NYSE$WST
West Pharmaceutical Services Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
West Pharma's Q3 2023 performance reflected solid organic net sales growth, driven by Proprietary Products and Contract Manufacturing, but was tempered by a slowdown in restocking trends.
West Pharmaceutical Services reported net sales of $747.4 million, an 8.8% increase, with organic net sales growth of 5.7%. Reported diluted EPS increased by 34.6% to $2.14, while adjusted diluted EPS rose by 6.4% to $2.16. The company updated its full-year net sales guidance to $2.950 billion to $2.960 billion and adjusted diluted EPS guidance to $7.95 to $8.00.
- Net sales increased by 8.8% to $747.4 million; organic net sales grew by 5.7%.
- Reported diluted EPS increased 34.6% to $2.14.
- Adjusted diluted EPS increased 6.4% to $2.16.
- Full-year net sales guidance updated to $2.950B - $2.960B; adjusted diluted EPS guidance updated to $7.95 - $8.00.
Headline financials
Revenue & EPS history
West Pharma · Revenue · Quarterly
$747M
Revenue by segment
West Pharma · $747M total across 2 segments · Q3 2023
- Proprietary Products$603M+6.3%80.6%
- Contract-Manufactured Products$145M+20.8%19.4%
Forward guidance
The Company is updating full-year 2023 net sales guidance to be a new range of $2.950 billion to $2.960 billion, compared to a prior range of $2.970 billion to $2.995 billion. Full-year 2023 adjusted-diluted EPS is expected to be in a range of $7.95 to $8.00, compared to prior guidance range of $7.65 to $7.80.
Tailwinds
- Full-year adjusted-diluted EPS guidance range includes a tailwind of approximately $0.07 based on current foreign currency exchange rates, compared to prior guidance of a tailwind of $0.05.
- The updated guidance also includes EPS of $0.41 associated with first nine-months 2023 tax benefits from stock-based compensation.
- Full-year 2023 capital spending guidance is unchanged and is expected to be $350 million.
- This includes incremental capital spending to support capacity expansions at existing HVP facilities.
Headwinds
- The Company is updating full-year 2023 net sales guidance to be a new range of $2.950 billion to $2.960 billion, compared to a prior range of $2.970 billion to $2.995 billion.
- Organic net sales growth guidance is a range of 2% to 3%, compared to prior guidance of a range of 3% to 4%.
- Net sales guidance assumes COVID-19 related sales of approximately $68 million, compared to prior guidance of $60 million.
- Net sales guidance includes an estimated full-year 2023 tailwind of $20 million based on current foreign currency exchange rates, unchanged from prior guidance.
- Net sales guidance also includes a reduction of $8 million resulting from a divestiture of a European facility that produced standard Proprietary Product components, unchanged from prior guidance.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.0%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.9%
Avg return
30 days after
51%
35 / 69 earnings
Positive
+14.9%
Q1 2020
Best reaction
-38.2%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.3% | +6.5% | +15.4% | |
| Q4 2025 | -1.0% | -1.2% | -4.3% | |
| Q3 2025 | +11.1% | +2.3% | -2.1% | |
| Q2 2025 | -0.0% | +0.3% | +3.0% | |
| Q1 2025 | -3.5% | -2.2% | -5.8% | |
| Q4 2024 | -38.2% | -34.5% | -28.6% | |
| Q3 2024 | +7.5% | +11.2% | +10.5% | |
| Q2 2024 | -12.0% | -7.5% | -6.5% | |
| Q1 2024 | -6.6% | -7.3% | -14.0% | |
| Q4 2023 | -11.3% | -14.2% | -5.0% | |
| Q3 2023 | -10.4% | -11.1% | -1.3% | |
| Q2 2023 | -3.7% | -2.0% | +3.8% | |
| Q1 2023 | +1.1% | +3.5% | -3.8% | |
| Q4 2022 | +12.4% | +9.9% | +18.1% | |
| Q3 2022 | -11.4% | -9.8% | -10.9% | |
| Q2 2022 | +7.2% | +5.8% | -5.2% | |
| Q1 2022 | -5.2% | -7.8% | -3.4% | |
| Q4 2021 | -2.6% | -2.7% | +9.3% | |
| Q3 2021 | +2.0% | +4.0% | +4.2% | |
| Q2 2021 | +7.2% | +9.9% | +16.4% | |
| Q1 2021 | +2.0% | +2.2% | +7.8% | |
| Q4 2020 | -4.2% | -6.7% | -5.7% | |
| Q3 2020 | -0.9% | +0.6% | +0.1% | |
| Q2 2020 | +2.9% | +3.5% | +6.3% | |
| Q1 2020 | +14.9% | +13.5% | +24.3% | |
| Q4 2019 | +7.6% | +6.8% | -9.9% | |
| Q3 2019 | +1.2% | +3.1% | +5.2% | |
| Q2 2019 | +12.0% | +12.4% | +17.2% | |
| Q1 2019 | +7.4% | +7.4% | +0.9% | |
| Q4 2018 | -3.7% | -4.0% | -2.0% | |
| Q3 2018 | -9.6% | -6.4% | -5.5% | |
| Q2 2018 | +10.0% | +10.0% | +17.2% | |
| Q1 2018 | +1.0% | -0.3% | +4.0% | |
| Q4 2017 | -8.0% | -5.7% | -4.3% | |
| Q3 2017 | +10.4% | +10.6% | +6.3% | |
| Q2 2017 | -3.4% | -5.3% | -7.8% | |
| Q1 2017 | +9.6% | +12.2% | +15.5% | |
| Q4 2016 | -4.4% | -4.0% | -4.9% | |
| Q3 2016 | +3.9% | +5.2% | +16.3% | |
| Q2 2016 | +2.4% | +3.0% | +4.0% | |
| Q1 2016 | -1.2% | — | — | |
| Q4 2015 | +4.1% | — | — | |
| Q3 2015 | +0.1% | — | — | |
| Q2 2015 | -1.2% | — | — | |
| Q1 2015 | -3.1% | — | — | |
| Q4 2014 | +2.7% | — | — | |
| Q3 2014 | +8.3% | — | — | |
| Q2 2014 | -0.1% | — | — | |
| Q1 2014 | +0.5% | — | — | |
| Q4 2013 | +0.8% | — | — | |
| Q3 2013 | +0.6% | — | — | |
| Q2 2013 | +3.4% | — | — | |
| Q1 2013 | +1.2% | — | — | |
| Q4 2012 | +3.3% | — | — | |
| Q3 2012 | -2.3% | — | — | |
| Q2 2012 | +2.6% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2011 | -2.1% | — | — | |
| Q3 2011 | +2.2% | — | — | |
| Q2 2011 | +2.1% | — | — | |
| Q1 2010 | -0.6% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q4 2008 | -1.9% | — | — | |
| Q4 2010 | -1.9% | — | — | |
| Q3 2010 | -0.7% | — | — | |
| Q3 2009 | -0.7% | — | — | |
| Q2 2009 | -2.4% | — | — | |
| Q4 2009 | -2.4% | — | — | |
| Q2 2010 | -2.4% | — | — |
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