第99.1展示文本
西方宣布2024年第三季度业绩，提高2024财年指引并宣布2024年第四季度股息
- 今天上午9点EDT安排了电话会议 -
2024年10月24日，West Pharmaceutical Services公司（纽交所：WST）宣布了2024年第三季度的财务业绩，并宣布了2024年第四季度的股息。
2024年第三季度摘要（与去年同期对比）
•74690万美元的净销售额下降了0.1%; 有机净销售额下降了0.5%。
•报告的摊薄后每股收益为$1.85，与去年同期的$2.14相比。
•摊薄后每股收益为1.85美元，与去年同期的2.16美元相比。
•由于有利的货币波动，公司将其2024财年净销售指导范围增加至28.75亿美元至29.05亿美元，较之前的指导范围28.70亿美元至29.00亿美元有所提升。
•公司将全年2024年调整后的摊薄每股收益指导范围提高至6.55至6.75美元，高于之前的指导范围为6.35至6.65美元。
•公司还宣布，其董事会已批准了2024年第四季度每股0.21美元的股息，比前四个季度中的每股0.20美元增长了5.0%。这是公司股息连续第32年增加。股息将在2024年11月20日支付给截至2024年11月13日持股的股东。
埃里克·格林，总裁，首席执行官兼董事长评论道：“我们很高兴地报告了扎实的第三季度业绩。我们遍布全球的西部团队继续以高水平执行，受到改善患者生活使命的激励。我们的
策略 的关键方面是West团队的科学思想领袖和技术专家，他们持续推动与客户的紧密合作和强大伙伴关系。这加强了我对West执行能力的 信恳智能 ，因为我们继续提供我们经过验证的市场导向策略和有吸引力的长期潜力。”
专有产品部门
净销售额下降0.2%，至60140万美元。有机净销售额下降0.5%。高价值产品（元件和设备）代表该时期分段净销售额的75%以上，主要受顾客对自注射设备平台的需求推动。
通用市场部门的有机净销售额单个数字中位数下降，主要是受NovaBrand产品销量下降的影响。生物制品市场部门的有机净销售额单个数字低位数下滑，主要是由于FluroTec®、Westar®和NovaPure®产品销量下降，部分抵消了自行注射设备平台销量增加的影响。制药市场部门的有机净销售额中位数单个数字增长，主要是由于NovaBrand产品和行政系统销售增加所推动的。
合同制造产品部门
净销售额增长了0.4％，达到了14550万美元。有机净销售额与去年第三季度的表现持平。部门业绩增长得益于肥胖和糖尿病的自行注射器件的增长，但销售医疗诊断器件减少。
2024年前九个月财务亮点
经营现金流为46330万美元，下降了13.8%。资本支出为27210万美元，较去年同期增长了7.4%。自由现金流（经营现金流减资本支出）为19120万美元，下降了32.7%。
2024年前九个月，公司以每股359.24美元的平均价格，按50650万美元回购了1,409,786股股票，作为其股票回购计划的一部分。
2024年全年更新的财务指导
•由于有利的货币波动，公司将其2024财年净销售指导区间提高至28.75亿至29.05亿美元，而之前的区间为28.7亿至29亿美元。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。预计有机净销售额将下降约1.5%至2%。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。净销售指引包括基于当前外汇汇率的预计2024年全年约100万美元的不利影响，相比之前的指引约500万美元的不利影响。
•预计2024年全年调整后摊薄后每股收益将在6.55美元至6.75美元之间，与先前指导范围6.35美元至6.65美元相比。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。我们更新后的调整后摊薄每股收益指引考虑了0.02美元的外币兑换汇率不利影响，与先前的指引相比，先前的指引预计外币兑换汇率会产生0.03美元的不利影响。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。更新后的指引还包括与2024年前九个月股票补偿税收优惠相关的每股收益为0.26美元。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。对于2024年第四季度，我们的每股收益指引区间假设税率为22%，且不包括股权激励的潜在额外税收优惠。若2024年前九个月记录的股权激励所带来的税收优惠超过，将为我们全年调整后摊薄每股收益指引提供正面调整。
•2024年全年资本支出指南保持不变，预计为3.75亿美元。
通过公司投资者关系网站这里提供现场音频网络直播，或单击此处。
仅有音频的直播网络研讨会将通过公司的投资者关系网站westpharma.com提供。
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公司网站将在30天内提供会议视频和网络直播的重播。
| 投资者联系人： | 媒体联系人： | ||||
| 约翰·斯温尼，特许金融分析师 | 米歇尔·波林斯基 | ||||
| 投资者关系副总裁 | 全球通信副总裁 | ||||
| (484) 790-0373 | (610) 594-3054 | ||||
| John.Sweeney@westpharma.com | Michele.Polinsky@westpharma.com | ||||
前瞻性声明
该发布包含构成前瞻性声明的声明，符合1995年《私人证券诉讼改革法案》的含义。这些声明可能包括“提高”，“定位”，“更新”，“预期”，“假设”，“保持不变”，“包括”，“将”，“提供”和其他类似术语。这些声明反映了管理层对未来事件和运营表现的当前预期，并仅于发布日期生效。实际结果能否与当前预期相一致尚无把握。这些前瞻性声明涉及许多风险和不确定性。以下是一些可能导致我们的实际结果与我们的前瞻性声明不一致的因素：普遍经济状况及与之相关的一般不确定性，这些可能是未知的和不可预见的；客户对库存需求和制造计划的改变以及客户决定推进我们的新产品和产品类别；公司制造能力的中断或限制；我们销售产品的平均盈利能力或产品混合；依赖第三方供应商和合作伙伴；原材料、能源和劳动力成本的增加；货币兑换的波动；能否满足与关键客户的开发里程碑；以及其他地缘政治事件的后果，包括自然灾害、战争行为和全球卫生危机。这些重要因素清单并不包括所有内容。有关可能导致公司未来结果与任何此类前瞻性声明不一致的某些额外因素的描述，请参阅公司截至2023年12月31日止年度的10-k表第I项第1A项，名为“风险因素”，以及提交给美国证券交易委员会的公司年度报告中的其他材料，包括公司的季度报告10-Q和当前8-k表中的文件。
除非法律或规定要求，我们不承担公开更新任何前瞻性陈述的义务，无论是因为新信息、未来事件或其他原因。
非美国通用会计原则财务指标
本公告包含某些非依照美国通用会计原则（“GAAP”）的财务指标，包括有机净销售额和调整后的每股稀释收益。为了比较我们的年度数据，我们可能提到不考虑外汇兑换汇率变动影响的销售净额和其他财务成果。有机净销售额排除了并购和/或出售的影响，并根据适用的外汇兑换汇率将本期报告的子公司销售额（其功能货币为美元以外的货币）译换成与相应去年同期期间的外汇兑换汇率。我们也可能提到排除未分配项目影响的财务结果。排除汇率译换和未分配项目影响的重新计量结果不符合美国通用会计原则（“U.S. GAAP”），不应作为相应U.S. GAAP财务指标的替代品使用。非美国GAAP财务指标已纳入我们的讨论和分析中，因为管理层在评估我们的营运结果时使用它们，并认为这些信息能为用户提供对我们整体表现和财务状况的有价值见解。将这些调整后的非美国GAAP指标与相应的U.S. GAAP财务指标进行调和的工作表已包含在附表中。
West Pharmaceutical Services, Inc.
综合损益表
(未经查核)
(以百万为单位，除每股数据外)
| 结束于三个月的期间 九月三十日， | 九个月结束了 九月三十日， | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| 净销售额 | $ | 746.9 | 100% | $ | 747.4 | 100% | $ | 2,144.4 | 100% | $ | 2,217.8 | 100% | |||||||||||||||||||||||||||||||||||
| 售出商品及提供劳务的成本 | 482.2 | 65 | 459.1 | 61 | 1,419.5 | 66 | 1,366.8 | 62 | |||||||||||||||||||||||||||||||||||||||
| 毛利润 | 264.7 | 35 | 288.3 | 39 | 724.9 | 34 | 851.0 | 38 | |||||||||||||||||||||||||||||||||||||||
| 研发费用 | 15.5 | 2 | 16.4 | 2 | 50.6 | 2 | 50.0 | 2 | |||||||||||||||||||||||||||||||||||||||
| 销售、一般及管理费用 | 83.5 | 11 | 89.0 | 12 | 253.2 | 12 | 263.4 | 12 | |||||||||||||||||||||||||||||||||||||||
| 其他收益（费用），净额 | 4.4 | 1 | 5.6 | 1 | 10.8 | 1 | 22.5 | 1 | |||||||||||||||||||||||||||||||||||||||
| 营业利润 | 161.3 | 21 | 177.3 | 24 | 410.3 | 19 | 515.1 | 23 | |||||||||||||||||||||||||||||||||||||||
| 利息（收入）支出净额 | (3.9) | (1) | (5.9) | (1) | (11.0) | (1) | (10.8) | (1) | |||||||||||||||||||||||||||||||||||||||
| 其他非经营性支出（收入） | 0.7 | — | (3.8) | — | 0.7 | — | (3.9) | — | |||||||||||||||||||||||||||||||||||||||
| 税前收入和关联公司净收益之前的收入 | 164.5 | 22 | 187.0 | 25 | 420.6 | 20 | 529.8 | 24 | |||||||||||||||||||||||||||||||||||||||
| 所得税支出 | 32.4 | 4 | 29.4 | 4 | 70.7 | 3 | 87.8 | 4 | |||||||||||||||||||||||||||||||||||||||
| 关联公司净收益 | (3.9) | — | (3.7) | (1) | (12.7) | — | (14.4) | (1) | |||||||||||||||||||||||||||||||||||||||
| 净利润 | $ | 136.0 | 18% | $ | 161.3 | 22% | $ | 362.6 | 17% | $ | 456.4 | 21% | |||||||||||||||||||||||||||||||||||
| 每股净利润： | |||||||||||||||||||||||||||||||||||||||||||||||
| 基础 | $ | 1.87 | $ | 2.17 | $ | 4.96 | $ | 6.13 | |||||||||||||||||||||||||||||||||||||||
| 稀释 | $ | 1.85 | $ | 2.14 | $ | 4.91 | $ | 6.05 | |||||||||||||||||||||||||||||||||||||||
| 平均普通股份在外 | 72.8 | 74.3 | 73.1 | 74.4 | |||||||||||||||||||||||||||||||||||||||||||
| 假设稀释情况下平均股份 | 73.4 | 75.3 | 73.8 | 75.5 | |||||||||||||||||||||||||||||||||||||||||||
west pharmaceutical services
报告分段资讯
(未经查核)
(以百万为单位)
| 结束于三个月的期间 九月三十日， | 九个月结束了 九月三十日， | ||||||||||||||||||||||
净销售额: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| 自有产品 | $ | 601.4 | $ | 602.5 | $ | 1,720.6 | $ | 1,803.6 | |||||||||||||||
| 代工产品 | 145.5 | 144.9 | 423.8 | 414.2 | |||||||||||||||||||
| 合并总计 | $ | 746.9 | $ | 747.4 | $ | 2,144.4 | $ | 2,217.8 | |||||||||||||||
| 毛利润： | |||||||||||||||||||||||
| 专有产品 | $ | 235.7 | $ | 261.4 | $ | 649.8 | $ | 780.6 | |||||||||||||||
| 代工产品 | 29.0 | 26.9 | 75.1 | 71.3 | |||||||||||||||||||
| 未经划分 | — | — | — | (0.9) | |||||||||||||||||||
| 毛利润 | $ | 264.7 | $ | 288.3 | $ | 724.9 | $ | 851.0 | |||||||||||||||
| 毛利润率 | 35.4 | % | 38.6 | % | 33.8 | % | 38.4 | % | |||||||||||||||
| 营业利润 (亏损)： | |||||||||||||||||||||||
| 专有产品 | $ | 158.2 | $ | 181.6 | $ | 415.5 | $ | 546.5 | |||||||||||||||
| 代工产品 | 21.8 | 21.0 | 56.1 | 53.3 | |||||||||||||||||||
| 以股份为基础之报酬支出 | (5.1) | (5.9) | (14.4) | (21.9) | |||||||||||||||||||
| 一般企业成本 | (13.6) | (19.4) | (46.9) | (62.8) | |||||||||||||||||||
| 已报告营业利润 | $ | 161.3 | $ | 177.3 | $ | 410.3 | $ | 515.1 | |||||||||||||||
| 报告的营业利润率 | 21.6 | % | 23.7 | % | 19.1 | % | 23.2 | % | |||||||||||||||
| 未分配事项 | (0.7) | 3.5 | (0.3) | 15.6 | |||||||||||||||||||
| 调整后营业利润 | $ | 160.6 | $ | 180.8 | $ | 410.0 | $ | 530.7 | |||||||||||||||
| 调整后的营业利润率 | 21.5 | % | 24.2 | % | 19.1 | % | 23.9 | % | |||||||||||||||
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
| Three Months ended September 30, 2024 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $161.3 | $32.4 | $136.0 | $1.85 | |||||||||||||||||||
| Unallocated Items: | |||||||||||||||||||||||
Restructuring and other charges (1) | (0.9) | (0.3) | (0.6) | (0.01) | |||||||||||||||||||
Amortization of acquisition-related intangible assets (2) | 0.2 | 0.1 | 0.7 | 0.01 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $160.6 | $32.2 | $136.1 | $1.85 | |||||||||||||||||||
| Nine Months ended September 30, 2024 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $410.3 | $70.7 | $362.6 | $4.91 | |||||||||||||||||||
| Unallocated Items: | |||||||||||||||||||||||
Restructuring and other charges (1) | (0.9) | (0.3) | (0.6) | (0.01) | |||||||||||||||||||
Amortization of acquisition-related intangible assets (2) | 0.6 | 0.1 | 2.1 | 0.03 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $410.0 | $70.5 | $364.1 | $4.93 | |||||||||||||||||||
| Three Months ended September 30, 2023 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $177.3 | $29.4 | $161.3 | $2.14 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Amortization of acquisition-related intangible assets (2) | 0.2 | 0.1 | 0.7 | 0.01 | |||||||||||||||||||
Legal settlement (3) | — | (0.9) | (2.9) | (0.04) | |||||||||||||||||||
Cost investment impairment (4) | 3.3 | — | 3.3 | 0.05 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $180.8 | $28.6 | $162.4 | $2.16 | |||||||||||||||||||
| Nine Months ended September 30, 2023 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $515.1 | $87.8 | $456.4 | $6.05 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges (1) | 0.1 | (0.3) | 0.4 | — | |||||||||||||||||||
Amortization of acquisition-related intangible assets (2) | 0.6 | 0.1 | 2.1 | 0.03 | |||||||||||||||||||
Legal settlement (3) | — | (0.9) | (2.9) | (0.04) | |||||||||||||||||||
Cost investment impairment (4) | 3.3 | — | 3.3 | 0.05 | |||||||||||||||||||
Loss on disposal of plant (5) | 11.6 | (0.7) | 12.3 | 0.16 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $530.7 | $86.0 | $471.6 | $6.25 | |||||||||||||||||||
(1)Restructuring and other charges were a benefit of $0.9 million in the three and nine months ended September 30, 2024. The net benefit represents the impact of two items, the first of which is a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. This benefit was partially offset by $1.6 million of expense recorded within selling, general and administrative expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries. The expense consists primarily of consulting fees, legal expenses, and other one-time costs directly attributable to this plan. Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represent the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan.
(2)During the three and nine months ended September 30, 2024 and 2023, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and nine months ended September 30, 2024 and 2023, the Company recorded $0.6 million and $1.6 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(3)During the three and nine months ended September 30, 2023, the Company recorded a benefit of $3.8 million within other nonoperating expense (income) as a result of a favorable legal settlement related to a matter not included in our normal operations.
(4)During the three and nine months ended September 30, 2023, the Company recorded expense of $3.3 million within other expense (income), as a result of an impairment of one of the Company's cost investments.
(5)During the nine months ended September 30, 2023, the Company recorded expense of $11.6 million within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Net Sales to Organic Net Sales (6 and 7)
| Three Months ended September 30, 2024 | Proprietary | CM | Total | ||||||||||||||
| Reported net sales (U.S. GAAP) | $601.4 | $145.5 | $746.9 | ||||||||||||||
| Effect of changes in currency translation rates | (2.2) | (0.7) | (2.9) | ||||||||||||||
Organic net sales (non-U.S. GAAP) (6) | $599.2 | $144.8 | $744.0 | ||||||||||||||
| Nine Months ended September 30, 2024 | Proprietary | CM | Total | ||||||||||||||
| Reported net sales (U.S. GAAP) | $1,720.6 | $423.8 | $2,144.4 | ||||||||||||||
| Effect of changes in currency translation rates | 0.4 | (0.6) | (0.2) | ||||||||||||||
Organic net sales (non-U.S. GAAP) (6) | $1,721.0 | $423.2 | $2,144.2 | ||||||||||||||
| Nine Months ended September 30, 2023 | Proprietary | CM | Total | ||||||||||||||
| Reported net sales (U.S. GAAP) | $1,803.6 | $414.2 | $2,217.8 | ||||||||||||||
| Effect of divestitures and/or acquisitions | (4.3) | — | (4.3) | ||||||||||||||
Net sales excluding divestiture (non-U.S. GAAP) (7) | $1,799.3 | $414.2 | $2,213.5 | ||||||||||||||
(6)Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.
(7)Net sales excluding divestitures represents the 2023 comparative sales figure used in our organic sales growth calculation to eliminate the impact of our 2023 divestiture. As the 2023 divestiture took place in the second quarter of 2023, there was no impact of divestitures and/or acquisitions in the three months ended September 30, 2023.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
2023 Actual | 2024 Guidance | % Change | |||||||||||||||
| Reported-diluted EPS (U.S. GAAP) | $7.88 | $6.52 to $6.72 | (17.3)% to (14.7%) | ||||||||||||||
| Loss on disposal of plant | 0.16 | — | |||||||||||||||
| Cost investment activity | 0.06 | — | |||||||||||||||
| Restructuring and other charges | (0.02) | (0.01) | |||||||||||||||
| Amortization of acquisition-related intangible assets | 0.04 | 0.04 | |||||||||||||||
| Legal settlement | (0.04) | — | |||||||||||||||
Adjusted-diluted EPS (Non-U.S. GAAP) (8) | $8.08 | $6.55 to $6.75 | (18.9%) to (16.5%) | ||||||||||||||
Notes:
See “Full-year 2024 Financial Guidance” and “Non-U.S. GAAP Financial Measures” in today’s press release for additional information regarding adjusted-diluted EPS.
(8)We have opted not to forecast 2024 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company’s control. Instead, we recognize the benefits as they occur. In the first nine months of 2024, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.26. Any future tax benefits associated with stock-based compensation that we receive in 2024 would provide a positive adjustment to our full-year EPS guidance. In full-year 2023, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.42.
WEST PHARMACEUTICAL SERVICES
CASH FLOW ITEMS
(UNAUDITED)
(in millions)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Depreciation and amortization | $114.7 | $101.4 | |||||||||
| Operating cash flow | $463.3 | $537.4 | |||||||||
| Capital expenditures | $272.1 | $253.3 | |||||||||
| Free cash flow | $191.2 | $284.1 | |||||||||
WEST PHARMACEUTICAL SERVICES
FINANCIAL CONDITION
(UNAUDITED)
(in millions)
As of September 30, 2024 | As of December 31, 2023 | ||||||||||
| Cash and cash equivalents | $490.9 | $853.9 | |||||||||
| Accounts receivable, net | $524.3 | $512.0 | |||||||||
| Inventories | $401.2 | $434.7 | |||||||||
| Accounts payable | $224.3 | $242.4 | |||||||||
| Debt | $202.6 | $206.8 | |||||||||
| Equity | $2,752.1 | $2,881.0 | |||||||||
| Working capital | $1,034.1 | $1,264.6 | |||||||||
Trademark Notices
Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., in the United States and other jurisdictions, unless noted otherwise.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.