West Pharmaceutical Services Q2 2024 10-Q Filed

TL;DR

**WEST PHARMA 10-Q FILED: Q2 2024 RESULTS ARE IN.**

AI Summary

West Pharmaceutical Services Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the pharmaceutical packaging and delivery systems market.

Why It Matters

This filing provides investors and stakeholders with the latest financial results and operational insights for West Pharmaceutical Services, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — The filing includes information on customer concentration risk, indicating potential reliance on a few key clients.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting fiscal quarter.)
• 20240725 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• WEST PHARMACEUTICAL SERVICES INC (company) — Filer
• 0000105770 (company) — Central Index Key
• PA (location) — State of Incorporation
• 20240630 (date) — Period of Report
• 20240725 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.25 — ich registered Common Stock, par value $0.25 per share WST New York Stock Exchange

Filing Documents

• wst-20240630.htm (10-Q) — 1482KB
• ex31articlesofincorporat.htm (EX-3.1) — 44KB
• ex311q22024.htm (EX-31.1) — 9KB
• ex312q22024.htm (EX-31.2) — 9KB
• ex321q22024.htm (EX-32.1) — 3KB
• ex322q22024.htm (EX-32.2) — 3KB
• ex31articlesofincorporat001.jpg (GRAPHIC) — 197KB
• ex31articlesofincorporat002.jpg (GRAPHIC) — 226KB
• ex31articlesofincorporat003.jpg (GRAPHIC) — 274KB
• ex31articlesofincorporat004.jpg (GRAPHIC) — 301KB
• ex31articlesofincorporat005.jpg (GRAPHIC) — 253KB
• ex31articlesofincorporat006.jpg (GRAPHIC) — 277KB
• ex31articlesofincorporat007.jpg (GRAPHIC) — 237KB
• ex31articlesofincorporat008.jpg (GRAPHIC) — 246KB
• ex31articlesofincorporat009.jpg (GRAPHIC) — 197KB
• ex31articlesofincorporat010.jpg (GRAPHIC) — 179KB
• 0000105770-24-000066.txt ( ) — 11916KB
• wst-20240630.xsd (EX-101.SCH) — 42KB
• wst-20240630_cal.xml (EX-101.CAL) — 88KB
• wst-20240630_def.xml (EX-101.DEF) — 197KB
• wst-20240630_lab.xml (EX-101.LAB) — 542KB
• wst-20240630_pre.xml (EX-101.PRE) — 385KB
• wst-20240630_htm.xml (XML) — 1799KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Condensed Consolidated Statements of Income for the Three and Six Months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 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 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 40

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 41

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 41

RISK FACTORS

ITEM 1A. RISK FACTORS 41

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 42

EXHIBITS

ITEM 6. EXHIBITS 43 SIGNATURE 44 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 702.1 $ 753.8 $ 1,397.5 $ 1,470.4 Cost of goods and services sold 472.1 462.4 937.3 907.7 Gross profit 230.0 291.4 460.2 562.7 Research and development 17.5 16.5 35.1 33.6 Selling, general and administrative expenses 83.0 88.4 169.7 174.4 Other expense (income) (Note 14) 3.3 4.0 6.4 16.9 Operating profit 126.2 182.5 249.0 337.8 Interest expense, net 1.5 2.7 3.1 4.9 Interest income ( 4.0 ) ( 5.0 ) ( 10.2 ) ( 9.8 ) Other nonoperating (income) expense — ( 0.1 ) — ( 0.1 ) Income before income taxes and equity in net income of affiliated companies 128.7 184.9 256.1 342.8 Income tax expense 21.9 34.8 38.3 58.4 Equity in net income of affiliated companies ( 4.5 ) ( 5.0 ) ( 8.8 ) ( 10.7 ) Net income $ 111.3 $ 155.1 $ 226.6 $ 295.1 Net income per share: Basic $ 1.52 $ 2.08 $ 3.09 $ 3.96 Diluted $ 1.51 $ 2.06 $ 3.06 $ 3.91 Weighted average shares outstanding: Basic 73.0 74.3 73.3 74.4 Diluted 73.7 75.4 74.0 75.5 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 111.3 $ 155.1 $ 226.6 $ 295.1 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments, net of tax of $ 0.7 , $ 1.3 , $ 1.7 and $ 1.5 , respectively ( 21.7 ) ( 11.3 ) ( 68.0 ) 4.0 Defined benefit pension and other postretirement plan adjustments, net of tax of $( 0.1 ), $( 0.3 ), $( 0.1 ), and $( 0.5 ), respectively ( 0.2 ) ( 0.9 ) ( 0.4 ) ( 1.4 ) Net loss on equity affiliate accumulated other comprehensive income, net of tax o

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View this 10-Q filing on SEC EDGAR