West Pharmaceutical Services (WST) FY2020 results: revenue $2.1 billion, up 16.7% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $2.1 billion for fiscal 2020, the year ended 31 December 2020, up 16.7% on the year before. Net income was $346 million, up 43.2%, and diluted earnings per share $4.57. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$2.1 billion
+16.7% on the year
FY2013FY2020
Operating margin
19.0%
16.1% a year earlier
FY2013FY2020
Net income
$346 million
+43.2% on the year
FY2013FY2020
Diluted EPS
$4.57
+42.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,147
1,840
1,717
+16.7%
Cost of revenue
1,379
1,234
1,172
+11.7%
Gross profit
768
606
545
+26.8%
Gross margin
35.8%
32.9%
31.8%
Research and development
46.9
38.9
40.3
+20.6%
Selling, general and administrative
302
273
263
+10.7%
Operating income
407
297
240
+37.2%
Operating margin
19.0%
16.1%
14.0%
Interest expense
8.2
8.5
8.4
-3.5%
Pre-tax income
401
292
241
+37.5%
Income tax
72.5
59.0
41.4
+22.9%
Effective tax rate
18.1%
20.2%
17.2%
Net income
346
242
207
+43.2%
Net margin
16.1%
13.1%
12.0%
Diluted EPS
$4.57
$3.21
$2.74
+42.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
472
367
289
+28.7%
Capital expenditure
174
126
105
+38.0%
Free cash flow
298
241
184
+23.8%
Free cash flow margin
13.9%
13.1%
10.7%
Cash from investing
-180
-228
-101
Cash from financing
-137
-36.8
-80.7
Depreciation and amortisation
109
103
104
+5.5%
Share-based compensation
34.0
24.4
15.1
+39.3%
Buybacks
116
83.1
70.8
+39.0%
Dividends paid
48.1
45.1
42.1
+6.7%
Dividend per share
$0.66
$0.62
$0.58
+6.5%
Diluted shares, weighted
76m
75m
75m
+0.5%
Shares outstanding at period end
74m
74m
74m
-0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,854
1,573
1,396
+17.9%
Debt
255
257
196
-0.8%
Operating lease liabilities
60.4
62.4
0.0
-3.2%
Other liabilities
624
448
386
+39.1%
Total liabilities and equity
2,794
2,341
1,979
+19.3%
Fixed assets
943
839
822
+12.4%
Goodwill
111
108
106
+3.1%
Intangible assets
30.5
29.8
20.3
+2.3%
Cash and equivalents
616
439
337
+40.2%
Receivables
385
319
288
+20.7%
Inventory
321
236
214
+36.3%
Other assets
387
370
191
+4.5%
Total assets
2,794
2,341
1,979
+19.3%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.