WST - Earnings call transcript Q4 2020 | West Pharmaceutical Services, Inc.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Fourth Quarter 2020 West Pharmaceutical Services Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I'd now like to hand the conference over to your speaker today Mr. of President Vice Lai, Investor Relations. Quintin ahead, go sir. Please

Quintin Lai

release securities subject, from company full provide statements or results regarding as today's based an the today's financial current update welcome on control of Thank and risk and contain and by statement by the a business meaning Bernard conference past is quarter our of our differ as which those X the made fourth as XX-Q accompanying well on including copy well the is The call expressed Good of accompanies XX-K, reports. expectations, results, Statements presentation the federal release press These and could results our outlook that call. here. Please Actual beyond disclosures Investors factors available located Birkett, other the implied by made present slide for on of many in in section and influenced materially of forward-looking any is and morning presentation management you, On financial within morning to to in CEO, results, Investors made the morning, refer as will our X-K year it a any and future company. this and company's to assumptions, the and forecasts. that westpharma.com. our beliefs Slide call law. statements issued company's forward-looking are There estimates financial this review safe the West's U.S. on XXXX. our been section CFO, is statement. our presentation our the website. on posted and the Catherine. We harbor results has at full This website year XXXX Green; Eric are

limitations organic and measures, measures of earnings most adjusted Eric During diluted EPS. financial prepared reference adjusted non-GAAP comparable CEO sales call in and this GAAP margin profit Green. management Reconciliations adjusted financial results including I'll today's morning's conformity will make turn operating financial release. to West's profit, the the the to non-GAAP in President, to to growth, now call, and are provided over operating

Eric Green

to a difference business good Thank West joining extraordinary dedicated serve guides the was solutions globe at COVID-XX morning, you. components customers which communities base face demand on for our of were society day record-setting to year at patients. us by to light remotely for and each work begin We and remain of and the to team lab want as our for to challenge as with effort in our our at work. of the generation, Slide we demand margins mission the steadfast show West. the was Thank facilities, has and accomplished acknowledging make today. our success the that the by their of driven meaningful truly and values associated by and to brought Quintin, the across that homes live each past This say in purpose our day these year had up of a Starting thank presentation, everyone. devices importance lead example therapeutics. you year five incredible and of an biggest and I our sales and and accelerating tirelessly healthcare of the components, you, well by vaccines our in working

our jointly devices character business of keeping key patients shown to priorities; and we focus by members on is our containment that deliver criticality quarter one, on customers two, serve. these commitments supply have forward the uninterrupted Importantly, the West market high to two required The manage times continue momentum our in partner quality our ensuring manufacturing throughout we safe network delivery team today our and the built strategy, this through of by and unprecedented strength and The the performance a demand. of past demonstrates our satisfy team approach trusted one we our team and of XXXX to as of our members customers. over our for perseverance with globalization market-led and time

to the Moving of products customers sales the show world. charts Six, the Slide numerous of we these a impact to around and that high-value XXXX bring breakdown our

demand with and to growing the agility our to COVID-XX, and leveraged As demand. we continues base associated team's we as global business grow meet for infrastructure saw components increased the

majority is the injectable probably components process vaccines and best on including market need West selecting has for in of the early by on for combat high-value Now are development components with to The the capacity of science, pioneered. high-quality XXXX us clear turning Seven, West vaccines use would driven Slide for a became packaging It which years a to we COVID-XX. complex to production certain medicines to in one accelerate products. that

standard customers sensitive of shared, coated packaging from reliability. and quality have vial and of As both track and made These Daikyo. record I our the outstanding selecting many molecules are are previously industry for configurations partner fluoropolymer West by stoppers our an

to our of customers of quality this ensure safety. the in use have Some made best selected decision industry have the they and highest as NovaCare to component degree

diagnostic capacity. our the the we a with presses QX, the were accelerated began of FluroTec done yet. end presses we're COVID-XX approach modular expand In manufacturing I'm at several hydraulic first addition, say validated and NovaPure and requirements product additional many our to included to expansion therapeutic of not XX-ton we're additional business the that in and now customers. and COVID-XX equipment approvals producing at capacity contract to is vaccines we're of and sites. the installed installation our This HVP involved and and for of XXXX manufacturing supporting proud processes installation produce several In components

already just support forward included pandemic more this in were We them presses investments installed year. the in the It half efforts. five-year that We will be noted the plan. be to first these have should that of brought

Eight, West the to focus Slide XXX of much the S&P notable recently aristocrats. like are XXX There COVID-XX and a named S&P to other was few was dividend in XXXX. joined to the highlights I'd Moving share.

We our several and significant products these line Component continue Daikyo and Crystal. Flip-Off received accolades make launched mm have XXXX Closure a progress governance Container efforts. many compatible We product. with and as for system our priorities AccelTRA environmental, such in innovative advanced to with social VialXBag XX extensions seals

and successfully system educate combination Our SAP SX and container Digital experts new end which which closure insights scientific and ERP party packaging At Biologics continue pandemic quite during implemented this and a are products safety. team to of pharmaceutical during to year, patient ensure Center the West share areas necessity pandemic accomplishment. Hana, is of of this and integrity, the Technology technical an

we As brings for customers. Hana to levels our to systems, improve enhanced analytics responsiveness, improve internal service greater continue operating and SX efficiencies

three opportunity Slide ahead centers around core us of pillars; to and Nine, innovate Turning the grow. execute,

of pillar our strategy, shift model West. first analog digital globalization execute The operating continue across and to environment of and lastly, a about the is strength a market-led build the further success from from to

for value for and These We specific very continue robust pharma. the further market-led markets of future generics customer biologics, medicines. propositions defining address to are injectable drive and to needs attractive unique the strategy

demand. and able have capabilities, with leverage our flexibility customers, the our keep increased network benefit enabling up the manufacturing global to to by been we the of scale For right

our network, of ability can the the to effectively With our existing and more to COVID-XX the importantly demand base leverage global we leadership respond for across our maintaining assets global business demand while position.

systems. Virtual the along West such to digital as Center We the with automation tools will improve to and [indiscernible] deliver with advanced continue manufacturing plant productivity and enhancements

pillar innovate with R&D second from to concept efforts focus is The commercialization. on a

newly R&D aligned is Our areas. on focused team several

technology value science creation. The products dots new potential is connect first the for platforms area to and across and

lifecycle technology of new adjacent go and extensions. agreements management opportunities third disruptors which enablement, area is the to and is secondary realize The with scouting execution the product market and to development and new technologies explores product

We are have to and unique improvements these will for R&D confident our that future portfolios deliver well-positioned customers. existing innovations us to efforts

deployment The cash is capital third free pillar growth, and flow.

enable that making FluroTec we and respond and look to core opportunities for continue to NovaPure are customer to technology capital complement and external to and approved equipment earlier, and mentioned vaccines expenditures specific on sure demands we to business have respond can focused we requirements As the increased us our meet if vaccine being on growth the business.

We have long strength we are of believe organic continued a as sales growth a we of working from position horizon margin expansion. and

pillars the trends focus execute, responsive, effectively three and are Our be the today. within the happening leverage support to and us industry assets in allows our more that innovate more grow,

XX full-year. quarter fourth the our Turning Slide to performance in and and

margin manufacturing contract fourth quarter. expansion. strong that, Birkett solid our Bernard? resulted the again growth, in by adjusted in Our sales And We the in EPS more This Bernard to performance approximately significant for high-value growth and financial had are detail provide results and with full-year delivered it who with a on for fourth CFO, our I'll organic over cash turn will financial the XX% biologics our robust driven and sales profit guidance. growth product operating base business quarter and flow and XX% growth strong. free

Bernard Birkett

and morning. Thank you, good Eric

takeaways profits look Let's biologics XXXX quarter the margin as strong in we'll revenues revenue and EPS finally, and and as our I you detail. saw at continued review We'll in review performance QX XXXX and where contract first growth more sales sheet through market primarily and and saw units strong in guidance. the manufacturing. generics numbers will balance take the we by well we our some growth

our XX We non-US offset estimated volume of $XX pandemic. XX.X%. These lower treatment recorded our COVID-XX customers Slide First representing organic GAAP of to on revenues million lower and the of in to are financial net reconciliation affected revenues net associated summarized by are include the net diagnosis up Slide of quarter. XX. by vaccines, growth described sales XX to of been results patients with sales million measures components COVID-related are due QX, $XXX have in and sales approximately to assessment the

Looking in all product proprietary high-value and in market had proprietary grew at digits than Slide quarter units which throughout QX. the grew sales quarter of up XX.X% momentum more XX% by organically double made sales products, across solid the XX, product

performance double-digit at market units, Biologics unit Looking of market the strong the growth. the delivered

of We Westar West product high-value led market by work who The and and are FluroTec growth biotech continue and double-digit sales strong Daikyo customers many using experienced also components. unit to offering. biopharma generics with

led low including unit pharma sales growth FluroTec the high-value sales quarter, growth organic healthcare-related products led devices. manufacturing fourth injection of sales Westar for had with by Our mid-single-digit and components and and contract saw again market diagnostic once by single-digit

this improvement margin year gross was a XX.X% quarter, and basis same to in profit, in our gross the to adjusted in of from expansion XXX $XX.X or profits. profits $XXX.X of profit We or point QX XX.X% year million XX.X% continue $XX.X recorded $XXX.X We recorded million see compared above million We last last in year. improvement period a saw period million same operating with the increase. last gross

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

Finally, QX. diluted XX% EPS adjusted grew for

benefits tax by of grew stock Excluding in approximately QX, $X.XX EPS XX%.

volume Slide sales increase drivers On of approximately percentage $XX increases rate or to points. by quarter. points currency net XX.X by an the price points mix increased percentage percentage million growth growth related COVID-XX of profit. both and in million million or changes and $XX.X XX, and demand. the growth X.X million we $X.X in of contributed foreign X.X driven $XX.X Volume of review including Sales or show the exchange Let's revenue in contributions contributed sales growth,

in XX in Slide and products, quarter margin margin QX points quarter basis Looking QX continued sold margin of consolidated of is gross XX.X% was fourth XXXX. performance, price XXX plant offset points XX.X% quarter production in achieved costs. result drivers growth increased improved products of profit by of key XXXX, margin products of This The products the XX.X% at was above gross our overhead profit XXXX. fourth by margin the from profit the and sales were for Contract driven Proprietary above manufacturing utilization. XX.X% of increases, gross was up profit shows the in achieved improvement partially fourth margin margin XXXX. of proprietary gross high-value a favorable efficiencies in quarter mix fourth of basis efficiencies XX the

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

XXXX, at XXXX spending December was $XXX.X higher primarily inventory December XX, due year to period support to of $XX.X capital of XXXX Our XX, than activity increase us receivable in to increasing million was in million the the at needs million million $XX $XX million of and capital with line of $XXX.X increased guidance. in accounts million an position increase an last customers. higher to due our than $XXX.X Working sales same

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

a Turning estimated provides billion of sales a incremental to $XX guidance, net high-level based includes net estimated XX guidance an was COVID between will foreign in $X.X XXXX exchange billion. of revenues million.. This of $X.XXX range summary. Slide million Full-year be rate. approximately There benefit current on $XXX and

sales We XX%. to be to organic growth XX% expect approximately

in of guidance We expect EPS our to a diluted XXXX to be reported full $X.XX. year range $X

strong guidance elements demand. COVID capacity our $XXX our guidance. current To are stock-based delivering diluted I'd of and CapEx approximately we cash now HVP we our in to operating improvement, fourth We compensation. to $X.XX the continue and profit margin, call takeaways free the flow to There to set and million proprietary FX exchange Eric. on to foreign and contract growth growth key million. quarter; in tax manufacturing, $XXX back impact gross vaccine the both want at currency has and growth your anticipated to I with key sites over existing line summarize turn in of pillars bring benefit EPS have margin manufacturing operating top an meet benefits future grow profit our core from adjusted execute, review like to and Accordingly, as in growth based rate for Estimated EPS some in attention of on innovate grow. excludes line expand

Eric Green

used we Slide support critical role Great. products a very battle. to customers global The pandemic. our and this are Thank we remains as you, XX, to high this rate summarize on in participation being Bernard. resolve To have work our

strengths in We business and core have underlying the growth. long-term

grow responsive changes innovate Our and allows us industry. more in focus to be on execute, the to the

Our market-led delivering the customers. to right is our strategy and products solutions

remain take respond and will global Our and The Catherine, grounded future because the mission promising, is but keep flex fuel capacity us to to R&D operations we Thank West a values you. on it. component investments we're most digital the by every ready forefront name in our increased at industry. innovation our technology day and network importantly, of has to questions. each and continue patient's on continues to to demand requirements

Operator

instructions] Our first question Larry [Operator from Solow CJS with comes Securities.

Your line is open.

Larry Solow

million breakout, sounds you in more coming using, or you guys vaccine for morning, can some are using be did the little Good a this maybe my side. are tough the just taking million I us side, thanks XXXX most it seeing just like a COVID expectations FluroTec us less, on little think vaccine well. on $XXX you stake congrats on a in $XXX May question,, color as mentioned Great. maybe give about it of and year. give great -- quarter environment the on are first questions year more million $XXX customers just a and for Can is about and you

looking us at Some a higher any maybe to can you that mix Can level will you NovaPure. just give and a be add color great? are

Eric Green

and at a focus primary towards Larry move XXXX, COVID-XX into early the and of you, as and being XXXX, said you When XXXX, tail journey COVID-XX QX revenues more than with most diagnostics approved of few you'll products in going and [ph]. and in are I'd our addition to and the fills guidance we're you the for that from NovaPure the see for revenue less little participation the QX flip it if of related XXXX, of bringing started we associated started the we around point high and to that million of therapeutics $XXX the end be very million at look vaccines customers to the that appreciate question. as around tend approximately in of more Thank will vaccines end was $XXX that in the say this it our I was XXXX types cases solutions to -- some of from majority be that is FluroTec

transition with us. revenues the nicely that of investments demand of capital up mix for support that equipment and have type the aligns COVID-XX that's to So we the additional solution support facilities in to in quarters of and very you'll to increase ahead the see made that we several our the visibility

Larry Solow

talked -- continued Westar know it Is accelerated, XXXX outlook of the thought that wise? into NovaPure us said sort you've into you might a quarter that even that And you year acceleration is for ahead this of I excuse couple going acceleration the you a terms you like have Okay. spending XXXX, FluroTec. and where in been sounds of like the looks or and me, the quarters, to investment of for ago

Eric Green

ahead Well slightly equipment getting and into no, schedule validation the done materials being phenomenal suppliers our job has and of teams and actually and sites the the of with we innovative were implementation working a obviously their the process. then or

been the installed, as around to track many reality and and that the they've in additional validated, equipment didn’t the XXXX capital originally doing literally and new that is about running we There line is within expenditures. that are equipment we clock revenues have lines that scheduled to of companies XXXX. also get which but of associated in working started lot a up So we these first talked the this pickup then to year, in those is prior half is on

demand. future and where conversation customers that current accordingly comfortable planning confidence us demand we're we're are at we with potentially gives So further and looking

Larry Solow

the about like XXXX line like of sort that's take sort puts to I the And organic we XXXX it and excluding that sales and of growth COVID in excluding our COVID benefit from I with your you about envelop and excluding in the the guess growth the guess that's looks targets X% X% current back it's related XX% ballpark. of

Bernard Birkett

see That's that's see alluded then you vaccine XXXX on correct we of lot to so also, and a that. through kind comments he continue in the of felt as business and top move still strength have of throughout Eric the Larry, we that we and to core within his XXXX COVID

Eric Green

the ballpark there. in You're

be to long-term continues construct. with our much that in So line pretty

Operator

you. Thank

next Our Avendano of from question America. with comes Juan Bank

Your line is open.

Juan Avendano

According mix XX% quarter. up? and about grew to related. you congrats a suppose reclassifications this the this or Thank among whether that this step non-COVID and correct significant on customer year-over-year Can segments, you drove the my was generics all customer or calculations any me not and I'd confirm there with what of is

Eric Green

I already are already was high some think Generics double-digits, XX%. single-digits getting

Juan Avendano

I'll check of idea can on math backlog of orders you about XXXX? my then the that. committed us an as of end give the And

Eric Green

look of the we was that backlog, it's at in is When prior-year products. mix and it the than I'll stronger more the it say towards high-value

having better accordingly processes. The that other in to so order great our plan opportunities is we're that visibility of success book we the aspect manufacturing having longer have with customers

it's more is vaccines we of addition that's the on business responded visibility you to towards components and our next top that, have mix what of we are that, our longer high-value of the product obviously So to a outlook and yes, top quarters. order book, stronger have the over several on do core in

Juan Avendano

in changes packaging might be accomplish five COVID-XX out been your to of this configurations. configurations. potential you happen packaging supposed some is squeezing the evolving vial to COVID six that taken on putting doing some XX considering Moderna doses dose doses could guidance? has Have configuration XX And you. I vaccine by the in Pfizer Thank that changes revenue guess and there and now

Eric Green

with a consideration more that all looking to is ways there That's vial which to two possible. of about at long-term. it's single as could Whereas get to to and/or about you and so into our become we're doses per it guidance able potentially and quickly been build great future as long-term obviously taken solution respond prefilled there's preferred down as you think used think globally syringe vial opportunities moving

with are what engaged does We capabilities like about with So good a where capacity that about also we we're all take and we dialogue this our long-term. into our consideration. feel and look

Juan Avendano

you plan then And capacity? I growth not queue, capacity you. to actually products, the get in to I for and that you a XXXX Thank contract in back add add manufactured deliver on is segment double-digit before into there chance XXXX do guess the unless

Eric Green

where for business. about We've manufacturing nature we've mid-single-digit in been years, while. the -- over the that seen number just gravitate of given be talking We've we'll growth growth it wouldn't towards the at contract the that growth and last seen a double-digit

XXXX We of invest in become our that part there we communicating area growth line I QX, it's really comp have will with QX is what a was been initiatives for you came number It to and rate throughout growth the year contract the pretty forecast in our of manufacturing. and against in with the CapEx that the absolute And big continue and overall number, at construct. dollars just a think up consistent if look QX. more

a So previous where But have dollar in invest much pretty with line we looked the our communicated from it continue lighter we it's business. percentage and have part to to quarters. expected be of be, in little we growth but where rate will that perspective than bit a the

Operator

you. Thank

with comes KeyBanc. Paul question next Our from Knight

is Your open. line

Paul Knight

you Bernard, it possible effect. how in that you Could to qualify you COVID mentioned headwind you much I think had even to past is results? negative there and Could your is quantify talk that

Bernard Birkett

drastic that think us feel It I overly us, material call but in it, market and health there to would business, We That's then been concentrating given animals and really it's dental, as we I well have out. unit. in we're for to will our but some elective haven’t which was but some on within where areas down. those slowing our are really impact surgeries Pharma impact broken nothing some two that the net wasn't

Paul Knight

do I Eric does how you to have from just trend quickly and you this can capital at sites come that quickly or expenditures, you online? as you greenfield these do guess then have Right look turn go around ultimately, flip done and

Eric Green

operations plants XX been Paul. the the as growth, team over assets. has for plants work future by to XX know our that from done the years last couple you globalizing has quickly, existing us about we The think to moved leverage and Very enabled

it's very there's into The all but of always process and turnaround. lead time equipment validation short equipments getting around these facilities. a built associated put existing the that, being So the is part then longest to

Paul Knight

Okay. And your lastly, on from Eric what there I progress of then halfway your are you there, your way you you what's in goal arrived? that you are accomplish when view it call when on full or you started, if extreme you wanted to

Eric Green

There's beyond honestly today, a our very holding not built we're lot we more position to we do conversations believe a tomorrow can good customers. to what the just portfolio. leverage in Paul. or I what our We're do current but for

have work on more to of globalization We enterprise. the do

done We more as I for site. digital Bangalore quite was with technology pandemic and that's center pleased how in am Hana extremely a have our towards to team on a out that our implemented digital. test internal move environment during great this a globally opportunity the of virtual and

hear particularly tone around impact lot that patients solutions they they by So opportunity biologic of innovative a towards is new for and our meaningful more I on to customers move and have the us you space. support my a will really as think there

Operator

Thank you.

Jacob comes with Johnson Our next question from Stephens.

open. Your line is

Jacob Johnson

of veterinarian, of XXXX around things elective have return then in be reopen and take falling headwind Maybe to question, Could first hopefully kind the your kind doctor growth to to ex-COVID? there their following surgeries. on the people Paul's the expectations I upside pets vaccine, as up guess

Eric Green

ideally It's get normal to the given ended deliver will there focused everything also. then very guidance that if demand delivering place other making sure some we've to we as able happened, and those up, upside the that on of and level open will and be that question, things markets in we serve to the we're would to have on able be back vaccine we're yeah open now within where capacity say those construct to

Jacob Johnson

this by And focused talk work, is on and from could about then well. in be in you Is Europe the or vaccines where geography? seeing and these a largely therapeutics on Asia-Pacific this opportunity COVID where US COVID can situation demand as opportunity you're there

Eric Green

we're that firms, Global, in now the position use, regions they but United market so are enforced are and the to for support our the assets ones are some of the just global, in able in emergency them. partners we are because world States right obviously of not the and so of proven other they our

decided there to do to if them externally we're with go with internally their solutions. partner, and So they a support containment primary

So seeing, in in probably and it, Europe the a Asia prefilled primarily driver. and main syringe all we we're particularly is think consistent the is you vial pretty in Asia FluroTec these consistent throughout that if China, in about on customers; market there's little in the provide demand more configurations, it's coating the product,

Operator

you. Thank

next Our comes from William with question John Kreger Blair.

Your line is open.

John Kreger

orders? to you of thinking defer or flow order with handle sort sort have about question that I up generally had underlying have Have work? your had keep of How been 'XX, been the able weren’t non-COVID COVID demand. to a you able obviously at the non-COVID you beginning you of to typical

Eric Green

it our since do components just the customers context, year. over made in I part we're a to most to risk where COVID engage our supportive, for with up identify general, order, had in our our had to I to to and we've able In able just we work customers business, we are with pivot our been there to we've particular we say customers billion would if proprietary put -- been been times XX however, we very to order respond. how keep respond have

taxing you meaningful, global not that about operations over the but operations. on the our So the demand it's with when we're additional solutions, it's think putting demand COVID for

John Kreger

upstream challenges COVID normal of pretty you burn flow with as some the kind clients base And that, development you that been to the are work non-COVID back again sense or work, in they of the that has maybe work process? then corollary been has the to work as meet their and strength pipeline of of getting stable terms

Eric Green

in find you approved XXXX might it which pretty is a forth seeing where bit, FDA it of interesting, as the the and finding consistent, clinical in certain because stable, participation consistent trials a be but taking And of we're that's delay you'll by speak customers not in the out vaccines look the we top particular with today. equation. work better on we remains and do if versus little if just so pattern rate, It's interesting was that is somewhat equal of mirror relatively we're look we if at -- you our XXXX that,

seeing strong On business, rates. participation the very we're core

much couple too years. of we're last seeing of So the not deviation seen a in what we've

John Kreger

can why last one or XXXX, more generics those out just remind you tends a see two than then or you'll little think XXXX to one, normalization same the buckets? faster as do bit trend you pharma of grow a of you and look notably And us

Eric Green

There think is to the on a if is this amongst but share and that first if add, few want became lower we you you was generics market started maybe with one about three. approach, we it market when the a comments ago unit market led Bernard two where apparent started the years

just of the Bern business, generics add business just what portfolios small comment to to includes if any And that remind is to opportunity greater want aspect share but a ANDAs of more capture therefore, to to you other very the includes continue see segments includes know are branded bit new simply that to I just we're be don’t that a strong, like number ancillary AccelTRA -- segment. that of by for outside you'll more business molecule seeing drives had we West. is the that. So repositioning the and attractive of in pharma other little which softness a dental, very

Bernard Birkett

and a -- two It's share our room with within put accelerated to the in units market grow to also continue there still market we're products units the they're to us that business us to is then continue have those generics is It case grow more new generics and growth space. be within forward get and generics and pathway the entrenched more market that to help on we and focus to introducing to still area different there's essentially market for us been in capsulated, and it's within our start allows place. that

John Kreger

Thanks 'XX, likely longer-term view more quantified contribution a just about do Great. you will as in as maybe that last durable of one bolus you for 'XX? of 'XX planning, that the and sort think decline you one, that COVID and or

Bernard Birkett

looked opportunity the business things is half the one earlier, guess as COVID-related it and started the first for become that call have and of and it first been our reflected mix our of said where we XXXX three XXXX out felt more and in that's at I on within see the be and the communicating guidance. we've through more will went us vaccines the vaccine of Well, Eric we the would therapeutics, West that biggest we that larger diagnostics quarters

next what over how play it's be number years, shots out the of required. of will does the So really vaccine sort booster

to us trying how into So that's that we're and frame believe our planning.

obviously and So does market develop years required, be we're of now. but right primarily the vaccine it is number how boosters will participating that what that's over next

Operator

Thank you.

Jefferies. with Windley Dave from comes question next Our

is open. Your line

Dave Windley

I we're hope all patient. well, of as so to one your to team soon, get the the Thanks vaccine

So work. was clarifications. have their I for series thanks hoping of hard a probably

in contribution most XXX of of on 'XX of is as so, we me, quarter million of has 'XX evolved XXX does become or vaccine interpret I your as should your excuse COVID that the describe the the to listening of actually that or in mix vaccine top the So how to kind then am in in into I stays 'XX? last that or the that vaccine you move contribution COVID base same and kind XXX

Eric Green

primarily the growth segments. the vaccine within it's Yeah we see

As the for XXXX out latter we try of vaccine how was the there the shift more part that into as primarily is and to where to within the now year it's until is the we but the some this vaccines -- on around then therapeutics, figure treat part focus is us diagnostics, early said thing and and little lot therapeutics related. got bit in we there within a

Dave Windley

high-value globally. product things to in global you developing standard sounds that to are understand like choices Did I like economies Jacob's say downshift on And then there, seeing your are question making that? it your or correctly and clients answer

Eric Green

Dave and consistency high-value the molecule products on of characteristics seeing their our We're particularly around itself. vaccine, FluroTec

that product portfolio. the seen if not call from you any reduction we're want high-value So to guess I

globally. truly is So it HVP

Dave Windley

sounds great. that Sure

these familiar and capacity with that last ability your effect in year stimulating create value but of then kind ability the high what your with for opportunities adoption in of these up out the clients? higher my ramp this of to clients these conversations clients? terms high-value are products, is just that to respond In products, of the non-COVID kind your I was COVID, from is knock-on wondering with experience clients broadening to is quickly sure to I'm

Eric Green

you there. have biologic Yeah we high look our participation at a if very portfolios, rate

runner be the greater to scale but primary a a to of and are we the for containment. acceleration around point, an NovaPure that seeing because your because of characteristics now understanding So packaging of FluroTec -- conversation tends platform, primarily

look conclusion will building that molecules we that's over approach we're pushing on. that's going that with see to as how and it get customers a and vaccine our So they're to they for why more continuously spill helping at platform new that NovaPure of forward, working our

Dave Windley

sense higher how you my evolution Interesting kind so high-value sense, does and tears have has percentage, throughout entry segues Westar product at that into this many NovaPure that give give at high-value of a How level? detail? ago look shifted obviously think the high level NovaPure of end, which within a the of product can can or see some I product two about years high-value talked we but us and the we mix could last within that from question, you us time, the if three is really as period you at

Eric Green

exact NovaPure. said -- on dealt up is side Westar left now right-hand revenue to upper whereas a way ago, if each lower the what at What if the while a the numbers all give see higher for all showed products area, growth that lower would the you from the we we versus you -- and the higher Yeah right of spectrum we but high-value you recall side. you're don't is up look it's seeing

see point, your our build to of volume as our to So and it customers. into we get certainly are the seeing that and then you business, a platform the that it adoption, that know while takes adoption we

upper in growth higher side the So hand spectrum. is that of the

Operator

no I closing to back time. this at questions like I'd remarks. further the any And showing to call am for you. turn Quintin Thank Lai

Quintin Lai

for you, call. available on and our joining Thank at on An conference the you section. today's website all online us archive today will of Catherine in thank -- of Investors broadcast westpharma.com be the

Additionally, and end That the a numbers February release. Have day. provided at XX you today's this Thursday, the concludes nice using dial-in of call. conference can a by replay get ID through

Operator

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

now may Everyone disconnect. You day. have great a

West Pharmaceutical Services (WST) 18 Feb 212020 Q4 Earnings call transcript