West Pharmaceutical Services (WST) FY2023 results: revenue $2.9 billion, up 2.2% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $2.9 billion for fiscal 2023, the year ended 31 December 2023, up 2.2% on the year before. Net income was $593 million, up 1.3%, and diluted earnings per share $7.88. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$2.9 billion
+2.2% on the year
FY2016FY2023
Operating margin
22.9%
25.4% a year earlier
FY2016FY2023
Net income
$593 million
+1.3% on the year
FY2016FY2023
Diluted EPS
$7.88
+1.9% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
776
724
584
+7.3%
Capital expenditure
362
285
253
+27.2%
Free cash flow
414
439
331
-5.7%
Free cash flow margin
14.1%
15.2%
11.7%
Cash from investing
-369
-288
-253
Cash from financing
-460
-294
-168
Depreciation and amortisation
137
121
122
+13.8%
Share-based compensation
23.3
23.7
37.5
-1.7%
Buybacks
438
203
137
+116.1%
Dividends paid
57.0
54.1
51.1
+5.4%
Dividend per share
$0.78
$0.74
$0.70
+5.4%
Diluted shares, weighted
75m
76m
76m
-0.7%
Shares outstanding at period end
74m
74m
74m
-0.8%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,881
2,685
2,335
+7.3%
Debt
207
209
253
-1.0%
Operating lease liabilities
84.5
93.0
63.0
-9.1%
Other liabilities
657
630
662
+4.3%
Total liabilities and equity
3,830
3,617
3,314
+5.9%
Fixed assets
1,413
1,158
1,058
+22.0%
Goodwill
108
107
110
+1.1%
Intangible assets
15.1
18.4
23.0
-17.9%
Cash and equivalents
854
894
763
-4.5%
Receivables
512
507
489
+0.9%
Inventory
435
415
378
+4.8%
Other assets
492
516
493
-4.7%
Total assets
3,830
3,617
3,314
+5.9%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.