West Pharma (WST) Tops Q1 EPS by 62c, Revenues Beat; Offers FY21 EPS/Revenues Guidance Above Consensus

West Pharma (NYSE: WST) reported Q1 EPS of $2.05, $0.62 better than the analyst estimate of $1.43. Revenue for the quarter came in at $670.7 million versus the consensus estimate of $611.39 million.

First-Quarter 2021 Summary (comparisons to prior-year period)

• Net sales of $670.7 million grew 36.5%; organic sales growth was 31.1%.
• Reported-diluted EPS of $1.99 increased 101%.
• Adjusted-diluted EPS of $2.05 increased 103%.
• The Company is raising full-year 2021 net sales guidance to a new range of $2.630 billion to $2.655 billion, compared to a prior range of $2.500 billion to $2.525 billion. The Company is raising full-year 2021 adjusted-diluted EPS guidance to a new range of $6.95 to $7.10, compared to a prior range of $6.00 to $6.15.

"We delivered another solid performance in the first quarter with strong organic sales growth from both our base business as well as increased demand for our products associated with COVID-19 vaccines," said Eric M. Green, President and Chief Executive Officer. "I am proud of the relentless focus and consistent execution of our global team members to deliver critical components and solutions during these times. With a strong start to the year, we are raising our full-year financial guidance. West will continue to play an integral role with our customers as they develop and bring new medicines to the market for a brighter future."

GUIDANCE:

West Pharma sees FY2021 EPS of $6.95-$7.10, versus the consensus of $6.15. West Pharma sees FY2021 revenue of $2.63-2.655 billion, versus the consensus of $2.58 billion.

Full-Year 2021 Financial Guidance

• Full-year 2021 net sales are expected to be in a range of $2.630 billion to $2.655 billion, compared to a prior guidance range of $2.500 billion to $2.525 billion.
  • Organic sales growth is expected to be in a range of 19% to 20%, compared to a prior range of 13% to 14%.
  • Net sales guidance includes an estimated full-year 2021 benefit of $75 million based on current foreign exchange rates.
• Full-year 2021 adjusted-diluted EPS is expected to be in a range of $6.95 to $7.10, compared to a prior range of $6.00 to $6.15.
  • Full-year adjusted-diluted EPS guidance range includes an estimated benefit of approximately $0.23 based on current foreign currency exchange rates.
  • The revised guidance includes a $0.15 EPS positive impact from first-quarter tax benefits from stock-based compensation.
  • For the remainder of the year, our EPS guidance range assumes a tax rate of 23% and does not include potential tax benefits from stock-based compensation. Any tax benefits associated with stock-based compensation beyond those recorded in the first-quarter 2021 would provide a positive adjustment to our full-year EPS guidance.

For earnings history and earnings-related data on West Pharma (WST) click here.

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