West Pharmaceutical Services INC 10-Q Filing

Ticker: WST · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 105770

Sentiment: neutral

Filing Stats: 4,760 words · 19 min read · ~16 pages · Grade level 7.8 · Accepted 2024-04-25 16:24:24

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Condensed Consolidated Statements of Income for the Three Months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 34

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 34

RISK FACTORS

ITEM 1A. RISK FACTORS 34

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 35

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 36

EXHIBITS

ITEM 6. EXHIBITS 37 SIGNATURE 38 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) West Pharmaceutical Services, Inc. and Subsidiaries (in millions, except per share data) Three Months Ended March 31, 2024 2023 Net sales $ 695.4 $ 716.6 Cost of goods and services sold 465.2 445.3 Gross profit 230.2 271.3 Research and development 17.6 17.1 Selling, general and administrative expenses 86.7 86.0 Other expense (income) (Note 14) 3.1 12.9 Operating profit 122.8 155.3 Interest expense 1.6 2.2 Interest income ( 6.2 ) ( 4.8 ) Income before income taxes and equity in net income of affiliated companies 127.4 157.9 Income tax expense 16.4 23.6 Equity in net income of affiliated companies ( 4.3 ) ( 5.7 ) Net income $ 115.3 $ 140.0 Net income per share: Basic $ 1.57 $ 1.88 Diluted $ 1.55 $ 1.85 Weighted average shares outstanding: Basic 73.5 74.5 Diluted 74.3 75.7 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) West Pharmaceutical Services, Inc. and Subsidiaries (in millions) Three Months Ended March 31, 2024 2023 Net income $ 115.3 $ 140.0 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments, net of tax of $ 1.0 and $ 0.2 ( 46.3 ) 15.3 Defined benefit pension and other postretirement plan adjustments, net of tax of $ 0.0 and $( 0.2 ) ( 0.2 ) ( 0.5 ) Net loss on equity affiliate accumulated other comprehensive income, net of tax of $ 0.0 and $ 0.0 ( 0.1 ) — Net loss on derivatives, net of tax of $( 0.7 ) and $( 0.1 ) ( 1.9 ) ( 0.2 ) Other comprehensive (loss) income, net of tax: ( 48.5 ) 14.6 Comprehensive income $ 66.8 $ 154.6 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) West Pharmaceutical Services, Inc. and Subsidiaries (in millions, except per share data) March 31, 2024 D

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