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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.
West had an extraordinary year of success in the face of the biggest healthcare challenge of our generation.
A record-setting year of sales and margins were driven by base business demand of our components, devices and solutions as well as the accelerating demand for components associated with COVID-19 vaccines and therapeutics.
This was accomplished by our dedicated team members across the globe, working tirelessly to show up each day at our facilities, our labs and remotely at their homes to make a meaningful difference to customers and patients.
The past year has truly brought to life the importance of our mission and values that guides our work each day at West.
We remain steadfast in our purpose to serve society and lead by example for the communities in which we live and work.
Importantly, we continue to manage through these unprecedented times by focusing on two key priorities.
One, keeping our team members safe and two, ensuring uninterrupted supply of high-quality containment and delivery devices required by our customers and the patients we jointly serve.
The criticality of our business today is shown in the character and the perseverance of our team members to deliver on our commitments as a trusted partner for our customers.
The strength of our performance this past quarter and throughout 2020, demonstrates the forward momentum that we have built over time with our market-led strategy, globalization of our manufacturing network and One West team approach to satisfy market demand.
Moving to Slide 6.
These charts show a breakdown of the 2020 sales and the impact of our high-value products that we bring to numerous customers around the world.
As the base business continues to grow, and as we saw a growing demand for components associated with COVID-19, we leveraged our global infrastructure and team's agility to meet the increased demand.
Now, turning to Slide 7.
Proudly, West components are on a majority of the vaccines on the market and in development to combat COVID-19.
The process for selecting the best high-quality packaging components for use with injectable medicines, including vaccines is a complex one, driven by years of science, which West has pioneered.
It became clear to us in early 2020 that would -- we would need to accelerate production capacity for certain high-value products.
As I previously shared, many of our customers are selecting fluoropolymer-coated stoppers from vial configurations made by both West and our partner, Daikyo.
These are the industry standard for packaging sensitive molecules and have an outstanding track record of quality and reliability.
Some of our customers have selected NovaPure, as they have made the decision to use this best-in-industry component to ensure the highest degree of quality and safety.
In addition, we're involved in many therapeutic approvals and our contract manufacturing business is supporting the COVID-19 diagnostic requirements of our customers.
In Q4, we accelerated our capacity expansions and began the installation of additional equipment with a modular approach to expand Flurotec and NovaPure capacity.
This included the installation of several 45-ton hydraulic presses and additional HVP manufacturing processes to produce components for COVID-19 vaccines at several sites.
I'm proud to say that the first presses were installed and validated at the end of 2020, and we're now producing product.
And we're not done yet.
We have more presses that will be installed in the first half of this year.
It should be noted that these investments were already included in the 5-year plan.
We just brought them forward to support the pandemic efforts.
Moving to Slide 8.
While COVID-19 was much of the focus in 2020, there are a few other notable highlights I would like to share.
West was named to the S&P 500 and recently joined the S&P 500 Dividend Aristocrats.
We continue to make significant progress with our environmental, social and governance priorities and have received many accolades in 2020 for these efforts.
We launched several innovative products such as our 20-millimeter Vial2Bag Advanced product.
AccelTRA component line extensions and a Flip-Off seal container closure system compatible with Daikyo Crystal Zenith vials.
Our team of scientific and technical experts continue to educate and share insights in biologics, combination products and container closure integrity, which are priority areas in pharmaceutical packaging and necessity during this pandemic to ensure patient safety.
At the end of the year, West digital technology center successfully implemented a new ERP system, SAP S/4HANA, which during this pandemic is quite an accomplishment.
As we continue to improve our internal systems, S/4HANA brings enhanced analytics to improve responsiveness, operating efficiencies and greater service levels for customers.
Turning to Slide 9.
The opportunity ahead of us centers around three core pillars: execute, innovate and grow.
The first pillar, Execute is about continuing to build from the strength and success of the market led strategy.
Further globalization of our operating model.
And lastly, a shift from analog to a digital environment across West.
We continue to drive the market-led strategy for further defining unique value propositions to address specific customer needs in biologics, generics and pharma.
These are very attractive, robust markets for the future of injectable medicines.
For the benefit of our customers, we have been able to leverage our global manufacturing network by enabling the right capabilities, scale and flexibility to keep up with the increased demand with the ability to leverage existing assets more effectively across our global network, we can respond to the demand of our base business and importantly, the demand for COVID-19, while maintaining our global leadership position.
We will continue to deliver digital tools, such as the Knowledge Center and the West Virtual, along with enhancements to improve plant productivity with automation and advanced manufacturing systems.
The second pillar is Innovate with a focus on R&D efforts with -- from concept to commercialization.
Our newly aligned R&D team is focused on several areas: the first area of new products and platforms, to connect the dots across science and technology for potential value creation.
The second area is technology solutions and new go-to-market enablement, which explores adjacent technologies and disruptors to realize new opportunities.
And the third area is product life cycle management with the execution of development agreements and product extensions.
We are confident that these R&D efforts will have us well positioned to deliver unique innovations and future improvements to existing portfolios for our customers.
The third pillar is Growth, capital deployment and free cash flow.
As mentioned earlier, we have increased capital expenditures on specific equipment focused on Flurotec and NovaPure to enable us to respond to the core business growth and vaccine requirements and as the vaccines are being approved, making sure we can respond and meet the customer demand.
And we continue to look for external technology opportunities to complement our business.
We are working from a position of strength as we believe we have a long horizon of continued organic sales growth and margin expansion.
Our focus within these three pillars: execute, innovate and grow, allows us to be more responsive, leverage our assets more effectively, and support the trends that are happening in the industry today.
Turning to Slide 10 and our performance in the fourth quarter and full year.
Our financial results were strong.
We had approximately 20% organic sales growth in the fourth quarter and 16% for the full year driven again by robust biologics growth, high-value product sales and contract manufacturing.
And our base business delivered significant growth with solid growth in operating profit margin expansion.
This resulted in a strong adjusted earnings per share and free cash flow for the fourth quarter.
So let's review the numbers in more detail.
We'll first look at Q4 2020 revenues and profits where we saw continued 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 our 2021 guidance.
First up Q4, our financial results are summarized on Slide 11 and the reconciliation of non-U.S. GAAP measures are described in Slides 20 to 23.
We recorded net sales of $580 million, representing organic sales growth of 19.8%.
COVID-related net revenues are estimated to have been approximately $46 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 12.
proprietary product sales grew organically by 25.1% 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 Q4.
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 unit also experienced strong double-digit growth made by sales of Westar and Flurotec components.
Our pharma market unit saw low single-digit growth with sales led by high-value products, including Westar and Flurotec components.
And contract manufacturing had mid single-digit organic sales growth for the fourth quarter, led once again, by sales of diagnostic and healthcare-related injection devices.
We continue to see improvements in gross profit.
We recorded a $211.1 million in gross profit, $57.9 million or 37.8% above Q4 of last year.
And our gross profit margin of 36.4% was a 390-basis-point expansion from the same period last year.
We saw improvements in adjusted operating profit with $119.1 million recorded this quarter compared to $73.1 million in the same period last year or a 62.9% increase.
Our adjusted operating profit margin of 20.5% was a 500-basis-point increase from the same period last year.
Finally, adjusted diluted earnings per share grew 63% for Q4.
Excluding stock tax benefit of $0.09 in Q4, earnings per share grew by approximately 55%.
So let's review the growth drivers in both revenue and profit.
On Slide 13, we show the contributions to sales growth in the quarter.
Volume and mix contributed $87.8 million or 18.7 percentage points of growth, including approximately $46 million of volume-driven by COVID-19-related net demand.
Sales price increases contributed $5.5 million, a 1.2 percentage points of growth, and changes in foreign currency exchange rate increased sales by $16.3 million or an increase of 3.5 percentage points.
Looking at margin performance.
Slide 14 shows our consolidated gross profit margin of 36.4% for Q4 2020, up from 32.5% in Q4 2019.
proprietary Products fourth-quarter gross profit margin of 41.7% was 370 basis points above the margin achieved in the fourth quarter of 2019.
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, reduction efficiencies and sales price increases, partially offset by increased overhead costs.
Contract manufacturing fourth-quarter gross profit margin of 17.2% was 80 basis points above the margin achieved in the fourth quarter of 2019.
This is a result of improved efficiencies and plant utilization.
Now, let's look at our balance sheet and review how we've done in terms of generating more cash.
On Slide 15, we have listed some key cash flow metrics.
Operating cash flow was $472.5 million for 2020, an increase of $105.3 million compared to the same period last year, a 28.7% increase.
Our 2020 capital spending was $174.4 million, $48 million higher than the same period last year and in line with guidance.
Working capital of $870.3 million at December 31, 2020, was $153.2 million higher than at December 31, 2019, primarily due to an increase in accounts receivable of $66 million due to increased sales activity and an increase in inventory of $85.6 million to position us to support the increasing needs of our customers.
Our cash balance at December 31 of $615.5 million, was $176.4 million more than our December 2019 balance, primarily due to our positive operating results.
Slide 16 provides a high level summary.
Full year 2021 net sales guidance will be in a range of between $2.5 billion and $2.2 -- $2.525 billion.
This includes estimated net COVID incremental revenues of approximately $260 million.
There is an estimated benefit of $75 million based on current foreign exchange rate.
We expect organic sales growth to be approximately 13% to 14%.
We expect our full year 2021 reported diluted earnings per share guidance to be in a range of $6 to $6.15.
We continue to expand our HVP manufacturing capacity at our existing sites to meet anticipated core growth and COVID vaccine demand.
Accordingly, we have set capex guidance of $230 million to $240 million.
There are some key elements I want to bring your attention to as you review our guidance.
Estimated FX benefit on earnings per share has an impact of approximately $0.23 based on current foreign currency exchange rates and excludes future tax benefits from stock-based compensation.
To summarize the key takeaways for the fourth quarter, strong top-line growth in both proprietary and contract manufacturing, gross profit margin improvement, growth in operating profit margin, growth and adjusted diluted EPS, and growth in operating and free cash flow, delivering in line with our pillars of execute, innovate and grow.
To summarize on Slide 17, we have a critical role to support our customers as we work to resolve this global pandemic.
The participation rate remains very high.
And our products are being used in this battle.
We have strength in the underlying core business and long-term growth.
Our focus on execute, innovate and grow, allows us to be more responsive to the changes in the industry.
Our market-led strategy is delivering the right products and solutions to our customers.
Our global operations network continues to flex and respond to increased demand and capacity requirements.
And our investments to fuel R&D and innovation in digital technology will continue to keep us on the forefront of the industry.
The future is promising, but most importantly, we remain grounded for our mission and values each day at West, because every component has a patient's name on it.
Catherine, we're ready to take questions.

user
sees fy 2021 earnings per share $6.00 to $6.15.
sees fy 2021 sales $2.5 billion to $2.525 billion.
full-year 2021 capital spending is expected to be in a range of $230 million to $240 million.
fy organic sales growth is expected to be in a range of 13% to 14%.

assistant