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Text: On Slide 2 is the safe harbor statement.
These statements are based on our beliefs and assumptions, current expectations, estimates, and forecasts.
The company's future results are influenced by many factors beyond the control of the company.
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.
Before we dive into our Q3 results and raised 2020 guidance, I like to make clear the importance of our mission at West and the values that formed the pillars in which we operate.
In today's uncertain environment and what seems like a new set of challenges each day, we remain focused on two key priorities: keeping our team members safe and ensuring uninterrupted supply of high quality containment and delivery devices required by our customers and the patients we currently serve.
Moving to Slide 5, West is uniquely positioned to satisfy increasing market demand by leveraging our global operation of scale and our resources.
Our team recognized at the outset of the pandemic that need to increase production capacity.
We were already supporting the growth trajectory of our base business and the future demand for our products required for COVID-19 vaccines and therapeutics meant that we needed to act quickly and very decisively.
To address the increase in demand, we brought forward planned capital investments and production capacity.
So, earlier this month we installed new manufacturing equipment at one of our HVP sites to prepare for the future demand of FluroTec and NovaPure.
As of this week, that capacity is operational and we have additional equipment being installed at a second HVP site with more installations planned in the coming months at other global sites.
The strength of our performance this past quarter demonstrates the forward momentum we have built over time with our market led strategy and also One West team approach to satisfy market demand.
And now turning to Slide 6, the disruption caused by the pandemic has impacted the way all of us conduct business in our daily lives.
West is no exception.
Customers can come to West for a scientific and technical expertise, and this differentiates us in the market.
We have been investing in digital technology and automation with two objectives in mind, bringing new connected products to market, as well as enhancing the productivity of our operations at every level of the organization.
While we're early in our digital journey, I would like to share a few examples of the recent success, starting with our manufacturing automation strategy.
We made great strides over the past year and helping us to achieve continuous improvements and quality, safety, service and cost.
Petersburg, Florida site has developed an automation process for robotically loading and unloading molding presses.
This has considerably reduced idle production time associated with product changeovers and improved operating efficiency.
Our Kinston site has automated molding, trimming, rinsing processes, which will drive higher quality and final product and greater efficiency gains.
And I'm especially pleased with the team's agility in bringing forward the production capacity expansion, I mentioned earlier.
A great deal of planning and engineering went into this initiative to help us meet our customers' requirements.
On the digital front, we have just introduced the West virtual, the future of customer interactions with a truly immersive, fully interactive online experience.
We expect this tool to be a primary customer interface, even beyond the current pandemic.
So, turning now to Slide 7 and our performance in the third quarter, our financial results remain strong.
I'm pleased to say that the growth trends we have experienced over the past several quarters continued in the third quarter and the outlook for the fourth quarter remains positive.
And we've had over 18% organic sales growth in the third quarter, driven again by robust high value product sales, as well as sales in contract manufacturing.
And we experienced solid growth in operating profit margin expansion.
This resulted in a strong adjusted earnings per share and free cash flow for the third quarter.
Similar to the second quarter, our base business had solid organic sales growth in the third quarter.
We also had incremental sales associated with many COVID-19 development projects we are supporting for both therapeutics and vaccines.
Specifically for vaccines, toward really the back end of the quarter, we were asked by our customers to accelerate initial deliveries of components is more than offset continued sales decline of products associated with injectable drugs and treatments such as dental and elective surgeries that have been impacted negatively by the pandemic.
As for guidance for the remainder of the year, we are confident that we're well positioned with the strength and resiliency of our core underlying business and the incremental opportunities being presented to support our customers with pandemic solutions.
Therefore, we're raising our sales and earnings per share guidance for the remainder of this year.
Let's review the numbers in more detail.
We'll first look at Q3 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.
Finally, we'll review our updated 2020 guidance.
Our financial results are summarized on Slide 8, and the reconciliation of non-U.S. GAAP measures are described in Slides 16 to 20.
We recorded net sales of $548 million, representing organic sales growth of 18.2%.
COVID-related net revenues are estimated to have been approximately $32 million in the quarter.
These net revenues include the assessment of our components associated with treatment and diagnosis of COVID-19 patients, offset by lower sales to customers affected by lower volumes due to the pandemic.
Excluding net COVID impact, organic sales grew by approximately 11%.
Looking at Slide 9.
Proprietary product sales grew organically by 20.3% in the quarter.
High-Value Products, which made up more than 65% of proprietary product sales in the quarter, grew double-digits and had solid momentum across all market units throughout Q3.
Looking at the performance of the market units, Biologics market units that were -- have 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 unit experienced high single-digit growth led by sales of Teflon stoppers and FluroTec components.
Our Pharma market unit saw mid single-digit growth with sales led by high-value products and services, including Westar and FluroTec components.
And Contract Manufacturing had double-digit organic sales growth for the third quarter, led once again by sales of diagnostic and healthcare-related injection devices.
We continue to see improvement in gross profit.
We recorded $194.6 million gross profit, $46.8 million or 31.7% above Q3 of last year.
And our gross profit margin of 35.5% was a 310 basis point expansion from the same period last year.
We saw improvement in adjusted operating profit, with $103.9 million recorded this quarter, compared to $70.1 million in the same period last year for a 48.2% increase.
Our adjusted operating profit margin of 19% was a 360 basis point increase from the same period last year.
Finally, adjusted diluted earnings per share grew 46% for Q3.
Excluding stock tax benefit of $0.02 in Q3, earnings per share grew by some 53%.
Let's review the gross drivers in both revenue and profits.
On Slide 10, we show the contributions to sales growth in the quarter.
Volume and mix contributed $77.1 million or 16.9 percentage points of growth, including approximately $32 million of volume driven by COVID-19-related net demand.
Sales price increases contributed $6.1 million or 1.3 percentage points of growth, and changes in the foreign currency exchange rates increased sales by $8.7 million or a reduction of 1.9 percentage points.
Looking at margin performance.
Slide 11 shows our consolidated gross profit margin of 35.5% for Q3 2020, up from 32.4% in Q3 2019.
Proprietary products third-quarter gross profit margin of 40.8% was 260 basis points above the margin achieved in the third quarter of 2019.
Our key drivers of the continued improvement in proprietary products gross profit margin were: favorable mix of products sold, driven by high-value products; production efficiencies; and sales price increases, partially offset by increased overhead costs.
Contract Manufacturing third-quarter gross profit margin of 17.9% was 350 basis points above the margin achieved in the third quarter of 2019.
This is a result of improved efficiencies and the plan utilization.
Now let's look at our balance sheet and review how we've done in terms of generating more cash.
On Slide 12, we have listed some key cash flow metrics.
Operating cash flow was $323.8 million for the year-to-date 2020, an increase of $63 million, compared to the same period last year, a 24.2% increase.
Our year-to-date capital spending was also $116.7 million, $27.9 million higher than the same period last year and in line with guidance.
Working capital of $790.6 million at September 30, 2020 was $73.5 million higher than at December 31, 2019, primarily due to an increase in Accounts Receivable due to increased sales activity and inventory, mainly as a result of increasing safety stock.
Our cash balance at September 30 of the $519.4 million was $80.3 million more than our December 2019 balance, primarily due to our positive operating results.
Our capital and financial resources, including overall liquidity, remain strong.
Turning to guidance, slide 13 provides a high-level summary.
Full year 2020 net sales guidance will be in a range of between $2.1 billion and $2.11 billion.
This includes estimated net COVID incremental revenues of also approximately $85 million.
There is an estimated headwind of $4 million based on current foreign exchange rates.
We expect organic sales growth to be approximately 14% to 15%.
This compares to prior guidance of $2.035 billion to $2.055 billion and growth of approximately 12%.
We expect our full year 2020 adjusted diluted earnings per share guidance to be in a range of $4.50 to $4.55, compared to prior guidance of $4.15 to $4.25.
As Eric discussed, we are expanding our HVP manufacturing capacity at the existing sites to meet anticipated 2021 COVID-19 vaccine demand.
Capex guidance remains at $170 million to $180 million.
There are some key elements I want to bring your attention to as you review this revised guidance.
Estimated FX headwinds on earnings per share has had an impact of approximately $0.02 based on current foreign currency exchange rates.
The revised guidance also includes $0.18 earnings per share impact from tax benefits from stock-based compensation.
So just to summarize the key takeaways for the third 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 or approximately 6% to 8% organic sales growth and earnings per share expansion.
Before I close, I'm pleased to share that last evening we received FDA clearance for West to market our 20 millimeter Vial2Bag advanced product.
The team is excited to bring this innovative product to the healthcare professionals.
To conclude, there are many challenges ahead of this, but we're resolute in our mission focus systems and most importantly, the team to address these challenges.
We see strengths in our core business and we're confident in our long-term growth strategy.
Our market led strategies delivering unique value propositions to our customers.
Our global operations network is able to flex and respond to the demand, while driving our market leading service and quality.
And our investments in digital technology and automation will continue to keep us on the forefront of the industry.
We remain focused on delivering value to all our stakeholders on a very sustainable basis and doing our part to support the healthcare industry as it works to resolve this global pandemic.
On behalf of the team members at West, we continue to wish you well in the days ahead.
Gila, we're now ready to take questions.

user
sees fy 2020 adjusted earnings per share $4.50 to $4.55.
sees fy 2020 sales $2.1 billion to $2.11 billion.
q3 sales $548 million versus refinitiv ibes estimate of $510.1 million.
sees fy 2020 organic sales growth approximately 14% to 15%.
full-year 2020 adjusted-diluted earnings per share is expected to be in a range of $4.50 and $4.55.

assistant