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Dec 31, 2021
West Pharma Q4 2021 Earnings Report
Announced fourth-quarter and full-year 2021 results.
Key Takeaways
West Pharmaceutical Services reported a successful 2021 with record organic sales growth and gross operating margin expansion. Fourth-quarter net sales grew by 26.0% to $730.8 million, with organic sales growth of 28.3%. Reported-diluted EPS increased 49.6% to $1.93, and adjusted-diluted EPS increased 52.2% to $2.04.
Fourth-quarter net sales increased by 26.0% to $730.8 million; organic sales growth was 28.3%.
Reported-diluted EPS for the fourth-quarter increased 49.6% to $1.93.
Adjusted-diluted EPS for the fourth-quarter increased 52.2% to $2.04.
Full-year 2022 financial guidance includes net sales in a range of $3.050 billion to $3.075 billion and reported-diluted EPS in a range of $9.20 to $9.35.
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 2022 net sales are expected to be in a range of $3.050 billion to $3.075 billion. Full-year 2022 reported-diluted EPS is expected to be in a range of $9.20 to $9.35. Full-year 2022 capital spending is expected to be $380 million.
Positive Outlook
- Net sales are expected to be in a range of $3.050 billion to $3.075 billion.
- Organic sales growth is expected to be approximately 10%.
- Reported-diluted EPS is expected to be in a range of $9.20 to $9.35.
- Capital spending is expected to be $380 million.
- Includes incremental capital spending to support capacity expansions at existing HVP facilities.
Challenges Ahead
- Net sales guidance includes an estimated full-year 2022 headwind of $70 million based on current foreign exchange rates.
- Full-year reported-diluted EPS guidance range includes an estimated headwind of approximately $0.21 based on current foreign currency exchange rates.
- This reported-diluted EPS guidance range assumes a full-year 2022 tax rate of 23%, which does not include potential tax benefits from stock-based compensation.
- Not including potential 2022 tax benefits from stock-based compensation, as they are out of the Company's control.
- Any tax benefits associated with stock-based compensation that we receive in 2022 would provide a positive adjustment to our full-year EPS guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income