Group 1 - The article grants a buy rating to West Pharmaceutical Services (NYSE: WST), suggesting confidence in the company's future despite potential revenue impacts from U.S. government cuts to public healthcare [1] - The author believes that the cuts to the public healthcare system will not significantly undermine the company's revenues, indicating a positive outlook for West Pharmaceutical Services [1] Group 2 - The author has a background in economics and statistics, with experience in analyzing agricultural commodities and managing trading and data analysis teams, which adds credibility to the analysis presented [1] - The author has worked in various sectors including commodities, banking, technology, and pharmaceuticals, indicating a broad understanding of market dynamics [1]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20%28UNAUDITED%29) This section presents the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, and 2024, including statements of income, comprehensive income, balance sheets, cash flows, and detailed notes [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The company reported increased net sales and operating profit for the second quarter and first half of 2025 compared to the prior year, despite a slight decrease in six-month net income Consolidated Income Statement Highlights (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $766.5 | $702.1 | $1,464.5 | $1,397.5 | | **Gross Profit** | $273.9 | $230.0 | $505.8 | $460.2 | | **Operating Profit** | $153.7 | $126.2 | $260.7 | $249.0 | | **Net Income** | $131.8 | $111.3 | $221.6 | $226.6 | | **Diluted EPS** | $1.82 | $1.51 | $3.05 | $3.06 | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income significantly increased in Q2 and H1 2025 compared to the prior year, primarily driven by substantial positive foreign currency translation adjustments Comprehensive Income Summary (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $131.8 | $111.3 | $221.6 | $226.6 | | Other Comprehensive Income (Loss) | $116.8 | $(24.6) | $169.4 | $(73.1) | | **Comprehensive Income** | **$248.6** | **$86.7** | **$391.0** | **$153.5** | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$3.95 billion** as of June 30, 2025, from **$3.64 billion** at year-end 2024, driven by current assets and PPE, with total equity increasing to **$2.93 billion** Balance Sheet Summary (in millions) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $509.7 | $484.6 | | Inventories | $421.1 | $377.0 | | Total Current Assets | $1,680.9 | $1,538.1 | | Total Assets | $3,952.8 | $3,643.4 | | Total Liabilities | $1,023.7 | $961.1 | | Total Equity | $2,929.1 | $2,682.3 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased for H1 2025, while cash used in investing activities decreased and cash used in financing activities significantly dropped due to reduced share repurchases Cash Flow Summary for Six Months Ended June 30 (in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $306.5 | $283.2 | | Net cash used in investing activities | $(146.5) | $(191.8) | | Net cash used in financing activities | $(161.9) | $(489.3) | | **Net increase (decrease) in cash** | **$25.1** | **$(407.7)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures supporting the financial statements, covering revenue disaggregation, share repurchase programs, a 2025 restructuring plan, and segment data Net Sales Breakdown for Six Months Ended June 30, 2025 | Breakdown by Market Group | % of Sales | | :--- | :--- | | Biologics | 38% | | Pharma | 26% | | Contract-Manufactured Products | 19% | | Generics | 17% | | Breakdown by Product Category | % of Sales | | :--- | :--- | | High-Value Product (HVP) Components | 46% | | Standard Packaging | 22% | | Contract-Manufactured Products | 19% | | High-Value Product (HVP) Delivery Devices | 13% | | Breakdown by Geographic Location | % of Sales | | :--- | :--- | | Americas | 47% | | Europe, Middle East, Africa | 45% | | Asia Pacific | 8% | - In January 2025, the company approved a restructuring plan expected to incur charges of **$30-32 million** over 24-36 months, with anticipated annualized savings of **$35-40 million**. For the six months ended June 30, 2025, the company recorded **$16.6 million** in charges related to this plan[62](index=62&type=chunk) - A share repurchase program approved in December 2024 for **550,000 shares** was completed in April 2025. For the six months ended June 30, 2025, the company repurchased **552,593 shares** at a total cost of **$134.0 million**[23](index=23&type=chunk)[24](index=24&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the financial results for Q2 and H1 2025, highlighting a 9.2% reported sales increase in Q2 driven by Proprietary Products, expanded gross profit margin, and strong operating cash flow Q2 2025 vs Q2 2024 Net Sales Growth | Segment | As-Reported | Organic | | :--- | :--- | :--- | | Proprietary Products | 10.7% | 8.4% | | Contract-Manufactured Products | 3.0% | 0.5% | | **Consolidated** | **9.2%** | **6.8%** | YTD 2025 vs YTD 2024 Net Sales Growth | Segment | As-Reported | Organic | | :--- | :--- | :--- | | Proprietary Products | 5.7% | 5.4% | | Contract-Manufactured Products | 1.2% | 0.6% | | **Consolidated** | **4.8%** | **4.5%** | - Consolidated gross profit margin increased by **2.9 percentage points** in Q2 2025 and **1.6 percentage points** YTD, primarily due to higher plant absorption from increased customer demand and sales price increases in the Proprietary Products segment[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section details operational performance, highlighting Proprietary Products sales growth of 10.7% (8.4% organic) in Q2 2025, improved gross margins, and a 21.8% increase in operating profit - Proprietary Products Q2 sales growth was driven by increased sales of Westar®, NovaChoice®, and Daikyo CZ® products, partially offset by a decline in FluroTec® sales[95](index=95&type=chunk) - Contract-Manufactured Products Q2 sales growth was due to increased sales of self-injection devices for obesity and diabetes, partially offset by a decrease in healthcare diagnostic devices[96](index=96&type=chunk) Operating Profit by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Proprietary Products | $161.7 | $131.0 | $292.3 | $257.3 | | Contract-Manufactured Products | $17.8 | $17.2 | $31.3 | $34.3 | | **Consolidated Operating Profit** | **$153.7** | **$126.2** | **$260.7** | **$249.0** | [Financial Condition, Liquidity and Capital Resources](index=37&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company's financial condition remains strong, with working capital increasing to **$1.08 billion**, strong operating cash flow, and **$497.7 million** available under its revolving credit facility Key Liquidity and Capital Measures (in millions) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $509.7 | $484.6 | | Working capital | $1,076.3 | $987.7 | | Debt | $202.6 | $202.6 | - Net cash from operating activities increased by **$23.3 million** in H1 2025 compared to H1 2024, driven by favorable working capital management[141](index=141&type=chunk) - As of June 30, 2025, the company had **$497.7 million** of available borrowing capacity under its multi-currency revolving credit facility and was in compliance with all debt covenants[148](index=148&type=chunk)[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company states there have been **no material changes** in its market risk exposure since the disclosures in its 2024 Annual Report on Form 10-K - There have been **no material changes** in the company's exposure to market risk or the related disclosures from the 2024 Annual Report[160](index=160&type=chunk) [Controls and Procedures](index=41&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) The CEO and CFO concluded that the company's disclosure controls and procedures are **effective** as of June 30, 2025, with **no material changes** to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that as of June 30, 2025, the company's disclosure controls and procedures are **effective**[163](index=163&type=chunk) - **No material changes** to internal control over financial reporting were identified during the quarter ended June 30, 2025[164](index=164&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports a securities class action lawsuit filed on May 5, 2025, alleging violations of the Securities Exchange Act, which the company intends to **vigorously defend** - A securities class action lawsuit was filed against the company and certain officers on May 5, 2025, alleging violations of securities laws. The company plans to **vigorously defend** against the allegations[167](index=167&type=chunk) [Risk Factors](index=42&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section indicates **no material changes** to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - There are **no material changes** to the risk factors disclosed in the 2024 Annual Report[168](index=168&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company provides details on its share repurchase activity for Q2 2025, noting a program authorized in December 2024 for **550,000 shares** was completed in April 2025 Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid | Program Status | | :--- | :--- | :--- | :--- | | April 2025 | 2,312 | $222.56 | Completed | | May 2025 | 0 | N/A | - | | June 2025 | 0 | N/A | - | | **Total Q2** | **2,312** | **$222.56** | **-** | [Other Information](index=43&type=section&id=ITEM%205.%20OTHER%20INFORMATION) The company reports **no director or officer** adopted or terminated any Rule 10b5-1 trading arrangement during Q2 2025 - **No director or officer** adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[170](index=170&type=chunk) [Exhibits](index=43&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including CEO and CFO certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act - The filing includes required certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 (Exhibits **31.1, 31.2, 32.1, 32.2**)[171](index=171&type=chunk)

Core Insights - West Pharmaceutical Services reported strong Q2 2025 earnings, exceeding both GAAP revenue and non-GAAP EPS estimates, with adjusted EPS at $1.84 compared to the $1.51 estimate and revenue at $766.5 million versus the $726.1 million estimate [1][2] - The company raised its full-year 2025 guidance for net sales and adjusted diluted EPS, reflecting broad-based growth and strong customer demand for proprietary products [1][12] Financial Performance - Q2 2025 non-GAAP EPS was $1.84, a 21.1% increase year-over-year from $1.52 in Q2 2024 [2] - Revenue for Q2 2025 was $766.5 million, a 9.2% increase from $702.1 million in Q2 2024 [2] - Revenue from proprietary products reached $619.8 million, up 10.7% year-over-year [2] - Adjusted operating profit margin improved to 20.3%, up from 17.7% in Q2 2024 [2] Business Overview - West Pharmaceutical Services specializes in drug packaging and delivery systems for injectable drugs, serving biotech, pharmaceutical, and generic drug manufacturers globally [3] - The company focuses on expanding its portfolio of proprietary products and investing in manufacturing automation [4] Sales and Operations - Proprietary products sales increased by 10.7% year-over-year, with high-value product components making up 47% of total sales and growing 11.3% [5][6] - Revenue from high-value delivery devices surged by 30.0%, now accounting for 13% of total net sales [5] - Contract-manufactured products saw a 3.0% increase, although growth was partially offset by a decline in healthcare diagnostics contracts [7] Profitability Metrics - The gross profit margin improved to 35.7%, up from 32.8% in Q2 2024, driven by a shift towards higher-margin products [8] - Adjusted operating profit margin expanded by 0.2 percentage points year-over-year [8] Strategic Focus - Quality assurance and regulatory compliance are central to the company's strategy, with ongoing customer conversions related to European pharmaceutical regulations providing a boost [9] - Capital expenditures have moderated, with a focus on automation for future cost efficiencies [9] Capital Allocation - The company generated $306.5 million in operating cash flow in the first half of FY2025 and repurchased $134.0 million in shares [10] - Free cash flow nearly doubled in the first half of 2025 compared to the same period in 2024 [10] Outlook and Guidance - West raised its FY2025 guidance, forecasting net sales between $3.040 billion and $3.060 billion and adjusted diluted EPS between $6.65 and $6.85 [12] - The updated forecast anticipates organic net sales growth of approximately 3% to 3.75% for FY2025 [12] Watchpoints - Key watchpoints include the resolution of supply chain constraints, profitability of SmartDose devices, and ongoing negotiations regarding tariff mitigation [13]

Core Insights - West Pharmaceutical Services, Inc. (WST) reported adjusted second-quarter 2025 earnings per share (EPS) of $1.84, a 21.5% increase year over year, exceeding the Zacks Consensus Estimate by 21.9% [1][6] - Quarterly revenues reached $766.5 million, reflecting a 9.2% year-over-year growth and surpassing the Zacks Consensus Estimate by 5.4% [2][6] - The company raised its full-year 2025 EPS guidance to $6.65-$6.85, citing favorable foreign exchange impacts and tariff-related benefits [15] Revenue Performance - Organic net sales increased by 6.8% year over year, driven by strong performances in the Proprietary Products and Contract-Manufactured Products segments [2][6] - Proprietary Products segment revenues were $619.8 million, up 10.7% year over year, outperforming estimates [4][6] - Contract-Manufactured Products segment revenues totaled $146.7 million, a 3% increase year over year, supported by sales of self-injection devices [8][6] Margin and Profitability - Gross profit rose 19.1% year over year to $273.9 million, with gross margin expanding by 290 basis points to 35.7% [10] - Adjusted operating profit improved by 22.9% to $155.3 million, with an adjusted operating margin of 20.3% [11] Financial Position - The company ended the quarter with cash and cash equivalents of $509.7 million, up from $404.2 million at the end of the previous quarter [12] - Total debt remained stable at $202.6 million, with cumulative net cash from operating activities increasing to $306.5 million [12] Future Outlook - WST updated its full-year revenue guidance to between $3.04 billion and $3.06 billion, up from previous estimates [14] - Organic net sales are expected to grow by 3-3.75% from the prior year [14] - The company anticipates low-single-digit organic revenue growth for the Contract-Manufactured Products segment in 2025 [17]

Financial Data and Key Metrics Changes - The company reported net sales of $766.5 million, representing an organic sales increase of 6.8% compared to the same quarter last year [21] - Adjusted diluted EPS increased by 21.1% for Q2, with an improvement of 26.4% when excluding stock-based compensation tax benefits [22] - Gross profit margin improved to 35.7%, a 290 basis point increase year-over-year [22] Business Line Data and Key Metrics Changes - Proprietary Products segment saw an organic net sales increase of 8.4%, driven primarily by HVP components, which increased by 11.3% [10][21] - Standard Products revenues increased by 0.4%, with ongoing conversions to HVP [15] - HVP delivery devices business revenues increased by 30%, mainly due to strength in Daikyo Crystal Zenith systems [16] Market Data and Key Metrics Changes - The Biologics market unit delivered high single-digit organic net sales growth, driven by increased sales of NovaChoice and Daikyo CZ products [21] - The pharma and generics market units both experienced high single-digit increases, primarily due to Westar product sales [21] - Contract manufacturing segment saw a 0.5% organic revenue increase, driven by the ramp-up of the Dublin facility for auto injectors and pens [18] Company Strategy and Development Direction - The company aims to leverage competitive strengths to support customer growth in commercialized products and new drug launches [9] - Continued focus on HVP components is expected to drive long-term growth, with a significant contribution anticipated from the biologics market [12][31] - The company is executing initiatives to expand capacity and improve production efficiency in response to increased demand [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to normal ordering patterns in the generics market, despite ongoing destocking challenges [12] - The company expects continued momentum in HVP components and a favorable foreign exchange environment to positively impact full-year guidance [19][27] - Management highlighted the importance of the Annex One projects as a multi-year growth opportunity [11][42] Other Important Information - The company announced the appointment of a new CFO, Bob McPan, who previously served as CFO of Agilent Technologies [19] - Capital expenditures are expected to return to a normal level of 6% to 8% of revenues to support long-term growth [14] - The company is monitoring tariff impacts, estimating a potential $15 million to $20 million impact for FY 2025 [28] Q&A Session Summary Question: What was driving the growth in Crystal Zenith? - The growth was driven by customer demand related to a particular drug launch [34] Question: What is the current state of destocking in the generics market? - Continued destocking effects are expected in the second half of the year, but there is momentum in the second quarter [37][38] Question: How is the Annex One project translating into revenue growth? - The Annex One process is multi-year, and while interest has increased, revenue recognition will take time [42][43] Question: What is embedded in the guidance for tariffs? - Guidance is based on current rates, and the company is monitoring the situation for any changes [68][69] Question: What is the current revenue capacity of the Dublin facility for auto injectors? - The facility is in the ramp-up phase, with full optimization expected to take nine to twelve months [74] Question: How is the margin expected to evolve in the second half of the year? - A slight step down in margins is anticipated due to seasonality and plant shutdowns [85]

Financial Data and Key Metrics Changes - The company reported net sales of $766.5 million, representing an organic sales increase of 6.8% compared to the same period last year [19] - Adjusted diluted EPS increased by 21.1% for Q2, with an improvement of 26.4% when excluding stock-based compensation tax benefits [21] - Gross profit margin improved to 35.7%, a 290 basis point increase year-over-year [20] Business Line Data and Key Metrics Changes - Proprietary Products segment saw an organic growth of 8.4%, driven primarily by HVP components, which increased by 11.3% [8][19] - Standard Products revenues increased by 0.4%, with ongoing conversions to HVP [13] - HVP delivery devices business revenues surged by 30%, mainly due to strong demand for Daikyo Crystal Zenith systems [14] Market Data and Key Metrics Changes - The Biologics market unit delivered high single-digit organic net sales growth, driven by increased sales of NovaChoice and Daikyo CZ products [19] - The pharma and generics market units both experienced high single-digit growth, primarily due to increased sales of Westar products [20] Company Strategy and Development Direction - The company aims to leverage competitive strengths to support customer growth and new drug launches across various therapeutic categories [7] - Continued investment in HVP infrastructure is expected to yield benefits, with a focus on aligning manufacturing locations with revenue [12] - The company is optimistic about the long-term growth potential in the biologics market and plans to capitalize on opportunities in high-value product components [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to normal ordering patterns in the generics market, despite some destocking headwinds [10] - The company anticipates continued growth in HVP components and expects to see stronger performance in the second half of the year [36] - Management highlighted the importance of the Annex One projects as a multi-year opportunity for revenue growth [9][40] Other Important Information - The company announced the appointment of a new CFO, Bob McPan, who previously served as CFO of Agilent Technologies [16] - Capital expenditures are expected to return to a normal level of 6% to 8% of revenues to support long-term growth [12] Q&A Session Summary Question: What is driving the growth of Crystal Zenith? - The growth is driven by customer demand related to a specific drug launch, indicating increased interest in the product [32] Question: What is the current state of destocking in the generics market? - The company continues to see destocking effects but is encouraged by momentum in the second quarter, expecting normalization in the second half [34][35] Question: How is the Annex One project translating into revenue growth? - The Annex One projects are a multi-year process, and while interest has increased, revenue recognition will take time as projects move through various stages [39][60] Question: What is the guidance for organic revenue growth in the second half of the year? - The company expects organic revenue growth to be in the range of 5% to 6% in the second half, driven by strong demand for HVP components [46][68] Question: What is the expected impact of tariffs on the business? - The company estimates a potential impact of $15 million to $20 million for FY 2025, with ongoing monitoring and mitigation efforts in place [26][66] Question: What is the current capacity and ramp-up timeline for the Dublin facility? - The Dublin facility is currently in the ramp-up phase, with full optimization expected to take 9 to 12 months [72] Question: How is the company addressing labor constraints in production? - The company is actively hiring and training to alleviate labor constraints, with positive momentum expected in HVP components [88]

West Pharmaceutical Services (WST) came out with quarterly earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +21.85%. A quarter ago, it was expected that this medical device company would post earnings of $1.22 per share when it actually produced earnings of $1.45, delivering a surprise of +18.85%.Over the las ...

Second-Quarter 2025 Second Quarter Overall Net Sales $766.5M | 9.2% Diluted Earnings Per Share: $1.82 Adjusted Diluted Earnings Per Share: $1.84 "I am pleased to report that we exceeded our expectations for the second quarter driven by solid growth in HVP components. This was the result of strong GLP-1 elastomer growth, ongoing momentum in HVP conversion mainly related to Annex 1 projects and the continued normalization of customer ordering patterns. The improved performance was concentrated in higher margi ...

Exhibit 99.1 West Announces Second-Quarter 2025 Results and Fourth-Quarter 2025 Dividend, Updates Full-Year 2025 Guidance - Conference Call Scheduled for 8 a.m. EDT Today - Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: "I am pleased to report that we exceeded our expectations for the second quarter driven by solid growth in HVP components. This was the result of strong GLP-1 elastomer growth, ongoing momentum in HVP conversion mainly related to Annex 1 projects and the ...

Financial Performance - Company reported net sales of $766.5 million for the second quarter of 2025, an increase of 9.2% compared to the same period last year, with organic net sales growth of 6.8% [12][19] - Diluted EPS for the quarter was $1.82, up from $1.51 in the prior year, while adjusted-diluted EPS increased to $1.84 from $1.52 [12][19] - Operating cash flow for the first six months of 2025 was $306.5 million, an increase of 8.2% year-over-year, with free cash flow rising to $160.0 million from $92.4 million [7][28] Segment Performance - Proprietary Products segment net sales grew by 10.7% to $619.8 million, with High-Value Product (HVP) components accounting for 47% of total sales and increasing by 11.3% [4][20] - Contract-Manufactured Products segment saw a 3.0% increase in net sales to $146.7 million, driven by self-injection devices for obesity and diabetes [6][20] Guidance and Future Outlook - Company raised its full-year 2025 net sales guidance to a range of $3.040 billion to $3.060 billion, up from the previous range of $2.945 billion to $2.975 billion [12][13] - Adjusted-diluted EPS guidance for 2025 was also increased to a range of $6.65 to $6.85, up from $6.15 to $6.35 [12][13] Shareholder Returns - The Board of Directors approved a fourth-quarter 2025 dividend of $0.22 per share, payable on November 19, 2025, to shareholders of record as of November 12, 2025 [12][13] Financial Condition - As of June 30, 2025, the company had cash and cash equivalents of $509.7 million, accounts receivable of $582.4 million, and inventories of $421.1 million [29]