West Pharmaceutical(WST) - 2024 Q4 - Annual Results

Sales Performance - Fourth-quarter 2024 net sales increased to $748.8 million, a 2.3% increase year-over-year, with organic net sales growth of 3.3%[6] - Full-year 2024 net sales were$ 2.893 billion, a decline of 1.9%, while organic net sales declined by 1.5%[9] - Fourth-quarter 2024 net sales for the Proprietary Products segment increased to $613.9 million, with organic net sales growth of 4.5%[3] - For the three months ended December 31, 2024, consolidated total net sales were$ 748.8 million, a 2.4% increase from $732.0 million in the same period of 2023[21] - Organic net sales for the three months ended December 31, 2024, were$ 756.0 million, reflecting a positive impact from currency translation rates[25] Earnings Per Share (EPS) - Fourth-quarter 2024 reported-diluted EPS was $1.78, a decline of 2.7%, and adjusted-diluted EPS was$ 1.82, a decline of 0.5%[6] - Full-year 2024 adjusted-diluted EPS was $6.75, a decline of 16.5% compared to the previous year[9] - Reported diluted EPS for the twelve months ended December 31, 2024, was$ 6.69, with guidance for 2025 projected between $5.97 and$ 6.17, indicating a potential decrease of 10.8% to 7.8%[26] - Full-year 2025 adjusted-diluted EPS is expected to be in the range of $6.00 to$ 6.20, including an estimated headwind of approximately $0.23 from foreign currency exchange rates[11] Cash Flow and Capital Expenditures - Operating cash flow for full-year 2024 was$ 653.4 million, a decline of 15.9%, while free cash flow decreased by 33.3% to $276.4 million[10] - Operating cash flow for the twelve months ended December 31, 2024, was$ 653.4 million, down from $776.5 million in 2023[29] - Capital expenditures for full-year 2025 are expected to be$ 275 million, supporting capacity expansions and investments in Contract Manufacturing facilities[11] - Capital expenditures for the twelve months ended December 31, 2024, were $377.0 million, compared to$ 362.0 million in 2023[29] Profitability Metrics - Gross profit for the twelve months ended December 31, 2024, was $998.5 million, down 11.5% from$ 1,129.2 million in 2023, resulting in a gross profit margin of 34.5% compared to 38.3%[21] - Adjusted operating profit for the three months ended December 31, 2024, was $162.8 million, reflecting a 1.8% increase from$ 159.9 million in the same period of 2023[22] Restructuring and Working Capital - The company recorded a restructuring expense of $3.0 million for the three months ended December 31, 2024, related to optimizing its legal structure[23] - Working capital as of December 31, 2024, was$ 987.7 million, down from $1,264.6 million in 2023[31] Market Performance - The Biologics market unit experienced high-single digit organic net sales growth, driven by self-injection device platforms[4]