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West Pharmaceutical Services (WST) FY2022 results: revenue $2.9 billion, up 2.0% on the year

West Pharmaceutical Services Inc. (WST) reported revenue of $2.9 billion for fiscal 2022, the year ended 31 December 2022, up 2.0% on the year before. Net income was $586 million, down 11.5%, and diluted earnings per share $7.73. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue
$2.9 billion
+2.0% on the year
FY2015FY2022
Operating margin
25.4%
26.6% a year earlier
FY2015FY2022
Net income
$586 million
-11.5% on the year
FY2015FY2022
Diluted EPS
$7.73
-10.8% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue2,8872,8322,147+2.0%
Cost of revenue1,7511,6561,379+5.7%
Gross profit1,1361,176768-3.4%
Gross margin39.4%41.5%35.8%
Research and development58.552.846.9+10.8%
Selling, general and administrative317363302-12.7%
Operating income734752407-2.4%
Operating margin25.4%26.6%19.0%
Interest expense7.98.28.2-3.7%
Pre-tax income680749401-9.2%
Income tax11510772.5+7.0%
Effective tax rate16.9%14.3%18.1%
Net income586662346-11.5%
Net margin20.3%23.4%16.1%
Diluted EPS$7.73$8.67$4.57-10.8%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow724584472+24.0%
Capital expenditure285253174+12.3%
Free cash flow439331298+32.9%
Free cash flow margin15.2%11.7%13.9%
Cash from investing-288-253-180
Cash from financing-294-168-137
Depreciation and amortisation121122109-1.4%
Share-based compensation23.737.534.0-36.8%
Buybacks203137116+47.9%
Dividends paid54.151.148.1+5.9%
Dividend per share$0.74$0.70$0.66+5.7%
Diluted shares, weighted76m76m76m-0.7%
Shares outstanding at period end74m74m74m-0.1%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity2,6852,3351,854+15.0%
Debt209253255-17.4%
Operating lease liabilities93.063.060.4+47.6%
Other liabilities630662624-4.9%
Total liabilities and equity3,6173,3142,794+9.1%
Fixed assets1,1581,058943+9.5%
Goodwill107110111-2.4%
Intangible assets18.423.030.5-20.0%
Cash and equivalents894763616+17.3%
Receivables507489385+3.8%
Inventory415378321+9.6%
Other assets516493387+4.6%
Total assets3,6173,3142,794+9.1%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.