West Pharmaceutical Services Shares Slides Post Q1 Results

  • West Pharmaceutical Services Inc WST reported first-quarter FY22 sales growth of 7.4% year-on-year to $720 million, missing the consensus of $720.92 million.
  • Proprietary products segment revenue grew 10.6% Y/Y to $601.3 million. Contact-manufactured products segment sales declined 6.6% to $118.7 million.
  • Gross profit margin fell 100 basis points to 40%, and the gross profit was $284.6 million.
  • The operating margin was flat at 26%, and operating income for the quarter was $189.7 million.
  • The company held $667.7 million in cash and equivalents as of March 31, 2022.
  • Operating cash flow for the quarter rose 70.5% to $151.2 million, and the free cash flow was $85.4 million.
  • Adjusted EPS of $2.30 beat the analyst consensus of $2.12.
  • Outlook: WST raised FY22 adjusted EPS guidance to $9.30 - $9.45 from $9.20 - $9.35, versus the consensus of $9.28.
  • The company has reaffirmed its FY22 revenue of $3.05 billion - $3.075 billion, against the consensus of $3.07 billion.
  • Price Action: WST shares are trading lower by 6.09% at $312.11 on the last check Thursday.

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