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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.
I would like to begin by saying that I'm incredibly proud of how our team members across the globe have remained steadfast in our commitment to supply the much-needed components and solutions to our customers under tough circumstances.
Our Q2 performance emphasizes the continued resolve of our talented team members, the strength of our company and the criticality of the role West plays during these unprecedented times.
We are in the business of helping our customers bring new medicines and treatments that improve the lives of patients, which could be more meaningful than at times like today.
Driven by our mission, we experienced another solid quarter reinforced by the right market-led strategy to continuously deliver value for our customers and the patients we jointly serve.
Moving to Slide 4.
The pandemic remains our priority.
Given the ever-changing situation, there's a huge sense of urgency in vaccine development.
As the market leader, our teams are working tirelessly with our customers to ensure we supply the right components and solutions to help resolve this pandemic.
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.
We're helping our customers in the selection, testing and verification of components.
We're doing this in a way that prepares our customers for the future commercial scale up and launch of any successful vaccine candidates.
As we stated during our first-quarter earnings call, we have seen a high adoption rate of our fluoropolymer coated stoppers made by both West and our partner, Daikyo.
These are the industry standard for packaging-sensitive molecules with an outstanding track record of quality and reliability.
Notably, some of our customers have selected NovaPure, as they have made this decision to use the best-in-industry component to ensure the highest degree of quality and safety.
As our customers' vaccine development rapidly moves into clinical trials, the entire West team has stepped up to make certain we can supply the demand for our high-value products, as well as any immediate surge in request for therapeutics.
The organization is also preparing for the potential volume surges that could come if and when vaccines are approved for human use.
All the work over the past few years across the enterprise to drive commercial and operational excellence along with globalizing West manufacturing operations has put us in the best possible position to meet the future pandemic demand.
We are accelerating our capacity expansion to manufacture FluroTec and NovaPure components.
These investments were in our five-year plan, and we have brought them forward to address the expected increase in demand the latter part of this year and into 2021.
From our perspective, it is still too early to estimate how much volume could be generated by vaccine packaging.
However, whether it's hundreds of millions or billions of doses, our West team is prepared and ready when the time comes.
Turning to Slide 5 and our performance in the second quarter.
Our financial position remains strong.
I'm pleased to say that the growth trends we have experienced over the past several quarters have continued in the second quarter, and the outlook for the balance of the year remains positive.
We had 14% organic sales growth in the second quarter driven, again, by robust high-value product sales.
And with HVP sales growth, we have experienced strong gross and operating profit margin expansion.
This resulted in a strong adjusted earnings per share for the second quarter.
To be clear, the majority of the organic growth in the second quarter was from our base business with some incremental growth coming from COVID-19 sales related to therapeutics.
As for guidance, we believe we are well-positioned for the second half of the year.
That said, because of the strength and resiliency of our core underlying business and the incremental opportunities being presented to support our customers with COVID-19 solutions, we are raising our guidance for the remainder of the year.
I hope everyone continues to be healthy and safe during this time.
So let's review the numbers in more detail.
We'll first look at Q2 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 17.
We recorded net sales of $527.2 million, representing organic sales growth of 14.3%.
COVID-related net revenues are estimated to have been approximately $19 million in the quarter.
These net revenues include our assessment of components associated with treatment and diagnosis of COVID-19 patients, offset by lower sales to customers, affected by lower volumes due to the pandemic and stay-at-home restrictions, such as dental, veterinary and elective procedures.
We continue to see improvement in gross profit.
We recorded $195.1 million in gross profit, $37.2 million or 23.6% above Q2 of last year.
And our gross profit margin of 37% was a 340-basis-point expansion from the same period last year.
We saw improvement in adjusted operating profit, with $106 million recorded this quarter, compared to $81.9 million in the same period last year for a 29.4% increase.
Our adjusted operating profit margin of 20.1% was a 270-basis-point increase from the same period last year.
Finally, adjusted diluted earnings per share grew 40% for Q2.
Excluding stock tax benefit of $0.09 in Q2, earnings per share grew by approximately 38%.
Moving to Slide 7.
Our proprietary product sales grew organically by 13.3% 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 Q2.
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 experienced double-digit growth led by FluroTec and film-coated products sales.
Our Pharma market unit saw low 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 second quarter, led, once again, by sales of diagnostic and healthcare-related injection devices.
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 $59.4 million or 12.6 percentage points of growth, including approximately $19 million of volume driven by COVID-19-related net demand.
Sales price increases contributed $7.8 million or 1.7 percentage points of growth, and changes in foreign currency exchange rates reduced sales by $9.6 million or a reduction of 2 percentage points.
Looking at margin performance.
Slide 9 shows our consolidated gross profit margin of 37% for Q2 2020, up from 33.6% in Q2 2019.
Proprietary products' second-quarter gross profit margin of 42.8% was 330 basis points above the margin achieved in the second quarter of 2019.
The key drivers for 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 second-quarter gross profit margin of 19% was 470 basis points above the margin achieved in the second quarter of 2019.
Improvement is a result of improved efficiencies and plant utilization.
There was approximately 180 to 200 basis points positive impact on margin, primarily due to a onetime engineering project work.
Our adjusted operating profit margin of 20.1% with a 270-basis-point increase from the same period last year, largely attributable to our gross profit expansion.
One point to note, we took a onetime charge of $6.3 million for asset impairment.
This is included in other operating expenses.
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 $205.2 million for the year-to-date 2020, an increase of $52.5 million, compared to the same period last year, a 34% increase.
Our year-to-date capital spending was $69.2 million, $12.1 million higher than the same period last year and in line with guidance.
Working capital of $735.4 million at June 30, 2020, was $18.3 million higher than at December 31, 2019, primarily due to an increase in inventory, mainly as a result of increasing our safety stock levels and accounts receivable due to increased sales activity.
Both DSO and DPO improved in the quarter.
Our cash balance at June 30 of $445.9 million was $6.8 million more than our December 2019 balance, primarily due to our positive operating results.
Our capital and financial resources, including overall liquidity, remained strong.
Slide 11 provides a high-level summary.
Full-year 2020 net sales guidance will be in a range of between $2.035 billion and $2.055 billion.
This includes estimated net COVID incremental revenues of $60 million.
There is an estimated headwind of $26 million based on current foreign exchange rates.
We expect organic sales growth to be approximately 12.5%.
This compares to prior guidance of $1.95 billion to $1.97 billion and growth of 8%.
We do expect growth in contract manufacturing to be less in H2 versus H1 as a result of tougher comps.
We expect our full-year 2020 reported diluted earnings per share guidance to be in a range of $4.15 to $4.25, compared to prior guidance of $3.52 to $3.62.
As Eric discussed, we are expanding our HVP manufacturing capacity at our existing sites to meet anticipated 2021 COVID-19 vaccine demand.
Capex guidance has raised to $170 million to $180 million.
This compares to previous guidance 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.
The revised guidance also includes $0.16 earnings per share impact from our H1 tax benefits from stock-based compensation.
So to summarize the key takeaways for the second 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 long-term construct remains at approximately 6% to 8% organic sales growth and continued earnings per share expansion.
We have a rich history of leading in times of great challenge.
Our customers expect this of us, and this is what we're committed and prepared to do.
I want to emphasize that across West, we are leveraging our global manufacturing capabilities, size and scale to innovate, lead and operate with a sense of urgency to make a positive impact in healthcare and society.
Our performance continue to reaffirm that our market-led strategy is delivering unique value propositions to our customers.
Our global operations team is efficiently manufacturing and delivering products with market-leading service and quality.
And we're continuing to invest in our business with digital technology and automation across our operations to feel an even brighter future.
We remain committed to deliver value to all our stakeholders on a sustainable basis, as well as to maintain and build upon the values that make up our One West team.
On behalf of the team members at West, we continue to wish you good health in the days ahead.
Josh, we're ready to take questions.

user
sees fy 2020 sales $2.035 billion to $2.055 billion.
q2 sales $527.2 million versus refinitiv ibes estimate of $496.1 million.
raising full-year 2020 adjusted-diluted earnings per share guidance to a new range of between $4.15 and $4.25.
west pharmaceutical services - net sales guidance includes estimated full-year headwind of $26 million for 2020 based on current foreign exchange rates.

assistant