West Pharmaceutical Services (WST) FY2019 results: revenue $1.8 billion, up 7.1% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.8 billion for fiscal 2019, the year ended 31 December 2019, up 7.1% on the year before. Net income was $242 million, up 16.8%, and diluted earnings per share $3.21. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$1.8 billion
+7.1% on the year
FY2012FY2019
Operating margin
16.1%
14.0% a year earlier
FY2012FY2019
Net income
$242 million
+16.8% on the year
FY2012FY2019
Diluted EPS
$3.21
+17.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,840
1,717
1,599
+7.1%
Cost of revenue
1,234
1,172
1,086
+5.3%
Gross profit
606
545
513
+11.1%
Gross margin
32.9%
31.8%
32.1%
Research and development
38.9
40.3
39.1
-3.5%
Selling, general and administrative
273
263
246
+3.7%
Operating income
297
240
226
+23.4%
Operating margin
16.1%
14.0%
14.1%
Interest expense
8.5
8.4
7.8
+1.2%
Pre-tax income
292
241
222
+21.2%
Income tax
59.0
41.4
80.9
+42.5%
Effective tax rate
20.2%
17.2%
36.4%
Net income
242
207
151
+16.8%
Net margin
13.1%
12.0%
9.4%
Diluted EPS
$3.21
$2.74
$1.99
+17.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
367
289
263
+27.2%
Capital expenditure
126
105
131
+20.7%
Free cash flow
241
184
132
+30.9%
Free cash flow margin
13.1%
10.7%
8.3%
Cash from investing
-228
-101
-134
Cash from financing
-36.8
-80.7
-109
Depreciation and amortisation
103
104
96.7
-1.0%
Share-based compensation
24.4
15.1
16.1
+61.6%
Buybacks
83.1
70.8
74.4
+17.4%
Dividends paid
45.1
42.1
39.1
+7.1%
Dividend per share
$0.62
$0.58
$0.54
+6.9%
Diluted shares, weighted
75m
75m
76m
0.0%
Shares outstanding at period end
74m
74m
74m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,573
1,396
1,280
+12.7%
Debt
257
196
197
+31.2%
Operating lease liabilities
62.4
0.0
n/a
Other liabilities
448
386
386
+16.0%
Total liabilities and equity
2,341
1,979
1,863
+18.3%
Fixed assets
839
822
855
+2.1%
Goodwill
108
106
108
+1.9%
Intangible assets
29.8
20.3
21.7
+46.8%
Cash and equivalents
439
337
236
+30.1%
Receivables
319
288
253
+10.8%
Inventory
236
214
215
+9.9%
Other assets
370
191
174
+94.2%
Total assets
2,341
1,979
1,863
+18.3%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.