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Text: On Slide 2 is our safe harbor statement.
These statements are based on our beliefs and assumptions, current expectations, estimates and forecasts.
During today's call, management will make reference to non-GAAP financial measures, including organic sales growth, adjusted operating profit, adjusted operating profit margin and adjusted diluted EPS.
The past several months have been some of the most difficult times for our communities across the world as we face challenging circumstances related to COVID 19.
This pandemic has made clear the importance of global healthcare and the criticality of the role West plays during these unprecedented times.
Our mission to improve patient lives cannot be any more meaningful than in times like today.
We take great pride that for nearly 100 years, we have provided innovative, high-quality products and solutions for the containment and delivery of injectable medicines.
Despite the COVID-19 challenges, the West team remains focused on creating and delivering value to all our stakeholders.
West has two priorities that are guiding us through this pandemic.
First and foremost, we're focused on the well-being and safety of our team members across the globe.
Our crisis management team was engaged at the outset, implementing precautionary measures across our company to protect our teams.
It seems nearly every day, I learned about another great way that our team is stepping up to deliver the critical components to meet the urgent needs of our customers and their patients while looking out for the safety of one another.
These moments are not only inspirational, but they serve as a testament to the collective strength of the One West team, and I'm grateful for their unwavering commitment to our mission.
In addition, our culture of philanthropy and community involvement has our team members offering their time, unique skills and knowledge in support of local response efforts.
Turning to Slide 4.
Our second priority is the continuity of manufacturing and supply of components and solutions to our customers.
The strong tenets of our market-led strategy and globalization of the manufacturing network are contributing to the resiliency of West's business in today's climate.
I'm pleased to say that the growth trends we experienced throughout 2019 have continued in the first quarter, and the outlook for the balance of the year remains positive.
Despite the current challenges, so far, we have been able to maintain operations at normal capacity.
For the benefit of our customers, we have been able to leverage our world-class global manufacturing network by enabling the right capabilities, scale and flexibility to keep up the increase in demand.
Because of the constantly changing environment and its effect on the economy, we conduct business impact analyses daily and make adjustments as they are required.
These assessments are an integral part of our business continuity plans within each of our global sites and operations network.
Throughout the past several months, we have monitored our supply chain, including our close partner, Daikyo, and at this time, do not foresee any negative impact from direct or indirect suppliers.
As the pandemic has intensified, as expected, we have seen an increase in customer orders in recent weeks.
We are monitoring order flow to ensure that we're addressing the true demand for our products.
As shown on Slide 5, despite today's uncertain environment, I am pleased to report that we had a strong first-quarter performance, and we entered the second quarter well-positioned.
We had 13% organic sales growth in the first quarter, largely through strong high-value product sales.
This resulted in double-digit growth in adjusted earnings per share for the first quarter.
As we enter the second quarter, the demand for our products continues to be solid from both existing customers, as well as new opportunities from companies looking to develop COVID-19 solutions.
Each day seems to bring new challenges: supply chain, transportation, government regulations.
And I want to emphasize that across West, we're operating with a sense of urgency to address and manage these issues.
I hope everyone is healthy and safe during this time.
So let's review the numbers in more detail.
We'll first look at Q1 2020 revenues and profits where we saw strong sales and earnings per share growth, led by strong revenue performance, primarily in our biologics and generics market units and contract manufacturing.
I will take you through the margin growth we saw in the quarter, as well as some balance sheet takeaways.
And finally, we'll review guidance for 2020.
GAAP measures are described in slides 13 to 16.
We recorded net sales of $491.5 million, representing organic sales growth of 12.7% and 30 basis points of inorganic growth.
Proprietary Products sales grew organically by 11.8% in the quarter.
High-value products, which make up more than 63% of Proprietary Products sales, grew double digits and had solid momentum across all market units throughout Q1.
Looking at the performance of the market units, the biologics market unit delivered strong double-digit growth.
We continue to work with many biotech and biopharma customers who are using West and Daikyo high-value product offerings.
The generics market units experienced high single-digit growth led by sales of Westar and FluroTec components.
Our pharma market unit saw mid-single-digit growth with sales led by high-value products and services, including Westar, NovaPure and FluroTec components.
And contract manufacturing had double-digit organic sales growth for the first quarter, led once again by sales of diagnostic and healthcare-related injection systems.
Moving to Slide 7.
We continue to see improvements in gross profit.
We recorded $167 million in gross profit, $20 million or 13.6% above Q1 of last year, and gross profit margin of 34% with a 90-basis point expansion from the same period last year.
We saw improvement in adjusted operating profit with $88 million reported this quarter, compared to $71.3 million in the same period last year or a 23.4% increase.
Our adjusted operating profit margin of 17.9% was a 180-basis point increase from the same period last year.
And finally, adjusted diluted earnings per share grew 36% for Q1.
Excluding stock tax benefit, earnings per share grew by approximately 31%.
So what's driving the growth in both revenue and profit?
On Slide 8, we show the contributions to sales growth in the quarter.
Volume and mix contributed $51.1 million or 11.5 percentage points of growth.
Sales price increases contributed $6.6 million or 1.5 percentage points of growth.
And changes in foreign currency exchange rates reduced sales by $9.7 million or a reduction of 2.2 percentage points.
Looking at margin performance, Slide 9 shows our consolidated gross profit margin of 34% for Q1 2020, up from 33.1% in Q1 2019.
Proprietary Products' first-quarter gross profit margin of 40.2% was 130 basis points above the margin achieved in the first quarter of 2019.
The key drivers of the continued improvement in Proprietary Products gross profit margin were favorable mix of products sold, driven by growth in high-value products.
Production efficiencies and sales price increases, partially offset by increased overhead costs, contract manufacturing's first-quarter gross profit margin of 14.3% was 30 basis points above the margin achieved in the first quarter of 2019.
Our adjusted operating profit margin of 17.9% was a 180-basis point increase from the same period last year, largely attributable to our Proprietary Products' gross profit expansion.
Now let's look at our balance sheet and review how we've done in terms of generating more cash for the business.
On Slide 10, we have listed some key cash flow metrics.
Operating cash flow was $57.1 million for the first quarter of 2020, an increase of $9.5 million compared to the same period last year, a 20% increase.
Our Q1 2020 capital spending was $32.1 million, $3.3 million higher than the same period last year and in line with guidance.
Working capital of $633.1 million at March 31, 2020, was $74 million lower than at December 31, 2019 primarily due to a reduction in our cash and cash equivalents.
Our cash balance of March 31 of $335.3 million was $103.8 million less than our December 2019 balance primarily due to $115 million of expenditures under our share repurchase program.
Our capital and financial resources, including overall liquidity, remains strong.
Slide 11 provides a high-level summary.
Full-year 2020 net sales guidance continues to be in a range of between $1.95 billion and $1.97 billion.
This includes an estimated headwind of $26 million based on current foreign exchange rates compared to prior guidance, which forecasted a $15 million headwind.
We expect organic sales growth to be approximately 8%.
We expect our full-year 2020 reported diluted earnings per share guidance to be in a range of $3.52 to $3.62, compared to prior guidance of $3.45 to $3.55.
Capital expenditure will be in the range of $130 million to $140 million.
There are some key elements I want to bring your attention to as you review our guidance.
Estimated FX headwind on earnings per share has an impact of approximately $0.07 based on current foreign currency exchange rates, compared to prior guidance of $0.04.
The revised guidance also includes a $0.07 earnings per share impact from our first-quarter tax benefits from stock-based compensation.
So to summarize the key takeaways for the first quarter, strong top-line growth in both Proprietary and contract manufacturing, gross profit margin improvement, growth in operating profit margin, growth in adjusted diluted earnings per share and growth in operating and free cash flow, our sales and earnings per share projections for 2020 and performance are in line with our long-term construct of approximately 6% to 8% organic sales growth and earnings per share expansion.
Our company is financially strong.
Today, more than ever, the pursuit of our mission is priority and not taken for granted.
West products are needed by patients across the globe and in many cases, for the administration of life-saving medicines.
As the market leader, we are committed to ensure continuity of supply to our customers around the globe.
In addition, we are supporting our many customers that are developing potential solutions to address COVID-19 with components for diagnostics, antiviral therapeutics and vaccines.
We are confident in our long-term growth strategy.
Although these are trying times, we are optimistic and dedicated to doing what is necessary supporting the healthcare industry as it works to resolve this global pandemic.
We will emerge from this experience collectively stronger.
And on behalf of all of the team members at West, it is our wish that you stay healthy and safe in the days ahead.
Andrew, we're ready to take questions.

user
sees fy 2020 adjusted earnings per share $3.52 to $3.62.
sees fy 2020 sales $1.95 billion to $1.97 billion.
q1 sales $491.5 million versus refinitiv ibes estimate of $466.8 million.
organic sales growth is expected to be approximately 8% in 2020.
net sales guidance includes an estimated full-year headwind of $26 million for full-year 2020.

assistant