WEST PHARMACEUTICAL SERVICES INC

10-K & 10-Q Filings

West Pharmaceutical Services, Inc. is a leading global manufacturer of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. The company's business strategy focuses on delivering quality products that meet exact product specifications and quality standards, with a commitment to excellence in manufacturing, scientific and technical expertise, and management. West's business operations are organized into two global business segments: Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers proprietary packaging, containment solutions, and drug delivery systems, along with analytical lab services and other integrated services and solutions. The Contract-Manufactured Products segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices for pharmaceutical, diagnostic, and medical device customers. West has significant operations outside of the United States, with sales outside of the U.S. accounting for 58.0% of its net sales in 2023. The company's website is www.westpharma.com, and its ticker symbol is WST on the New York Stock Exchange.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$1192.30
1266.40
1368.40
1421.40
1399.80
1509.10
1599.10
1717.40
1839.90
2146.90
2831.60
2886.90
2949.80
716.60
695.40
7.84%-2.96%Cost of Revenue (-)
$853.00
878.70
933.70
973.60
944.00
1008.00
1086.50
1172.00
1234.20
1379.10
1655.80
1750.70
1820.60
445.30
465.20
6.52%4.47%Gross Profit (+)
$339.30
387.70
434.70
447.80
455.80
501.10
512.60
545.40
605.70
767.80
1175.80
1136.20
1129.20
271.30
230.20
10.54%-15.15%Selling, General & Administrative (-)
$191.10
218.10
234.90
228.70
233.00
239.80
242.60
262.90
272.70
302.00
362.80
316.90
353.40
86.00
86.70
5.26%0.81%Research & Development (-)
$29.10
33.20
37.90
37.30
34.10
36.80
39.10
40.30
38.90
46.90
52.80
58.50
68.40
17.10
17.60
7.38%2.92%Operating Expenses (-)
$229.70
251.30
272.80
266.00
327.20
304.30
281.70
303.20
311.60
360.90
423.50
402.20
453.20
116.00
107.40
5.83%-7.41%Costs & Expenses (Total) (-)
$1073.20
1130.00
1206.50
1239.60
1271.20
1312.30
1368.20
1475.20
1545.80
1728.00
2071.40
2152.90
2273.80
561.30
569.50
6.46%1.46%Operating Income/Loss (+)
$109.60
135.10
162.40
182.00
128.60
196.80
228.90
240.30
296.60
406.90
752.30
734.00
676.00
155.30
122.80
16.37%-20.93%Non-operating Income/Expense (+)
$5.00
-5.00
7.10
8.80
7.40
9.30
10.50
16.40
12.60
20.00
24.90
-25.50
48.70
10.50
10.50
20.89%0.00%Interest Expense (-)
$18.20
16.70
17.00
16.50
14.10
8.10
7.80
8.40
8.50
8.20
8.20
7.90
9.00
2.20
1.60
-5.70%-27.27%Earnings before Tax (+)
$92.70
108.60
147.10
169.00
116.10
189.80
222.40
240.70
291.80
401.30
748.90
679.90
698.00
157.90
127.40
18.32%-19.32%Tax Expense (-)
$23.50
32.70
40.20
47.20
26.30
54.40
80.90
41.40
59.00
72.50
107.20
114.70
122.30
23.60
16.40
14.74%-30.51%Income/Loss (Continuing Operations) (+)
$69.20
75.90
106.90
121.80
89.80
135.40
141.50
199.30
232.80
328.80
641.70
565.20
575.70
134.30
111.00
19.31%-17.35%Profit/Loss (+)
$75.50
80.70
112.30
127.10
95.60
143.60
150.70
206.90
241.70
Net Income/Loss (+)
$75.50
80.70
112.30
127.10
95.60
143.60
150.70
206.90
241.70
346.20
661.80
585.90
593.40
140.00
115.30
18.75%-17.64%Net Income/Loss (Common) (+)
$75.50
80.70
112.30
127.10
95.60
143.60
150.70
206.90
241.70
346.20
661.80
585.90
593.40
140.00
115.30
18.75%-17.64%EPS (Basic)
$2.24
2.37
1.61
1.79
1.33
1.96
2.04
2.80
3.27
4.68
8.89
7.87
7.98
1.88
1.57
11.17%-16.49%EPS (Diluted)
$2.16
2.30
1.57
1.75
1.30
1.91
1.99
2.74
3.21
4.57
8.67
7.73
7.88
1.85
1.55
11.39%-16.22%Weighted Avg Shares (Basic)
33.70
34.00
69.60
70.90
72.00
73.30
73.90
73.90
74.00
73.90
74.40
74.40
74.30
74.50
73.50
6.81%-1.34%Weighted Avg Shares (Diluted)
37.00
35.90
71.40
72.80
73.80
75.00
75.80
75.40
75.40
75.80
76.30
75.80
75.30
75.70
74.30
6.10%-1.85%Cash
$91.80
161.90
230.00
255.30
274.60
203.00
235.90
337.40
439.10
615.50
762.60
894.30
853.90
886.30
601.80
20.42%-32.10%Short-term Investments
$
12.40
7.50
Receivables
$147.20
175.00
185.70
179.00
181.40
200.50
253.20
288.20
319.30
385.30
489.00
507.40
512.00
513.40
524.00
10.95%2.06%Inventory
$151.80
162.20
176.90
181.50
181.10
199.30
215.20
214.50
235.70
321.30
378.40
414.80
434.70
447.00
429.90
9.16%-3.83%Other Assets (Current)
$81.20
45.80
50.60
43.50
36.60
39.10
39.20
54.30
64.60
51.60
112.00
103.00
135.80
90.50
137.20
4.38%51.60%Assets (Current)
$472.00
557.30
650.70
659.30
673.70
641.90
743.50
894.40
1058.70
1373.70
1742.00
1919.50
1936.40
1937.20
1692.90
12.48%-12.61%Securities & Long-term Investments
$56.20
59.80
60.90
60.60
61.30
82.70
85.80
91.20
192.70
214.70
207.70
204.90
210.00
208.80
202.50
11.61%-3.02%Property, Plant & Equipment (Net)
$593.60
669.00
711.70
705.80
721.00
778.30
855.00
822.00
839.30
943.20
1057.50
1158.30
1413.30
1215.20
1448.60
7.50%19.21%Accumulated Depreciation
$543.20
605.80
657.30
685.00
719.30
776.40
890.80
930.70
980.80
1092.30
1157.50
1228.30
1324.70
1263.70
1342.70
7.71%6.25%Goodwill & Intangibles
$163.50
163.10
162.50
150.60
142.20
126.30
129.40
126.10
137.60
141.60
132.90
125.70
123.60
125.60
121.50
-2.30%-3.26%Other Assets
$113.80
114.80
85.80
94.60
96.90
87.50
49.10
45.20
43.00
52.30
104.40
104.00
47.00
135.70
40.00
-7.10%-70.52%Assets (Non-current)
$927.10
1006.70
1020.90
1011.60
1021.40
1074.80
1119.30
1084.50
1282.70
1420.10
1571.80
1697.30
1893.10
1786.40
1909.40
6.13%6.89%Assets (Total)
$1399.10
1564.00
1671.60
1670.90
1695.10
1716.70
1862.80
1978.90
2341.40
2793.80
3313.80
3616.80
3829.50
3723.60
3602.30
8.75%-3.26%Accounts Payable
$142.60
175.00
181.40
170.90
185.60
178.10
200.30
204.70
163.20
239.10
258.50
240.20
259.00
292.80
256.90
5.10%-12.26%Debt (Current)
$50.10
32.70
2.20
27.20
69.30
2.40
0.10
9.60
Other Liabilities (Current)
$50.50
54.10
53.30
54.40
59.40
60.50
79.20
78.90
168.80
264.30
335.60
278.80
412.80
242.10
391.50
19.13%61.71%Liabilities (Current)
$243.20
261.80
236.90
252.50
314.30
241.00
279.50
283.70
341.60
503.40
594.10
519.00
671.80
534.90
648.40
8.84%21.22%Debt (Non-current)
$299.30
378.80
371.30
309.50
228.90
226.20
197.00
196.00
317.40
252.90
208.80
206.70
72.80
206.10
72.80
-11.11%-64.68%Other Liabilities
$201.70
194.50
157.00
152.00
128.00
132.00
106.40
102.90
109.20
183.00
175.50
206.20
203.90
206.40
200.50
0.09%-2.86%Liabilities (Non-current)
$501.00
573.30
528.30
461.50
356.90
358.20
303.40
298.90
426.60
435.90
384.30
412.90
276.70
412.50
273.30
-4.83%-33.75%Liabilities (Total)
$744.20
835.10
765.20
714.00
671.20
599.20
582.90
582.60
768.20
939.30
978.40
931.90
948.50
947.40
921.70
2.04%-2.71%Treasury Stock
$-23.00
3.00
3.80
4.10
4.00
46.10
109.10
103.70
118.10
167.70
229.50
370.90
637.60
369.20
825.20
123.51%Retained Earnings
$664.50
719.90
805.00
902.20
964.60
1071.60
1178.20
1353.40
1549.40
1846.70
2456.70
2987.80
3523.40
3113.60
3624.10
14.91%16.40%AOCI
$-71.50
-75.90
-32.40
-119.20
-162.60
-186.80
-117.30
-154.20
-149.60
-110.60
-159.60
-183.00
-143.80
-168.40
-192.30
-14.19%Shareholder's Equity
$654.90
728.90
906.40
956.90
1023.90
1117.50
1279.90
1396.30
1573.20
1854.50
2335.40
2684.90
2881.00
2776.20
2680.60
13.14%-3.44%Liabilities & Equity
$1399.10
1564.00
1671.60
1670.90
1695.10
1716.70
1862.80
1978.90
2341.40
2793.80
3313.80
3616.80
3829.50
3723.60
3602.30
8.75%-3.26%Net Income/Loss
$75.50
80.70
112.30
127.10
95.60
143.60
150.70
206.90
241.70
346.20
661.80
585.90
593.40
140.00
115.30
18.75%-17.64%Depreciation & Amortization
$75.70
76.90
85.20
90.00
89.90
90.70
96.70
104.40
103.40
109.10
122.30
120.60
137.30
31.60
35.60
5.09%12.66%Increase/Decrease in Working Capital
$-70.30
3.30
3.70
30.60
10.80
58.70
41.40
28.30
14.40
10.30
193.80
11.50
20.40
46.80
34.60
-26.07%Share-based Compensation
$8.40
12.80
29.20
-6.40
29.60
19.50
16.10
15.10
24.40
34.00
37.50
23.70
23.30
8.50
5.00
8.87%-41.18%Adjustments to Reconcile Net Income
$55.20
106.70
108.20
55.80
116.80
75.80
112.60
81.70
125.50
126.30
-77.80
138.10
183.10
-1.90
2.90
10.51%252.63%Net Cash (Operating)
$130.70
187.40
220.50
182.90
212.40
219.40
263.30
288.60
367.20
472.50
584.00
724.00
776.50
138.10
118.20
16.01%-14.41%Capital Expenditure
$-96.80
132.00
155.80
112.10
131.60
170.20
136.80
104.70
230.40
174.40
255.60
284.60
362.00
82.10
90.60
10.35%Net Cash (Investing)
$-120.50
-116.00
-149.90
-104.00
-129.50
-175.80
-133.60
-100.80
-228.00
-179.50
-253.10
-288.20
-368.70
-82.10
-90.60
-10.35%Increase/Decrease in Debt
$392.80
17.90
-5.60
-22.30
-27.40
-69.80
-34.90
-0.10
62.10
-1.20
-2.30
-0.60
-0.60
0.00%Increase/Decrease in Equity
$9.60
-1.30
24.20
17.10
14.90
-22.50
-30.50
-34.10
-53.80
-89.00
-102.20
-218.90
-387.30
-44.80
-250.20
-458.48%Interest Expenses
$18.20
15.30
16.90
16.70
14.70
8.60
8.00
8.40
8.60
8.10
8.00
6.60
6.00
-8.83%Dividends Paid
$-23.20
24.90
26.80
29.10
32.40
35.80
39.10
42.10
45.10
48.10
51.10
54.10
57.00
14.10
14.70
4.26%Net Cash (Financing)
$-24.70
-3.40
-5.10
-30.80
-41.50
-113.90
-109.00
-80.70
-36.80
-137.10
-168.10
-293.60
-459.60
-71.00
-271.00
-281.69%Cash Taxes Paid
$20.40
16.10
34.40
37.40
33.10
48.10
31.00
42.00
47.50
48.40
171.80
109.70
90.80
13.25%Effect of Exchange Rate
$-3.90
2.10
2.60
-22.80
-22.10
-1.30
12.20
-5.60
-0.70
20.50
-15.70
-10.50
11.40
7.00
-8.70
-224.29%Increase/Decrease in Cash
$-18.40
70.10
68.10
25.30
19.30
-71.60
32.90
101.50
101.70
176.40
147.10
131.70
-40.40
-8.00
-252.10
-3051.25%Cash (Beginning)
$110.20
91.80
161.90
230.00
255.30
274.60
203.00
235.90
337.40
439.10
615.50
762.60
894.30
894.30
853.90
19.06%-4.52%Cash (Ending)
$91.80
161.90
230.00
255.30
274.60
203.00
235.90
337.40
439.10
615.50
762.60
894.30
853.90
886.30
601.80
20.42%-32.10%NOPAT
$85.48
115.07
124.42
141.72
91.94
146.93
196.99
198.37
248.32
357.82
579.72
615.57
588.06
132.09
106.99
17.43%-19.00%Gross Margin %
28.46%
30.61%
31.77%
31.50%
32.56%
33.21%
32.06%
31.76%
32.92%
35.76%
41.52%
39.36%
38.28%
37.86%
33.10%
Operating Margin %
9.19%
10.67%
11.87%
12.80%
9.19%
13.04%
14.31%
13.99%
16.12%
18.95%
26.57%
25.43%
22.92%
21.67%
17.66%
NOPAT Margin %
7.17%
9.09%
9.09%
9.97%
6.57%
9.74%
12.32%
11.55%
13.50%
16.67%
20.47%
21.32%
19.94%
18.43%
15.39%
Net Margin %
6.33%
6.37%
8.21%
8.94%
6.83%
9.52%
9.42%
12.05%
13.14%
16.13%
23.37%
20.30%
20.12%
19.54%
16.58%
Tax Rate %
22.01%
14.83%
23.39%
22.13%
28.51%
25.34%
13.94%
17.45%
16.28%
12.06%
22.94%
16.13%
13.01%
14.95%
12.87%
ROA
6.11%
7.36%
7.44%
8.48%
5.42%
8.56%
10.58%
10.02%
10.61%
12.81%
17.49%
17.02%
15.36%
3.55%
2.97%
ROE
13.05%
15.79%
13.73%
14.81%
8.98%
13.15%
15.39%
14.21%
15.78%
19.29%
24.82%
22.93%
20.41%
4.76%
3.99%
ROIC
8.72%
10.52%
10.67%
12.21%
7.99%
11.78%
14.35%
14.39%
16.91%
21.89%
30.28%
29.10%
25.42%
6.74%
5.00%
Asset Turnover
0.85
0.81
0.82
0.85
0.83
0.88
0.86
0.87
0.79
0.77
0.85
0.80
0.77
0.19
0.19
Inventory Turnover
5.62
5.42
5.28
5.36
5.21
5.06
5.05
5.46
5.24
4.29
4.38
4.22
4.19
1.00
1.08
Equity Multiplier
2.14
2.15
1.84
1.75
1.66
1.54
1.46
1.42
1.49
1.51
1.42
1.35
1.33
1.34
1.34
Current Ratio
1.94
2.13
2.75
2.61
2.14
2.66
2.66
3.15
3.10
2.73
2.93
3.70
2.88
3.62
2.61
Quick Ratio
0.98
1.33
1.79
1.72
1.45
1.67
1.75
2.21
2.22
1.99
2.11
2.70
2.03
2.62
1.74
Debt/Equity Ratio
0.53
0.56
0.41
0.35
0.29
0.20
0.15
0.14
0.21
0.14
0.09
0.08
0.03
0.07
0.03
Interest Coverage Ratio
6.02
8.83
9.61
10.90
8.75
22.88
28.61
28.61
34.49
50.23
94.04
111.21
112.67
Working Capital/Sales
0.19
0.21
0.21
0.21
0.21
0.23
0.24
0.25
0.27
0.26
0.26
0.29
0.26
0.86
0.82
R&D/Sales
0.02
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.03
Dividend Payout Ratio %
-27.14%
21.64%
21.54%
20.53%
35.24%
24.37%
19.85%
21.22%
18.16%
13.44%
8.81%
8.79%
9.69%
10.67%
13.74%
Total Payout
$-407.40
23.60
25.10
51.00
59.60
136.70
112.50
84.70
45.40
145.20
161.30
280.80
452.60
59.50
265.50
346.22%Payout Ratio %
-476.60%
20.51%
20.17%
35.99%
64.83%
93.04%
57.11%
42.70%
18.28%
40.58%
27.82%
45.62%
76.96%
45.05%
248.15%