EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 exhibit99_1.htm
                             EXHIBIT 99.1
 
 

West Pharmaceutical Services, Inc.
  
 
  
($ Millions)
  
Presented "as if" 2010 business unit realignments were effective in 2009, in order to facilitate comparative analyses of 2010 segment results to the comparable prior-year periods
  
                               
(UNAUDITED)
 
  
   
2009 Consolidated Results
  
   
Three Months Ended
    
Year Ended
  
   
March 31
    
June 30
    
Sept 30
    
Dec 31
    
Dec 31
  
Net Sales:
  
 
    
 
    
 
    
 
    
 
  
Pharmaceutical Packaging Systems
   $ 176.4     $ 190.1     $ 189.9     $ 219.6     $ 776.0  
Pharmaceutical Delivery Systems
     67.5       72.1       70.2       75.2       285.0  
Eliminations
     (1.5 )     (1.2 )     (1.2 )     (1.4 )     (5.3 )
Consolidated Net Sales
     242.4       261.0       258.9       293.4       1,055.7  
                                         
Gross Profit:
                                        
Pharmaceutical Packaging Systems
     56.4       62.9       59.2       72.4       250.9  
Pharmaceutical Delivery Systems
     12.9       15.8       12.5       11.5       52.7  
Consolidated Gross Profit
     69.3       78.7       71.7       83.9       303.6  
                                         
Research and Development Expense:
                                        
Pharmaceutical Packaging Systems
     (2.0 )     (2.1 )     (2.4 )     (2.5 )     9.0 )
Pharmaceutical Delivery Systems
     (2.3 )     (2.6 )     (2.7 )     (3.3 )     (10.9 )
Consolidated Research and Development
     (4.3 )     (4.7 )     (5.1 )     (5.8 )     (19.9 )
                                         
Selling, General and Administrative Expense:
                                        
Pharmaceutical Packaging Systems
     (25.6 )     (25.6 )     (25.7 )     (26.2 )     (103.1 )
Pharmaceutical Delivery Systems
     (7.2 )     (8.3 )     (8.1 )     (8.1 )     (31.7 )
General Corporate Costs and Other
     (10.1 )     (11.2 )     (10.5 )     (11.1 )     (42.9 )
Consolidated S,G&A Expense
     (42.9 )     (45.1 )     (44.3 )     (45.4 )     (177.7 )
                                         
Operating Profit:
                                        
Pharmaceutical Packaging Systems
     28.9       35.4       30.9       43.1       138.3  
Pharmaceutical Delivery Systems
     3.1       5.0       1.6       0.2       9.9  
General Corporate Costs
     (4.6 )     (4.9 )     (3.7 )     (5.8 )     (19.0 )
Stock-based Compensation Expense
     (1.4 )     (2.3 )     (2.5 )     (1.3 )     (7.5 )
U.S. Pension Expense
     (4.1 )     (4.1 )     (4.3 )     (4.2 )     (16.7 )
Other Unallocated (Charges) Income
     (0.7 )     (0.4 )     3.9       (10.3 )     (7.5 )
Consolidated Operating Profit
     21.2       28.7       25.9       21.7       97.5  
                                         
Interest Expense, net
     (3.6 )     (3.4 )     (3.5 )     (3.9 )     (14.4 )
Income Tax Expense
     (2.5 )     (6.1 )     (6.0 )     1.1       (13.5 )
Equity in Net Income of Affiliates
     0.3       0.5       0.8       1.4       3.0  
Net Income Attributable to Common Shareholders
   $ 15.4     $ 19.7     $ 17.2     $ 20.3     $ 72.6  
                                         
 
The changes reflected in these tables relate solely to the composition of the Company's business segments,
and have no impact on 2009 consolidated and per-share results included in the Company's earnings releases and forms 10Q and 10K.
  
 

 
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West Pharmaceutical Services, Inc.
  
 
  
($ Millions)
  
Presented "as if" 2010 business unit realignments were effective in 2009, in order to facilitate comparative analyses of 2010 segment results to the comparable prior-year periods
  
                               
(UNAUDITED)
  
                               
   
2009 New Segment Results - Summary
  
   
Three Months Ended
    
Year Ended
  
   
March 31
    
June 30
    
Sept 30
    
Dec 31
    
Dec 31
  
Pharmaceutical Packaging Systems
                              
Net Sales
   $ 176.4     $ 190.1     $ 189.9     $ 219.6     $ 776.0  
                                         
Gross Profit
   $ 56.4     $ 62.9     $ 59.2     $ 72.4     $ 250.9  
Gross Margin %
     32.0 %     33.1 %     31.2 %     33.0 %     32.3 %
                                         
Research and Development Expense
     (2.0 )     (2.1 )     (2.4 )     (2.5 )     (9.0 )
                                         
Selling, General and Administrative Expense
     (25.6 )     (25.6 )     (25.7 )     (26.2 )     (103.1 )
                                         
Operating Profit
   $ 28.9     $ 35.4     $ 30.9     $ 43.1     $ 138.3  
% of Sales
     16.4 %     18.6 %     16.3 %     19.6 %     17.8 %
                                         
                                         
                                         
Pharmaceutical Delivery Systems
                                        
Net Sales
   $ 67.5     $ 72.1     $ 70.2     $ 75.2     $ 285.0  
                                         
Gross Profit
   $ 12.9     $ 15.8     $ 12.5     $ 11.5     $ 52.7  
Gross Margin %
     19.1 %     21.9 %     17.8 %     15.3 %     18.5 %
                                         
Research and Development Expense
     (2.3 )     (2.6 )     (2.7 )     (3.3 )     (10.9 )
                                         
Selling, General and Administrative Expense
     (7.2 )     (8.3 )     (8.1 )     (8.1 )     (31.7 )
                                         
Operating Profit
   $ 3.1     $ 5.0     $ 1.6     $ 0.2     $ 9.9  
% of Sales
     4.6 %     6.9 %     2.3 %     0.3 %     3.5 %
                                         
                                         
 
The changes reflected in these tables relate solely to the composition of the Company's business segments,
and have no impact on 2009 consolidated and per-share results included in the Company's earnings releases and forms 10Q and 10K.
  

 
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