WST - Earnings call transcript Q4 2019 | West Pharmaceutical Services, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 West Pharmaceutical Services Earnings Conference call. Please be advised that today’s conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today Quintin Lai, Vice President of Investor Relations. Thank you. sir. ahead, go Please

Quintin Lai

posted Good year welcome issued XXXX morning at has results Gigi. the Section quarter website company’s our West and this located been release the full conference and the morning you, Investors to on and www.westpharma.com. fourth financial in Thank call. We

presentation for CFO, is This on present and of our and will accompanies the year our There Bernard that outlook XXXX. full CEO, slide and website. our available morning, of Green, results, call review a business presentation our Birkett, that Section Eric on a provide update today’s financial an Investors the copy is

the statements forward-looking control On future beyond as Law. disclosures and management XX-Q, Slide any past including those call and in implied company materially as Please forecasts. release the to other accompanying by XX-K, assumptions, expressed the based regarding well and which statements Harbor statements. is forward-looking of company The to is and company’s Safe the or are today’s influenced beliefs well the the from any could results refer press as many on differ made made as the of risk our here. statement Federal U.S. are Statements actual within results made These on meaning and subject, Securities this current the reports. by X-K our factors in estimates, by the contain results expectations, X presentation

adjusted GAAP Reconciliations limitations results including financial also reference in During the release. in adjusted comparable organic non-GAAP margin, morning’s operating earnings today’s provided to measures adjusted measures diluted conformity and prepared most sales profit, non-GAAP call, growth, EPS. the to this financial the to financial are and operating of make management will profit

to over and the Eric CEO now turn President, Green. call West’s I’ll

Eric Green

demonstrated Overall, entering XXXX Quintin, to joining momentum, we with that today. we’re you, strong XXXX, execution the solutions team value the pleased containment as is market our The had strategy. business. solid finish medicines. a what our XXXX to commitment leader and the for everyone. products you of thanks us differentiates performance to our injectable good durability Thank superior and our to global and to conditions West and and delivery morning favorable and customers. high-quality Market-Led Thank I’m One is of report good focus Through West delivering of of our for

resulted quarter expand the and results global from in growth high-value strong year. product year generated operating fourth through XX% and initiatives. and organic largely full in flow. margins our full ended We and quarter EPS sales operations the for we growth sales year We This great adjusted with in the growth growth XXXX, operating the cash year-over-year in for and strong double-digit XX% growth profit fourth

positive on enter we the XXXX, As building in generated momentum we XXXX. we’re

We that of sales which organic are our X%, usual of to full introducing year is growth assumes the X% XXXX end at financial range. X% upper X% guidance to

XXXX stock-based benefits earnings guidance go detail shortly. Bernard will greater double-digit also We’re our adjusted forecasting into tax on from growth, for compensation.

units digits XXXX. sales XX% than Slide up summary Proprietary X year. quarter. by Product market performance sales grew of detailed all sales the shows Product a throughout make more products, High-value momentum in the grew of which organically had in the XX.X% double solid across Proprietary and

Starting delivered performance unit This the of with market the strong market Let’s the take a quarter. biologics. growth. double-digit units for look at

and led market our in on experience we Daikyo, growth solid Westar West for product from platforms. Our continue preferred the participation a emerging continue note with offerings. XXXX. as high our approvals products the fourth very unit is and come quarter, components high-value choice biologic biologic the to new partner, biopharma This with in and finished large customers self-injection double-digit reinforced sales to year all The biosimilar rate from biotech delivery generics to the of to by by

have we with discussed by our looking our biologic self-injection molecule to platforms generic differentiate small past only calls, their but As customers adopted delivery devices. in customers also are by not being drugs

double-digit of pharma voluntary Our was impact the high-value in growth the driver due Manufacturing growth market recall the with of growth to our fourth fourth VialXBag previously single-digit organic quarter, the by high injection unit sales favorable led diagnostic year again a saw year-over-year devices. comparison and sales product for strong quarter, product. sales combined a from ended reported And health Contract the care-related once with

positions in satisfy company an several dosages exciting as cartridge developed launches of products need SmartDose in unmet our biologic in We sensitive such growth, XX NovaPure have continued product X increase the ml dosages with self-injection Gen. market mind, patient with we X, with for Slide delivery ml. that up larger injector that II platform expanded On components subcu the than high-viscosity at to being a experience X drugs mls. enabling

launched which a elastomer an reliability Select, Westar ready-to-use components quality, times. high products Select while with We particulate generic of and our for customers also formulation, And provides performance advanced line customers. delivery enhances introduced we AccelTRA quality risk and levels, low featuring with mitigating market-leading that

inherent system. do is efficiency X. success and growth has system our operations to We our Operating One XXXX, Turning that and West with future. so will Slide West and strategy outlined the the in management in our One global enabled for and excellence foreseeable

operations focused service, improvements Our the quality gains. at team is team while excellent on time, related driving The global year. same to efficiency another continuous safety, and had

early our XXXX the past sites. footprint manufacturing restructuring year, program XX to Over completed reduced announced the we global was that and in

set making additional stage in The this productivity, phase systems. advanced by informed improvements the available capital the have more next meant we of system manufacturing to new have has choices we the gained automation business. through operating in and and have investments for cash efficiencies global reinvest improving are employing We

a acquisition growth, especially of Highlighted our Korean market The completed and forward. investments will drug we on manufacturing. presence Slide direct strong X biologic a going XXXX drive distributor seeing that are in creates for West in growth

share know We XX% also science, two expertise customers Daikyo to stake that our and Japan. the a prove increased together. and we continues Seiko, of to than minority in companies valuable a we serve quality patients XX more unique, technical that After committed partnership, to to years

enhanced capabilities. including digital XXXX, of for analytics many transformation in our as supporting serves the The capabilities excellence and of and we in DTC addition, our opening supporting marketing, center digital with Technology the global of In of digital and automation data team, Digital our business, digital areas manufacturing India. future Center our global a

the a our six efforts West, accolades At In we West, our pillars corporate received for across committed strides areas several and has work at XXXX. communities which to members made in nurturing live responsibility along we are and in Driving with business in been inclusion diversity as of Slide both a supporting X. our practices team the sustainable both We philanthropy great and long-standing through imperative culture of practices. business shown XXXX, program. on sustainable

it to who over detail guidance Now, more performance, Bernard CFO, provide on XXXX outlook. financial I’ll will Birkett, and our our Bernard? long-term turn our

Bernard Birkett

morning, Thank everybody. you, Eric, and good

take the And in QX as We’ll as we sheet through finally, saw growth Let’s profits, by review revenue EPS some year-end will takeaways. all first in we’ll XXXX. performance market guidance four sales where review strong margin I XXXX look and well in revenues saw growth for you led units. balance the and more the we strong at numbers detail. quarter

QX. up, First

XX Our and X, reconciliation growth GAAP Slides sales financial to described results net of inorganic basis non-U.S. organic XX. of on measures representing are summarized in XX.X% of recorded of growth. Slide the million, sales XX are We and $XXX.X points

market Product double-digit three also organic and We manufacturing. single-digit organic in saw contract sales in Proprietary growth units growth sales high our

For inorganic XX% growth. XX the representing organic billion, points of recorded we $X.XX full of net year, growth basis sales of and sales

profit to XXX in million $XXX.X expansion the point margin XX% year, $XX gross recorded and period QX last year. continue profit, our improvement We see of above was XX.X% last from gross of in basis million same We or profit. gross

basis previous compared adjusted million improvement to same expansion from $XX.X Gross profit year was We last the the $XX.X increase. with million XXX full recorded in XX.X% a year. year margin point for X% the quarter saw this for a profit operating in period of

from of a year. point adjusted XX.X% operating last reduction period same profit margin Our was the basis XX

increase our of profit XXXX were bonuses, recall. from have for low adjusted seen primarily on VialXBag result profit QX XXX we XXX by XX.X% call, margin year due release operating the basis the of as for expenses expand a Adjusted margin mentioned XXXX. to As operating approximately SG&A points would points. Adjusting the QX was for this, basis of

grew adjusted for year. XX% the for the XX% approximately EPS diluted and quarter Finally,

EPS for approximately stock by for Excluding XX% grew full benefit, the and quarter the tax year. XX%

the driving both in and So growth profit? what’s revenue

percentage percentage XX.X rates changes in growth and contributed show exchange or percentage price million $X.X contribution of reduced Volume currency On or or by of Sales points foreign $XX.X Slide sales we million mix growth the points of and XX, million X.X points. a sales the reduction X.X increases contributed $X.X quarter. growth. to in

were performance. XX profit the and XXXX. the XXX XXX XXXX. margin mix gross key XX.X% Proprietary gross Proprietary points fourth in QX in price sales increases, was from products fourth continued margin above gross above improvement production in for basis full achieved at QX Products’ margin overhead efficiencies favorable profit profit Products’ the the was up Looking for quarter of by achieved XX% of offset drivers XXXX, in costs. Slide of XX.X% our XX.X% consolidated Products’ the margin XXXX. shows The profit margin gross increased sold, of quarter a partially margin basis quarter for fourth Proprietary year of points

margins sales Our quarter flat Manufacturing high-value year Product margin Manufacturing organic and sequential we sales gross Contract however, profit show of QX quarter-over-quarter to double-digit was Contract XX.X% of the quarter, prior saw products Proprietary generated compared represented XX% improvement. growth. fourth

Now, and we the listed year XX, the Operating for XX% $XXX.X XXXX, to the some year more review metrics. Slide and we’ve our increase. cash an full of cash sheet a flow balance $XX.X terms at done business. in million full XXXX how cash generating let’s flow of million increase compared of have On key look for

was with year higher capital in XXXX Our than spending but line $XX.X $XXX.X guidance. a million million, ago

equivalents. Working XX, XXXX, XXXX, million $XXX.X December million and XX, at to cash of due was higher primarily December $XXX.X increase at our capital an cash in than

million Our at our cash improved XXXX $XXX.X than $XXX.X million was of balance, results. due operating primarily to DecemberXX December balance more

summary. a XX Slide guidance. high-level to provides Turning

in $XX full billion foreign our year current sales million net including an $X.XX of estimated guidance headwind XXXX based and $X.XX be to billion, range exchange expect rates. a We between on of

sales X% organic of growth be range expect in We a to to X%.

our in range full $XXX XXXX of and expenditures to a $X.XX million diluted range reported the million. will be EPS year to capital of expect in $X.XX, $XXX be guidance We to

$X.XX approximately to currency based on elements to EPS FX you your want includes bring tax has stock-based it also There impact key I Estimated attention benefits our it from as guidance. and are – of foreign headwind rates, current also future some exchange compensation. an review excludes

for line free growth the gross XXXX the flow. improvement; operating Manufacturing; top operating Proprietary summarize in profit both diluted adjusted and takeaways EPS growth Contract growth year in and To growth and strong key margin; in profit year, full margin in cash

Our expansion. line for sales our sales construct and projections organic performance margin and growth and are continued with in EPS XXXX of operating EPS long-term and

turn Eric. back to the like now I’d to over call

Eric Green

you, Thank Bernard.

execution well year positioned for Our XXXX in has us ahead. the

progress making significant on many We’re fronts.

is unique delivering our to customers. Market-Led strategy value Our propositions

growth. and team our future we’re and with automation operations in Our technology, digital partnerships in across improvements quality, and reinvesting efficiencies delivering and strategic business global fuel operations our is our to service

each take is our products improving daily mission to continuously on by capabilities. granted. to improve which every not why across realize of millions dedicated so that We our day. patients used Our a basis, us propels globe for are lives We we’re patient this the and do

medicines As we integral to drugs being bringing we our that future in know new to that will look by part play those the market. customers, are West the and launched an

in committed strategy. We the growth are

We’re the to of ahead us, look opportunities and forward a excited we XXXX. successful about

ready Gigi, questions. you. take Thank we’re to

Operator

Montgomery. our first [Operator of from comes Janney from Knight Instructions] question Paul And the line

now open. Your line is

Paul Knight

Waterford, then program it guess, was first Is you of that talk Sigma expansions I kind your think are should question traction? thought you is to, where CapEx the you on space be, your year, capacity full Could – cetera? in you’ve about what guys. what then, of talk year, you Six And And et you quarter. you that it it? you are Hi, really Was – where more was are it with do on where Congratulations program you first first question going. year implemented? targeting? with your really Eric, the where last gaining in mind? Could Or the the your

Eric Green

Okay.

we’re travel think have our in globe. across the a energy the First I’ve the number One Absolutely, Lean Paul. launched know, to sites, continuously as implementations West globe improvement across have system. the capabilities early and all, to thank stage focus, you, I on of you of the lean momentum, the had of impressed the this chance and the

traction So, annual expect I’d some forward in an benefit stages, in excellent future are a go for not that we as position this this but as we better is and us I say see about we’ll impact, we much going we’re a seeing forward. early And investments that West. is just just puts but think onetime

amount in insert expansions, existing looking more investing strings platforms. capacity give To we’re what growth we’re expansion Zenith we’re what pre-filled an and Scottsdale. In on regards additional current towards at Crystal out to capacity of needle, is in example, you what investing capacity over of

in of customers. committed investing and SmartDose in on current expansions that devices SelfDose self-injection by based also we demand further have We’re the

type like to continue go But – and into other products in technology, around more manufacturing. about less modular more buildings. Kinston, high-value the it’s these land of automation these and It’s globe. cell investments Waterford, locations our will So, than

Paul Knight

much. very Thank you

Eric Green

Paul. Thank you,

Operator

Thank you.

the comes line from Windley question from next David Our of Jefferies.

open. now is line Your

David Windley

is year. Hi, this different. you one at spending and a taking bit those for questions, little Come a my Appreciate really thanks. to Congratulations strong CapEx Paul. of on follow-up

in the maybe Bernard up the a little dramatically, has expected XXXX, talked time come we in point hit than really down a from CapEx lower You’ve budget joined, pretty XXXX. bit

driving in of million you – those dollars not Can – going, maybe of talk $XX only as those X% your target the is but that about million $XX dollars? additional I it what’s context up or XXXX. the just goes another think you what where means reincrease are answered,

Bernard Birkett

focused we Hi, XXXX line much in between which is the going pretty opportunities, in with budget is opportunities at front to more revenues good morning, on the half pretty than that are It’s spoken to just tie back have were us, Dave. when the Eric be of CapEx – that XXXX, close. percentage of pretty look of much the growth to spend ones And about.

by interest. driven customer customer and land it’s So,

million And to we’re spend looking $XX million IT, maintenance million about we to So, typically between million. on on at $XX CapEx. $XX $XX

balance on expanding the on you So, equipment. really on opportunities. primarily growth And again, it’s introducing is spend capacity, all an through

David Windley

– you rolling the efficiency through see kind of I then of a related you business the key part other And sites. do for in just to could that I is that of what some digital benefit, like definition. that. it. wondered manufacturing then And you of Got kind trip, that that, and for kind talk as saw We, rollout, a for think Kinston margin power if automation be the would automated become has kind your out what base of what that? of about as timeframe case some

Eric Green

pilot it implemented, We Kinston. David. as No, you had in Yes. a the we customers. year, automated the validated as and work Last know, cell with

looking in three in We’re and more the certain Ireland, allow capability, to also locations expanding that we’re products have in customers additional certain to and – XXXX, us globe. and at we’re to Singapore across reach Germany actually

the in we’re actually India, we we’ve the of by we’ve XXXX, be important the expanding So, it really go forward. to success that effective that we is efficient capturing as initial also built encouraged and data aspect as much that start team making go had the able quite with in forward. actually that and digital more What’s we’ll they’re and

the – little a to Bernie, this? So you bit on talk want about

Bernard Birkett

Yes.

a number to doing the years, that the of driving we points phased construct for multiyear will continue obviously, lines, is, of be and will over and support on product rolled that further is of next automation process, long-term develop we create So it’s efficiencies the to it of out basis. some a Dave, And objective more XXX that year-over-year. improvement and and have basis developed have we our

facilitate up to it’s also also with drive demand And we’re seeing higher to our customers quality. so to and from that that the keep and

process. brings benefits. And us is a multiyear a again, So, automation it though, number of

David Windley

quantify comp on ask you what it. way not it. kind the But Last it’s guidance? question did I you’re to quantify you’re – could could EPS it. XXXX to from in maybe that would be the quick you missed the that Got But stock to of equivalent and from benefit you including in not the benefit – XXXX comp right – stock

Bernard Birkett

the it about For $X.XX was in XXXX. year,

David Windley

you. Thank great. Okay,

Bernard Birkett

Dave. you, Thank

Operator

Thank you.

Securities. Larry from comes of question line CJS next Our Solow from the

Your line is open. now

Larry Solow

Great.

real it quarter? $X.XX a follow-up. benefit, was Just quick the for comp the the The year in stock what

Eric Green

$X.XX. Yes,

Larry Solow

great. okay, $X.XX,

Eric Green

Yes.

Larry Solow

great. Okay,

So just step taking a back.

the quarter, great obviously, – outlook. really So great

question, bit that the for quarter. the how single And side on on digits A double-digit growth of see you the you Proprietary that And a and little looking update segment. what that’s the little stages? on give generic the surprised in full still high year us Is that early have Just driving is second you part Do the that? continuing? and of the sort can in AccelTRA progressing?

Eric Green

Yes.

Larry, for you So, thank that.

drivers of is we We think what a customers led very single-digit around We the are always from talk long seeing a space. out, is, – strong work key seeing we’re high-value as do And we the standard couple we to we’re product, – areas. the in by generic transition, about portfolio. you mid- growth the believe to generic which being term, in One pointed couple AccelTRA high-value product space. is and have high moving

are self-injection, start SmartDose area SelfDose. in an we’re platform. around about the And uptick second and the you seeing and thinking demand The when particularly,

that see that we pretty see we demand confident growth. as now to we’re continue – forward, uptake that an there’s we’ll right So go we

also of of with that we which also, is penetration. large for pleased not XXXX, full the but customers the encouraging, with mid- saw growth, we’re increasing to very I’m just year generic So small clients, But the generics. the the success

Larry Solow

lot you pretty And had just little about underway. momentum you outlook maybe approvals. Could mentioned obviously, I update quarter, how and to – some trials, into Great. five guess, accelerating a you SmartDose, spoke think of lot us good CZ, going a getting more a XXXX? through CZ Last give you QX date I in on is

Eric Green

That’s manufacturing limits because we’re pushing we demand capacity. in on expansion investing the as one actually our is of Yes. areas speak

products that and currently just and are we our number expanding So, capacity approved not in what’s also in of facilities, just but encouraged pipeline. process the with products just of have very in been the launched, of not we’re that

it – goes So, few especially talked configuration go one two comfortable, when looking – they’re wave back that the about, with to commercialize, been does ago. a We or term. of market a new it get Zenith coming true the there’s where the real unfortunately, for back of Crystal once and years clients the sensitivity biologics long you interest is you to

Larry Solow

I Okay, for XXX the think, expansion. on great. the just the Obviously, you And then little year, had, more than XXX bps you a margin on side. mentioned growth

look we Do bps sort margin any that still XXXX, operating out in you’re the assume overall plus XXX it expansion. and the see favoring that? you As color of more or expense than see I line restructuring, you with profit do on targeting line gross

Eric Green

Yes.

then improvements lot efficiencies. products. mix is we of again, and and – with just driven And So, by a it that’s supported high-value

OpEx. then So, the line we leveraging at from the gross coming probably the growth of to would and look margin coming XX% XX% balance on

Larry Solow

the was have year SG&A years color Okay. – of – past, the not a little just of you year a you little loaded. back-end more give then cadence on prior is for Can the maybe And bit sort bit has more It been any a us flat. in that? little

Eric Green

Yes.

we consistent to it you that managing there it they SG&A if on pretty see attempt we are quarter-over-quarter. way large quarter-over-quarter, have spikes. We’re actually that. is on could visibility we’re managed keep was was it give way shouldn’t very them But pretty before happen – to throughout call And spike XXXX, any out account, the consistent will the to you

Larry Solow

just then last on And Okay. the products. high-value question

tell of as XX% dollars. and you I what said us Products, Proprietary over company, terms or the volume, revenue there? think you whole in that was of Can you to want tell

Bernard Birkett

of experiencing it’s points when a year. you that that we’re over – double growth Yes, basis XXX from digits, little with type strong increase prior

Larry Solow

great. it, Eric. it. Thanks, Appreciate Got

Eric Green

Yes.

Operator

Thank you.

line of Avendano the from Juan America. comes question Bank of from next Our

Your line open. is now

Juan Avendano

I I images, quarter you what update Hey, you appropriate At a on pretty Envision, across think had guess, could that market high-value do including guys. well FluroTec, overall please your guidance give you I an XXXX. penetration would for few as now products guess, Congrats the on the us see and and to? levels it or some ended I going if questions. in XXXX be that level Westar, of strong, NovaPure?

Eric Green

Juan, participating. for Yes. thank you

the the I product think penetration portfolio and when high-value you’re absolutely correct. where is, we look at

ago. at you but majority products several we are If is launched, you about uptake has been NovaPure, of look of more the And revenues which significant. the think the years introduced

on, U.S. area fact, Europe and in with In capacity we both expansion other demand. that’s going the of have keep up to

more So smaller, while XX% much next meaningful to less like, i.e., few it’s let’s the high-value say come. the product to be portfolio, it’s over of than years is, the going percentage

up So, we’re And and see when can will we it’s products that really only that have NovaPure, the portfolio, up and products ahead us XXX-plus in high-value from to time. in the with go it’s at increase. what I to pipeline way double-digit higher-end every volume demand. a that’s all NovaPure, believe runway year confident the the point just driven penetration be Envision We through we this on to growth by of point all say keep the basis going of portfolio, about we expansion of the of really

Juan Avendano

orders committed Proprietary see Okay, XXXX? your guess, compares when I to But ending we’ll us and file an you you XXXX XX-K. your backlog can this of And give idea how Products good. of

Bernard Birkett

that to We continue grow. see

spoken biologics a particularly a that has space. again, – seeing number on strong about. lot the based in And of demand. And of We’re across Eric it’s the products

in the confidence, confidence So a – we’re that order – and that’s of lot is where that growth we about you when from our book. that getting talk know

Juan Avendano

revenue this your the recall, any the matter regarding included is in And Okay. how have And of guidance? going? VialXBag XXXX solution you VialXBag

Bernard Birkett

our that’s have the getting We the guidance, included not based approval into on anything the back in process and primarily of regulatory XXXX and market. process

of Some our outside is control. that of

we well, Again, say, get on took to don’t then excuses to we making that want a regulatory when into be just So add guidance. after and the conservative we’ll approval, step fact. it we approach our back

Juan Avendano

Okay. And I this expansion how guidance? might looking of XXXX? you What’s in realize are margin but operating embedded have points missed to your in basis many

Bernard Birkett

implied XXX. guidance In range an the implying is between XX – to

Juan Avendano

XX seeing the the there. and XXX you’re to what my And is in guess, in strength you how see that could and was that fact had revenue CapEx last build I XQ? do us delivery one, if XXXX? that I’m of that given the spending guess, Proprietary you sorry, what but to Zenith – I Crystal you’re in capacity devices, tell you

Eric Green

we break don’t strong what level. grew down digits. But that to Hey, we it Juan, is that Proprietary can devices double say the

Juan Avendano

a a the rate years of about I was update run was quarter last million $XX The couple got ago. Okay.

now? above significantly And so, you I are mean, that

Bernard Birkett

Well, that has digits. business the part of double really strong been growing

yes, significantly than that. higher So we’re

Juan Avendano

Okay. Thank you.

Bernard Birkett

Thanks.

Operator

you. Thank

Courtney from Blair. Our next the from line William question of comes Owens

open. Your line now is

Courtney Owens

Hi, guys. Good morning.

Eric Green

Good morning, Courtney.

Courtney Owens

press expand But, with was, Good actually on small don’t I like guess, was quarter? contribution. not guys like Can contribution. this morning. the mentioned In the acquisition acquisition what the I what yes. know, that you the you release,

Eric Green

Right.

the strategy QX out on that in which that had So, contribution earlier the of one acquisition an but has just point was we our into – call marketplace. done We of quarters the XXXX. following actually, It’s small, of Korean well, – investment entry is view Korea, GIS acquisition. had from the of close it is two

to So presence directly that in biopharma going now, region. we we’re that direct a manufacturers have the

Courtney Owens

it. Got

you any great just priorities next that that M&A the talk over And of looking XX Okay. guys or kind considering would if then about as you well. could towards opportunities or months, be

Eric Green

solution one we’ll the more part a provide I West make sense to would customers. thing landscape that what us that our see be comprehensive to assets, comment look can continuously of and if available, there is enables to Well, at

the any comment can’t looking further but I with the any we of would what So horizon, right about are targets, West. at specific be fit saying the constantly

Courtney Owens

expansion. question, a Manufacturing business expecting guess, dynamics thanks. in Okay, the came kind of business? kind gross last segment that drove about talk stronger this Contract little in Contract Manufacturing the sequential know expansion we the quarter. my behind Can you of I talked than were what margin then in that And the bit bit you the little Proprietary drivers about, the were I a

Bernard Birkett

It’s purely really specific it was customer was West demand accelerated respond was coming positive supply customer from to the customers. when that needed. able and that to it And quickly demand thing

just respond And demand thing was But And little be. purely in we so to to than expected market. it’s again, would – it were have again, able positive it’s that it to that. a stronger is bit we the

Courtney Owens

Okay, great. Thanks, guys.

Bernard Birkett

Thank you.

Operator

for closing turn At the to Thank Lai no remarks. you. this to call like back over time, I showing Quintin am further questions. would I

Quintin Lai

and us website call. An archive the today’s Thanks, section. joining of on will be available westpharma.com broadcast online for at in the our everyone, thank Investors you, Gigi conference on

numbers replay can at February through XX you Thursday, the access today’s a end of the and Additionally, release. conference dialing ID earnings by

nice a that day. Have call. this So concludes

Operator

this gentlemen, you Thank conference and for participating. Ladies call. today’s concludes

You now may disconnect.

West Pharmaceutical Services (WST) 13 Feb 202019 Q4 Earnings call transcript