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Text: On Slide 4 is our 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.
We are excited to discuss our 2021 results and outlook for 2022.
We will start on Slide 5.
West delivered a remarkable year of success.
As I reflect on the year, three things stand out to me.
We serve to improve patient lives, and we understand the criticality of our role in the containment and delivery of life-saving and life-changing medicines, including the battle against COVID-19.
Our team members have rallied together with great strength and resolve to meet the accelerated customer demand.
Second, our proven market-led strategy.
We have continued to meet shifting market and customer needs with unique value propositions across our business segments.
This is evident in the continued strength of our financial performance in 2021.
As the global leader, customers come to West knowing that we will deliver superior value through our high-quality products and solutions.
And we remain focused on delivering value to all our stakeholders on a sustainable basis and doing our part to support the healthcare industry.
As highlighted on Slide 6, 2021 was an exceptional year of sales and margin expansion driven by strong demand in our base business and accelerated demand for components associated with COVID-19 vaccines and therapeutics.
We ended the year with 28% organic sales growth in the fourth quarter.
And adjusting for COVID-related sales, our base business grew by mid-teens organically.
Our proprietary products segment led the way with 37% organic sales growth, and all of this was fueled by high-value products, resulting in impressive gross and operating margin expansion for the quarter.
Looking ahead, we are well positioned with the right growth strategy around execute, innovate and grow.
Our committed order book is at an all-time high.
We continue to realize the benefits of the globalization of our operating model and continued capital investments to support the increase in demand driven by the attractive end markets.
Turning to Slide 7.
In addition to our financial momentum, West has several other notable accomplishments in 2021.
We shipped over 45 billion components touching billions of patient lives.
This was done with the continued safety of our team members as top priority and the importance of ensuring the continuity of supply for our customers.
We launched five product extensions that continue to bring additional value to our customers.
And we donated over $2.5 million, but more importantly, over 3,600 hours, volunteer hours were donated by team members to help our local communities with the greatest needs.
As we move to Slide 8, a we strive to be stewards of a sustainable future by factoring environmental considerations into every aspect of our business.
In 2021, we expanded our ESG transparency reporting by aligning with the task force for climate-related financial disclosure recommendations.
This includes reducing energy dependencies and lessening emission production through renewable and greener energy, developing more carbon-friendly products and actively engaging with stakeholders to seek out opportunities to have an impact on climate.
Aligned with our focus to improving patient lives across the globe through our products, we remain strongly committed to creating a healthier environment with efforts that will have a positive impact on our communities and future generations.
Turning to Slide 9 and the recent announcement of our collaboration with Corning.
As you look across biotech and pharma companies' drug pipelines, there is a growing need to provide system solutions to support increasingly more sensitive and complex molecules.
And with that comes a changing and increasing regulatory environment that are setting the high-bar requirements for performance data on combination of products at the system level.
These regulatory changes are driving drug manufacturers to look to West to reduce risk by specifically specifying a system of packaging rather than individual components.
We're excited to have Corning as a key collaborator as we expand our HVP value proposition to lead the industry from components to a truly integrated system that couples elastomer and glass.
In response to our customers, this exclusive supply and technology agreement with Corning includes significant investment in R&D and capital for installed manufacturing capacity to expand Corning's Ballard glass technology.
By combining West industry-leading NovaPure components with Daikyo's FluroTec coating technology and Corning's Valor Glass and Velocity vials, the collaboration will enable new advanced pharmaceutical packaging solutions.
We believe that an integrated system of -- glass under a single drug master file is the next level of high-value products.
Our initial focus is addressing the need for complete system offering.
And in time, we will offer a broad range of systems from vials to prefilled syringes to cartridges.
As we enter in 2022, we are building on the positive momentum we generated in 2021.
We are introducing full year 2022 financial guidance that assumes approximately 10% organic sales, led by strong HVP sales and another strong year of both gross and operating profit margin expansion well in excess of 100 basis points.
This guidance includes a substantial acceleration in our R&D efforts as we enter this new era of integrated systems.
And with a robust book of committed orders, we see momentum in 2022 and continuing into 2023.
As such, we expect to add more capital expansion plans for additional HVP capacity to stay ahead of our customers' demand.
We expect these projects to be completed throughout the year and ready for 2023 production.
For the past few years, we have set our long-term financial construct as annual organic sales growth of 6% to 8%, led by HVP sales and annual operating profit margin expansion of 100 basis points per year.
Over the past five years, we've had an annual organic sales CAGR of 13% and annual operating profit margin expansion of 240 basis points per year.
Five years ago, Biologics was our smallest market unit.
and also in Europe.
As we look to the future, we see continued demand growth for our HVP products as we launch a new level of HVP's integrated systems.
We are updating our long-term construct to annual sales growth of 7% to 9%.
And we continue to expect to expand operating margins by 100 basis points per year over the next few years.
So let's review the numbers in more detail.
We'll first look at Q4 2021 revenues and profits where we saw continued strong sales and earnings per share growth led by strong revenue performance in each of our proprietary market units.
I will take you through the margin growth we saw in the quarter as well as some balance sheet takeaways.
And finally, we will review our 2022 guidance.
Our financial results are summarized on Slide 10 and the reconciliation of non-U.S. GAAP measures are described in Slides 19 to 22.
We recorded net sales of $730.8 million in the quarter, representing organic sales growth of 28.3%.
COVID-related net revenues are estimated to have been approximately $124 million in the quarter.
These net revenues include our assessment of components associated with vaccines, treatment and diagnosis of COVID-19 patients, offset by lower sales to customers affected by lower volumes due to the pandemic.
Looking at Slide 11.
proprietary products sales grew organically by 36.8% in the quarter.
High-value products, which made up approximately 74% of proprietary product sales in the quarter grew double digits and had solid momentum across all of our market units in Q4.
Looking at the performance of the market units.
The biologics market unit delivered strong double-digit growth led by NovaPure and Westar components.
The generics and pharma market units also experienced double-digit growth led by sales of FluroTec and Westar components.
And contract manufacturing organic net sales declined by 2.1% in the fourth quarter primarily driven by lower sales of healthcare-related medical devices.
We continue to see improvement in gross profit.
We recorded $300.6 million in gross profit, $89.5 million or 42.4% above Q4 of last year.
And our gross profit margin of 41.1% was a 470-basis-point expansion from the same period last year.
We saw improvement in adjusted operating profit with $189.2 million recorded this quarter compared to $119.1 million in the same period last year for a 58.9% increase.
Our adjusted operating profit margin of 25.9% was a 540-basis-point increase from the same period last year.
Finally, adjusted diluted earnings per share grew 52% for Q4.
Excluding stock-based compensation tax benefit of $0.06 in Q4, earnings per share grew by approximately 58%.
So let's review the growth drivers in both revenue and profit.
On Slide 12, we show the contributions to sales growth in the quarter.
Volume and mix contributed $153 million or 26.4 percentage points of growth, including approximately $78 million of incremental volume driven by COVID-19-related net demand.
Sales price increases contributed $11.3 million or 1.9 percentage points of growth.
Looking at margin performance.
Slide 13 shows our consolidated gross profit margin of 41.1% for Q4 2021, up from 36.4% in Q4 2020.
proprietary products fourth quarter gross profit margin of 46.3% was 460 basis points above the margin achieved in the fourth quarter of 2020.
The key drivers for the continued improvement in proprietary products gross profit margin were favorable mix of products sold driven by growth in high-value products, production efficiencies, sales price increases partially offset by increased overhead costs, inclusive of compensation.
Contract manufacturing fourth quarter gross profit margin of 16.5% was 70 basis points below the margin achieved in the fourth quarter of 2020.
The decrease in margin is largely attributed to increased raw material costs and a mix of products sold.
Now, let's look at our balance sheet and review how we've done in terms of generating more cash.
On Slide 14, we have listed some key cash flow metrics.
Operating cash flow was $584 million for the year, an increase of $111.5 million compared to the same period last year, a 23.6% increase.
Operating cash flow in the period was adversely impacted by our working capital increase as well as an increase in tax payments.
In 2021, we spent over $253 million on capital expenditures, a 45% increase over 2020.
The majority of the incremental capex has been leveraged to increase our high-value product manufacturing capacity within our existing facilities.
We expanded capacity at 13 existing sites with 13 major facility modifications and over 400 pieces of equipment, all while keeping pace with the growing demand.
We have continued to increase capacity at our HVP sites in the U.S., Germany, Ireland and in Singapore.
And we have been able to leverage our existing asset base to support proprietary products manufacturing.
For example, our Williamsport, Pennsylvania site, formerly a contract manufacturing site, will be transformed with over half its manufacturing capacity to support proprietary products with elastomer mixing and batch off line.
And this leverages the close proximity to our HVP site at Jersey Shore.
As we flex our global infrastructure with the phased capacity expansions, we are well positioned for the continued growth in 2022.
Working capital of approximately $1.1 billion increased by $277.6 million from 2020 primarily due to higher accounts receivable from our increased sales, higher inventory levels and an increase in our cash position.
Our cash balance at December 31 of $762.6 million was $147.1 million higher in our December 2020 balance.
The increase in cash is primarily due to our strong operating results in the period, offset by our share repurchase program and higher capex.
Slide 15 provides a high-level summary.
Full year 2022 sales guidance will be in a range of $3.05 billion to $3.075 billion.
There is an estimated headwind of $70 million based on current foreign exchange rates.
We expect organic sales growth to be approximately 10%.
This comprises a mid-teen growth in our proprietary business.
The forecast includes mid-teen growth in our base business and mid-teen growth in our net COVID-related revenues.
For contract manufacturing, we are forecasting low to mid-single-digit negative growth in 2022.
We do expect contract manufacturing to return to growth in 2023.
We expect our full year 2022 reported diluted earnings per share guidance to be in a range of $9.20 to $9.35.
Also, our capex guidance is $380 million for the year.
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 $0.21 based on current foreign currency exchange rates.
And our guidance excludes future tax benefits from stock-based compensation.
To summarize the key takeaways for the fourth quarter, strong top-line growth in proprietary, gross profit margin improvement, growth in operating profit margin, growth in adjusted diluted earnings per share and growth in operating cash flow, delivering in line with our pillars of execute, innovate and grow.
To summarize on Slide 16, the excellent financial performance reported today continues to reaffirm that our strategy is working.
We have a strong base business proven by our market-led approach is delivering unique value to our customers.
Our global operations team is efficiently manufacturing and delivering products in this complex environment with a focus on service and quality.
And we're continuing to accelerate capital spending across our operations to meet current and anticipated future growth.
We realize that our products are critical for healthcare across the globe, which is why we're so dedicated to support patient health today and well into the future.
Towanda, we're ready to take questions.

user
sees fy earnings per share $9.20 to $9.35.
sees fy sales $3.05 billion to $3.075 billion.
q4 sales rose 26 percent to $730.8 million.
west pharmaceutical services- 2022 net sales guidance includes estimated full-year 2022 headwind of $70 million based on current foreign exchange rates.

assistant