Loading...
•
Mar 31, 2021
West Pharma Q1 2021 Earnings Report
West Pharma reported a strong first quarter in 2021 driven by organic sales growth and increased demand for products related to COVID-19 vaccines.
Key Takeaways
West Pharmaceutical Services, Inc. announced strong first-quarter 2021 results, with net sales reaching $670.7 million, a 36.5% increase. Diluted EPS increased by 101% to $1.99, and adjusted-diluted EPS rose by 103% to $2.05. The company raised its full-year 2021 net sales and adjusted-diluted EPS guidance.
Net sales increased by 36.5% to $670.7 million, with organic sales growth of 31.1%.
Reported-diluted EPS increased by 101% to $1.99.
Adjusted-diluted EPS increased by 103% to $2.05.
Full-year 2021 net sales guidance raised to $2.630 billion to $2.655 billion, and adjusted-diluted EPS guidance raised to $6.95 to $7.10.
West Pharma
West Pharma
West Pharma Revenue by Segment
Revenue by Segment
Proprietary Products Revenue
CapyFin.comContract-Manufactured Products Revenue
CapyFin.com Forward Guidance
The Company is raising full-year 2021 net sales guidance to a new range of $2.630 billion to $2.655 billion, compared to a prior range of $2.500 billion to $2.525 billion. The Company is raising full-year 2021 adjusted-diluted EPS guidance to a new range of $6.95 to $7.10, compared to a prior range of $6.00 to $6.15.
Positive Outlook
- Full-year 2021 net sales are expected to be in a range of $2.630 billion to $2.655 billion.
- Organic sales growth is expected to be in a range of 19% to 20%.
- Net sales guidance includes an estimated full-year 2021 benefit of $75 million based on current foreign exchange rates.
- Full-year 2021 adjusted-diluted EPS is expected to be in a range of $6.95 to $7.10.
- Full-year adjusted-diluted EPS guidance range includes an estimated benefit of approximately $0.23 based on current foreign currency exchange rates.
Challenges Ahead
- The revised guidance includes a $0.15 EPS positive impact from first-quarter tax benefits from stock-based compensation.
- For the remainder of the year, our EPS guidance range assumes a tax rate of 23%.
- Guidance does not include potential tax benefits from stock-based compensation.
- There is no certainty that actual results will be achieved in-line with current expectations.
- Customers’ changing inventory requirements and manufacturing plans and customer decisions to move forward with our new products and product categories, including any re-prioritization of product needs due to COVID-19
Revenue & Expenses
Visualization of income flow from segment revenue to net income