West Pharmaceutical (NYSE: WST) grows 2025 results and guides higher EPS for 2026
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
West Pharmaceutical Services, Inc. reported steady growth for the fourth quarter and full year 2025 and issued 2026 guidance. Fourth-quarter net sales were $805.0 million, up 7.5% with 3.3% organic growth, and adjusted diluted EPS rose 12.1% to $2.04.
For 2025, net sales reached $3.074 billion, increasing 6.3% with 4.3% organic growth, while adjusted diluted EPS grew 8.0% to $7.29. Operating cash flow was $754.8 million and free cash flow rose 69.6% to $468.9 million, reflecting lower capital spending.
Management expects 2026 net sales between $3.215 billion and $3.275 billion, implying 5% to 7% organic growth, and adjusted diluted EPS between $7.85 and $8.20, or 7.7% to 12.5% growth. Guidance assumes a mid-2026 close for the SmartDose 3.5mL sale to AbbVie.
Positive
- None.
Negative
- None.
Insights
Solid 2025 execution with healthy cash generation and mid‑single to low‑double‑digit 2026 growth targets.
West delivered 2025 net sales of $3.074 billion, up 6.3%, with adjusted diluted EPS up 8.0% to $7.29. Margin performance was resilient: gross margin expanded 140 bps to 35.9%, and adjusted operating margin edged up to 20.2% despite non-recurring prior-year incentive fees.
Cash generation strengthened, with operating cash flow of $754.8 million and free cash flow of $468.9 million, up 69.6%, helped by lower capital expenditures of $285.9 million. The company also repurchased 552,593 shares for $134.0 million, signaling ongoing capital return alongside growth investment.
For 2026, management guides net sales to $3.215–$3.275 billion (5%–7% organic growth) and adjusted diluted EPS to $7.85–$8.20, a 7.7%–12.5% increase from 2025. Execution on biologics, GLP‑1 and Annex 1 opportunities, plus completing the SmartDose 3.5mL sale around mid‑2026, will be key drivers referenced in the outlook.
8-K Event Classification
7 items: 2.02, 2.9, 3.2, 7.01, 9.01, 15.4, 37.5
7 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.9
Item 2.9
Item 3.2
Item 3.2
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 15.4
Item 15.4
Item 37.5
Item 37.5
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 12, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
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 | ||||||
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. ☐
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Item 2.02 Results of Operations and Financial Condition.
On February 12, 2026, West Pharmaceutical Services, Inc. (the “Company”) issued a press release announcing its fourth-quarter and full year 2025 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.
(d) | Exhibit No. | Description | ||||||
99.1 | West Pharmaceutical Services, Inc. Press Release, dated February 12, 2026. | |||||||
99.2 | West Pharmaceutical Services, Inc. Presentation, dated February 12, 2026. | |||||||
104 | The cover page from the Company’s Current Report on Form 8-K, dated February 12, 2026, formatted in Inline XBRL. | |||||||
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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.
WEST PHARMACEUTICAL SERVICES, INC. | |||||
/s/ Robert W. McMahon | |||||
| Robert W. McMahon | |||||
| Senior Vice President, Chief Financial Officer | |||||
| February 12, 2026 | |||||
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EXHIBIT INDEX
Exhibit No. | Description | |||||||
99.1 | West Pharmaceutical Services, Inc. Press Release, dated February 12, 2026. | |||||||
99.2 | West Pharmaceutical Services, Inc. Presentation, dated February 12, 2026. | |||||||
104 | The cover page from the Company’s Current Report on Form 8-K, dated | |||||||
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Exhibit 99.1
West Reports Fourth-Quarter and Full-Year 2025 Results
– Strong 4Q results, driven by double-digit organic revenue growth in HVP Components –
– Introduces Fiscal 2026 Financial Guidance –
Exton, PA, February 12, 2026 – West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today reported its financial results for the fourth quarter and full year 2025.
Fourth-Quarter and Full-Year 2025 Summary (comparisons to prior-year period)
•Fourth-quarter net sales of $805.0 million increased 7.5%; organic growth was 3.3%.
•Fourth-quarter diluted earnings per share (EPS) of $1.82 increased 2.2%.
•Fourth-quarter Adjusted-diluted EPS of $2.04 increased 12.1%.
•Full-year net sales of $3.074 billion increased 6.3%; organic growth was 4.3%.
•Full-year Diluted EPS of $6.79 increased 1.5%.
•Full-year Adjusted-diluted EPS of $7.29 increased 8.0%.
•Operating cash flow was $754.8 million, an increase of 15.5%. Capital expenditures were $285.9 million. Free cash flow (defined as operating cash flow less capital expenditures) was $468.9 million, an increase of 69.6%.
•During 2025, the Company repurchased 552,593 shares for $134.0 million at an average share price of $242.55 under its share repurchase programs.
“Our strong finish to 2025 was a result of the team’s relentless execution of our growth strategy,” said Eric M. Green, West’s President, Chief Executive Officer and Chair of the Board. “Our performance in the quarter was led by our High-Value Product Components business in our Proprietary Products Segment, enabling us to deliver double-digit adjusted earnings per share growth. We expect positive momentum to continue in 2026, which will be a key year of execution and operational excellence to drive sustainable growth and create value for our patients, customers and shareholders.”
Proprietary Products Segment
Fourth-quarter net sales of $661.8 million grew by 7.8% and increased 3.6% on an organic basis.
•High-Value Product (“HVP”) Components net sales of $389.8 million increased 20.3% and grew 15.1% on an organic basis driven by strength in Westar® and Envision® products. HVP Components accounted for 48% of total company net sales in the quarter.
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•HVP Delivery Devices net sales of $110.4 million decreased by 16.9%, and were down 18.1% on an organic basis, driven by the previously disclosed non-recurring incentive fee of $25 million earned in the fourth quarter of 2024. HVP Delivery Devices accounted for 14% of total company net sales in the quarter.
•Standard Products net sales of $161.6 million increased by 3.0%, but declined 1.7% on an organic basis. Standard Products accounted for 20% of total company net sales this quarter.
Contract-Manufactured Products Segment
Fourth-quarter 2025 net sales increased by 6.2% to $143.2 million, while organic net sales grew 1.9%. Segment performance was driven by growth in self-injection devices for obesity and diabetes, partially offset by a continued decrease in sales of healthcare diagnostic devices. Contract Manufacturing accounted for 18% of total company net sales in the quarter.
Introducing Full-Year and First-Quarter 2026 Financial Guidance
•Full-year 2026 net sales are expected to be in a range of $3.215 billion to $3.275 billion, which assumes a mid-year 2026 close for the sale of SmartDose 3.5ml to AbbVie.
◦Reported growth is expected to be between 4.6% and 6.5% while organic net sales growth is expected to be approximately 5% to 7%.
◦Net sales guidance includes an estimated full-year 2026 benefit of 2 percentage points based on current foreign currency exchange rates.
◦SmartDose® 3.5mL generated $55 million in revenues in the second half of 2025. These revenues are excluded to calculate our full-year 2026 organic revenue growth guidance.
•Full-year 2026 adjusted-diluted EPS is expected to be in a range of $7.85 to $8.20, representing growth of 7.7% to 12.5%.
•Full-year 2026 capital expenditures are expected to be in the range of $250 million to $275 million.
•First-quarter 2026 net sales are expected to be in the range of $770 million to $790 million, representing reported growth of 10.3% to 13.2% and organic growth of 4.6% to 7.4%.
•First-quarter adjusted-diluted EPS is expected to be in the range of $1.65 to $1.70, up 13.0% to 16.4%.
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Fourth-Quarter and Full-Year 2025 Conference Call
Management will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the “Investors” section of the Company's website at https://investor.westpharma.com.
To participate in the Q&A portion of the conference call, please register in advance at https://register-conf.media-server.com/register/BIddf085f5668a414e81986e71c1dc1085.
Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.
An accompanying slide presentation will be posted in the “Investors” section of the Company's website.
A replay of the webcast will be available on the Company's website for approximately 90 days after the event.
| Investor Contact: | Media Contact: | ||||
| John Sweeney, CFA | Michele Polinsky | ||||
| Vice President, Investor Relations | Vice President, Global Communications | ||||
| (484) 790-0373 | (610) 594-3054 | ||||
| John.Sweeney@westpharma.com | Michele.Polinsky@westpharma.com | ||||
About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 25 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500 index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
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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 “expected,” “assumes,” “unchanged,” “includes,” “would,” “provide” 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; 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, 2024, 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 financial measures outside of generally accepted accounting principles (“U.S. GAAP”), 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. 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.
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WEST PHARMACEUTICAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in millions, except per share data)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 805.0 | 100% | $ | 748.8 | 100% | $ | 3,074.1 | 100% | $ | 2,893.2 | 100% | |||||||||||||||||||||||||||||||||||
| Cost of goods and services sold | 501.1 | 62 | 475.2 | 63 | 1,970.1 | 64 | 1,894.7 | 65 | |||||||||||||||||||||||||||||||||||||||
| Gross profit | 303.9 | 38 | 273.6 | 37 | 1,104.0 | 36 | 998.5 | 35 | |||||||||||||||||||||||||||||||||||||||
| Research and development | 21.8 | 3 | 18.5 | 3 | 74.3 | 2 | 69.1 | 2 | |||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 107.0 | 14 | 85.3 | 12 | 393.6 | 13 | 338.5 | 12 | |||||||||||||||||||||||||||||||||||||||
| Other expense (income), net | 18.5 | 2 | 10.2 | 1 | 51.2 | 2 | 21.0 | 1 | |||||||||||||||||||||||||||||||||||||||
| Operating profit | 156.6 | 19 | 159.6 | 21 | 584.9 | 19 | 569.9 | 20 | |||||||||||||||||||||||||||||||||||||||
| Interest (income) expense, net | (5.3) | (1) | (5.6) | (1) | (17.0) | (1) | (16.6) | — | |||||||||||||||||||||||||||||||||||||||
| Other nonoperating expense (income) | 0.4 | — | 0.3 | — | 1.0 | — | 1.0 | — | |||||||||||||||||||||||||||||||||||||||
| Income before income taxes and equity in net income of affiliated companies | 161.5 | 20 | 164.9 | 22 | 600.9 | 20 | 585.5 | 20 | |||||||||||||||||||||||||||||||||||||||
| Income tax expense | 33.3 | 4 | 36.8 | 4 | 121.6 | 4 | 107.5 | 4 | |||||||||||||||||||||||||||||||||||||||
| Equity in net income of affiliated companies | (3.9) | — | (2.0) | — | (14.4) | — | (14.7) | (1) | |||||||||||||||||||||||||||||||||||||||
| Net income | $ | 132.1 | 16% | $ | 130.1 | 18% | $ | 493.7 | 16% | $ | 492.7 | 17% | |||||||||||||||||||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 1.83 | $ | 1.79 | $ | 6.83 | $ | 6.75 | |||||||||||||||||||||||||||||||||||||||
| Diluted | $ | 1.82 | $ | 1.78 | $ | 6.79 | $ | 6.69 | |||||||||||||||||||||||||||||||||||||||
| Average common shares outstanding | 72.3 | 72.7 | 72.3 | 73.0 | |||||||||||||||||||||||||||||||||||||||||||
| Average shares assuming dilution | 72.7 | 73.3 | 72.7 | 73.7 | |||||||||||||||||||||||||||||||||||||||||||
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WEST PHARMACEUTICAL SERVICES
REPORTING SEGMENT INFORMATION
(UNAUDITED)
(in millions)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
Net Sales: | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Proprietary Products | $ | 661.8 | $ | 613.9 | $ | 2,492.1 | $ | 2,334.5 | |||||||||||||||
| Contract-Manufactured Products | 143.2 | 134.9 | 582.0 | 558.7 | |||||||||||||||||||
| Consolidated Total | $ | 805.0 | $ | 748.8 | $ | 3,074.1 | $ | 2,893.2 | |||||||||||||||
| Gross Profit: | |||||||||||||||||||||||
| Proprietary Products | $ | 285.7 | $ | 250.7 | $ | 1,008.2 | $ | 900.5 | |||||||||||||||
| Contract-Manufactured Products | 18.2 | 22.9 | 95.8 | 98.0 | |||||||||||||||||||
| Gross Profit | $ | 303.9 | $ | 273.6 | $ | 1,104.0 | $ | 998.5 | |||||||||||||||
| Gross Profit Margin | 37.8 | % | 36.5 | % | 35.9 | % | 34.5 | % | |||||||||||||||
| Operating Profit (Loss): | |||||||||||||||||||||||
| Proprietary Products | $ | 189.7 | $ | 162.3 | $ | 657.2 | $ | 577.8 | |||||||||||||||
| Contract-Manufactured Products | 9.8 | 16.2 | 63.4 | 72.3 | |||||||||||||||||||
| Stock-based compensation expense | (6.7) | (4.3) | (23.8) | (18.7) | |||||||||||||||||||
| General corporate costs | (36.2) | (14.6) | (111.9) | (61.5) | |||||||||||||||||||
| Reported Operating Profit | $ | 156.6 | $ | 159.6 | $ | 584.9 | $ | 569.9 | |||||||||||||||
| Reported Operating Profit Margin | 19.5 | % | 21.3 | % | 19.0 | % | 19.7 | % | |||||||||||||||
| Unallocated items | 15.4 | 3.2 | 37.5 | 2.9 | |||||||||||||||||||
| Adjusted Operating Profit | $ | 172.0 | $ | 162.8 | $ | 622.4 | $ | 572.8 | |||||||||||||||
| Adjusted Operating Profit Margin | 21.4 | % | 21.7 | % | 20.2 | % | 19.8 | % | |||||||||||||||
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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, 2025 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $156.6 | $33.3 | $132.1 | $1.82 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges (1) | 1.4 | (2.1) | 3.4 | 0.05 | |||||||||||||||||||
SmartDose® 3.5mL sale (2) | 8.4 | 1.9 | 6.5 | 0.09 | |||||||||||||||||||
Cost-method investment activity (3) | 4.5 | — | 4.5 | 0.06 | |||||||||||||||||||
Amortization of acquisition-related intangible assets (4) | — | — | 0.5 | 0.01 | |||||||||||||||||||
| Other | 1.1 | 0.3 | 0.8 | 0.01 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $172.0 | $33.4 | $147.8 | $2.04 | |||||||||||||||||||
| Twelve Months ended December 31, 2025 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $584.9 | $121.6 | $493.7 | $6.79 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges (1) | 23.3 | 0.9 | 22.4 | 0.31 | |||||||||||||||||||
SmartDose® 3.5mL sale (2) | 8.4 | 1.9 | 6.5 | 0.09 | |||||||||||||||||||
Cost-method investment activity (3) | 4.5 | — | 4.5 | 0.06 | |||||||||||||||||||
Amortization of acquisition-related intangible assets (4) | 0.2 | — | 2.0 | 0.03 | |||||||||||||||||||
| Other | 1.1 | 0.3 | 0.8 | 0.01 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $622.4 | $124.7 | $529.9 | $7.29 | |||||||||||||||||||
| Three Months ended December 31, 2024 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $159.6 | $36.8 | $130.1 | $1.78 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges (1) | 3.0 | 0.7 | 2.3 | 0.03 | |||||||||||||||||||
Amortization of acquisition-related intangible assets (4) | 0.2 | — | 0.7 | 0.01 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $162.8 | $37.5 | $133.1 | $1.82 | |||||||||||||||||||
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| Twelve Months ended December 31, 2024 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $569.9 | $107.5 | $492.7 | $6.69 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges (1) | 2.1 | 0.4 | 1.7 | 0.02 | |||||||||||||||||||
Amortization of acquisition-related intangible assets (4) | 0.8 | 0.1 | 2.8 | 0.04 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $572.8 | $108.0 | $497.2 | $6.75 | |||||||||||||||||||
(1)During the three and twelve months ended December 31, 2025, the Company recorded pre-tax charges of $1.4 million and $23.3 million, respectively, related to our two existing restructuring programs: (i) 0.9 million and $18.4 million in the three and twelve months ended December 31, 2025, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $4.9 million in the three and twelve months ended December 31, 2025, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.3 million and $4.9 million during the three and twelve months ended December 31, 2025, respectively, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure. During the three and twelve months ended December 31, 2024, the Company recorded expense to restructuring and other charges of $3.0 million and $2.1 million, respectively. The net expense represents the impact of two items, the first of which is an expense $3.0 million and $4.6 million during the three and twelve months ended December 31, 2024, respectively, recorded within selling, general and administrative expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries. The expense consisted primarily of consulting fees, legal expenses, and other one-time costs directly attributable to this plan. This expense was partially offset by a $2.5 million benefit in the twelve months ended December 31, 2024 recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan.
(2)During the three and twelve months ended December 31, 2025, the Company recorded charges of $8.4 million related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $6.2 million of the charges within other expense (income), related to severance and lease impairment charges in connection with the sale agreement. The Company recorded the remaining $2.2 million within selling, general and administrative expenses, relating to professional services in connection with the sale agreement.
(3)During the three and twelve months ended December 31, 2025, the Company recorded cost-method investment impairment charges of $4.5 million within other expense (income).
(4)During the three and twelve months ended December 31, 2025 and 2024, the Company recorded $0.0 million and $0.2 million, and $0.2 million and $0.8 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and twelve months ended December 31, 2025 and 2024, the Company recorded $0.5 million and $1.8 million, and $0.5 million and $2.1 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
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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 Reported Net Sales to Organic Net Sales by Segment(5)
| Three Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Proprietary Products | $661.8 | $613.9 | 7.8 | % | 4.2 | % | 3.6 | % | |||||||||||||||
| Contract-Manufactured Products | 143.2 | 134.9 | 6.2 | % | 4.3 | % | 1.9 | % | |||||||||||||||
| Total | $805.0 | $748.8 | 7.5 | % | 4.2 | % | 3.3 | % | |||||||||||||||
| Twelve Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Proprietary Products | $2,492.1 | $2,334.5 | 6.8 | % | 2.0 | % | 4.8 | % | |||||||||||||||
| Contract-Manufactured Products | 582.0 | 558.7 | 4.2 | % | 2.1 | % | 2.1 | % | |||||||||||||||
| Total | $3,074.1 | $2,893.2 | 6.3 | % | 2.0 | % | 4.3 | % | |||||||||||||||
Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category(5)
| Three Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| HVP Components | $389.8 | $324.1 | 20.3 | % | 5.2 | % | 15.1 | % | |||||||||||||||
| HVP Delivery Devices | 110.4 | 132.9 | (16.9) | % | 1.2 | % | (18.1) | % | |||||||||||||||
| Standard Products | 161.6 | 156.9 | 3.0 | % | 4.7 | % | (1.7) | % | |||||||||||||||
| Total Proprietary Products | $661.8 | $613.9 | 7.8 | % | 4.2 | % | 3.6 | % | |||||||||||||||
| Twelve Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| HVP Components | $1,451.0 | $1,305.0 | 11.2 | % | 2.3 | % | 8.9 | % | |||||||||||||||
| HVP Delivery Devices | 406.4 | 404.5 | 0.5 | % | 0.8 | % | (0.3) | % | |||||||||||||||
| Standard Products | 634.7 | 625.0 | 1.6 | % | 1.9 | % | (0.3) | % | |||||||||||||||
| Total Proprietary Products | $2,492.1 | $2,334.5 | 6.8 | % | 2.0 | % | 4.8 | % | |||||||||||||||
9
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group(5)
| Three Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Biologics | $340.4 | $305.2 | 11.5 | % | 4.2 | % | 7.3 | % | |||||||||||||||
| Pharma | 191.5 | 181.6 | 5.5 | % | 5.2 | % | 0.3 | % | |||||||||||||||
| Generics | 129.9 | 127.1 | 2.2 | % | 2.8 | % | (0.6) | % | |||||||||||||||
| Total Proprietary Products | $661.8 | $613.9 | 7.8 | % | 4.2 | % | 3.6 | % | |||||||||||||||
| Twelve Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Biologics | $1,226.5 | $1,116.6 | 9.8 | % | 2.1 | % | 7.7 | % | |||||||||||||||
| Pharma | 753.1 | 712.4 | 5.7 | % | 2.3 | % | 3.4 | % | |||||||||||||||
| Generics | 512.5 | 505.5 | 1.4 | % | 0.8 | % | 0.6 | % | |||||||||||||||
| Total Proprietary Products | $2,492.1 | $2,334.5 | 6.8 | % | 2.0 | % | 4.8 | % | |||||||||||||||
Reconciliation of Reported Net Sales to Organic Net Sales by Geography(5)
| Three Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Americas | $358.6 | $354.8 | 1.1 | % | 0.4 | % | 0.7 | % | |||||||||||||||
| Europe, Middle East, Africa | 370.2 | 323.0 | 14.6 | % | 9.5 | % | 5.1 | % | |||||||||||||||
| Asia Pacific | 76.2 | 71.0 | 7.3 | % | (1.0) | % | 8.3 | % | |||||||||||||||
| Total | $805.0 | $748.8 | 7.5 | % | 4.2 | % | 3.3 | % | |||||||||||||||
| Twelve Months ended December 31, | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) (5) | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Americas | $1,422.5 | $1,311.9 | 8.4 | % | (0.2) | % | 8.6 | % | |||||||||||||||
| Europe, Middle East, Africa | 1,387.9 | 1,323.5 | 4.9 | % | 4.7 | % | 0.2 | % | |||||||||||||||
| Asia Pacific | 263.7 | 257.8 | 2.3 | % | (1.5) | % | 3.8 | % | |||||||||||||||
| Total | $3,074.1 | $2,893.2 | 6.3 | % | 2.0 | % | 4.3 | % | |||||||||||||||
(5)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.
10
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 Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
2025 Actual | 2026 Guidance | % Change | |||||||||||||||
| Reported-diluted EPS (U.S. GAAP) | $6.79 | $7.79 to $8.14 | 14.7% to 19.9% | ||||||||||||||
| Restructuring and other charges | 0.31 | 0.04 | |||||||||||||||
| SmartDose® 3.5mL sale | 0.09 | — | |||||||||||||||
| Cost-method investment activity | 0.06 | — | |||||||||||||||
| Amortization of acquisition-related intangible assets | 0.03 | 0.02 | |||||||||||||||
| Other | 0.01 | — | |||||||||||||||
| Adjusted-diluted EPS (Non-U.S. GAAP) | $7.29 | $7.85 to $8.20 | 7.7% to 12.5% | ||||||||||||||
Notes:
See “Introducing Full-Year and First-Quarter 2026 Financial Guidance” and “Non-U.S. GAAP Financial Measures” in today’s press release for additional information regarding adjusted-diluted EPS.
11
WEST PHARMACEUTICAL SERVICES
CONSOLIDATED BALANCE SHEETS
| (in millions, except per share data) | 2025 | 2024 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 791.3 | $ | 484.6 | |||||||
| Accounts receivable, net | 574.4 | 552.5 | |||||||||
| Inventories | 443.9 | 377.0 | |||||||||
| Other current assets | 168.6 | 124.0 | |||||||||
| Total current assets | 1,978.2 | 1,538.1 | |||||||||
| Property, plant and equipment | 3,223.4 | 2,985.8 | |||||||||
| Less: accumulated depreciation and amortization | 1,497.0 | 1,404.2 | |||||||||
| Property, plant and equipment, net | 1,726.4 | 1,581.6 | |||||||||
| Operating lease right-of-use assets | 117.0 | 104.5 | |||||||||
| Investments in affiliated companies | 212.3 | 202.1 | |||||||||
| Goodwill | 109.9 | 106.0 | |||||||||
| Intangible assets, net | 7.7 | 10.8 | |||||||||
| Deferred income taxes | 38.4 | 26.0 | |||||||||
| Other noncurrent assets | 80.1 | 74.3 | |||||||||
| Total Assets | $ | 4,270.0 | $ | 3,643.4 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 253.7 | 239.3 | |||||||||
| Accrued salaries, wages and benefits | 135.9 | 73.5 | |||||||||
| Income taxes payable | 28.1 | 31.5 | |||||||||
| Operating lease liabilities | 22.7 | 17.9 | |||||||||
| Other current liabilities | 214.5 | 188.2 | |||||||||
| Total current liabilities | 654.9 | 550.4 | |||||||||
| Long-term debt | 202.8 | 202.6 | |||||||||
| Deferred income taxes | 23.0 | 20.5 | |||||||||
| Pension and other postretirement benefits | 29.0 | 28.2 | |||||||||
| Operating lease liabilities | 95.6 | 81.8 | |||||||||
| Deferred compensation benefits | 13.5 | 15.4 | |||||||||
| Other long-term liabilities | 75.2 | 62.2 | |||||||||
| Total Liabilities | 1,094.0 | 961.1 | |||||||||
| Commitments and contingencies (Note 18) | |||||||||||
| Equity: | |||||||||||
Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 2025 and 2024 | — | — | |||||||||
Common stock, par value $0.25 per share; 200 million shares authorized; shares issued: 75.3 million in 2025 and 2024; shares outstanding: 72.0 million and 72.3 million in 2025 and 2024 | 18.8 | 18.8 | |||||||||
| Capital in excess of par value | — | 22.1 | |||||||||
| Retained earnings | 4,374.9 | 3,956.6 | |||||||||
| Accumulated other comprehensive loss | (105.5) | (258.1) | |||||||||
Treasury stock, at cost (3.3 million and 3.0 million shares in 2025 and 2024) | (1,112.2) | (1,057.1) | |||||||||
| Total Equity | 3,176.0 | 2,682.3 | |||||||||
| Total Liabilities and Equity | $ | 4,270.0 | $ | 3,643.4 | |||||||
12
WEST PHARMACEUTICAL SERVICES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Twelve Months Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 493.7 | $ | 492.7 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation | 168.6 | 151.8 | |||||||||
| Amortization | 2.8 | 3.6 | |||||||||
| Stock-based compensation | 23.8 | 18.7 | |||||||||
| Non-cash restructuring charges | 5.4 | — | |||||||||
| Asset impairments | 11.7 | 7.3 | |||||||||
| Deferred income taxes | (13.7) | (3.5) | |||||||||
| Pension and other retirement plans, net | 0.6 | (2.0) | |||||||||
| Equity in undistributed earnings of affiliates, net of dividends | (10.5) | (13.4) | |||||||||
| Other, net | (7.4) | (4.7) | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Decrease (increase) in accounts receivable | 6.9 | (58.8) | |||||||||
| (Increase) decrease in inventories | (62.8) | 42.0 | |||||||||
| (Increase) decrease in other current assets | 9.7 | (5.8) | |||||||||
| Increase in accounts payable | 17.9 | 2.9 | |||||||||
| Changes in other assets and liabilities | 108.1 | 22.6 | |||||||||
| Net cash provided by operating activities | 754.8 | 653.4 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (285.9) | (377.0) | |||||||||
| Other, net | — | (1.7) | |||||||||
| Net cash used in investing activities | (285.9) | (378.7) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings of long-term debt | — | 164.7 | |||||||||
| Repayments of long-term debt | — | (169.0) | |||||||||
| Principal repayments on finance leases | (1.1) | (23.3) | |||||||||
| Dividend payments | (61.2) | (59.1) | |||||||||
| Excise tax payments | (4.2) | (2.0) | |||||||||
| Proceeds from stock-based compensation awards | 11.3 | 25.5 | |||||||||
| Employee stock purchase plan contributions | 6.9 | 7.2 | |||||||||
| Shares purchased under share repurchase programs | (134.0) | (560.9) | |||||||||
| Shares repurchased for employee tax withholdings | (2.8) | (5.7) | |||||||||
| Net cash used in financing activities | (185.1) | (622.6) | |||||||||
| Effect of exchange rates on cash | 22.9 | (21.4) | |||||||||
| Net increase (decrease) in cash and cash equivalents | 306.7 | (369.3) | |||||||||
| Cash, including cash equivalents at beginning of period | 484.6 | 853.9 | |||||||||
| Cash, including cash equivalents at end of period | $ | 791.3 | $ | 484.6 | |||||||
| Supplemental cash flow information: | |||||||||||
| Interest paid, net of amounts capitalized | $ | 0.3 | $ | 0.5 | |||||||
| Income taxes paid, net | $ | 125.2 | $ | 71.4 | |||||||
| Accrued capital expenditures | $ | 37.9 | $ | 53.0 | |||||||
| Dividends declared, not paid | $ | 15.8 | $ | 15.2 | |||||||
13
West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bob W. McMahon Senior VP & Chief Financial Officer Fourth-Quarter and Full-Year 2025 Earnings Call February 12, 2026 | 8 a.m. Eastern Time
2 West Analyst Conference Call February 12, 2026 8 a.m. Eastern Time These presentation materials are intended to accompany and serve as a reference for today’s press release announcing the Company’s results for the fourth quarter and full year 2025 and management’s discussion of those results during today’s conference call. A webcast of today’s call can be accessed in the “Investors” section of the Company’s website at www.investor.westpharma.com. To participate on the call by asking questions to Management, please register in advance by clicking here. Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call. A replay of the webcast will be available on the Company’s website for approximately 90 days after the event. REGISTER TODAY
3 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, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today. 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 “Non-U.S. GAAP Financial Measures” and the accompanying tables at the end of this presentation 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
4 • Net sales $3,074.1M, +6.3% & +4.3% organic(1) o $47 million non-recurring incentive fees in PY reduced organic growth by 1.7% • Gross margin 35.9%, +140 bps YoY • Adjusted operating profit margin(1) 20.2%, +40 bps vs. FY24 o $47 million non-recurring incentive fees in PY negatively impacted YoY OP margin expansion by 130 bps • Adj-diluted EPS(1) of $7.29, +8.0% vs. FY24 • FY25 Operating cash flow $754.8M, +15.5% vs. FY24 • FY25 Cap ex of $285.9M, -24.2% vs. FY24 • FY25 Free cash flow(1) $468.9M, +69.6% vs. FY24 "Organic Net Sales," “Adjusted Operating Profit Margin,” “Adjusted-Diluted EPS” and "Free Cash Flow" 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) FY25 Financial Highlights 19.8% 20.2% FY24 FY25 $6.75 $7.29 FY24 FY25 $2,893.2 $3,074.1 FY24 FY25 Net Sales $M Adj. OP Margin Adj.-Diluted EPS +8.0% YoY+40 bps YoY +6.3% Reported +4.3% Organic
5 • Net sales $805.0M, +7.5% & +3.3% organic(1) o $25 million non-recurring incentive fee in PY reduced organic growth by 3.6% • Gross margin 37.8%, +130 bps YoY • Adjusted operating profit margin(1) 21.4%, -30 bps vs. 4Q24 o $25 million non-recurring incentive fee in PY negatively impacted YoY OP margin expansion by 270 bps • Adj-diluted EPS(1) of $2.04, +12.1% vs. 4Q24 • 4Q25 Operating cash flow $251.1M, +32.1% vs. 4Q24 • 4Q25 Cap ex of $76.1M, -27.4% vs. 4Q24 • 4Q25 Free cash flow(1) $175.0M, +105.2% vs. 4Q24 "Organic Net Sales," “Adjusted Operating Profit Margin,” “Adjusted-Diluted EPS” and "Free Cash Flow" 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) 4Q25 Financial Highlights 21.7% 21.4% 4Q24 4Q25 $1.82 $2.04 4Q24 4Q25 $748.8 $805.0 4Q24 4Q25 Net Sales $M Adj. OP Margin Adj.-Diluted EPS +12.1% YoY-30 bps YoY +7.5% Reported +3.3% Organic
6 Capitalizing on Key Growth Drivers Across Our Business Biologics Expanding market – driving High- Value Products Annex 1 Global regulatory framework upgrade opportunity GLP-1 Fastest growing category, multi-year opportunity – 17% of Net Sales Capacity Expansion Across 8 locations: 4 in U.S; 3 in Europe; 1 in Asia • 42% of West’s revenue in 4Q25 • Fuels mix shift to high-margin HVP • Continued strong participation rate in new drug launches • ~6 billion components potential opportunity to upgrade quality levels • ~700 Annex 1 projects – over half of the projects completed and now generating revenues, representing ~15% of the current opportunity. 325 projects are ongoing. • Achieved our Annex 1 target in 2025 • GLP-1 elastomers are 10% of 4Q25 total company revenues • GLP-1 Contract Manufacturing revenues are 7% of 4Q25 total company revenues • CM future revenue growth/ margin expansion opportunity from drug handling • Capex aligned to growth opportunities in biologics, Annex 1 and GLP-1 • Network optimization: improving service levels/managing tariff exposure • Opportunity to capitalize on near shoring trend Business O pportunity, Im pact & Results Driver
7 Proprietary Products Segment Segment Performance • Proprietary net sales of $661.8M, +7.8% YoY, +3.6% organic • Proprietary gross profit of 43.2%, +240 bps YoY • Proprietary OP margin of 28.7%, +230 bps YoY o $25 million non-recurring incentive fee in PY negatively impacted YoY OP margin expansion by 310 bps Proprietary Products Revenues $M $613.9 $661.8 4Q24 4Q25 4Q25 results Proprietary OP Margin % 26.4% 28.7% 4Q24 4Q25 Net sales $389.8M 48% of total sales +20.3% reported +15.1% organic Net sales $110.4M 14% of total sales -16.9% reported -18.1% organic Net sales $161.6M 20% of total sales +3.0% reported -1.7% organic • Driven by strength in Westar® and Envision® products • GLP-1s - strong contributor: 10% of total company sales • Non-GLP-1 organic growth in mid-single digits shows improving underlying demand for HVP components • Growth impacted by $25 million non-recurring incentive fee in PY which reduced organic growth by 18.9 percentage points • Solid performance excluding Smart Dose 3.5ml • Basic primary containment products - often spec’ed into customers’ drug manufacturing processes • Important business funnel forming the base from which West converts to HVP components over time HVP Components HVP Delivery Devices Standard Components
8 Contract Manufacturing Segment Segment Performance • CM net sales of $143.2M, +6.2% YoY & +1.9% organic • CM gross profit 12.7%, -430 bps YoY • CM OP margin 6.8%, -520 bps YoY Contract Manufacturing Revenues $M $134.9 $143.2 4Q24 4Q25 4Q25 results CM OP Margin % 12.0% 6.8% 4Q24 4Q25 Net sales $143.2M, 18% of total sales, +6.2% reported, +1.9% organic • Revenue and margin impacted by temporary facility disruption in Arizona facility, which has been remediated. Operating margins expected to be back to historical levels in 1Q26. • Commenced Commercial drug handling operations at Dublin facility. 4Q25 Performance
9 Strategically Diversified Platform with Global Reach 1 Quarter ended December 31, 2025 – numbers represent % of total company sales 2 Non-proprietary products 45% Americas 46% Europe, Middle East, Africa Asia Pacific 9% 4Q25 Net Sales1 by Geographic Location 48% HVP Components20% Standard Packaging 14% HVP Delivery Devices Contract-Manufactured Products2 18% 4Q25 Net Sales1 by Product Category 42% Biologics 16% Generics 24% Pharma 4Q25 Net Sales1 by Market Group Contract-Manufactured Products2 18%
10 4Q25 Revenue by Market Group 4Q25 Revenues YoY % chg. Currency % Organic % Share of Total Company Revenue Biologics* $340.4 11.5% 4.2% 7.3% 42% Pharma $191.5 5.5% 5.2% 0.3% 24% Generics $129.9 2.2% 2.8% (0.6)% 16% Proprietary Prod. Segment $661.8 7.8% 4.2% 3.6% 82% Contract Man. Segment $143.2 6.2% 4.3% 1.9% 18% Total Company $805.0 7.5% 4.2% 3.3% 100% * $25 million non-recurring incentive fee in PY reduced organic growth by 9.6 percentage points
11 4Q25 Revenue by Product Category 4Q25 Revenues YoY % chg. Currency % Organic % Share of Total Company Revenue HVP Components $389.8 20.3% 5.2% 15.1% 48% HVP Delivery Devices* $110.4 (16.9)% 1.2% (18.1)% 14% Standard Products $161.6 3.0% 4.7% (1.7)% 20% Proprietary Prod. Segment $661.8 7.8% 4.2% 3.6% 82% Contract Man. Segment $143.2 6.2% 4.3% 1.9% 18% Total Company $805.0 7.5% 4.2% 3.3% 100% * $25 million non-recurring incentive fee in PY reduced organic growth by 18.9 percentage points
12 4Q25 Revenue by Geography 4Q25 Revenues YoY % chg. Currency % Organic % Share of Total Company Revenue Americas $358.6 1.1% 0.4% 0.7% 45% Europe, Middle East, Africa $370.2 14.6% 9.5% 5.1% 46% Asia Pacific $76.2 7.3% (1.0)% 8.3% 9% Total Company $805.0 7.5% 4.2% 3.3% 100%
Change in Consolidated Net Sales 4Q25 vs. 4Q24 ($ millions) $748.8 ($25.0) $11.7 $38.0 $31.5 $805.0 4Q24 PY Customer Incentives CY Sales Price Volume & Mix Fx. Translation 4Q25 13
14 1Q 2026 Guidance 2026 Annual Guidance Low High Low High Revenue $770M to $790M $3.215B to $3.275B Fx. YoY Revenue Impact ~+6% points ~+2% points Divestiture Impact* No impact ~+2% points Organic Revenue Growth % 4.6% to 7.4% 5% to 7% Adjusted EPS $1.65 to $1.70 $7.85 to $8.20 Fx. YoY on Adjusted EPS ~$0.10 ~$0.17 Estimated Tax Rate 20.25% 20.25% Capital Expenditure $250M – $275M 2026 / 1Q26 Guidance Overview * $55 million in SmartDose® 3.5mL revenue in 2H 2025
Investor Relations contact: https://investor.westpharma.com /contact-investor-relations www.westpharma.com
Notes to Non-U.S. GAAP Financial Measures The Non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted Non-U.S. GAAP financial measures to the comparable U.S. GAAP financial measures is included in the accompanying tables and today's press release. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation, the impact from acquisitions and/or divestitures, and the effects of unallocated items are not in conformity with U.S. GAAP and should not be used as a substitute for the comparable U.S. GAAP financial measures.
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended December 31, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $156.6 $33.3 $132.1 $1.82 Unallocated items: Restructuring and other charges 1.4 (2.1) 3.4 0.05 SmartDose® 3.5mL sale 8.4 1.9 6.5 0.09 Cost-method investment activity 4.5 - 4.5 0.06 Amortization of acquisition-related intangible assets - - 0.5 0.01 Other 1.1 0.3 0.8 0.01 Adjusted (Non-U.S. GAAP) $172.0 $33.4 $147.8 $2.04 Twelve months ended December 31, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $584.9 $121.6 $493.7 $6.79 Unallocated items: Restructuring and other charges 23.3 0.9 22.4 0.31 SmartDose® 3.5mL sale 8.4 1.9 6.5 0.09 Cost-method investment activity 4.5 - 4.5 0.06 Amortization of acquisition-related intangible assets 0.2 - 2.0 0.03 Other 1.1 0.3 0.8 0.01 Adjusted (Non-U.S. GAAP) $622.4 $124.7 $529.9 $7.29 A-1
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended December 31, 2024 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $159.6 $36.8 $130.1 $1.78 Unallocated items: Restructuring and other charges 3.0 0.7 2.3 0.03 Amortization of acquisition-related intangible assets 0.2 - 0.7 0.01 Adjusted (Non-U.S. GAAP) $162.8 $37.5 $133.1 $1.82 Twelve months ended December 31, 2024 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $569.9 $107.5 $492.7 $6.69 Unallocated items: Restructuring and other charges 2.1 0.4 1.7 0.02 Amortization of acquisition-related intangible assets 0.8 0.1 2.8 0.04 Adjusted (Non-U.S. GAAP) $572.8 $108.0 $497.2 $6.75 A-2
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported Net Sales to Organic Net Sales by Segment ($ millions) Three months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 Proprietary Products $661.8 $613.9 7.8 % 4.2 % 3.6 % Contract-Manufactured Products 143.2 134.9 6.2 % 4.3 % 1.9 % Total $805.0 $748.8 7.5 % 4.2 % 3.3 % Twelve months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 Proprietary Products $2,492.1 $2,334.5 6.8 % 2.0 % 4.8 % Contract-Manufactured Products 582.0 558.7 4.2 % 2.1 % 2.1 % Total $3,074.1 $2,893.2 6.3 % 2.0 % 4.3 % A-3
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category ($ millions) Three months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 HVP Components $389.8 $324.1 20.3 % 5.2 % 15.1 % HVP Delivery Devices 110.4 132.9 (16.9)% 1.2 % (18.1)% Standard Products 161.6 156.9 3.0 % 4.7 % (1.7)% Total Proprietary Products $661.8 $613.9 7.8 % 4.2 % 3.6 % Twelve months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 HVP Components $1,451.0 $1,305.0 11.2 % 2.3 % 8.9 % HVP Delivery Devices 406.4 404.5 0.5 % 0.8 % (0.3)% Standard Products 634.7 625.0 1.6 % 1.9 % (0.3)% Total Proprietary Products $2,492.1 $2,334.5 6.8 % 2.0 % 4.8 % A-4
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group ($ millions) Three months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 Biologics $340.4 $305.2 11.5 % 4.2 % 7.3 % Pharma 191.5 181.6 5.5 % 5.2 % 0.3 % Generics 129.9 127.1 2.2 % 2.8 % (0.6)% Total Proprietary Products $661.8 $613.9 7.8 % 4.2 % 3.6 % Twelve months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 Biologics $1,226.5 $1,116.6 9.8 % 2.1 % 7.7 % Pharma 753.1 712.4 5.7 % 2.3 % 3.4 % Generics 512.5 505.5 1.4 % 0.8 % 0.6 % Total Proprietary Products $2,492.1 $2,334.5 6.8 % 2.0 % 4.8 % A-5
Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See “Notes to Non-U.S. GAAP Financial Measures”, “Safe Harbor Statement” (Slide 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported Net Sales to Organic Net Sales by Geography ($ millions) Three months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 Americas $358.6 $354.8 1.1 % 0.4 % 0.7 % Europe, Middle East, Africa 370.2 323.0 14.6 % 9.5 % 5.1 % Asia Pacific 76.2 71.0 7.3 % (1.0)% 8.3 % Total $805.0 $748.8 7.5 % 4.2% 3.3 % Twelve months ended December 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP (1)2025 2024 Americas $1,422.5 $1,311.9 8.4 % (0.2)% 8.6 % Europe, Middle East, Africa 1,387.9 1,323.5 4.9 % 4.7 % 0.2 % Asia Pacific 263.7 257.8 2.3 % (1.5)% 3.8 % Total $3,074.1 $2,893.2 6.3 % 2.0 % 4.3 % A-6
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 3) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2025 Actual 2026 Guidance % Change Reported-diluted EPS (U.S. GAAP) $6.79 $7.79 to $8.14 14.7% to 19.9% Restructuring and other charges 0.31 0.04 SmartDose® 3.5mL sale 0.09 - Cost-method investment activity 0.06 - Amortization of acquisition-related intangible assets 0.03 0.02 Other 0.01 - Adjusted-diluted EPS (Non-U.S. GAAP) $7.29 $7.85 to $8.20 7.7% to 12.5% A-7
Cash Flow Highlights 4Q25 (UNAUDITED) and FY25 Cash Flow Information Free Cash Flow Reconciliation ($ millions) Three months ended December 31, 2025 2024 Operating Cash Flow $251.1 $190.1 Capital Expenditures 76.1 104.9 Free Cash Flow(1) $175.0 $85.9 (1) Free Cash Flow is defined as operating cash flow, less capital expenditures. A-8 Twelve months ended December 31, 2025 2024 Operating Cash Flow $754.8 $653.4 Capital Expenditures 285.9 377.0 Free Cash Flow(1) $468.9 $276.4
FAQ
How did West Pharmaceutical Services (WST) perform in full-year 2025?
West delivered solid growth in 2025, with net sales of $3.074 billion, up 6.3%, and organic growth of 4.3%. Adjusted diluted EPS reached $7.29, an 8.0% increase. Gross margin improved to 35.9%, and adjusted operating margin rose to 20.2%.
What were West Pharmaceutical Services' (WST) fourth-quarter 2025 results?
In Q4 2025, West reported net sales of $805.0 million, up 7.5%, with 3.3% organic growth. Adjusted diluted EPS was $2.04, up 12.1%. Gross margin improved to 37.8%, and adjusted operating margin was 21.4%, reflecting strong High-Value Product components performance.
What financial guidance did West Pharmaceutical Services (WST) provide for 2026?
For 2026, West expects net sales of $3.215–$3.275 billion, implying 5%–7% organic growth. Adjusted diluted EPS is guided to $7.85–$8.20, representing 7.7%–12.5% growth. Guidance assumes a mid‑2026 close of the SmartDose 3.5mL sale to AbbVie.
How strong was West Pharmaceutical Services' (WST) cash flow in 2025?
West generated robust cash in 2025, with operating cash flow of $754.8 million, up 15.5%. Free cash flow reached $468.9 million, a 69.6% increase, driven by higher earnings and lower capital expenditures of $285.9 million versus $377.0 million in 2024.
How did key segments contribute to West Pharmaceutical Services (WST) in Q4 2025?
In Q4 2025, the Proprietary Products segment generated $661.8 million in sales, up 7.8%, with strong High-Value Product components. Contract-Manufactured Products delivered $143.2 million, up 6.2%. HVP components alone contributed $389.8 million, 48% of total company net sales.