West Pharma (NYSE: WST) reported Q4 EPS of $1.34, $0.22 better than the analyst estimate of $1.12. Revenue for the quarter came in at $580.2 million versus the consensus estimate of $543.67 million.

Fourth-Quarter and Full-Year 2020 Summary (comparisons to prior-year period)

• Fourth-quarter 2020 net sales of $580.2 million grew 23.3%; organic sales growth was 19.8%. Full-year 2020 net sales of $2.147 billion grew 16.7%; organic sales growth was 16.3%.
• Fourth-quarter 2020 reported-diluted EPS of $1.29 increased 53.6%. Full-year 2020 reported-diluted EPS of $4.57 increased 42.4%.
• Fourth-quarter 2020 adjusted-diluted EPS of $1.34 increased 63.4%. Full-year 2020 adjusted-diluted EPS of $4.76 increased 46.9%.

"We had a successful 2020 with tremendous execution, dedication and resiliency of our team and, most importantly, the trust of our customers across the globe. I am proud that we finished the year with record full-year net sales, organic sales growth and operating profit margin. Fourth quarter results were robust, led by strong growth in our Biologics and Generics market units. In addition, we experienced an acceleration in COVID-19-associated sales of high-value product (HVP) components used for vaccines and therapeutics," said Eric M. Green, President and Chief Executive Officer.

Mr. Green concluded, "As we look ahead, we believe there is strong momentum in our base business and uptake of our HVP components and devices. We will continue to operate with excellence and a sense of urgency to maintain the supply of life-saving solutions that our customers, and ultimately patients, rely upon during these challenging times."

GUIDANCE:

West Pharma sees FY2021 EPS of $6.00-$6.15, versus the consensus of $5.12. West Pharma sees FY2021 revenue of $2.5-2.525 billion, versus the consensus of $2.35 billion.

Full-year 2021 net sales are expected to be in a range of $2.500 billion to $2.525 billion.

Organic sales growth is expected to be in a 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 reported-diluted EPS is expected to be in a range of $6.00 to $6.15.
• Full-year reported-diluted EPS guidance range includes an estimated benefit of approximately $0.23 based on current foreign currency exchange rates.
• This reported-diluted EPS guidance range assumes a full-year 2021 tax rate of 23%, which does not include potential tax benefits from stock-based compensation. As in prior years, we are not including potential 2021 tax benefits from stock-based compensation, as they are out of the Company's control. Any tax benefits associated with stock-based compensation that we receive in 2021 would provide a positive adjustment to our full-year EPS guidance.
• Full-year 2021 capital spending is expected to be in a range of $230 million to $240 million. This includes incremental capital spending to support capacity expansions at existing HVP facilities to produce components to be used with treatments and vaccines related to COVID-19.

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