West Pharmaceutical(WST) - 2025 Q1 - Quarterly Results

Financial Performance - First-quarter 2025 net sales were $698.0 million, a 0.4% increase compared to $695.4 million in the same period last year[5][17]. - Adjusted-diluted EPS for the first quarter was $1.45, down from $1.56 in the prior year, while reported-diluted EPS was $1.23 compared to $1.55[5][17]. - The company raised its full-year 2025 net sales guidance to a range of $2.945 billion to $2.975 billion, up from the previous range of $2.875 billion to $2.905 billion[5][10]. - Full-year 2025 adjusted-diluted EPS guidance was increased to a range of $6.15 to $6.35, up from $6.00 to $6.20, incorporating estimated tariff costs of $20 to $25 million[5][10]. - The guidance for reported diluted EPS for 2025 is projected between $5.86 and $6.06, reflecting a decrease of 12.4% to 9.4% compared to 2024[23]. Cash Flow and Profitability - Operating cash flow for the first quarter was $129.4 million, reflecting a 9.5% increase, while free cash flow rose to $58.1 million from $27.6 million in the prior year[8]. - The company reported an operating profit of $107.0 million for Q1 2025, adjusted to $125.0 million after accounting for restructuring and other charges[20]. - Operating cash flow for Q1 2025 was $129.4 million, up from $118.2 million in Q1 2024, demonstrating improved cash generation[26]. - Free cash flow increased to $58.1 million in Q1 2025, compared to $27.6 million in the same period last year, highlighting enhanced financial flexibility[26]. Segment Performance - Proprietary Products segment net sales grew by 0.6% to $563.0 million, with organic net sales growth of 2.4% driven by demand for self-injection device platforms[4][19]. - Contract-Manufactured Products segment net sales declined by 0.7% to $135.0 million, although organic net sales grew by 0.8%[7][19]. Shareholder Actions - The company repurchased 550,281 shares for $133.5 million at an average price of $242.63 during the first quarter[9]. Expenses and Charges - The company recorded $17.8 million in restructuring charges during Q1 2025, primarily related to severance and depreciation costs[20]. - Capital expenditures for the first quarter were $71.3 million, a decrease of 21.3% compared to the same period last year[8]. Balance Sheet and Inventory - The company’s total debt remained stable at $202.6 million as of March 31, 2025, with equity slightly increasing to $2,683.1 million[28]. - Cash and cash equivalents decreased to $404.2 million as of March 31, 2025, down from $484.6 million at the end of 2024[28]. - Inventories increased to $388.7 million as of March 31, 2025, compared to $377.0 million at the end of 2024, indicating potential growth in production or sales[28]. Profit Margins - The gross profit margin for the first quarter was 33.2%, slightly up from 33.1% in the same period last year[19].