West Pharmaceutical Services, Inc. (NYSE:WST) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 09:00 am ET


West Pharmaceutical Services, Inc. (NYSE:WST) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2020 West Pharmaceutical Services earnings conference call. [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to hand the conference over to your speaker today, Quintin Lai, vice president of investor relations. Please go ahead, sir.

Quintin Lai

Thank you, Josh. Good morning, and welcome to West's second-quarter 2020 conference call. We issued our financial results this morning, and the release has been posted in the investors section on the company's website located at westpharma.com. This morning, CEO Eric Green and CFO Bernard Birkett will review our financial results, provide an update on our business and present our updated outlook for the full-year 2020.

There is a slide presentation that accompanies today's call, and a copy of the presentation is available on the investors section of our website. On Slide 2 is our safe harbor statement. Statements made by management on this call and in the accompanying presentation contain forward-looking statements within the meaning of U.S. Federal Securities law.

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, and actual results could differ materially from past results, as well as those expressed or implied in any forward-looking statement made here. Please refer to today's press release, as well as any other disclosures made by the company regarding the risk to which it is subject, including our 10-K, 10-Q and 8-K reports. 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.

Reconciliations and limitations of the non-GAAP financial measures to the most comparable financial results prepared in conformity to GAAP are provided in this morning's earnings release. I now turn the call over to West's CEO and President Eric Green.

Eric Green

Thank you, Quintin, and good morning, everyone, and thank you for joining us today. 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