West's Pharmaceuticals announces fourth quarter and full-year 2020 financial results

• Net sales in the fourth quarter of 2020 were US$580.

• The fourth quarter of 2020 reported diluted earnings per share of US$1.

• In the fourth quarter of 2020, adjusted diluted earnings per share were US$1.

• The company issued financial guidelines for the full year of 2021, with net sales of 2.

• "Adjusted diluted earnings per share" and "organic sales revenue growth" are non-GAAP financial indicators

2020 full year financial summary

Operating cash flow was US$472.
5 million, an increase of 28.
7%
.
The capital expenditure is 174.
4 million U.
S.
dollars
.
Free cash flow (operating cash flow minus capital expenditures) was US$298.
1 million, an increase of 23.
8%
.

Financial guidelines for the full year 2021

It is estimated that the net sales for the whole year of 2021 will be between 2.
5 billion and 2.
525 billion US dollars
.

• The organic sales growth rate is expected to be between 13% and 14%
.

• The net sales guidelines include an estimated full-year 2021 income of $75 million (based on current foreign exchange rates)
.

• Diluted earnings per share in the 2021 annual report is expected to be between 6.
00 and 6.
15 US dollars
.

• The guidance range of the annual report for diluted earnings per share includes estimated earnings of approximately US$0.
23 (based on current foreign exchange rates)
.

• The report’s guidance range for diluted earnings per share assumes that the annual tax rate for 2021 is 23%, which does not include potential tax incentives derived from stock compensation
.
As in previous years, it does not include potential 2021 tax benefits derived from stock compensation, because this is outside the company's control
.
Any tax incentives linked to stock compensation received in 2021 will impose a positive adjustment to the full-year earnings per share guidance
.

• The full-year capital expenditure in 2021 is expected to be between 230 million and 240 million US dollars
.
These include incremental capital expenditures to support the expansion of the production capacity of existing HVP facilities and the production of components used in COVID-19-related treatments and vaccines
.