第99.1展示文本
西方宣佈2024年第三季度業績，提高2024財年指引並宣佈2024年第四季度股息
- 今天上午9點EDT安排了電話會議 -
2024年10月24日，West Pharmaceutical Services公司（紐交所：WST）宣佈了2024年第三季度的財務業績，並宣佈了2024年第四季度的股息。
2024年第三季度摘要（與去年同期對比）
•74690萬美元的淨銷售額下降了0.1%; 有機淨銷售額下降了0.5%。
•報告的攤薄後每股收益爲$1.85，與去年同期的$2.14相比。
•攤薄後每股收益爲1.85美元，與去年同期的2.16美元相比。
•由於有利的貨幣波動，公司將其2024財年淨銷售指導範圍增加至28.75億美元至29.05億美元，較之前的指導範圍28.70億美元至29.00億美元有所提升。
•公司將全年2024年調整後的攤薄每股收益指導範圍提高至6.55至6.75美元，高於之前的指導範圍爲6.35至6.65美元。
•公司還宣佈，其董事會已批准了2024年第四季度每股0.21美元的股息，比前四個季度中的每股0.20美元增長了5.0%。這是公司股息連續第32年增加。股息將在2024年11月20日支付給截至2024年11月13日持股的股東。
埃裏克·格林，總裁，首席執行官兼董事長評論道：「我們很高興地報告了紮實的第三季度業績。我們遍佈全球的西部團隊繼續以高水平執行，受到改善患者生活使命的激勵。我們的
策略 的關鍵方面是West團隊的科學思想領袖和技術專家，他們持續推動與客戶的緊密合作和強大夥伴關係。這加強了我對West執行能力的 信懇智能 ，因爲我們繼續提供我們經過驗證的市場導向策略和有吸引力的長期潛力。」
專有產品部門
淨銷售額下降0.2%，至60140萬美元。有機淨銷售額下降0.5%。高價值產品（元件和設備）代表該時期分段淨銷售額的75%以上，主要受顧客對自注射設備平台的需求推動。
通用市場部門的有機淨銷售額單個數字中位數下降，主要是受NovaBrand產品銷量下降的影響。生物製品市場部門的有機淨銷售額單個數字低位數下滑，主要是由於FluroTec®、Westar®和NovaPure®產品銷量下降，部分抵消了自行注射設備平台銷量增加的影響。製藥市場部門的有機淨銷售額中位數單個數字增長，主要是由於NovaBrand產品和行政系統銷售增加所推動的。
合同製造產品部門
淨銷售額增長了0.4％，達到了14550萬美元。有機淨銷售額與去年第三季度的表現持平。部門業績增長得益於肥胖和糖尿病的自行注射器件的增長，但銷售醫療診斷器件減少。
2024年前九個月財務亮點
經營現金流爲46330萬美元，下降了13.8%。資本支出爲27210萬美元，較去年同期增長了7.4%。自由現金流（經營現金流減資本支出）爲19120萬美元，下降了32.7%。
2024年前九個月，公司以每股359.24美元的平均價格，按50650萬美元回購了1,409,786股股票，作爲其股票回購計劃的一部分。
2024年全年更新的財務指導
•由於有利的貨幣波動，公司將其2024財年淨銷售指導區間提高至28.75億至29.05億美元，而之前的區間爲28.7億至29億美元。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。預計有機淨銷售額將下降約1.5%至2%。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。淨銷售指引包括基於當前外匯匯率的預計2024年全年約100萬美元的不利影響，相比之前的指引約500萬美元的不利影響。
•預計2024年全年調整後攤薄後每股收益將在6.55美元至6.75美元之間，與先前指導範圍6.35美元至6.65美元相比。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。我們更新後的調整後攤薄每股收益指引考慮了0.02美元的外幣兌換匯率不利影響，與先前的指引相比，先前的指引預計外幣兌換匯率會產生0.03美元的不利影響。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。更新後的指引還包括與2024年前九個月股票補償稅收優惠相關的每股收益爲0.26美元。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。對於2024年第四季度，我們的每股收益指引區間假設稅率爲22%，且不包括股權激勵的潛在額外稅收優惠。若2024年前九個月記錄的股權激勵所帶來的稅收優惠超過，將爲我們全年調整後攤薄每股收益指引提供正面調整。
•2024年全年資本支出指南保持不變，預計爲3.75億美元。
通過公司投資者關係網站這裏提供現場音頻網絡直播，或單擊此處。
僅有音頻的直播網絡研討會將通過公司的投資者關係網站westpharma.com提供。
要通過向管理層提問來參加電話會議，請提前註冊，點擊鏈接https://register.vevent.com/register/BI13834a517d804f6781f33c4642cc94ab。
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| 投資者聯繫人： | 媒體聯繫人： | ||||
| 約翰·斯溫尼，特許金融分析師 | 米歇爾·波林斯基 | ||||
| 投資者關係副總裁 | 全球通信副總裁 | ||||
| (484) 790-0373 | (610) 594-3054 | ||||
| John.Sweeney@westpharma.com | Michele.Polinsky@westpharma.com | ||||
前瞻性聲明
該發佈包含構成前瞻性聲明的聲明，符合1995年《私人證券訴訟改革法案》的含義。這些聲明可能包括「提高」，「定位」，「更新」，「預期」，「假設」，「保持不變」，「包括」，「將」，「提供」和其他類似術語。這些聲明反映了管理層對未來事件和運營表現的當前預期，並僅於發佈日期生效。實際結果能否與當前預期相一致尚無把握。這些前瞻性聲明涉及許多風險和不確定性。以下是一些可能導致我們的實際結果與我們的前瞻性聲明不一致的因素：普遍經濟狀況及與之相關的一般不確定性，這些可能是未知的和不可預見的；客戶對庫存需求和製造計劃的改變以及客戶決定推進我們的新產品和產品類別；公司製造能力的中斷或限制；我們銷售產品的平均盈利能力或產品混合；依賴第三方供應商和合作夥伴；原材料、能源和勞動力成本的增加；貨幣兌換的波動；能否滿足與關鍵客戶的開發里程碑；以及其他地緣政治事件的後果，包括自然災害、戰爭行爲和全球衛生危機。這些重要因素清單並不包括所有內容。有關可能導致公司未來結果與任何此類前瞻性聲明不一致的某些額外因素的描述，請參閱公司截至2023年12月31日止年度的10-k表第I項第1A項，名爲「風險因素」，以及提交給美國證券交易委員會的公司年度報告中的其他材料，包括公司的季度報告10-Q和當前8-k表中的文件。
除非法律或規定要求，我們不承擔公開更新任何前瞻性陳述的義務，無論是因為新信息、未來事件或其他原因。
非美國通用會計原則財務指標
本公告包含某些非依照美國通用會計原則（“GAAP”）的財務指標，包括有機淨銷售額和調整後的每股稀釋收益。為了比較我們的年度數據，我們可能提到不考慮外匯兌換匯率變動影響的銷售淨額和其他財務成果。有機淨銷售額排除了併購和/或出售的影響，並根據適用的外匯兌換匯率將本期報告的子公司銷售額（其功能貨幣為美元以外的貨幣）譯換成與相應去年同期期間的外匯兌換匯率。我們也可能提到排除未分配項目影響的財務結果。排除匯率譯換和未分配項目影響的重新計量結果不符合美國通用會計原則（“U.S. GAAP”），不應作為相應U.S. GAAP財務指標的替代品使用。非美國GAAP財務指標已納入我們的討論和分析中，因為管理層在評估我們的營運結果時使用它們，並認為這些信息能為用戶提供對我們整體表現和財務狀況的有價值見解。將這些調整後的非美國GAAP指標與相應的U.S. GAAP財務指標進行調和的工作表已包含在附表中。
West Pharmaceutical Services, Inc.
綜合損益表
(未經查核)
(以百萬為單位，除每股數據外)
| 結束於三個月的期間 九月三十日， | 九個月結束了 九月三十日， | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| 淨銷售額 | $ | 746.9 | 100% | $ | 747.4 | 100% | $ | 2,144.4 | 100% | $ | 2,217.8 | 100% | |||||||||||||||||||||||||||||||||||
| 售出商品及提供勞務的成本 | 482.2 | 65 | 459.1 | 61 | 1,419.5 | 66 | 1,366.8 | 62 | |||||||||||||||||||||||||||||||||||||||
| 毛利潤 | 264.7 | 35 | 288.3 | 39 | 724.9 | 34 | 851.0 | 38 | |||||||||||||||||||||||||||||||||||||||
| 研發費用 | 15.5 | 2 | 16.4 | 2 | 50.6 | 2 | 50.0 | 2 | |||||||||||||||||||||||||||||||||||||||
| 銷售、一般及管理費用 | 83.5 | 11 | 89.0 | 12 | 253.2 | 12 | 263.4 | 12 | |||||||||||||||||||||||||||||||||||||||
| 其他收益（費用），淨額 | 4.4 | 1 | 5.6 | 1 | 10.8 | 1 | 22.5 | 1 | |||||||||||||||||||||||||||||||||||||||
| 營業利潤 | 161.3 | 21 | 177.3 | 24 | 410.3 | 19 | 515.1 | 23 | |||||||||||||||||||||||||||||||||||||||
| 利息（收入）支出淨額 | (3.9) | (1) | (5.9) | (1) | (11.0) | (1) | (10.8) | (1) | |||||||||||||||||||||||||||||||||||||||
| 其他非經營性支出（收入） | 0.7 | — | (3.8) | — | 0.7 | — | (3.9) | — | |||||||||||||||||||||||||||||||||||||||
| 稅前收入和關聯公司淨收益之前的收入 | 164.5 | 22 | 187.0 | 25 | 420.6 | 20 | 529.8 | 24 | |||||||||||||||||||||||||||||||||||||||
| 所得稅支出 | 32.4 | 4 | 29.4 | 4 | 70.7 | 3 | 87.8 | 4 | |||||||||||||||||||||||||||||||||||||||
| 關聯公司淨收益 | (3.9) | — | (3.7) | (1) | (12.7) | — | (14.4) | (1) | |||||||||||||||||||||||||||||||||||||||
| 凈利潤 | $ | 136.0 | 18% | $ | 161.3 | 22% | $ | 362.6 | 17% | $ | 456.4 | 21% | |||||||||||||||||||||||||||||||||||
| 每股淨利潤： | |||||||||||||||||||||||||||||||||||||||||||||||
| 基礎 | $ | 1.87 | $ | 2.17 | $ | 4.96 | $ | 6.13 | |||||||||||||||||||||||||||||||||||||||
| 稀釋 | $ | 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
報告分段資訊
(未經查核)
(以百萬為單位)
| 結束於三個月的期間 九月三十日， | 九個月結束了 九月三十日， | ||||||||||||||||||||||
淨銷售額: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| 自有產品 | $ | 601.4 | $ | 602.5 | $ | 1,720.6 | $ | 1,803.6 | |||||||||||||||
| 代工產品 | 145.5 | 144.9 | 423.8 | 414.2 | |||||||||||||||||||
| 合併總計 | $ | 746.9 | $ | 747.4 | $ | 2,144.4 | $ | 2,217.8 | |||||||||||||||
| 毛利潤： | |||||||||||||||||||||||
| 專有產品 | $ | 235.7 | $ | 261.4 | $ | 649.8 | $ | 780.6 | |||||||||||||||
| 代工產品 | 29.0 | 26.9 | 75.1 | 71.3 | |||||||||||||||||||
| 未經劃分 | — | — | — | (0.9) | |||||||||||||||||||
| 毛利潤 | $ | 264.7 | $ | 288.3 | $ | 724.9 | $ | 851.0 | |||||||||||||||
| 毛利潤率 | 35.4 | % | 38.6 | % | 33.8 | % | 38.4 | % | |||||||||||||||
| 營業利潤 (虧損)： | |||||||||||||||||||||||
| 專有產品 | $ | 158.2 | $ | 181.6 | $ | 415.5 | $ | 546.5 | |||||||||||||||
| 代工產品 | 21.8 | 21.0 | 56.1 | 53.3 | |||||||||||||||||||
| 以股份為基礎之報酬支出 | (5.1) | (5.9) | (14.4) | (21.9) | |||||||||||||||||||
| 一般企業成本 | (13.6) | (19.4) | (46.9) | (62.8) | |||||||||||||||||||
| 已報告營業利潤 | $ | 161.3 | $ | 177.3 | $ | 410.3 | $ | 515.1 | |||||||||||||||
| 報告的營業利潤率 | 21.6 | % | 23.7 | % | 19.1 | % | 23.2 | % | |||||||||||||||
| 未分配事項 | (0.7) | 3.5 | (0.3) | 15.6 | |||||||||||||||||||
| 調整後營業利潤 | $ | 160.6 | $ | 180.8 | $ | 410.0 | $ | 530.7 | |||||||||||||||
| 調整後的營業利潤率 | 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.