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Sep 30, 2021
West Pharma Q3 2021 Earnings Report
Announced third-quarter 2021 results and declared fourth-quarter 2021 dividend.
Key Takeaways
West Pharmaceutical Services, Inc. reported a strong third quarter in 2021, with net sales increasing by 28.9% to $706.5 million and adjusted-diluted EPS increasing by 79% to $2.06. The company is raising full-year 2021 net sales and adjusted-diluted EPS guidance.
Net sales of $706.5 million grew 28.9%; organic sales growth was 27.9%.
Reported-diluted EPS of $2.31 increased 112%.
Adjusted-diluted EPS of $2.06 increased 79%.
Company is raising full-year 2021 net sales guidance to a new range of $2.800 billion to $2.810 billion, compared to a prior range of $2.760 billion to $2.785 billion.
West Pharma
West Pharma
West Pharma Revenue by Segment
Revenue by Segment
Proprietary Products Revenue
CapyFin.comContract-Manufactured Products Revenue
CapyFin.com Forward Guidance
Full-year 2021 net sales are expected to be in a range of $2.800 billion to $2.810 billion and adjusted-diluted EPS is expected to be in a range of $8.40 to $8.50.
Positive Outlook
- Full-year 2021 net sales are expected to be in a range of $2.800 billion to $2.810 billion.
- Organic sales growth is expected to be 28%.
- Full-year 2021 adjusted-diluted EPS is expected to be in a range of $8.40 to $8.50.
- Full-year adjusted-diluted EPS guidance range includes an estimated benefit of approximately $0.19 based on current foreign currency exchange rates.
- The revised guidance includes a $0.35 EPS positive impact of tax benefits from stock-based compensation from the first nine months of 2021.
Challenges Ahead
- Net sales guidance includes an estimated full-year 2021 benefit of $55 million based on current foreign exchange rates. This updated guidance is a reduction of $25 million, compared to a prior estimated full-year benefit of $80 million.
- Full-year adjusted-diluted EPS guidance range includes an estimated benefit of approximately $0.19 based on current foreign currency exchange rates. This updated guidance is a reduction of $0.08, compared to a prior estimated benefit of $0.27.
- For the remainder of the year, our EPS guidance range assumes a tax rate of approximately 23% and does not include potential tax benefits from stock-based compensation.
- Any tax benefits associated with stock-based compensation beyond those recorded in the first nine months of 2021 would provide a positive adjustment to our full-year EPS guidance.
- There is no certainty that actual results will be achieved in-line with current expectations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income