West Pharmaceutical Services (WST) FY2021 results: revenue $2.8 billion, up 31.9% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $2.8 billion for fiscal 2021, the year ended 31 December 2021, up 31.9% on the year before. Net income was $662 million, up 91.2%, and diluted earnings per share $8.67. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.
Revenue
$2.8 billion
+31.9% on the year
FY2014FY2021
Operating margin
26.6%
19.0% a year earlier
FY2014FY2021
Net income
$662 million
+91.2% on the year
FY2014FY2021
Diluted EPS
$8.67
+89.7% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
584
472
367
+23.6%
Capital expenditure
253
174
126
+45.3%
Free cash flow
331
298
241
+10.9%
Free cash flow margin
11.7%
13.9%
13.1%
Cash from investing
-253
-180
-228
Cash from financing
-168
-137
-36.8
Depreciation and amortisation
122
109
103
+12.1%
Share-based compensation
37.5
34.0
24.4
+10.3%
Buybacks
137
116
83.1
+18.7%
Dividends paid
51.1
48.1
45.1
+6.2%
Dividend per share
$0.70
$0.66
$0.62
+6.1%
Diluted shares, weighted
76m
76m
75m
+0.7%
Shares outstanding at period end
74m
74m
74m
+0.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,335
1,854
1,573
+25.9%
Debt
253
255
257
-0.9%
Operating lease liabilities
63.0
60.4
62.4
+4.3%
Other liabilities
662
624
448
+6.2%
Total liabilities and equity
3,314
2,794
2,341
+18.6%
Fixed assets
1,058
943
839
+12.1%
Goodwill
110
111
108
-1.1%
Intangible assets
23.0
30.5
29.8
-24.6%
Cash and equivalents
763
616
439
+23.9%
Receivables
489
385
319
+26.9%
Inventory
378
321
236
+17.8%
Other assets
493
387
370
+27.5%
Total assets
3,314
2,794
2,341
+18.6%
10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.