Earnings call transcript Q1 2023

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Quintin Lai

[Call Starts Abruptly] …conference call. We issued our financial results this morning, and the release has been posted in the Investors section on the company's website located at westpharma.com.

This morning, Eric Green and Bernard Birkett will review our financial results, provide an update on our business and present an update on our financial outlook for the full year 2023. There's a slide presentation that accompanies today's call and a copy of that presentation is available on the Investors section of our website.

On Slide 4, our safe harbor statement. management forward-looking call of statements the accompanying in U.S. by contain presentation within made on and this the Statements the meaning federal securities law. expectations, based and are our estimates current statements and These forecasts. on assumptions, beliefs of results future many the influenced The the company's are company. factors by beyond control or Actual expressed materially as differ forward-looking any could past results in results well statements as from those implied made here. company our it press release reports. other XX-Q by the any is X-K as disclosures which to including as today's regarding well to risks refer XX-K, Please and subject, the made

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

to now CEO, our Eric call Green. the I turn over Eric?

Eric Green

today. joining Great. everyone. Thanks Thank for and morning, you, good us Quintin,

XXX We will This Slide April major X. is On start West on that very proud years a of. old. milestone we're turned XX,

Over of our so name mean to many course to the history, so come much has people. West XXX-year the

we that I built and the leadership to O. West Herman West, would generations of to recognize like past our founder, are who today. have

the to in XX,XXX-plus communities purpose are motivated in of In we especially by thank addition, difference team which I and our making and improving want our members live. a who patient work lives

growth that over to am by I report Moving a sales pleased X. was delivered X%. quarter. of to driven solid Slide we overall organic first This

sales grew high Excluding COVID-XX, teens. organic our base

uncertain this macroeconomic even end Our stable markets remain in environment.

Biologics double unit, year. in continue we COVID-XX-related this digits, excluding the trend the That saw COVID, a said, compared sales expected, year. grew of drop to rest we for expect to and again last market our As

longer strong of our organic market delivered Pharma units of reprioritization Generics on quarter an components, lead especially time and focus double-digit a With growth.

for delivering our devices. solid growth injection-related Manufacturing had In while Contract components addition,

and resiliency our and continues of be to focused result acknowledge the want thank is efforts say The grow. initiative as performance team This innovate members, overall globe a our they remain strategic business members of you. and team I our execute, on the a of across reflection these to of

X. Turning to Slide

to performance, accomplishments regulatory with significant therapies addition in research several enhancements our In quarter. drug new to containment while lab in few. were would meeting Radnor, growing there advanced capability environment customers we along like The Pennsylvania. supports the include a In in investment financial changing and and the opened highlight will biomaterials, design other engineering needs This R&D I our advanced February, lab our for systems supplied of globe. for the across and delivery. our

glass ambitions lab containment the also and and new support the our work will for develop systems, here will solutions. done future addition, test R&D packaging and In elastomer

on been innovations several West product our in vials. awards, continue with Ready to areas And Best more be of shortly. efforts with are business. published look partnership corporate environmental sharing their who to stability Philadelphia Pack as have ready-to-use ESG, at announced across all to a Our including tremendous as report strides Corning's our the make our we for notable We recognized responsibility detail the Interphex Eagles recognized forward stewards Technologies we in Valor with have Award ESG

track. productivity capital our across Shifting optimizing to through and robust operations Slide X. A expansions on global investments remain

XXXX new for and manufacturing plungers to with the customers' continue equipment the XXXX. our growth online HVP validation This finishing to capabilities, of installation into includes additional of drug portfolios and expansion capacity which of HVP the and forward anticipated We come and drive will biologic launches. continue throughout

X. Slide to Moving

and of organic adjusted sales overall our raising XXXX are for our year X% We full to sales financial outlook and XXXX are growth net reiterating outlook diluted X% EPS.

in details his more comments. will make Bernard want remarks, few over to I While high-level a go

continue XXXX now million. and full of expect see million $XX COVID-XX $XX for a year the sales overall instead We to in decline

with change, Even are this organic overall we reaffirming XXXX sales guidance. full year

continue Manufacturing double-digit sales growth for organic QX. we is certain Products the growth to We seen prior outlook year. as be expect Contract see expected expect continued base now compared single-digit devices Proprietary high to injection demand to for mid-teens as to in

Now I'll over Bernard. call to the turn Bernard?

Bernard Birkett

XXXX. operating morning. we single-digit revenues sheet XXXX through good take balance at as drivers you we provide organic will well and a low And sales decline Eric, QX diluted in you, look margin compared update growth quarter our EPS quarter to XXXX saw profits, as the where of in Thank an I guidance. finally, will takeaways. We'll and profit some the and and the and impacting first to first sales

QX. up, First

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

$XX compared These treatment approximate in to pandemic. reduction quarter, by affected lower our million million sales COVID-related include to an components the vaccines, of revenues to XXXX with net approximately been diagnosis associated customers patients, of prior COVID-XX lower to estimated the by $XX in are assessment volumes revenues and year. due the net have offset

XX% in the single than by Slide the in up products, High-value Proprietary made net the at Proprietary COVID-related low revenues. reduction sales remained XX, to Products quarter. Looking sales due organic of Product in declined net which digits quarter, more flat

to unit to the due reduction by saw components decline in performance high sales Westar unit sales Looking experienced growth market of the a Envision delivered double-digit while market COVID-XX saw of and double-digit Pharma -- market Admin double low And the vaccine. the led growth related unit at the by digits as market as units, components, well Systems. double-digit led Westar a Biologics Generics

sales Our Contract Manufacturing injection-related driven devices. components net segment first related experienced by the sales growth of in primarily in double-digit an increase quarter, to

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

adjusted XX.X% EPS for declined Finally, diluted QX.

XX.X%. approximately decreased by EPS benefits, tax compensation stock-based Excluding

impact performance. growth in price was to in our points sales organic Sales contributions $XX.X growth foreign review quarter. quarter. or X.X headwind contributed million. drivers show million primarily $XX a a in the let's of demand On of profit the million, mix the $XX.X net reduction the XX, Offsetting increases due COVID-XX-related negative Now approximately to and revenue percentage currency of we in and both a price Slide

at lower XXXX. of performance, XX.X% achieved profit margin basis down of Slide quarter XX Looking in XXXX, gross for shows gross Products consolidated of the the our XX.X% QX first margin first XX margin XXXX. margin XX.X% was points than QX in quarter profit from Proprietary

and production on our including to were gross factors price The partially materials were labor, key drivers and planned inflationary Products Proprietary unfavorable overheads. from in offset COVID-XX a continued in raw pressures costs, vaccines increases the margin efficiencies. for reduction profit mix sales and sales decline These by related

Contract mix primarily first basis sold. of of margin was products of due quarter margin achieved Manufacturing quarter XXX below points profit first to XX.X% in XXXX, gross the the

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

than million, was capital year-to-date period XXXX spending higher of quarter first million $XX.X $XX.X same the last Our year.

in Singapore. increase our existing high-value We product manufacturing U.S., our capacity our the within to continue facilities Ireland to leverage Germany, and CapEx

approximately at remained of XX, December XXXX, Working billion XXXX. capital XX, $X.X from March consistent

share Our at program quarter. due first cash operating balance. for and primarily lower million XX of million is XXXX flow $XXX.X the repurchase balance cash our $X our to The March in CapEx, December was by higher offset than decrease cash

Turning to X provides a guidance, high-level summary. Slide

year compared We our $X.XX to $X.XXX guidance are billion range compared to be guidance net prior billion to is range updating to There a current $XX headwind of $X.XXX $X.XX billion of of foreign sales based full XXXX our tailwind XXXX the exchange an sales and of estimated net prior $XX full expect year guidance to in million on billion. million. XXXX of rates

unchanged approximately growth organic to prior be guidance. X% sales to X%, from expect We

to million from be prior guidance. compared range our adjusted Also, the EPS range our $X.XX unchanged full expect $XXX for CapEx $X.XX. $X.XX a prior to to of XXXX is We guidance a of to year in year, guidance $X.XX diluted

I attention review as There to our you elements want your are to bring key guidance. some

year reduction components. of a be guidance approximately prior to approximately facility to million also expected sales from Proprietary million, guidance produced Product expect of COVID-XX-related compared resulting includes $XX sales $X an that We $XX a full standard million. European of Net divestiture

tailwind Full with includes a tax estimated of approximately EPS guidance an from rates foreign first $X.XX. on FX $X.XX also compensation. guidance $X.XX benefits of includes XXXX compared to EPS based currency adjusted stock-based guidance The updated of prior headwind exchange current year of XXXX associated quarter diluted range

benefits from tax not guidance include compensation. Our future potential does stock-based

I would the Eric. call now over to like to back turn

Eric Green

Thank you, Bernard.

performance business and reaffirm Slide continues our on base To execution in are unique value we summarize, financial to solid delivering QX and XX, strong have customers. the a to

While substantial may these in some business. not of small instability there a customers portion biotechs, are cash-dependent be our

launches Our next continues pipeline for to years, opportunities over new promising be of few drugs and end a HVP have expansions could more markets stable, sales and/or remain there which that West. meaningful the means

efficiently complex quality. and in products a environment delivering focus is this team manufacturing and operations on global service Our with

purpose the our to to With care anticipated to spending products we globe, realize operations each great continuing growth. capital and and progress pride, we're improve patient current is health of lives why us future every criticality which our And across day. our across meet this propels for

you. ready we're questions. Norma, take to Thank

Operator

from Larry Solow Securities. Instructions] question line the comes Our first of CJS [Operator with

Larry Scott

the the high quarter guess, sort on question to quick another good bit little Congrats I little of, year. a and of just on level. start a Eric, a more

core Just in bit step-up acceleration of in of a obviously, growth. little a sort

think think mid- your growth Products, mid-teens quarter year. high-teens sort of you growth to in for Proprietary high-teens of this kind mentioned the and -- I guidance points to I

COVID, too for the at terms And obviously, growth sort to those waning the has shift core? to perspective, of trying from if more Biologics. I is your Are up, and little you high-value co their back third a and a NovaPure it's other I little of growth, less focus the drivers COVID bucket to some how just -- on that you will. guess thing helped of their treatments impacts But drivers feel on in the growth of just I'm guys. between from just X a and bit of in a overall away customers sort in line customers, your bit of products. of trying COVID just I'm get acceleration guess, more for perhaps And

Eric Green

them -- what Yes. Larry. Great. reprioritization -- to demand line we're COVID you we've both of us And decreases, We're seeing very able able in Generics significantly the growth lead for bring strong perspective. to the see you're is -- than a been through the would expect market and items, long market. therefore, what which the Pharma seeing in back from Thank higher you, as obviously, units, we volume-demand market the

we've due on So that's where better And really very area, lead those the we're being are been you that We targeted did starting see look. Contract specifically online, investments moved that the Generics specifically see bit the coming benefit, see long reason and our that's we in times investments, why little to to the brought year a as in the making are benefit, Manufacturing. up full and in. performance is

remains participation I continue area, to market, drugs rate very new current to but On in very high. also -- we drug I'm on have side, our the on be that just well is the Biologics -- how in launches proud not very and do

And on be that the that's were overall But core COVID carry itself. correct, number. to we're mutes so transparent why the reduction we And to absolutely more that about trying growth. you're excited

the very a -- execution. very And on the overall, to we're across year. strong it's we're So the pleased start board

Larry Scott

capital last in the I or plans, over the probably X years obviously, last doubled projects, terms than And couple you've of years. capital guys, you expansion of more capacity think in

the sort this? you do out I how slowdown Do longer-term a you you 'XX, that XX pause at a next you see we'll into suppose plans view do out of of go Or As in months? sort view or some beyond your have expansion. point, -- the

Eric Green

And it's the Larry, investments or pandemic. some last helping the these over solutions couple team capital with end very you're Yes, years. fortunately, our we on significant was to to the of was products. of around -- the the build support higher customers high-value One vaccines right, focused fuel had during

we And manufacturing capabilities, hands more in fungible. to We're in in equipment for add that shifting growth, on existing is couple i.e., the based is leveraging configuration equipment and our capital. capital syringes in we're into vial year on layering is this that a business -- are our coming the plunger today then what Biologics So The But area. which right this demand base particularly bit more from call to and next now would and, still little we I have years. continuing prefilled XXXX. the away that are of online layer

So layer in But today. when there's seeing we we're existing growth to Larry, look efficiencies, we create effectively. currently capital will start the continue capital think if How as opportunities at. what more framework automation to a daily remains we to have, continue the you're the thing profile we we leverage first and That's right, before we do investing about higher more, that's as investment. leverage assets

the as is it's be continue greater to the would business the we anticipated. we So long invest story we if growth short than are, of because

Larry Scott

I little, for XX but you in it actual right? -- don't absorbed somewhere the So or Proprietary I a around question around something Bernard. number, then like gross you. down $XX so Got drop quick a sales, give And COVID there. think margin can quarter year-over-year, On think Products think bps just million I lastly, but

So benefit base? Products added is gross I'm of forward, little there, good margin, margin right? maybe feels and of -- starting a gross trying we it good going expect grow we should be the to like just can kind off a margin this of a Proprietary most number, maybe bit this gross COVID So point to

Bernard Birkett

million QX we that on this that $XX quarter. did $XX and kind Just think, I million, we you the did COVID, in about said of -- was in XXXX,

We're we see significant. focused the efficiency level understanding pretty really the been our of cost on was we XXXX, really up as we're already impact base But have changes. plants, drop and there. starting the through the increasing So progressing through to were lining

X%, Also, some above inflationary the more that absorb we've able normally that with helping margin get, to that's what which of we than also price been would costs. is and see, the to

There's we're a confident So lot deliver I start what's good it but year. takes, within obviously our the macro of would expect puts for guidance. the to it given -- and on is going environment, to a within

Operator

Our next with question Knight Paul KeyBanc Markets. the from line comes Capital of

Paul Knight

deploy start Eric, do a where is And question last revenue? then then when you when the would you on this online? Michigan that this my growth a when Is deliver it X-year side, now -- be, benefit do Is to CapEx, And X-year? CapEx GLP-Xs? it does lag? from in

Eric Green

Paul. Thanks, Yes.

in fortunately, layering in So validates in good we're we're a the quickly. the position rather install once when we revenues capital capital, then and are coming off

our the also very mentioned you is go, about see contract one them ready today's are able the So of manufacturing proprietary turn in demand be sites. and And and consistent meet to When to lines Grand requirements. that's on Rapids, environment. to Michigan them we'll across

we're period those plants. today catch about making more trying made demand you if we cases, look historically, take the near-term investments that I the while would ones sometimes some In right really the up. we fill we're longer do say would greenfield, back investments, to those to requirements. But to the are demand get are

an is occurring. On there's it's that -- interesting the GLP-X, dynamic

can in pandemic, from As did multiple as West, our both injectable multiple the you but in in device that components can with imagine, vaccines imagine we in GLP-X manufacturing the contract perspective. the the also area, with proprietary an participation customers, you

We demand. specific are don't also we or and participating around Manufacturing are -- about seeing and particularly Contract drugs -- customers but in injectors we call obviously that We're the area the in plungers area. So out auto-injectors. investing,

we speak both in seen that you've camps today. So as

Paul Knight

for operating be or then the implied for for guide Bernard, margin what's year? the And -- would Bernard. question last your

Bernard Birkett

difference $XX thing. QX XXXX revenue one And just on want between is just and Approximately XXXX I The question, Larry's is COVID million. on the to XX%. clarify

was Just clarify $XX that to the drop million.

Operator

Next of comes Larew Blair. question Matt from William the with line

Matt Larew

to now, HVP, been For or that's space visibility your maybe historical compares over how destocking for that to really speak the right X maybe the the customer last and years particularly further something And visibility to your you on But has visibility, demand so? more broadly, to business. subject into that's X not obviously, could and just around issue. the attractive your an upstream

Eric Green

COVID, quarters. Yes, visibility better It's the have launches. support been Matt, of their I during think we're markets the been be then order, global environment, operations drugs that we were over around better have building the new to to better customers into giving several us are a the customers would but little to building that, visibility, more COVID plan capabilities in next I continuously as before we -- in our them demand. And able also have to accordingly visibility do with say, period. volatile. make now But we we on our And existing demands back our

to consideration for certain business. movements of regards or on about take any And I of In that year. when areas, would our see full more guidance in our capital, think the do say, more non-HVP might some volatility. parts There we of we stocking the are or forecast working probably that certain in area that we have

high-value the going curve we of ahead are capital that trying to now. we investments, get to to continue back is to need versus maintain to product right On where that try the to area, our fuel

have speak. So we is in capacity than the greater demand as we

across Matt, just better it's now, we But not visibility. I portfolio, right responding seen appropriately. So the but and consistent think have blend whole it's we're

Matt Larew

in products X a maybe next those order in Are sense occurring us on Europe, guess you specifically and And then just both X that on today the book mentioned months, amidst decommissioning But order what years ago? to give or as in book. you Okay. I for, order about that speaks in pipeline the capacity, to the side. plunger I investment change significant plant months, -- compares think making sort NovaPure XX participate a we plungers, then HVP on X you assume? GLP-Xs, the what's how And over could of your

Eric Green

points how couple a is, that is of the plant, product, And a One on a plant product. now that's pleased we're the customer. was single of Matt, there. is single decommissioning standard -- that Well, you're right, that a very

had wasn't It our So for basically long is a fit relation standard it price high-value Right. discussion to we've time. growth strategy. a products. doesn't in that It's this

continue our they made we've on for products therefore, in make sure someone those hands. another but customer party decision else's the with can producing and So to also our customers that

if course tends an of XXXX. is think is future the Biologics, where really, about the to profile from Generics order perspective, have in end our it We'll book obviously think the now therapeutic you Pharma. growth the growth high-value higher we products. our see in I and think around that continue longer about to really around categories, right But is as of it and the term, biologics you over multiple be high

a of of it's different types within specifically, The high-value plunger, range plungers products.

it up needs. all So from depending way to on the ranges FluroTec anywhere NovaPure, customers' the

So around a tends book kind to this continues strong, the our be to of end higher that. optics of it is more the our that of high-value order range. of and -- be portion but the But products

Operator

Jacob comes of line Next Johnson the question from Stephens. with

Jacob Johnson

And I sticking the relates start to first, that year. customers GLP-X the on of a Obviously, strong think you business the Maybe contract times with do can work to as at kind just that's vary year-to-year. manufacturing, it topic.

is that XXXX this something is for we that all? growth and you expectations maybe into there. about carry XXXX sustainable kind this shouldn't forward beyond? there something Is increasing of You're Or

Bernard Birkett

we of now the declines Last our Yes, seeing had business, rebound. contract mid-single Manufacturing digits Contract and growth around bit in would a the Jacob a manufacturing longer-term in year, we're within construct. typically rate

the it growth looking will rate. So single-digit kind be XXXX, I'm of high more if out mid-single, past

Jacob Johnson

teens the around Okay. cleanups I last kind this the of But the I'm And a said commentary mid-teens then on ex I proprietary in of think call. couple on of the outlook last Contract for XX% commentary. think And then -- mistaken, that that was you growth products. this kind of of op in year. COVID the was can If year? Is XX% in just high Manufacturing some stronger -- for growth I do to off Just last anything to out the the margins, flesh with something think terms you XX% kind that not of quarter.

Bernard Birkett

Yes.

margin, Contract through less On little we a then it operating the having is -- coming Manufacturing. And of that they're versus around business COVID bit what expected.

there. drivers primary the are they So

Eric Green

relatively On it's about when February we revenue outlook, it's the consistent guidance pretty side, COVID talk without in proprietary the to the COVID. --

year in and the -- very performance units far strong relatively all full So consistent as area. will be X throughout that as the

Operator

Our comes Bank from of line with the Bruin next America. De of Derik question

Derik De Bruin

rule out. CapEx amount CapEx, your opportunities a questions. A dollar thumb generation? trying how about generate you future to spend every the terms good and build of couple thinking think of about think revenues. and in West in can I'm X of spend there of Is it revenue just will about sort For all just to it of

Bernard Birkett

Yes.

We the in communicated past. that haven't

I think is number that over larger has a CapEx growth that we spend last high-value -- within what our we focused of the have communicated on and portion growth, of products. been really is to say years

driving So is but both that margin so that. in on improvement, CapEx operating also it's revenue the improvement, investment delivering in encompassed obviously

Derik De Bruin

basis come on model you that XXX op look the points next basis, basis points? margin accelerated going margin on XXX should the was going the does about -- are So sort thinking so your has forward shift because you like of are Or an recently. more about When is obviously, still construct, that expansion given mix down, think to just you annual mix? out where

Eric Green

really year-over-year Derik, a but to a expansion on number, a a basis we can -- margin of focused achieve an And years. will number we beat that. continue to but XXX-plus team, give I'm that for as organization, we're how Yes, not going said you as point we've

automation, mix about proud continues our when you I'm that. Biologics participation recently more the reviewing effect the Biologics, -- very at really shift think through at remain of strong. looking Looking in happening, to just the extremely that's

but opportunities the operating aggressive. margin, believe we stay XXX-plus continue there's And going believe that we're to to so basis do points commit and in to we

Derik De Bruin

Great. one more. And just

I of I'm I of newer in opportunities. a to mean, you've had a popped where capacity -- the mean But obviously, up for like isn't while. GLPs. about thinking So mean discussion been drug lot COVID number it I for capacity suddenly you've on of some building interest overnight. a this there's build

coming. You've trials known there were

like do just sort the Because we in there's trends where could I'm sort what market, some what the in it prescription your that virgin see a you need curious to to of isn't like of market of embedded GLP driver of business? trends are. in, think upside of be to sort So the about clearly something already like

how So about market curious I'm on it as just thinking you're that expands.

Eric Green

There's prefilled X to continue seeing, continue we're so to And we is going. seen that's configuration, of as right? other our single this and grow, investments like to plungers. need areas And areas. area, doses syringes of invest to In in dose, in multiple vial. what get our are types where area specifically One around going that's particular what we're per vial configurations portfolio, unlike can product we've

our respond to customers' just And continue than more forecasted we'll demand. customer, it's And customers. to one again, multiple it's

our and just with that's not is. planning, them, commercialization planning waiting were our It's future around solutions in that but the they're today. conversation the they're to that's ahead, we're So drug market, today one. customers on If launches conversations the existing we of where

area. one that's So

of to unlike molecule, provider Manufacturing, the diversify much main where, pretty On if able our proprietary Manufacturing business this, the very you're we've auto different be multiple our little produce as side, business, those you're been components. customers on i.e., that you to the of those, with companies know, injectors. where to tend our clear Contract In Contract the a part about

to volume for it's I that say X while wouldn't So up, X goes us.

side, on but much Manufacturing Contract It's in the as the side. proprietary clear not

hopefully, and gives the visibility it GLP-X kind specific of of So a bit little area. you particularly around

Operator

next from of question the with comes UBS. Sourbeer line John Our

John Sourbeer

over that be I is said sounds that digits. Is target manufacturing to upside? other there from single the term, digits, grow contract was mid-single high long it long-term increase that drivers previous that, could that that are all think there think, there GLP-Xs? like I So would you to the mid-single Or driving that

Eric Green

Well, would it's a say of be GLP one customers I different but a multiple few just area, area a of different in mixture would only not products. the growth. -- few

So when in coming we've continue necessary, to investments and been And been with year our that this into contract year. have in, that layering last in, board layer manufacturing, specifically on customers. end the of if we'll

portion So there's a to due GLP-X. it is of yes,

John Sourbeer

Just when think company you're that seeing in single-digit I the Manufacturing. trends revenue the now the has you look in range, but -- some that Contract long-term framed throughout target increases high portfolio, strong

could Just on thoughts how look revenue growth like that XXXX. any beyond

Eric Green

Yes.

has same the as the excited organic we X% think sales that, Manufacturing, excited play growth. us while i.e., a the the we can multiple on proprietary. I with a an to to obviously, for profile GLP-X the and higher Contract in play in focus both construct long-term a [indiscernible] to that me, to evolves. have We're X% higher do multiple we as role economic I'm because support organization, components side. That, on proprietary fronts, customers in our different dependency then

organic growth that outlook, when category. it's on would that I to we X% our X% reliant solely not the But say say growth,

types need that numerous drugs uptake current and in with have launches of different to We market of customers turning that the are keep we fueling.

So and of in that sure GLP-X, we mixture is multiple it's the it's -- customers diversified. a of Yes, make classes. multiple therapy to I business want multiple this very but drugs, participate growth

Operator

for remarks. conference And the to at back hand no Lai I'm closing questions time. Quintin to over like this would currently further I showing

Quintin Lai

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

days XX access Philadelphia today's with instructions unique the call end of me for an of Eagles following Fly. a to acknowledgment with it replay conclude the the gives our at a nice using may presentation release. Have the you sustainability partnership Additionally, this Fly And earnings Eagles, a opportunity by day.

Operator

This call. you participation. for Thank concludes your today's conference

have may disconnect. now wonderful a day. You Everyone,

West Pharmaceutical Services (WST) 27 Apr 232023 Q1 Earnings call transcript