WEST PHARMACEUTICAL SERVICES INC
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
WST$412.55-0.1%Stored close · as of Nov 10, 2026
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Net sales | $2,893.2 | $2,949.8 | $2,886.9 |
| Cost of goods and services sold | 1,894.7 | 1,820.6 | 1,750.7 |
| Gross profit | 998.5 | 1,129.2 | 1,136.2 |
| Research and development | 69.1 | 68.4 | 58.5 |
| Selling, general and administrative expenses | 338.5 | 353.4 | 316.9 |
| Other expense (income) (Note 16) | 21.0 | 31.4 | 26.8 |
| Operating profit | 569.9 | 676.0 | 734.0 |
| Interest expense | 3.0 | 9.0 | 7.9 |
| Interest income | (19.6) | (28.0) | (5.1) |
| Other nonoperating expense (income) | 1.0 | (3.0) | 51.3 |
| Income before income taxes and equity in net income of affiliated companies | 585.5 | 698.0 | 679.9 |
| Income tax expense | 107.5 | 122.3 | 114.7 |
| Equity in net income of affiliated companies | (14.7) | (17.7) | (20.7) |
| Net income | $492.7 | $593.4 | $585.9 |
| Net income per share: | |||
| Basic | $6.75 | $7.98 | $7.87 |
| Diluted | $6.69 | $7.88 | $7.73 |
| Weighted average shares outstanding: | |||
| Basic | 73.0 | 74.3 | 74.4 |
| Diluted | 73.7 | 75.3 | 75.8 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Net income | $492.7 | $593.4 | $585.9 |
| Other comprehensive (loss) income, net of tax: | |||
| Foreign currency translation adjustments, net of tax of $3.6, $1.0, and $2.2 | (112.3) | 39.4 | (47.3) |
| Defined benefit pension and other postretirement plans: | |||
| Net actuarial gain (loss) arising during period, net of tax of $0.3, $0.4, and $(2.4) | 1.1 | 0.8 | (9.3) |
| Settlement effects arising during period, net of tax of $0.0, $0.0, and $20.3 | — | 0.1 | 31.9 |
| Less: amortization of actuarial (gain) loss, net of tax of $(0.2), $(0.4), and $(0.1) | (0.8) | (1.3) | (0.5) |
| Less: amortization of other, net of tax of $0.0, $(0.1), and $0.1 | — | (0.3) | 0.3 |
| Net gain (loss) on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, and $0.0 | 0.2 | 0.7 | 0.1 |
| Net (loss) gain on derivatives, net of tax of $(0.9), $0.0, and $0.2 | (2.5) | (0.2) | 1.4 |
| Other comprehensive (loss) income, net of tax | (114.3) | 39.2 | (23.4) |
| Comprehensive income | $378.4 | $632.6 | $562.5 |
CONSOLIDATED BALANCE SHEETS
West Pharmaceutical Services, Inc. and Subsidiaries at December 31, 2024 and 2023
| (in millions, except per share data) | 2024 | 2023 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $484.6 | $853.9 |
| Accounts receivable, net | 552.5 | 512.0 |
| Inventories | 377.0 | 434.7 |
| Other current assets | 124.0 | 135.8 |
| Total current assets | 1,538.1 | 1,936.4 |
| Property, plant and equipment | 2,985.8 | 2,738.0 |
| Less: accumulated depreciation and amortization | 1,404.2 | 1,324.7 |
| Property, plant and equipment, net | 1,581.6 | 1,413.3 |
| Operating lease right-of-use assets | 104.5 | 99.2 |
| Investments in affiliated companies | 202.1 | 210.0 |
| Goodwill | 106.0 | 108.5 |
| Intangible assets, net | 10.8 | 15.1 |
| Deferred income taxes | 26.0 | 25.7 |
| Other noncurrent assets | 74.3 | 21.3 |
| Total Assets | $3,643.4 | $3,829.5 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Notes payable and other current debt | $— | $134.0 |
| Accounts payable | 239.3 | 242.4 |
| Accrued salaries, wages and benefits | 73.5 | 105.9 |
| Income taxes payable | 31.5 | 16.6 |
| Operating lease liabilities | 17.9 | 17.7 |
| Other current liabilities | 188.2 | 155.2 |
| Total current liabilities | 550.4 | 671.8 |
| Long-term debt | 202.6 | 72.8 |
| Deferred income taxes | 20.5 | 12.7 |
| Pension and other postretirement benefits | 28.2 | 29.6 |
| Operating lease liabilities | 81.8 | 84.5 |
| Deferred compensation benefits | 15.4 | 18.6 |
| Other long-term liabilities | 62.2 | 58.5 |
| Total Liabilities | 961.1 | 948.5 |
| Commitments and contingencies (Note 18) | ||
| Equity: | ||
| Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 2024 and 2023 | — | — |
| Common stock, par value $0.25 per share; 200 million shares authorized; shares issued: 75.3 million in 2024 and 2023; shares outstanding: 72.3 million and 73.5 million in 2024 and 2023 | 18.8 | 18.8 |
| Capital in excess of par value | 22.1 | 120.2 |
| Retained earnings | 3,956.6 | 3,523.4 |
| Accumulated other comprehensive loss | (258.1) | (143.8) |
| Treasury stock, at cost (3.0 million and 1.8 million shares in 2024 and 2023) | (1,057.1) | (637.6) |
| Total Equity | 2,682.3 | 2,881.0 |
| Total Liabilities and Equity | $3,643.4 | $3,829.5 |
CONSOLIDATED STATEMENTS OF EQUITY
| Common shares issued | Common stock | Capital in excess of par value | Number of treasury shares | Treasury stock | Retained earnings | Accumulated other comprehensive loss | Total | |
|---|---|---|---|---|---|---|---|---|
| Balance, December 31, 2021 | 75.3 | $18.8 | $249.0 | 1.1 | $(229.5) | $2,456.7 | $(159.6) | $2,335.4 |
| Net Income | — | — | — | — | — | 585.9 | — | 585.9 |
| Activity related to stock-based compensation | — | — | (16.8) | (0.5) | 61.4 | — | — | 44.6 |
| Shares purchased under share repurchase program | — | — | — | 0.6 | (202.8) | — | — | (202.8) |
| Dividends declared ($0.74 per share) | — | — | — | — | — | (54.8) | — | (54.8) |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (23.4) | (23.4) |
| Balance, December 31, 2022 | 75.3 | 18.8 | 232.2 | 1.2 | (370.9) | 2,987.8 | (183.0) | 2,684.9 |
| Net income | — | — | — | — | — | 593.4 | — | 593.4 |
| Activity related to stock-based compensation | — | — | (112.0) | (0.7) | 171.6 | — | — | 59.6 |
| Shares purchased under share repurchase program | — | — | — | 1.3 | (438.3) | — | — | (438.3) |
| Dividends declared ($0.78 per share) | — | — | — | — | — | (57.8) | — | (57.8) |
| Other comprehensive income, net of tax | — | — | — | — | — | — | 39.2 | 39.2 |
| Balance, December 31, 2023 | 75.3 | 18.8 | 120.2 | 1.8 | (637.6) | 3,523.4 | (143.8) | 2,881.0 |
| Net income | — | — | — | — | — | 492.7 | — | 492.7 |
| Activity related to stock-based compensation | — | — | (98.1) | (0.4) | 141.4 | — | — | 43.3 |
| Shares purchased under share repurchase program | — | — | — | 1.6 | (560.9) | — | — | (560.9) |
| Dividends declared ($0.82 per share) | — | — | — | — | — | (59.5) | — | (59.5) |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (114.3) | (114.3) |
| Balance, December 31, 2024 | 75.3 | $18.8 | $22.1 | 3.0 | $(1,057.1) | $3,956.6 | $(258.1) | $2,682.3 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $492.7 | $593.4 | $585.9 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 151.8 | 133.7 | 116.9 |
| Amortization | 3.6 | 3.6 | 3.7 |
| Stock-based compensation | 18.7 | 23.3 | 23.7 |
| Non-cash restructuring charges | — | — | 15.3 |
| Pension settlement charges | — | 0.1 | 52.2 |
| Loss on disposal of plant | — | 11.6 | — |
| Asset impairments | 7.3 | 9.6 | 6.2 |
| Deferred income taxes | (3.5) | 37.5 | (30.8) |
| Pension and other retirement plans, net | (2.0) | (2.6) | (14.0) |
| Equity in undistributed earnings of affiliates, net of dividends | (13.4) | (14.3) | (18.1) |
| Other, net | (4.7) | 1.0 | (2.0) |
| Changes in assets and liabilities: | |||
| (Increase) decrease in accounts receivable | (58.8) | 4.0 | (35.6) |
| Decrease (increase) in inventories | 42.0 | (13.5) | (49.8) |
| (Increase) decrease in other current assets | (5.8) | (21.3) | 18.5 |
| Increase (decrease) in accounts payable | 2.9 | 4.4 | (2.8) |
| Changes in other assets and liabilities | 22.6 | 6.0 | 54.7 |
| Net cash provided by operating activities | 653.4 | 776.5 | 724.0 |
| Cash flows from investing activities: | |||
| Capital expenditures | (377.0) | (362.0) | (284.6) |
| Other, net | (1.7) | (6.7) | (3.6) |
| Net cash used in investing activities | (378.7) | (368.7) | (288.2) |
| Cash flows from financing activities: | |||
| Borrowings of long-term debt | 164.7 | — | — |
| Repayments of long-term debt | (169.0) | (2.3) | (44.3) |
| Debt issuance cost | — | — | (1.2) |
| Principal repayments on finance leases | (23.3) | (0.1) | — |
| Dividend payments | (59.1) | (57.0) | (54.1) |
| Excise tax payments | (2.0) | — | — |
| Proceeds from stock-based compensation awards | 25.5 | 43.9 | 20.9 |
| Employee stock purchase plan contributions | 7.2 | 7.1 | 7.3 |
| Shares purchased under share repurchase programs | (560.9) | (438.3) | (202.8) |
| Shares repurchased for employee tax withholdings | (5.7) | (12.9) | (19.4) |
| Net cash used in financing activities | (622.6) | (459.6) | (293.6) |
| Effect of exchange rates on cash | (21.4) | 11.4 | (10.5) |
| Net (decrease) increase in cash and cash equivalents | (369.3) | (40.4) | 131.7 |
| Cash, including cash equivalents at beginning of period | 853.9 | 894.3 | 762.6 |
| Cash, including cash equivalents at end of period | $484.6 | $853.9 | $894.3 |
| Supplemental cash flow information: | |||
| Interest paid, net of amounts capitalized | $0.5 | $6.0 | $6.6 |
| Income taxes paid, net | $71.4 | $90.8 | $109.7 |
| Accrued capital expenditures | $53.0 | $53.3 | $33.2 |
| Dividends declared, not paid | $15.2 | $14.8 | $14.1 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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