0000105770false00001057702024-02-152024-02-15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – February 15, 2024
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WEST PHARMACEUTICAL SERVICES, INC. |
(Exact name of registrant as specified in its charter) | | | | | | | | | | | | | | |
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Pennsylvania | | 1-8036 | | 23-1210010 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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530 Herman O. West Drive, Exton, PA | | | | 19341-1147 |
(Address of principal executive offices) | | | | (Zip Code) |
Registrant’s telephone number, including area code: 610-594-2900 | | |
Not Applicable |
(Former name or address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.25 per share | WST | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 15, 2024, West Pharmaceutical Services, Inc. (the “Company”) issued a press release announcing its fourth-quarter and full year 2023 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
The information set forth in “Item 2.02 Results of Operations and Financial Condition,” including the exhibit referred to therein, is incorporated herein by reference.
A copy of the Company’s presentation materials used during the call will be available through the Investors link at the Company’s website, http://www.westpharma.com, and is also attached hereto as Exhibit 99.2 and incorporated herein by reference.
The information in this report (including the exhibits attached hereto) is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor will it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing.
Item 9.01 Financial Statements and Exhibits.
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(d) | Exhibit No. | Description |
| 99.1 | West Pharmaceutical Services, Inc. Press Release, dated February 15, 2024. |
| 99.2 | West Pharmaceutical Services, Inc. Presentation, dated February 15, 2024. |
| 104 | The cover page from the Company’s Current Report on Form 8-K, dated February 15, 2024, formatted in Inline XBRL. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| WEST PHARMACEUTICAL SERVICES, INC. |
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| |
| /s/ Bernard J. Birkett |
| Bernard J. Birkett |
| Senior Vice President, Chief Financial and Operations Officer |
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| February 15, 2024 | |
EXHIBIT INDEX
| | | | | | | | |
Exhibit No. | | Description |
99.1 | | |
99.2 | | |
104 | | The cover page from the Company’s Current Report on Form 8-K, dated February 15, 2024, formatted in Inline XBRL. |
Exhibit 99.1
West Announces Fourth-Quarter and Full-Year 2023 Results
- Conference Call Scheduled for 9 a.m. EST Today -
Exton, PA, February 15, 2024 – West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the fourth-quarter and full-year 2023 and introduced full-year 2024 financial guidance.
Fourth-Quarter and Full-Year 2023 Summary (comparisons to prior-year period)
•Fourth-quarter 2023 net sales of $732.0 million grew 3.3%; organic net sales growth was 1.4%. Full-year 2023 net sales of $2.950 billion grew 2.2%; organic net sales growth was 1.6%.
•Fourth-quarter 2023 reported-diluted EPS of $1.83 grew 34.6%. Full-year 2023 reported-diluted EPS of $7.88 grew 1.9%.
•Fourth-quarter 2023 adjusted-diluted EPS of $1.83 grew 3.4%. Full-year 2023 adjusted-diluted EPS of $8.08 decreased 5.8%.
•The Company is introducing full-year 2024 financial guidance of net sales in a range of $3.000 billion to $3.025 billion and adjusted-diluted EPS in a range of $7.50 to $7.75.
“Adjusted-diluted EPS” and “organic net sales growth” are Non-U.S. GAAP measurements. See discussion under the heading “Non-U.S. GAAP Financial Measures” in this release.
“We had strong 2023 base organic sales growth, excluding the headwinds from lower pandemic-related sales, led by high-value product (HVP) components and devices and contract manufacturing,” said Eric M. Green, President, Chief Executive Officer and Chair of the Board of Directors. “Our continued investments in both HVP as well as contract manufacturing capacity to support customer demand will fuel our long-range financial construct of future organic sales growth and operating profit margin expansion.”
Mr. Green continued, “In 2024, we expect moderated organic sales growth as we manage timing of inventory management, especially with our largest customers. We expect headwinds to be more pronounced during the first quarter and less impactful in subsequent quarters. I am pleased that our February order book for the second half of the year is outpacing typical pre-pandemic levels, coupled with customer optimism of certain breakout drug categories and timing of additional HVP device capacity, all of which underscore our expectation of a stronger second half organic sales growth.”
Proprietary Products Segment
In the fourth-quarter 2023, net sales grew by 1.5% to $593.7 million. Organic net sales (excluding changes in currency translation and the impact of a recent divestiture) declined by 0.3%, with currency translation increasing net sales growth by 270 basis points. HVP components and devices represented approximately 75% of segment net sales and generated low-single digit organic net sales growth, led by customer demand for HVP components such as NovaPure® as well as HVP devices such as self-injection systems and administration systems.
The Pharma market unit had low-single digit organic net sales growth, and the Biologics and Generic market units had organic sales declines of low-single and mid-single digits, respectively. As expected, sales related to COVID-19 continued to decline from the same period last year. Excluding this COVID-19 impact, the Proprietary Products segment organic sales would have shown high-single digit growth, led by double-digit growth in Biologics.
In the full-year 2023, net sales declined by 0.4% to $2.397 billion. Organic net sales declined by 0.8%, with currency translation increasing net sales growth by 90 basis points. Sales related to COVID-19 declined from full-year 2022. Excluding this COVID-19 impact, the Proprietary Products segment organic sales would have shown mid-teens digit growth, with all three market units having double-digit organic sales growth. Full-year 2023 HVP components and devices represented approximately 74% of segment net sales with flat organic net sales growth.
Contract-Manufactured Products Segment
In the fourth-quarter 2023, net sales grew by 11.6% to $138.3 million. Organic net sales grew by 9.4%, with currency translation increasing net sales growth by 220 basis points. Segment performance was led by growth in medical device and diagnostic products.
In the full-year 2023, net sales grew by 15.0% to $552.5 million. Organic net sales grew by 13.8%, with currency translation increasing net sales growth by 120 basis points.
Full-Year 2023 Financial Highlights
Operating cash flow was $776.5 million, an increase of 7.3%. Capital expenditures were $362.0 million, compared with $284.6 million in 2022. Free cash flow (operating cash flow minus capital expenditures) was $414.5 million, a decrease of 5.7%.
During the year ended December 31, 2023, we purchased 1,265,661 shares of our common stock under the approved share repurchase program at a cost of $438.3 million, or an average price of $346.34 per share.
Introducing Full-Year 2024 Financial Guidance
•Full-year 2024 net sales are expected to be in a range of $3.000 billion to $3.025 billion.
◦Organic net sales growth is expected to be approximately 2% to 3%.
◦Net sales guidance includes an estimated full-year 2024 headwind of $8 million based on current foreign currency exchange rates.
•Full-year 2024 adjusted-diluted EPS is expected to be in a range of $7.50 to $7.75.
◦Full-year adjusted-diluted EPS guidance range includes an estimated headwind of approximately $0.02 based on current foreign currency exchange rates.
◦This adjusted-diluted EPS guidance range assumes a full-year 2024 tax rate of approximately 22.5%, which does not include potential tax benefits from stock-based compensation. As in prior years, we are not including potential 2024 tax benefits from stock-based compensation, as they are out of the Company's control. Any tax benefits associated with stock-based compensation that we receive in 2024 would provide a positive adjustment to our full-year EPS guidance.
•Full-year 2024 capital spending is expected to be $350 million. This includes incremental capital spending to support capacity expansions at existing HVP and Contract Manufacturing facilities.
Fourth-Quarter 2023 Conference Call
The live audio-only webcast will be made available via the Company's Investor Relations website here or by clicking here.
To participate in the conference call by asking questions to Management, please register in advance by clicking here. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call.
Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company's website.
A replay of the conference call and webcast will be available on the Company's website for 30 days.
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| Investor Contact: | Media Contact: |
| Quintin Lai | Michele Polinsky |
| Vice President, Investor Relations | Vice President, Global Communications |
| (610) 594-3318 | (610) 594-3054 |
| Quintin.Lai@westpharma.com | Michele.Polinsky@westpharma.com |
Forward-Looking Statements
This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include such words as “will,” “expect,” “estimates,” “estimated,” “underscore,” “are,” “expected,” “is,” “includes,” “assumes,” “does not,” “include,” “would,” “provide,” “potential” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this release. There is no certainty that actual results will be achieved in-line with current expectations. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: prevailing economic conditions and general uncertainties relating thereto that may be unknown and unforeseeable; customers’ changing inventory requirements and manufacturing plans and customer decisions to move forward with our new products and product categories; interruptions or weaknesses in our supply chain, illness in our workforce and access to transport for our products; disruptions or limitations in the Company’s manufacturing capacity; average profitability, or mix, of the products we sell; dependence on third-party suppliers and partners; increased raw material, energy and labor costs; fluctuations in currency exchange; the ability to meet development milestones with key customers; and the consequences of other geopolitical events, including natural disasters, acts of war, and global health crises. This list of important factors is not all inclusive. For a description of certain additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, see Part I Item 1A, entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and other filings with the United States Securities and Exchange Commission, including the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K.
Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-U.S. GAAP Financial Measures
This release contains certain non-GAAP financial measures, including organic net sales and adjusted-diluted EPS. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation and excluding the effects of unallocated items are not in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and should not be used as a substitute for the comparable U.S. GAAP financial measures. The non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.
WEST PHARMACEUTICAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in millions, except per share data)
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| | Three Months Ended
December 31, | | Twelve Months Ended
December 31, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Net sales | $ | 732.0 | | | 100% | | $ | 708.7 | | | 100% | | $ | 2,949.8 | | | 100% | | $ | 2,886.9 | | | 100% |
| Cost of goods and services sold | 453.8 | | | 62 | | 446.6 | | | 63 | | 1,820.6 | | | 62 | | 1,750.7 | | | 61 |
| Gross profit | 278.2 | | | 38 | | 262.1 | | | 37 | | 1,129.2 | | | 38 | | 1,136.2 | | | 39 |
| Research and development | 18.4 | | | 3 | | 15.9 | | | 2 | | 68.4 | | | 2 | | 58.5 | | | 2 |
| Selling, general and administrative expenses | 90.0 | | | 12 | | 85.7 | | | 12 | | 353.4 | | | 12 | | 316.9 | | | 11 |
| Other expense (income), net | 8.9 | | | 1 | | 30.8 | | | 5 | | 31.4 | | | 1 | | 26.8 | | | 1 |
| Operating profit | 160.9 | | | 22 | | 129.7 | | | 18 | | 676.0 | | | 23 | | 734.0 | | | 25 |
| Interest (income) expense, net | (8.2) | | | (1) | | (1.2) | | | — | | (19.0) | | | (1) | | 2.8 | | | — |
| Other nonoperating expense (income) | 0.9 | | | — | | 2.2 | | | — | | (3.0) | | | — | | 51.3 | | | 2 |
| Income before income taxes and equity in net income of affiliated companies | 168.2 | | | 23 | | 128.7 | | | 18 | | 698.0 | | | 24 | | 679.9 | | | 23 |
| Income tax expense | 34.5 | | | 5 | | 28.9 | | | 4 | | 122.3 | | | 4 | | 114.7 | | | 4 |
| Equity in net income of affiliated companies | (3.3) | | | (1) | | (3.2) | | | (1) | | (17.7) | | | — | | (20.7) | | | (1) |
| Net income | $ | 137.0 | | | 19% | | $ | 103.0 | | | 15% | | $ | 593.4 | | | 20% | | $ | 585.9 | | | 20% |
| | | | | | | | | | | | | | | |
| Net income per share: | | | | | | | | | | | | | | | |
| Basic | $ | 1.85 | | | | | $ | 1.38 | | | | | $ | 7.98 | | | | | $ | 7.87 | | | |
| Diluted | $ | 1.83 | | | | | $ | 1.36 | | | | | $ | 7.88 | | | | | $ | 7.73 | | | |
| | | | | | | | | | | | | | | |
| Average common shares outstanding | 74.1 | | | | | 74.4 | | | | | 74.3 | | | | | 74.4 | | | |
| Average shares assuming dilution | 75.0 | | | | | 75.6 | | | | | 75.3 | | | | | 75.8 | | | |
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WEST PHARMACEUTICAL SERVICES
REPORTING SEGMENT INFORMATION
(UNAUDITED)
(in millions)
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| Three Months Ended
December 31, | | Twelve Months Ended
December 31, | | | | |
Net Sales: | 2023 | | 2022 | | 2023 | | 2022 | | | | |
| Proprietary Products | $ | 593.7 | | | $ | 584.8 | | | $ | 2,397.3 | | | $ | 2,406.8 | | | | | |
| Contract-Manufactured Products | 138.3 | | | 123.9 | | | 552.5 | | | 480.4 | | | | | |
| Eliminations | — | | | — | | | — | | | (0.3) | | | | | |
| Consolidated Total | $ | 732.0 | | | $ | 708.7 | | | $ | 2,949.8 | | | $ | 2,886.9 | | | | | |
| | | | | | | | | | | |
| Gross Profit: | | | | | | | | | | | |
| Proprietary Products | $ | 253.4 | | | $ | 243.0 | | | $ | 1,034.0 | | | $ | 1,053.3 | | | | | |
| Contract-Manufactured Products | 24.7 | | | 19.1 | | | 96.0 | | | 82.9 | | | | | |
| Unallocated items | 0.1 | | | — | | | (0.8) | | | — | | | | | |
| Gross Profit | $ | 278.2 | | | $ | 262.1 | | | $ | 1,129.2 | | | $ | 1,136.2 | | | | | |
| Gross Profit Margin | 38.0 | % | | 37.0 | % | | 38.3 | % | | 39.4 | % | | | | |
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| Operating Profit (Loss): | | | | | | | | | | | |
| Proprietary Products | $ | 163.6 | | | $ | 168.5 | | | $ | 710.1 | | | $ | 784.4 | | | | | |
| Contract-Manufactured Products | 18.8 | | | 12.4 | | | 72.1 | | | 60.4 | | | | | |
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| Stock-based compensation expense | (1.4) | | | (6.7) | | | (23.3) | | | (23.7) | | | | | |
| General corporate costs | (20.1) | | | (44.5) | | | (82.9) | | | (87.1) | | | | | |
| Reported Operating Profit | $ | 160.9 | | | $ | 129.7 | | | $ | 676.0 | | | $ | 734.0 | | | | | |
| Reported Operating Profit Margin | 22.0 | % | | 18.3 | % | | 22.9 | % | | 25.4 | % | | | | |
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| Unallocated items | (1.0) | | | 29.0 | | | 14.6 | | | 28.0 | | | | | |
| Adjusted Operating Profit | $ | 159.9 | | | $ | 158.7 | | | $ | 690.6 | | | $ | 762.0 | | | | | |
| Adjusted Operating Profit Margin | 21.8 | % | | 22.4 | % | | 23.4 | % | | 26.4 | % | | | | |
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
| | | | | | | | | | | | | | |
| Three Months Ended December 31, 2023 | Operating
profit | Income
tax
expense | Net
income | Diluted
EPS |
| Reported (U.S. GAAP) | $160.9 | | $34.5 | | $137.0 | | $1.83 | |
| | | | |
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Cost investment activity (2) | 1.0 | | — | | 1.0 | | 0.01 | |
Restructuring and other charges (3) | (2.1) | | (0.6) | | (1.5) | | (0.02) | |
Amortization of acquisition-related intangible assets (4) | 0.1 | | — | | 0.7 | | 0.01 | |
| Adjusted (Non-U.S. GAAP) | $159.9 | | $33.9 | | $137.2 | | $1.83 | |
| | | | | | | | | | | | | | | |
| Twelve Months Ended December 31, 2023 | Operating
profit | Income
tax
expense | Net
income | Diluted
EPS |
| Reported (U.S. GAAP) | $676.0 | | $122.3 | | $593.4 | | $7.88 | |
| | | | | |
| | | | | |
| Loss on disposal of plant (1) | 11.6 | | (0.7) | | 12.3 | | 0.16 | |
| Cost investment activity (2) | 4.3 | | — | | 4.3 | | 0.06 | |
| Restructuring and other charges (3) | (2.0) | | (0.9) | | (1.1) | | (0.02) | |
| Amortization of acquisition-related intangible assets (4) | 0.7 | | 0.1 | | 2.8 | | 0.04 | |
| Legal settlement (5) | — | | (0.9) | | (2.9) | | (0.04) | |
| Adjusted (Non-U.S. GAAP) | $690.6 | | $119.9 | | $608.8 | | $8.08 | |
| | | | | | | | | | | | | | |
| Three Months Ended December 31, 2022 | Operating
profit | Income
tax
expense | Net
income | Diluted
EPS |
| Reported (U.S. GAAP) | $129.7 | | $28.9 | | $103.0 | | $1.36 | |
| | | | |
Cost investment activity (2) | 3.5 | | — | | 3.5 | | 0.05 | |
Restructuring and other charges (3) | 25.4 | | 2.4 | | 23.0 | | 0.30 | |
Amortization of acquisition-related intangible assets (4) | 0.1 | | — | | 0.7 | | 0.01 | |
Pension settlement (6) | — | | 0.3 | | 0.9 | | 0.02 | |
Tax law changes (8) | — | | (2.5) | | 2.5 | | 0.03 | |
| Adjusted (Non-U.S. GAAP) | $158.7 | | $29.1 | | $133.6 | | $1.77 | |
| | | | | | | | | | | | | | | |
| Twelve Months Ended December 31, 2022 | Operating
profit | Income
tax
expense | Net
income | Diluted
EPS |
| Reported (U.S. GAAP) | $734.0 | | $114.7 | | $585.9 | | $7.73 | |
| | | | | |
| Cost investment activity (2) | 3.5 | | — | | 3.5 | | 0.05 | |
| Restructuring and other charges (3) | 23.8 | | 2.0 | | 21.8 | | 0.29 | |
| Amortization of acquisition-related intangible assets (4) | 0.7 | | 0.1 | | 2.8 | | 0.04 | |
| Pension settlement (6) | — | | 20.6 | | 31.6 | | 0.42 | |
| Royalty acceleration (7) | — | | 1.3 | | (1.3) | | (0.02) | |
| Tax law changes (8) | — | | (5.7) | | 5.7 | | 0.07 | |
| Adjusted (Non-U.S. GAAP) | $762.0 | | $133.0 | | $650.0 | | $8.58 | |
(1)During the twelve months ended December 31, 2023, the Company recorded expense of $11.6 million as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.
(2)During the three and twelve months ended December 31, 2023, the Company recorded a cost investment impairment charge of $1.0 million and $4.3 million, respectively. During the three and twelve months ended December 31, 2022, the Company recorded a cost investment impairment charge of $3.5 million.
(3)During the three and twelve months ended December 31, 2023, the Company recorded a benefit to restructuring and other charges of $2.1 million and $2.0 million, respectively. The twelve-month benefit represents the net impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with our 2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During the three and twelve months ended December 31, 2022, the Company recorded restructuring and related charges of $25.4 million and $23.8 million, respectively. The twelve-month charge primarily includes $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million in asset-related charges associated with this plan.
(4)During the three and twelve months ended December 31, 2023 and 2022, the Company recorded $0.1 million and $0.7 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. During the three and twelve months ended December 31, 2023 and 2022, the company recorded $0.5 million and $2.1 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(5)During the twelve months ended December 31, 2023, the Company recorded a benefit of $3.8 million within other nonoperating expense (income) as a result of a favorable legal settlement related to a matter not included in our normal operations.
(6)During the three and twelve months ended December 31, 2022, the Company recorded pension settlement charges of $1.2 million and $52.2 million, respectively, within other nonoperating expense (income), which primarily relates to the full settlement of the U.S. qualified defined benefit plan (the “U.S. pension plan”).
(7)During the twelve months ended December 31, 2022, the Company increased its expected tax benefit related to the prepayment of future royalties from one of its subsidiaries by $1.3 million.
(8)During the three and twelve months ended December 31, 2022, the Company incurred $2.5 million and $5.7 million, respectively, of additional tax expense due to the impact of a tax law change in the state of Pennsylvania enacted during the period.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Net Sales to Organic Net Sales (9 and 10)
| | | | | | | | | | | | | | |
| Three Months Ended December 31, 2023 | Proprietary | CM | Eliminations | Total |
| Reported net sales (U.S. GAAP) | $593.7 | | $138.3 | | $— | | $732.0 | |
| Effect of changes in currency translation rates | (15.7) | | (2.8) | | — | | (18.5) | |
Organic net sales (Non-U.S. GAAP) (9) | $578.0 | | $135.5 | | $— | | $713.5 | |
| | | | | | | | | | | | | | |
| Twelve Months Ended December 31, 2023 | Proprietary | CM | Eliminations | Total |
| Reported net sales (U.S. GAAP) | $2,397.3 | | $552.5 | | $— | | $2,949.8 | |
| Effect of changes in currency translation rates | (22.1) | | (5.8) | | — | | (27.9) | |
Organic net sales (Non-U.S. GAAP) (9) | $2,375.2 | | $546.7 | | $— | | $2,921.9 | |
| | | | | | | | | | | | | | |
| Three Months Ended December 31, 2022 | Proprietary | CM | Eliminations | Total |
| Reported net sales (U.S. GAAP) | $584.8 | | $123.9 | | $— | | $708.7 | |
| Effect of divestitures and/or acquisitions | (4.9) | | — | | — | | (4.9) | |
Net sales excluding divestiture (Non-U.S. GAAP) (10) | $579.9 | | $123.9 | | $— | | $703.8 | |
| | | | | | | | | | | | | | |
| Twelve Months Ended December 31, 2022 | Proprietary | CM | Eliminations | Total |
| Reported net sales (U.S. GAAP) | $2,406.8 | | $480.4 | | $(0.3) | $2,886.9 | |
| Effect of divestitures and/or acquisitions | (11.5) | | — | | — | | (11.5) | |
Net sales excluding divestiture (Non-U.S. GAAP) (10) | $2,395.3 | | $480.4 | | $(0.3) | $2,875.4 | |
(9)Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period.
(10)Net sales excluding divestitures represents the 2022 comparative sales figure used in our organic sales growth calculation to eliminate the impact of our 2023 divestiture.
WEST PHARMACEUTICAL SERVICES
CASH FLOW ITEMS
(UNAUDITED)
(in millions)
| | | | | | | | | | | |
| | Twelve Months Ended
December 31, |
| | 2023 | | 2022 |
| Depreciation and amortization | $137.3 | | | $120.6 | |
| Operating cash flow | $776.5 | | | $724.0 | |
| Capital expenditures | $362.0 | | | $284.6 | |
| Free cash flow | $414.5 | | | $439.4 | |
WEST PHARMACEUTICAL SERVICES
FINANCIAL CONDITION
(UNAUDITED)
(in millions)
| | | | | | | | | | | |
| | As of December 31, 2023 | | As of
December 31, 2022 |
| Cash and cash equivalents | $853.9 | | | $894.3 | |
| Accounts receivable, net | $512.0 | | | $507.4 | |
| Inventories | $434.7 | | | $414.8 | |
| Accounts payable | $242.4 | | | $215.4 | |
| Debt | $206.8 | | | $208.9 | |
| Equity | $2,881.0 | | | $2,684.9 | |
| Working capital | $1,264.6 | | | $1,400.5 | |
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF REPORTED-DILUTED EPS GUIDANCE TO ADJUSTED-DILUTED EPS GUIDANCE
(UNAUDITED)
| | | | | | | | | | | |
| 2023 Actual | 2024 Guidance | % Change |
| Reported-diluted EPS (U.S. GAAP) | $7.88 | $7.46 to $7.71 | (5.3%) to (2.2%) |
| Loss on disposal of plant | 0.16 | — | — |
| Cost investment activity | 0.06 | — | — |
| Restructuring and other charges | (0.02) | — | — |
| Amortization of acquisition-related intangible assets | 0.04 | 0.04 | — |
| | | |
| Legal settlement | (0.04) | — | — |
Adjusted-diluted EPS (Non-U.S. GAAP) (11) | $8.08 | $7.50 to $7.75 | (7.2%) to (4.1%) |
(11)See “Full-year 2024 Financial Guidance” and “Non-U.S. GAAP Financial Measures” in today’s press release for additional information regarding adjusted-diluted EPS.
We have opted not to forecast 2024 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company’s control. Instead, we recognize the benefits as they occur. In 2023, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.42. Any future tax benefits associated with stock-based compensation that we receive in 2024 would provide a positive adjustment to our full-year EPS guidance.
Trademark Notices
Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., in the United States and other jurisdictions, unless noted otherwise.
Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
1 Fourth-Quarter 2023 and Full Year Results Fourth Quarter Overall Net Sales $732.0M | 3.3% Diluted Earnings Per Share: $1.83 Adjusted Diluted Earnings Per Share: $1.83 Eric M. Green President and Chief Executive Officer Chair of the Board West Pharmaceutical Services, Inc. WST Q4/FY 2023 Earnings Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 This presentation and any accompanying management commentary contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development and operational performance. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under “Cautionary Statement” in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Non-U.S. GAAP Financial Measures Certain financial measures included in these presentation materials, or which may be referred to in management’s discussion of the Company’s results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and therefore are referred to as non- U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of these materials for more information. “We had strong 2023 base organic sales growth, excluding the headwinds from lower pandemic- related sales, led by high-value product (HVP) components and devices and contract manufacturing. Our continued investments in both HVP as well as contract manufacturing capacity to support customer demand will fuel our long-range financial construct of future organic sales growth and operating profit margin expansion.” Full Year Overall Net Sales $2.950B | 2.2% Diluted Earnings Per Share: $7.88 Adjusted Diluted Earnings Per Share: $8.08
West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial and Operations Officer Fourth-Quarter and Full Year Results 2023 Analyst Conference Call 9 a.m. Eastern Time | February 15, 2024
3 West Analyst Conference Call 9 a.m. Eastern Time February 15, 2024 A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com To participate on the call by asking questions to Management, please register in advance at: https://register.vevent.com/register/BI4d8cc694e21547499e5c 9a873ac28675 Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call. A replay of the conference call and webcast will be available on the Company’s website for 30 days. These presentation materials are intended to accompany today’s press release announcing the Company’s results for the fourth quarter and full year 2023 and management’s discussion of those results during today’s conference call. WST Q4/FY 2023 Earnings
4 Safe Harbor Statement This presentation and any accompanying management commentary contain “forward- looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development, operational performance and expectations regarding future events. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under our “Forward Looking Statements” in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Certain financial measures included in these presentation materials, or which may be referred to in management’s discussion of the Company’s results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and therefore are referred to as non-U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of these materials for more information. Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 Non-U.S. GAAP Financial Measures Trademarks and registered trademarks used in this report are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless noted otherwise. Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd. Trademarks WST Q4/FY 2023 Earnings
5 More than $2.75M donated to communities in need and 4,700 hours volunteered by team members Celebrated a remarkable 100-year history of Growth & Innovation Opened new Maker Space enhancing digital and research capabilities in Bangalore, India 2023 Business Highlights Introduced Corning® Viridian Vials™ for sustainable drug delivery Shipped over 48+ billion components touching billions of patients WST Q4/FY 2023 Earnings Launched West Ready Pack™ with Corning Valor® RTU building the next generation of integrated packaging and delivery system solutions Introduced Vial2Bag Advanced® 13mm Admixture Device filling critical need of drug preparation and delivery Opened new R&D Lab with capability enhancements in Radnor, PA Marked 50-year partnership with Daikyo
6 Financial Highlights WST Q4/FY 2023 Earnings • Fourth quarter 2023 net sales of $732.0 million increased 3.3%; organic net sales growth was 1.4% • Fourth quarter 2023 reported-diluted EPS of $1.83 grew 34.6%; adjusted-diluted EPS of $1.83 grew 3.4% • Full year 2023 net sales of $2.950 billion grew 2.2%; organic net sales growth was 1.6% • Full year 2023 reported-diluted EPS of $7.88 grew 1.9%; adjusted-diluted EPS of $8.08 decreased 5.8%
7 2024 Full-Year Guidance WST Q4/FY 2023 Earnings 2024 Full-Year Guidance Consolidated Net Sales $3.000 - $3.025 billion Adjusted-Diluted EPS $7.50 to $7.75
8 Con t ract Man u f act u r i n g E x p a n s i o n a t G r a n d R a p i d s , M i c h i g a n HVP D ev ic e s Growth Drivers and Future Demand WST Q4/FY 2023 Earnings HVP Comp on e n t s Our continued commitment and focus to deliver superior value to our customers and patients
9 Fourth-Quarter 2023 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended December 31 2023 2022 Reported Net Sales $732.0 $708.7 Gross Profit Margin 38.0% 37.0% Reported Operating Profit $160.9 $129.7 Adjusted Operating Profit (1) $159.9 $158.7 Reported Operating Profit Margin 22.0% 18.3% Adjusted Operating Profit Margin (1) 21.8% 22.4% Reported-Diluted EPS $1.83 $1.36 Adjusted-Diluted EPS (1) $1.83 $1.77 “Adjusted Operating Profit,” “Adjusted Operating Profit Margin” and “Adjusted-Diluted EPS” are Non-U.S. GAAP financial measures. See accompanying slides and the discussion under the heading “Non-U.S. GAAP Financial Measures” in today’s press release for an explanation and reconciliation of these items. (1) WST Q4/FY 2023 Earnings
10 Overall Organic Net Sales Growth: 1.4% (Q4 2023) Proprietary Products Q4 2023 organic net sales decrease of 0.3% with sales of high-value products generating low-single digit organic net sales growth BIOLOGICS GENERICS PHARMA Sales decline due to reduction in sales related to COVID-19 vaccines, partially offset by an increase in high-value components Sales decline due to reduction in sales related to COVID-19 vaccines Sales led by high-value products, including Daikyo®and NovaPure® components, partially offset by a reduction in sales related to COVID-19 vaccines CONTRACT MANUFACTURING Organic sales growth of 9.4%, led by increase in sales of medical device and diagnostic products (Low-Single Digit) (Mid- Single Digit) High-Single DigitLow-Single Digit Fourth-Quarter 2023 Organic Net Sales Growth WST Q4/FY 2023 Earnings
11 Change in Consolidated Net Sales Fourth-quarter 2022 to 2023 ($ millions) WST Q4/FY 2023 Earnings
12 Gross Profit Update ($ millions) Three Months Ended December 31, 2023 2022 Proprietary Products Gross Profit $253.4 $243.0 Proprietary Products Gross Profit Margin 42.7% 41.6% Contract-Manufactured Products Gross Profit $24.7 $19.1 Contract-Manufactured Products Gross Profit Margin 17.9% 15.4% Consolidated Gross Profit $278.2 $262.1 Consolidated Gross Profit Margin 38.0% 37.0% WST Q4/FY 2023 Earnings
13 Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items YTD Q4 2023 YTD Q4 2022 Depreciation and Amortization $137.3 $120.6 Operating Cash Flow $776.5 $724.0 Capital Expenditures $362.0 $284.6 Free Cash Flow $414.5 $439.4 Financial Condition December 31, 2023 December 31, 2022 Cash and Cash Equivalents $853.9 $894.3 Debt $206.8 $208.9 Equity $2,881.0 $2,684.9 Working Capital $1,264.6 $1,400.5 WST Q4/FY 2023 Earnings
14 Unique Value to Customers and Patients Global Operational Effectiveness Across the Network Capital Investments for Future Growth Committed to our collective purpose to improve patient health WST Q4/FY 2023 Earnings
15 Eric M. Green President and Chief Executive Officer, Chair of the Board Bernard J. Birkett Senior VP and Chief Financial and Operations Officer Quintin Lai VP, Strategy & Investor Relations Q & A WST Q4/FY 2023 Earnings
16 Notes to Non-U.S. GAAP Financial Measures The Non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted Non-U.S. GAAP financial measures to the comparable U.S. GAAP financial measures is included in the accompanying tables. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation, the impact from acquisitions and/or divestitures, and the effects of unallocated items are not in conformity with U.S. GAAP and should not be used as a substitute for the comparable U.S. GAAP financial measures. WST Q4/FY 2023 Earnings
17 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended December 31, 2023 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $160.9 $34.5 $137.0 $1.83 Cost investment activity 1.0 - 1.0 0.01 Restructuring and other charges (2.1) (0.6) (1.5) (0.02) Amortization of acquisition-related intangible assets 0.1 - 0.7 0.01 Adjusted (Non-U.S. GAAP) $159.9 $33.9 $137.2 $1.83 WST Q4/FY 2023 Earnings Twelve months ended December 31, 2023 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $676.0 $122.3 $593.4 $7.88 Loss on disposal of plant 11.6 (0.7) 12.3 0.16 Cost investment activity 4.3 - 4.3 0.06 Restructuring and other charges (2.0) (0.9) (1.1) (0.02) Amortization of acquisition-related intangible assets 0.7 0.1 2.8 0.04 Legal settlement - (0.9) (2.9) (0.04) Adjusted (Non-U.S. GAAP) $690.6 $119.9 $608.8 $8.08
18 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended December 31, 2022 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $129.7 $28.9 $103.0 $1.36 Cost investment activity 3.5 - 3.5 0.05 Restructuring and other charges 25.4 2.4 23.0 0.30 Amortization of acquisition-related intangible assets 0.1 - 0.7 0.01 Pension settlement - 0.3 0.9 0.02 Tax law changes - (2.5) 2.5 0.03 Adjusted (Non-U.S. GAAP) $158.7 $29.1 $133.6 $1.77 WST Q4/FY 2023 Earnings Twelve months ended December 31, 2022 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $734.0 $114.7 $585.9 $7.73 Cost investment activity 3.5 - 3.5 0.05 Restructuring and other charges 23.8 2.0 21.8 0.29 Amortization of acquisition-related intangible assets 0.7 0.1 2.8 0.04 Pension settlement - 20.6 31.6 0.42 Royalty acceleration - 1.3 (1.3) (0.02) Tax law changes - (5.7) 5.7 0.07 Adjusted (Non-U.S. GAAP) $762.0 $133.0 $650.0 $8.58
19 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Net Sales to Organic Net Sales (1) ($ millions) Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. (1) Three months ended December 31, 2023 Proprietary CM Eliminations Total Reported net sales (U.S. GAAP) $593.7 $138.3 - $732.0 Effect of changes in currency translation rates (15.7) (2.8) - (18.5) Organic net sales (Non-U.S. GAAP) (1) $578.0 $135.5 - $713.5 WST Q4/FY 2023 Earnings Twelve months ended December 31, 2023 Proprietary CM Eliminations Total Reported net sales (U.S. GAAP) $2,397.3 $552.5 - $2,949.8 Effect of changes in currency translation rates (22.1) (5.8) - (27.9) Organic net sales (Non-U.S. GAAP) (1) $2,375.2 $546.7 - $2,921.9
20 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Net Sales to Organic Net Sales (1 and 2) ($ millions) Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. (2) Net sales excluding divestitures represents the 2022 comparative sales figure used in our organic sales growth calculation to eliminate the impact of our 2023 divestiture. (1) Three months ended December 31, 2022 Proprietary CM Eliminations Total Reported net sales (U.S. GAAP) $584.8 $123.9 - $708.7 Effect of divestitures and/or acquisitions (4.9) - - (4.9) Net sales excluding divestiture(Non-U.S. GAAP) (2) $579.9 $123.9 - $703.8 WST Q4/FY 2023 Earnings Twelve months ended December 31, 2022 Proprietary CM Eliminations Total Reported net sales (U.S. GAAP) $2,406.8 $480.4 $(0.3) $2,886.9 Effect of divestitures and/or acquisitions (11.5) - - (11.5) Net sales excluding divestiture(Non-U.S. GAAP) (2) $2,395.3 $480.4 $(0.3) $2,875.4
21 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2023 Actual 2024 Guidance % Change Reported-diluted EPS (U.S. GAAP) $7.88 $7.46 to $7.71 (5.3%) to (2.2%) Loss on disposal of plant 0.16 - Cost investment activity 0.06 - Restructuring and other charges (0.02) - Amortization of acquisition-related intangible assets 0.04 0.04 Legal settlement (0.04) - Adjusted-diluted EPS (Non-U.S. GAAP) (1) $8.08 $7.50 to $7.75 (7.2%) to (4.1%) (1) See “Full-year 2024 Financial Guidance” and “Non-U.S. GAAP Financial Measures” in today’s press release for additional information regarding adjusted-diluted EPS. We have opted not to forecast 2024 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company’s control. Instead, we recognize the benefits as they occur. In 2023, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.42. Any future tax benefits associated with stock- based compensation that we receive in 2024 would provide a positive adjustment to our full-year EPS guidance. WST Q4/FY 2023 Earnings
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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