash and cash equivalents, $196.2 million of total debt, and $268.8 million of available borrowing capacity under its Credit Facility. Cash flow from operations improved to $215.4 million for the nine months from $181.8 million, while capital expenditures fell to $74.7 million from $101.3 million. Management stated that it was in compliance with all debt covenants and expects cash on hand, operating cash flow, and Credit Facility availability to meet foreseeable liquidity needs. The company also repurchased 800,000 shares for $70.8 million during the nine months under its 2018 program, which was completed in full.

    Oct 30, 2018
  26. 2018-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2018

    West Pharmaceutical Services, Inc. reported net sales of $447.5 million for the three months ended June 30, 2018, up from $397.6 million a year earlier, and $863.2 million for the six months, up from $785.3 million. Net income was $56.1 million ($0.75 per diluted share) for the quarter versus $38.8 million ($0.51) in the prior-year quarter, and $99.7 million ($1.33 per diluted share) for the six months, flat with the prior-year total of $99.7 million ($1.32). The filing attributes the quarterly results partly to a $4.8 million net tax benefit tied to the 2017 Tax Act and a $3.4 million tax benefit from share-based payment accounting, and it notes restructuring charges of $2.2 million in the quarter and $5.5 million for the six months under a 2018 plan to realign manufacturing capacity. Consolidated net sales grew 4.7% excluding currency effects for the six months, with Proprietary Products and Contract-Manufactured Products both contributing to growth. The balance sheet at June 30, 2018 showed cash and cash equivalents of $225.5 million, total debt of $196.4 million, and total equity of $1,281.9 million. Operating cash flow for the six months was $127.0 million, versus $106.0 million a year earlier, while capital expenditures were $48.2 million and share repurchases totaled $70.8 million. The company adopted ASC 606 on January 1, 2018 using the modified retrospective method, recording an $11.4 million cumulative-effect increase to retained earnings, and the filing states that the adoption reduced second-quarter net sales by $5.1 million compared with the prior method. Management stated that it was in compliance with all debt covenants at June 30, 2018 and expects cash on hand, operating cash flow and availability under its $300.0 million Credit Facility, which had $268.3 million of borrowing capacity, to be adequate for foreseeable liquidity needs. The Waterford, Ireland facility was expected to begin commercial production in the second half of 2018.

    Jul 31, 2018
  27. 2018-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2018

    West Pharmaceutical Services, Inc. reported first-quarter 2018 net sales of $415.7 million, up from $387.7 million in the prior-year quarter, with the filing stating that excluding foreign currency translation effects, net sales rose $0.7 million, or 0.2%. Net income fell to $43.6 million, or $0.58 per diluted share, from $60.9 million, or $0.81 per diluted share, a decline the company attributed in part to the deconsolidation of its Venezuelan subsidiary, the loss of a consumer-product contract manufacturing customer, $3.3 million of restructuring and related charges, and a lower tax benefit from share-based payment accounting. Consolidated operating profit was $53.4 million compared with $60.5 million, and gross margin was 32.3% versus 34.6%. The company adopted ASC 606 on January 1, 2018 on a modified retrospective basis, recording a cumulative-effect increase to retained earnings of $11.4 million. Management approved a restructuring plan in February 2018 with expected charges of $8.0 million to $13.0 million and annualized savings of $17.0 million to $22.0 million once completed. Cash and cash equivalents were $199.8 million at March 31, 2018, with $266.6 million of available borrowing capacity under the Credit Facility, and the company repurchased 540,000 shares for $47.9 million during the quarter under its 2018 program of up to 800,000 shares. Operating cash flow improved to $45.0 million from $20.7 million, largely because the prior-year period included a $20.0 million contribution to the U.S. qualified pension plan. Capital expenditures were $28.0 million, and the company stated that commercial production at its Waterford, Ireland facility is expected to begin in the second half of 2018.

    May 8, 2018
  28. 2017-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2017

    West Pharmaceutical Services, Inc. reported net sales of $398.2 million for the three months ended September 30, 2017, up from $376.7 million a year earlier, and $1,183.5 million for the nine months, up from $1,126.8 million. Net income was $51.0 million for the quarter versus $37.6 million in the prior-year quarter, and $150.7 million for the nine months versus $104.5 million. Diluted EPS was $0.67 for the quarter and $1.99 for the nine months. The filing states that results for the quarter include a $4.8 million tax benefit ($0.06 per diluted share) from adopting the FASB guidance on share-based payment transactions, and that the nine-month results include a $30.3 million tax benefit ($0.40 per diluted share) from the same guidance, offset by an $11.1 million charge ($0.15 per diluted share) from deconsolidating the Venezuelan subsidiary effective April 1, 2017. Operating profit for the quarter was $63.9 million, including $9.5 million of other income, largely development and licensing income of which $9.1 million relates to reimbursement of costs for a technology subsequently licensed to a third party. Proprietary Products net sales rose 3.6% in the quarter as reported, while Contract-Manufactured Products rose 13.1%. Management noted that Proprietary Products growth has been slower in 2017 as customers work down inventory purchased in 2016. Balance sheet and liquidity remained solid: cash and cash equivalents were $269.3 million, available Credit Facility capacity was $267.7 million, and total debt was $229.8 million against total equity of $1,316.9 million. Operating cash flow was $181.8 million for the nine months, and capital expenditures were $101.3 million, including construction of a new facility in Waterford, Ireland. The company repaid its $33.1 million term loan on October 2, 2017, as a subsequent event.

    Oct 31, 2017
  29. 2017-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2017

    West Pharmaceutical Services, Inc. reported net sales of $397.6 million for the three months ended June 30, 2017, up from $388.0 million a year earlier, and $785.3 million for the six months, up from $750.1 million. Net income was $38.8 million for the quarter versus $44.7 million in the prior-year period, and $99.7 million for the six months versus $66.9 million. Results were affected by a $11.1 million charge related to the deconsolidation of its Venezuelan subsidiary, and by a tax benefit of $9.6 million for the quarter (and $25.5 million year to date) from adopting new share-based payment accounting guidance. Diluted EPS was $0.51 for the quarter and $1.32 for the six months. Gross profit declined in the quarter to $125.0 million from $133.3 million, with consolidated gross margin falling to 31.4% from 34.4%, which management attributed mainly to an unfavorable product mix and higher labor and overhead costs. Proprietary Products sales were $312.8 million for the quarter, while Contract-Manufactured Products sales rose to $84.9 million. Operating profit was $42.7 million for the quarter, compared with $61.2 million a year earlier. Balance sheet and liquidity remained solid. Cash and cash equivalents were $226.6 million, total debt was $229.5 million, and total equity rose to $1,242.4 million at June 30, 2017. Available borrowing capacity under the Credit Facility was $268.6 million, and the company stated it was in compliance with all debt covenants. The company also repurchased 325,000 shares for $26.9 million during the first half under a program that is expected to be completed by December 31, 2017, and it plans to repatriate approximately $65.0 million of cash from non-U.S. subsidiaries during 2017.

    Aug 1, 2017
  30. 2017-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2017

    West Pharmaceutical Services, Inc. reported net sales of $387.7 million for the three months ended March 31, 2017, up 7.1% from $362.1 million a year earlier (8.7% excluding foreign currency translation effects). Proprietary Products net sales rose to $308.8 million and Contract-Manufactured Products net sales rose to $79.1 million. Consolidated gross profit was $134.1 million, and the consolidated gross profit margin was 34.6%, compared with 34.0% in the prior-year period. Net income was $60.9 million, or $0.81 per diluted share, compared with $22.1 million, or $0.30 per diluted share, in the first quarter of 2016. The 2017 results include a $15.9 million tax benefit ($0.21 per diluted share) from adopting new share-based payment accounting guidance. The 2016 results included $22.9 million of restructuring and related charges and a $2.7 million charge tied to the Venezuelan Bolivar devaluation. Operating profit was $61.3 million, with an operating profit margin of 15.8%, compared with $30.0 million (8.3%) in the prior year. Cash flow and balance sheet items were mixed. Net cash provided by operating activities was $20.7 million, compared with $3.0 million, after a $20.0 million contribution to the U.S. qualified pension plan. At March 31, 2017, cash and cash equivalents were $169.4 million, total debt was $228.6 million, and available borrowing capacity under the Credit Facility was $270.1 million. The company repurchased 325,000 shares for $26.9 million under its 800,000-share program, and the net debt-to-total invested capital ratio was 4.8%, compared with 2.2% at December 31, 2016.

    May 5, 2017
  31. 2016-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2016

    West Pharmaceutical Services, Inc. reported net sales of $376.7 million for the third quarter of 2016, up from $344.5 million a year earlier, an increase of 9.4% as reported and 10.0% excluding foreign currency translation effects. Net income for the quarter was $37.6 million, or $0.50 per diluted share, compared with $1.5 million, or $0.02 per diluted share, in the third quarter of 2015, which included a $49.0 million pension settlement charge. For the nine months ended September 30, 2016, net sales were $1,126.8 million, up 8.3% from $1,040.1 million, and net income was $104.5 million, or $1.40 per diluted share, versus $62.2 million, or $0.85 per diluted share. Growth was driven by the Proprietary Products segment, whose net sales rose 10.7% in the quarter to $298.1 million, attributed to high-value product offerings such as FluroTec-coated components, ready-to-use seals, stoppers and plungers, and Daikyo products. Gross margin improved to 32.1% for the quarter from 31.4% a year earlier, and adjusted consolidated operating profit margin was 14.2% versus 13.2%. Restructuring charges under a plan approved February 15, 2016 totaled $23.7 million for the nine months, with a total expected range of $25.0 million to $28.0 million. Balance sheet activity included total debt reduced to $232.1 million at September 30, 2016 from $299.2 million, following the maturity of the Euro note B, and cash and cash equivalents of $205.9 million. Capital expenditures rose to $122.7 million for the nine months, including construction of a new facility in Waterford, Ireland. The company repurchased 370,810 shares for $26.8 million during the nine months under a program expected to be completed by December 31, 2016.

    Oct 31, 2016
  32. 2016-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2016

    West Pharmaceutical Services, Inc. reported second-quarter 2016 net sales of $388.0 million, up from $359.7 million in the prior-year quarter, and net income of $44.7 million, or $0.60 per diluted share, versus $27.8 million, or $0.38 per diluted share, a year earlier. For the six months ended June 30, 2016, net sales were $750.1 million and net income was $66.9 million, or $0.90 per diluted share. Growth was driven by the Proprietary Products segment, which the filing attributes to high-value offerings such as Daikyo and Daikyo RSV products and Westar and FluroTec-coated components. Results for the six months were weighed down by $21.4 million of restructuring and related charges tied to a February 2016 plan, along with a $2.7 million charge from the Venezuelan Bolivar devaluation. Profitability improved, with consolidated gross profit margin of 34.4% in the quarter versus 32.8% a year earlier, and adjusted consolidated operating profit margin of 15.4% versus 13.9%. Cash and cash equivalents declined to $202.7 million from $274.6 million at year-end 2015, largely because of $68.6 million in net debt repayments, including the maturity of the Euro note B, and $17.2 million of share repurchases. Total debt fell to $232.3 million from $299.2 million, and the company reported it was in compliance with all debt covenants. Capital expenditures rose to $74.0 million for the six months, reflecting construction of a new facility in Waterford, Ireland. The restructuring plan, approved by the Board on February 15, 2016, is expected to total $25.0 million to $28.0 million, including approximately $8.0 million of severance and $17.0 million to $20.0 million of non-cash asset write-downs. The company stated it believes cash on hand, operating cash flow and availability under its $300.0 million revolving credit facility will be adequate for foreseeable liquidity needs.

    Aug 1, 2016
  33. 2016-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2016

    West Pharmaceutical Services, Inc. reported first-quarter 2016 net sales of $362.1 million, up from $335.9 million in the prior-year period, an increase of 7.8% as reported and 10.5% excluding foreign currency effects. Growth was driven by high-value product offerings, with Proprietary Products net sales rising 9.6% to $290.8 million. Contract-Manufactured Products net sales were $71.6 million. Gross margin improved to 34.0% from 32.7%, reflecting product mix, production efficiencies and lower raw material costs. Profitability was weighed down by $22.9 million in restructuring and related charges tied to a February 2016 plan, plus a $2.7 million charge from the Venezuelan Bolivar devaluation. Operating profit fell to $30.0 million from $47.8 million, and net income declined to $22.1 million, or $0.30 per diluted share, from $32.9 million, or $0.45 per diluted share. Management expects total restructuring charges of $25.0 million to $28.0 million under the plan, with the remaining charges recognized through 2016 and 2017. The balance sheet shows cash and cash equivalents of $178.1 million, down from $274.6 million at year-end 2015, following $68.0 million in net debt repayments, including the maturity of the Euro note B, and $9.1 million of share repurchases. Total debt fell to $232.0 million, and total equity rose to $1,074.0 million. Capital expenditures increased to $39.0 million, largely for the new facility in Waterford, Ireland. Management stated that the company was in compliance with all debt covenants and that its cash and borrowing capacity of $268.8 million under its revolving credit facility should be adequate for foreseeable liquidity needs.

    May 6, 2016
  34. 2015-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2015

    West Pharmaceutical Services, Inc. reported a sharply lower third quarter 2015, with net sales of $344.5 million (versus $355.9 million in the prior-year quarter) and net income of $1.5 million (versus $31.0 million), driven largely by a $49.0 million pension settlement charge recorded in connection with a group annuity contract purchased from Metropolitan Life Insurance Company. For the nine months ended September 30, 2015, net sales were $1,040.1 million and net income was $62.2 million, compared with $1,071.6 million and $95.7 million a year earlier. Results also reflect a $10.9 million executive retirement and related charge in the nine-month period and an unfavorable foreign currency impact, with the filing stating that excluding foreign currency effects, the pension settlement charge and the executive retirement charge, net sales and diluted net income per share increased 6.4% and 21.2%, respectively, for the nine months. The balance sheet remained solid, with cash and cash equivalents of $256.8 million and total debt of $302.5 million at September 30, 2015, down from $336.7 million at December 31, 2014. Net debt-to-total invested capital was 4.4% versus 7.8% at year-end 2014. Management stated that the company is intending to repatriate approximately $128.0 million of cash held by non-U.S. subsidiaries during the fourth quarter of 2015. The company also entered into a new $300.0 million senior unsecured multi-currency revolving credit agreement on October 15, 2015, which replaced its prior facility and expires in October 2020. Share repurchases under a $100.0 million program authorized in October 2014 had not begun as of September 30, 2015.

    Nov 2, 2015
  35. 2015-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2015

    West Pharmaceutical Services, Inc. reported net sales of $359.7 million for the three months ended June 30, 2015, down from $368.9 million a year earlier, and $695.6 million for the six months, down from $715.7 million. Management attributes the decline largely to currency: foreign currency translation reduced second-quarter net sales by $36.5 million, and excluding currency effects, net sales rose 7.4% for the quarter and 7.0% for the six months. Net income was $27.8 million for the quarter ($0.38 diluted EPS) versus $37.6 million ($0.52) a year earlier, and $60.7 million for the six months versus $64.7 million. Results include a $10.9 million charge for executive retirement and related costs, recorded in other expense, which reduced quarterly net income by $6.9 million and diluted EPS by $0.09. Operating profit fell to $39.1 million for the quarter from $54.1 million, with the operating margin at 10.9% versus 14.7%. Packaging Systems remained the larger segment, with quarterly net sales of $259.6 million and operating profit of $61.8 million, while Delivery Systems posted net sales of $100.6 million and operating profit of $4.0 million. Gross margin was 32.8% for both the quarter and six months, and cash flow from operations for the six months was $75.6 million against capital expenditures of $57.1 million. Balance sheet liquidity remained solid, with cash and cash equivalents of $252.0 million, total debt of $326.7 million, and a revolving credit facility borrowing capacity of $269.6 million at June 30, 2015. Total equity rose to $989.4 million, and the company had $100.0 million remaining under its share repurchase program, which was expected to be completed by December 31, 2015. Eric M. Green became Chief Executive Officer effective April 24, 2015, succeeding Donald E. Morel, Jr., who retired effective July 1, 2015.

    Aug 3, 2015
  36. 2015-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2015

    West Pharmaceutical Services, Inc. reported net sales of $335.9 million for the first quarter of 2015, down from $346.8 million in the same period of 2014, a decrease of 3.1%. Excluding foreign currency effects, net sales increased by $22.6 million, or 6.5%, driven by continued growth in Packaging Systems' high-value product offerings. Gross margin improved to 32.7% from 30.7%, and operating profit rose to $47.8 million from $39.3 million. Net income was $32.9 million, or $0.45 per diluted share, compared with $27.1 million, or $0.38 per diluted share, a year earlier. Management attributed the results mainly to strong Packaging Systems performance, partly offset by an unfavorable foreign currency impact, primarily from the weaker Euro against the U.S. dollar. Cash flow and liquidity shifted in the quarter. Net cash used in operating activities was $1.9 million, compared with $8.8 million of cash provided a year earlier, reflecting a voluntary $20.0 million pension plan contribution. Cash and cash equivalents fell to $207.1 million from $255.3 million at December 31, 2014, and total debt was $330.7 million. Working capital decreased to $328.5 million from $406.8 million, largely because Euro Note B was reclassified to current liabilities. Management stated that the company was in compliance with all debt covenants and that cash on hand, operating cash flow and revolver availability should cover foreseeable liquidity needs. Leadership changed in April 2015 when Eric M. Green was appointed Chief Executive Officer effective April 24, 2015, succeeding Donald E. Morel, Jr., Ph.D., who is expected to remain Chairman until June 30, 2015 and retire effective July 1, 2015. The Board also authorized a share repurchase program of up to $100.0 million, which had not been used as of March 31, 2015.

    May 6, 2015
  37. 2014-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2014

    West Pharmaceutical Services, Inc. reported third-quarter 2014 net sales of $355.9 million, up from $341.8 million a year earlier, and net income of $31.0 million, or $0.43 per diluted share, versus $26.8 million, or $0.37 per diluted share, in the prior-year quarter. Operating profit rose to $44.0 million from $39.7 million, and the filing attributes the improvement mainly to increased contract manufacturing and proprietary product sales in Delivery Systems, a favorable product mix that lifted Delivery Systems gross profit, and lower incentive compensation and U.S. pension expense. Packaging Systems net sales were roughly flat at $251.7 million, and its operating profit declined to $52.8 million from $54.6 million. For the nine months, net sales were $1,071.6 million and net income was $95.7 million, including a $1.2 million charge for acquired in-process research license costs. Balance sheet and cash flow data show cash and cash equivalents of $246.8 million, total debt of $342.7 million and total equity of $970.1 million at September 30, 2014. Net cash provided by operating activities was $136.9 million for the nine months, versus $151.7 million a year earlier, largely reflecting the prior-year receipt of a $20.0 million nonrefundable customer payment. Capital expenditures fell to $84.8 million from $113.1 million as construction of the corporate office and research building was completed in February 2013. Subsequent to quarter end, the Board authorized repurchases of up to $100.0 million of common stock through December 31, 2015. The company also announced a new pharmaceutical component plant in Waterford, Ireland, with construction planned to begin in early 2015 subject to approvals, and Chairman and CEO Donald E. Morel, Jr. announced his intention to retire at the May 2015 Annual Meeting, with a search for a successor underway.

    Nov 3, 2014
  38. 2014-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2014

    West Pharmaceutical Services, Inc. reported net sales of $368.9 million for the three months ended June 30, 2014, up 7.1% from $344.5 million in the prior-year quarter, with $18.3 million (5.3%) of that growth excluding foreign currency effects. Gross profit rose to $121.8 million with gross margin up 0.8 margin points to 33.0%, and operating profit increased 27.3% to $54.1 million, driven by a favorable product mix in both segments, a reduction in U.S. pension expense, and general cost controls. Net income was $37.6 million, or $0.52 per diluted share, compared with $30.2 million, or $0.43 per diluted share, a year earlier. For the six months ended June 30, 2014, net sales were $715.7 million, up 4.7%, but gross margin declined 0.7 margin points to 31.9% and net income was $64.7 million versus $61.9 million. Operating cash flow fell to $73.0 million from $98.4 million, largely because the prior-year period included a $20.0 million nonrefundable SmartDose-related customer payment received in June 2013. Capital expenditures dropped to $56.2 million from $83.8 million as construction of the corporate office and research building was completed in February 2013. Balance sheet liquidity remained solid, with cash and cash equivalents of $226.7 million, total debt of $361.5 million, and total equity of $972.6 million at June 30, 2014. Net debt-to-total invested capital was 12.2%, down from 13.7% at year-end 2013. Available borrowing capacity under the revolving credit facility was $252.9 million, and the company stated it was in compliance with all debt covenants.

    Aug 1, 2014
  39. 2014-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2014

    West Pharmaceutical Services, Inc. reported first-quarter 2014 net sales of $346.8 million, up 2.2% from $339.4 million in the first quarter of 2013, including a favorable foreign currency impact of $3.3 million. Excluding currency effects, net sales rose $4.1 million, or 1.2%. Profitability declined: gross profit fell 4.7% to $106.4 million, gross margin decreased 2.2 margin points to 30.7%, operating profit fell 9.2% to $39.3 million, and net income was $27.1 million, or $0.38 per diluted share, versus $31.7 million, or $0.45 per diluted share, a year earlier. The company attributed the decline mainly to unfavorable product mix, as sales of Packaging Systems' high-value products and Delivery Systems' proprietary products declined against strong comparable-period sales in 2013 that included customer inventory building and drug-shortage ordering. Management stated it expects growth in net sales and operating profit for the full year 2014 compared with 2013. Cash flow and balance sheet trends were weaker in the quarter. Net cash provided by operating activities was $8.8 million, down $10.1 million, reflecting lower net income, higher working capital needs and increased income tax payments. Capital expenditures were $31.7 million, down from $61.7 million. Total debt rose to $404.9 million from $373.5 million at year-end 2013, and the net debt-to-total invested capital ratio increased to 15.8% from 13.7%. Cash and cash equivalents were $230.0 million, and the company stated it was in compliance with all debt covenants. The filing also reports that the 2014 Annual Meeting of Shareholders was held May 6, 2014, with all directors elected and the PricewaterhouseCoopers LLP appointment ratified.

    May 8, 2014
  40. 2013-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2013

    West Pharmaceutical Services, Inc. reported third-quarter 2013 net sales of $341.8 million, up from $303.8 million a year earlier, and net income of $26.8 million versus $14.8 million. For the nine months ended September 30, 2013, net sales were $1,025.7 million and net income was $88.7 million. Operating profit for the quarter was $39.7 million, compared with $26.3 million in the prior-year quarter. Packaging Systems drove most of the improvement, with segment operating profit of $54.6 million for the quarter, while Delivery Systems' operating profit fell to a $0.1 million loss from $4.7 million a year earlier. Net sales excluding foreign currency effects rose 10.9% for the quarter. The balance sheet strengthened over the period. Cash and cash equivalents increased to $221.7 million from $161.9 million at year-end 2012, and total debt declined to $400.0 million from $411.5 million. Total equity rose to $836.7 million, and net debt-to-total invested capital fell to 17.6% from 25.5%. Net cash provided by operating activities for the nine months was $151.7 million, while capital expenditures were $113.1 million, largely tied to the new corporate office and research building and a new facility in India. The company also completed a two-for-one stock split, with the share distribution on September 26, 2013, and all share and per-share figures are restated accordingly. Management stated it expects continued revenue improvement driven by higher-value Packaging Systems products and growth in proprietary Delivery Systems products. The filing also disclosed a $20.0 million nonrefundable payment received in June 2013 from a customer for exclusive use of the SmartDose electronic patch injector system within a specific therapeutic area, with the related income recognized over thirteen years.

    Nov 4, 2013
  41. 2013-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2013

    West Pharmaceutical Services, Inc. reported second-quarter 2013 net sales of $344.5 million, up from $324.8 million in the prior-year quarter, with net income of $30.2 million versus $15.6 million a year earlier. Diluted earnings per share were $0.86 compared with $0.45. Gross profit rose to $110.9 million and gross margin improved to 32.2% from 30.4%, driven by higher sales volumes, production efficiencies and sales price increases. Operating profit was $42.5 million, up 19.4%. The prior-year quarter included an $11.6 million loss on debt extinguishment tied to the repurchase of convertible debentures, which did not recur at a comparable level in 2013. For the six months ended June 30, 2013, net sales were $683.9 million and net income was $61.9 million, compared with $641.1 million and $44.8 million. Operating cash flow was $98.4 million versus $66.0 million, while capital expenditures rose to $83.8 million, largely for a new corporate office and research building, a rubber and metal manufacturing facility in India, and a compression-molding plant in China. Total debt was $394.8 million at June 30, 2013, down from $411.5 million at year-end 2012, and net debt-to-total invested capital declined to 20.7% from 25.5%. The company also disclosed a two-for-one stock split, approved August 1, 2013, to be paid as a stock dividend on September 26, 2013, to shareholders of record on September 12, 2013. Per-share figures in this filing are not yet adjusted for the split. Management stated it expects continued revenue improvement driven by high-value closures and proprietary Delivery Systems products, and that existing liquidity, including $218.9 million of available revolving credit capacity, is adequate for foreseeable needs.

    Aug 5, 2013
  42. 2013-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2013

    West Pharmaceutical Services, Inc. reported first-quarter 2013 net sales of $339.4 million, up 7.3% from $316.3 million in the same period of 2012 (7.2% excluding foreign currency effects). Gross profit rose to $111.7 million, with gross margin improving one percentage point to 32.9%. Operating profit was $43.3 million, up 3.8%, and net income was $31.7 million, up 8.6%, or $0.90 per diluted share versus $0.81 a year earlier. Results were helped by a favorable product mix, a $1.3 million discrete tax benefit from the reinstated R&D tax credit, and higher Packaging Systems operating profit, partly offset by higher R&D and SG&A costs and raw material and wage increases. Segment performance was mixed. Packaging Systems net sales grew 6.7% to $251.5 million and its operating profit rose 9.3% to $58.6 million. Delivery Systems net sales increased 9.2% to $88.2 million, but its operating profit fell 47.8% to $1.2 million, and its gross margin declined to 19.1%. Corporate SG&A rose 21.3%, driven largely by stock-based compensation tied to higher share prices. Balance sheet and liquidity changed meaningfully during the quarter. Total debt rose to $430.1 million from $411.5 million after West borrowed $42.8 million for its new corporate office and research building and used its revolving credit facility to repay the Euro note A. Cash and cash equivalents increased to $175.0 million, and working capital rose to $381.6 million from $295.5 million. Capital expenditures were $61.7 million, up $29.3 million, largely for the new building, IT infrastructure, and a compression-molding plant in China expected to begin commercial production by mid-2013. Management stated it was in compliance with all debt covenants and believes liquidity is adequate.

    May 6, 2013
  43. 2012-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2012

    West Pharmaceutical Services, Inc. reported third-quarter 2012 net sales of $303.8 million, up 3.5% from $293.6 million a year earlier, with growth led by a favorable product mix, modest unit volume growth and sales price increases; unfavorable foreign exchange reduced reported sales by $16.8 million. Gross profit rose 11.1% to $90.4 million and gross margin improved to 29.8% from 27.7%. Operating profit was roughly flat at $26.3 million, held back by higher R&D and SG&A, largely from stock-based compensation and incentive compensation costs. Net income fell 12.4% to $14.8 million, or $0.43 per diluted share, primarily due to discrete tax charges and a higher effective tax rate of 40.4% for the quarter. For the nine months ended September 30, 2012, net sales were $944.9 million, up 5.4%, and operating profit increased 25.4% to $103.6 million, partly because restructuring and other items fell and Packaging Systems operating profit grew 24.8%. Net income was $59.6 million, after an $11.6 million loss on the repurchase of $158.4 million of 4.00% convertible debentures. The company refinanced: it entered a new $300.0 million senior unsecured revolving credit facility due 2017 and issued $168.0 million of senior notes with a weighted average coupon of 3.87%. Total debt rose to $401.4 million, and cash and cash equivalents increased to $143.2 million. Operating cash flow was $117.6 million, while capital expenditures of $98.4 million were largely tied to a new corporate office and research building and a new compression-molding plant in China. The company stated that it was in compliance with all debt covenants and that cash on hand, operating cash flow and availability under its credit agreement should be adequate for foreseeable liquidity needs. It also reported that there were no material changes to its risk factors or legal proceedings from its 2011 Annual Report.

    Nov 5, 2012
  44. 2012-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2012

    West Pharmaceutical Services, Inc. reported second-quarter 2012 net sales of $324.8 million, up from $307.9 million in the prior-year quarter, with consolidated net sales up 11.3% excluding foreign currency effects. Gross profit rose to $98.7 million and operating profit to $35.6 million, but net income fell to $15.6 million from $20.1 million, primarily due to an $11.6 million loss on debt extinguishment tied to the repurchase of $158.4 million of its 4.00% Convertible Junior Subordinated Debentures due 2047. Diluted net income per share was $0.45 versus $0.57 a year earlier. The effective tax rate rose to 32.7% for the quarter from 22.5%. For the six months ended June 30, 2012, net sales were $641.1 million and net income was $44.8 million, compared with $603.3 million and $39.7 million a year earlier. Packaging Systems drove the results, with segment operating profit of $50.5 million in the quarter versus $38.1 million. Delivery Systems operating profit was $5.5 million, and Corporate costs rose to $16.5 million. The company recorded a $3.4 million impairment charge on a Delivery Systems product line due to delays and lower-than-expected demand. Liquidity changed significantly in the period. Total debt rose to $385.5 million from $349.4 million at December 31, 2011, as the company borrowed on its revolving credit facility to fund the convertible debenture repurchase. On July 5, 2012, the company completed a $168.0 million private placement of senior unsecured notes with a weighted average coupon of 3.87%, which the filing says will reduce revolver borrowings. Cash and cash equivalents were $107.0 million at June 30, 2012, and the company stated it believes it has sufficient liquidity to fund its business needs and dividends.

    Aug 6, 2012
  45. 2012-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2012

    West Pharmaceutical Services, Inc. reported first-quarter 2012 net sales of $316.3 million, up from $295.4 million in the first quarter of 2011, an increase of 7.1%, or 9.1% excluding unfavorable foreign exchange effects. Growth was driven by broad-based increases in pharmaceutical packaging sales, reflecting an improving product mix, modest volume increases and pricing actions. Gross profit rose 14.8% to $101.1 million, with gross margin up 2.1 percentage points to 31.9%, and operating profit increased 44.8% to $41.7 million. Net income was $29.2 million, or $0.81 per diluted share, compared with $19.6 million, or $0.56 per diluted share, a year earlier. Cash flow from operations was $13.8 million, compared with $9.5 million in the prior-year quarter, while capital expenditures rose to $32.4 million, largely tied to the new corporate office and research building and a new compression-molding plant in China. Total debt increased to $381.4 million at March 31, 2012 from $349.4 million at December 31, 2011, reflecting net revolving credit borrowings of $29.3 million, and net debt-to-total invested capital rose to 28.8% from 28.2%. Subsequent to quarter end, on April 27, 2012, the company entered into a new senior unsecured, multi-currency revolving credit facility of $300.0 million, expiring in April 2017, replacing its prior $225.0 million facility. The filing states that management believes the company has sufficient liquidity to fund its current business needs, new product development, capital expansion, pension obligations and dividends.

    May 4, 2012
  46. 2011-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2011

    West Pharmaceutical Services, Inc. reported net sales of $293.6 million for the three months ended September 30, 2011, up 8.2% from $271.4 million a year earlier, and $896.9 million for the nine months, up 8.3% from $827.9 million. The company said the increase included a favorable foreign exchange impact of $12.7 million for the quarter; excluding currency effects, quarterly net sales rose 3.5%. Net income was $16.9 million ($0.49 per diluted share) for the quarter, compared with $17.8 million ($0.51 per diluted share) a year earlier, and $56.7 million for the nine months versus $59.3 million. Management attributed the lower earnings mainly to higher restructuring and other items and higher income tax expense, with the effective tax rate rising to 30.0% for the quarter from 21.3%. Gross margin for the quarter was 27.7%, up from 27.5%, though raw material costs reduced consolidated gross margin by 1.9 percentage points. The balance sheet strengthened modestly, with total assets of $1.398 billion at September 30, 2011 and total equity of $691.3 million. Total debt rose to $378.0 million from $358.4 million, and cash and cash equivalents were $119.2 million. Net cash provided by operating activities was $88.9 million for the nine months, and capital expenditures were $62.0 million. Management expects full-year 2011 capital spending of $115.0 million to $120.0 million and forecasts gross profit margins for 2011 slightly lower than 2010. The company also disclosed that it is funding construction of a new corporate office and research building, expected to cost approximately $66.0 million, with settlement expected by the first quarter of 2013. The filing notes a restructuring plan approved in December 2010 with total expected charges of $22.0 million to $24.0 million through 2012, of which $4.3 million was incurred in the nine months ended September 30, 2011. Management stated that its disclosure controls are effective and that there were no material changes to risk factors or legal proceedings relative to the 2010 Annual Report.

    Nov 7, 2011
  47. 2011-Q2-A

    West Pharmaceutical Services Quarterly Report (Amendment) for Q2 Ended Jun 30, 2011

    West Pharmaceutical Services, Inc. filed this Amendment No. 1 to its Quarterly Report on Form 10-Q for the period ended June 30, 2011. The original Form 10-Q was filed with the SEC on August 5, 2011. The amendment's stated purpose is to furnish Exhibit 101, the Interactive Data File (XBRL Exhibit). The SEC did not accept the XBRL Exhibit with the original submission because of a document type mismatch. The filing states that no other changes were made to the Form 10-Q and that the amendment speaks as of the original filing date. The filing identifies the registrant as a large accelerated filer, with 33,672,936 shares of common stock outstanding as of July 31, 2011. Its exhibit index references several agreements from mid-2011 that were previously reported in Form 8-K filings: a Credit Agreement dated June 3, 2011 with PNC Bank, National Association, as administrative agent, a related Security Agreement of the same date, and a Global Supply Agreement with ExxonMobil Chemical Company filed on July 1, 2011. This amendment contains no financial statements, results of operations, or management discussion in its text. Its substance is the XBRL exhibit, which is incorporated by reference, and the exhibit index.

    Aug 8, 2011
  48. 2011-Q2

    West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2011

    West Pharmaceutical Services, Inc. reported second-quarter 2011 net sales of $307.9 million, up 9.3% from $281.8 million a year earlier, and net income of $20.1 million, or $0.57 per diluted share, versus $0.62 in the prior-year quarter. Constant-currency sales rose 2.8% in the quarter and 5.0% for the six months. Gross margin fell to 27.5% from 29.5%, driven mainly by higher raw material costs, which the company says reduced its margin by 2.3 percentage points. Operating profit declined to $27.8 million from $30.5 million, reflecting restructuring charges, executive separation costs of $2.1 million, and higher SG&A. Management says it expects a temporary raw materials surcharge in the third quarter to partly offset cost increases, and that 2011 gross margins will be slightly lower than in 2010. Balance sheet and liquidity remained solid. Cash and cash equivalents were $110.4 million, short-term investments rose to $15.4 million, and total debt was $373.5 million at June 30, 2011. Working capital increased to $317.7 million. The company had $204.0 million of available capacity under its $225.0 million revolving credit facility and entered a new $50.0 million revolving facility in June 2011 to fund a new corporate office and research facility, which it expects to acquire in the first quarter of 2013. Management expects full-year 2011 capital spending of $115.0 million to $125.0 million and says it was in compliance with all debt covenants. The filing also describes an ongoing restructuring plan approved in December 2010, with total expected charges of $22.0 million to $23.0 million through 2012, and notes a $0.8 million reduction in the eris contingent consideration liability, which now stands at zero. The company flagged risk from the March 2011 Japan earthquake and tsunami to its Daikyo affiliate, though it does not expect a material impact on Daikyo's 2011 operations.

    Aug 5, 2011
  49. 2011-Q1

    West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2011

    West Pharmaceutical Services, Inc. reported first-quarter 2011 net sales of $295.4 million, up from $274.7 million in the prior-year quarter, an increase of 7.5%. The growth reflected a favorable sales mix and increased volume, with Packaging Systems net sales of $215.8 million and Delivery Systems net sales of $80.5 million. Gross profit rose to $88.0 million, though gross margin was roughly flat at 29.8% versus 29.9%, as higher raw material costs, largely petroleum-based materials and natural rubber, offset the benefit of sales growth. Operating profit was essentially unchanged at $28.8 million, as segment profit gains were offset by higher restructuring charges and corporate costs, including stock-based compensation tied to higher share prices. Net income was $19.6 million, or $0.56 per diluted share, compared with $19.8 million, or $0.57 per diluted share, a year earlier. Cash generation was weaker in the quarter. Net cash provided by operating activities was $9.5 million versus $11.5 million, mainly due to a larger increase in accounts receivable. Capital expenditures were $19.4 million, and management expects full-year 2011 capital spending of $110.0 million to $130.0 million. Cash and cash equivalents declined to $94.6 million from $110.2 million at December 31, 2010, while total debt rose to $371.0 million from $358.4 million. Management stated it has sufficient liquidity and was in compliance with all debt covenants. The filing also flags operational risk from the March 11, 2011 earthquake and tsunami in Japan, which affected Daikyo, a Japanese affiliate and single-source supplier. Daikyo has so far experienced only brief production interruptions, but management noted uncertainty beyond the second quarter of 2011 regarding power availability and other infrastructure.

    May 5, 2011
  50. 2010-Q3

    West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2010

    West Pharmaceutical Services, Inc. reported third-quarter 2010 net sales of $271.4 million, up from $258.9 million in the prior-year quarter, and net income of $17.8 million, or $0.51 per diluted share, versus $17.2 million, or $0.50 per diluted share, a year earlier. For the nine months ended September 30, 2010, net sales were $827.9 million (versus $762.3 million) and net income was $59.3 million, or $1.70 per diluted share (versus $1.53). Management attributed the sales increase to higher volume and product mix, particularly in the Packaging Systems and Delivery Systems segments, partly offset by unfavorable foreign currency effects of $10.0 million in the quarter. Operating profit for the quarter was $25.3 million, slightly down from $25.9 million, largely due to a prior-year Brazil tax amnesty benefit. Management expects sales growth to moderate in the fourth quarter due to unfavorable foreign exchange and the non-recurrence of 2009 H1N1-related vaccine sales. Balance sheet and cash flow metrics were stable. Cash rose to $97.1 million, total debt was $370.7 million, and working capital increased to $283.0 million. Operating cash flow for the nine months was $91.1 million, and capital expenditures fell to $49.8 million, with full-year 2010 capital spending expected at $80.0 million to $90.0 million. The company replaced its prior credit facility in June 2010 with a $225.0 million revolving credit agreement maturing in June 2014, of which $202.6 million was available at quarter-end. On October 4, 2010, the company declared a quarterly dividend of $0.17 per share.

    Nov 5, 2010