Here are two brief analogies to describe West Pharmaceutical Services (WST):

• Intel for the pharmaceutical industry's injectable drug packaging. (Just as Intel provides essential, specialized chips that power computers, West Pharma provides crucial, high-quality components like vials, stoppers, and syringes that are vital for injectable medicines.)
• The Corning Inc. of pharmaceutical containment and delivery systems. (Similar to how Corning specializes in advanced materials like glass for high-tech products, West Pharma focuses on specialized materials science and components critical for safely containing and delivering injectable drugs.)

• Drug Containment Components: Elastomeric stoppers, seals, and vials for secure packaging and storage of injectable pharmaceutical products.
• Prefillable Syringe Components: Plunger stoppers, tip caps, and needle shields designed for use in prefillable syringes for drug administration.
• Integrated Drug Delivery Systems: Advanced devices such as auto-injectors and wearable injectors that facilitate patient self-administration of medicines.
• Ready-to-Use Components: Pre-sterilized and ready-to-fill primary packaging components, reducing manufacturing steps and risks for pharmaceutical companies.

West Pharmaceutical Services (WST) - Major Customers

West Pharmaceutical Services (WST) primarily operates on a Business-to-Business (B2B) model, selling its high-quality integrated containment and delivery products and services, such as stoppers, seals, plungers, and prefillable syringes, to other companies within the healthcare industry.

According to its regulatory filings, no single customer accounts for more than 10% of West Pharmaceutical Services' net sales, indicating a highly diverse customer base. However, its customer base is extensive and includes virtually all of the world's top 50 pharmaceutical and biotechnology companies, as well as many smaller firms globally. These major categories of customers include:

• Pharmaceutical Companies: These include global leaders that develop and manufacture a wide range of injectable drugs, including traditional small molecules, sterile injectables, and advanced therapies. They rely on West's components for the safe, stable, and effective packaging and delivery of their medications.
• Biotechnology Companies: This segment comprises firms specializing in biologics, vaccines, gene therapies, and other complex biotech products, which often require highly specialized and sterile containment and delivery solutions provided by West.
• Contract Development and Manufacturing Organizations (CDMOs) / Contract Research Organizations (CROs): Companies that provide drug development, manufacturing, and research services to pharmaceutical and biotech clients often source components from West to support their clients' projects and production needs.

While specific individual "major" customers cannot be named due to the diversified nature of their sales and the lack of customer concentration above 10%, the following are examples of leading public pharmaceutical and biotechnology companies that would logically be among West's extensive customer base, given their significant pipelines of injectable products and need for advanced containment and delivery solutions:

• Johnson & Johnson (NYSE: JNJ)
• Pfizer Inc. (NYSE: PFE)
• Merck & Co., Inc. (NYSE: MRK)
• Eli Lilly and Company (NYSE: LLY)
• AbbVie Inc. (NYSE: ABBV)
• Bristol-Myers Squibb Company (NYSE: BMY)
• Amgen Inc. (NASDAQ: AMGN)
• Gilead Sciences, Inc. (NASDAQ: GILD)
• Moderna, Inc. (NASDAQ: MRNA)
• Sanofi (NASDAQ: SNY) - (ADR)

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Eric Green, Chief Executive Officer, President and Chair of the Board

Mr. Green joined West Pharmaceutical Services in 2015. Prior to his role at West, he held various leadership positions at Becton, Dickinson and Company (BD), including Executive Vice President and President of BD Medical. He also gained experience through roles at Medtronic, Inc. and Johnson & Johnson.

Bernard Birkett, Chief Financial Officer

Mr. Birkett joined West Pharmaceutical Services in 2018. Before joining West, he served as the Chief Financial Officer of Pall Corporation, a company that was subsequently acquired by Danaher Corporation. He also spent 21 years at GE Healthcare, where he held various financial leadership roles, including CFO for GE Healthcare’s Medical Diagnostics, Global Services, and Healthcare Systems businesses.

Chris Ryan, President, Pharmaceutical Packaging and Delivery Systems

Mr. Ryan joined West in 2014. He previously spent nearly two decades at Thermo Fisher Scientific Inc., where his most recent role was Vice President and General Manager, Global Commercial Operations for the Environmental and Process Monitoring business.

Annette Favorite, Senior Vice President, Chief Human Resources Officer

Ms. Favorite joined West in 2021. Before joining West, she was the Vice President, Human Resources for Teva Pharmaceuticals’ North America operations. She also held various HR leadership positions at Johnson & Johnson, including Vice President, Global Human Resources for the Vision Care business.

Silji Skariah, Senior Vice President, General Counsel and Corporate Secretary

Ms. Skariah joined West in 2022. Prior to West, she served as Vice President and Chief Counsel of Corporate Development, M&A and Integration at Medtronic plc. She also spent 13 years as a partner in the corporate and securities group at Dechert LLP.

West Pharmaceutical Services (WST) operates in several key addressable markets related to pharmaceutical packaging and drug delivery systems.

• Injectable Drug Delivery Market: The global injectable drug delivery market was valued at approximately USD 704.38 billion in 2024 and is projected to reach around USD 1609.29 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 8.61% from 2025 to 2034. Another estimate places the global market at USD 690.23 billion in 2025, expected to grow to USD 1,034.78 billion by 2030 with a CAGR of 8.4%. The injectable drug delivery devices segment alone was valued at USD 467.5 billion globally in 2023 and is anticipated to reach USD 823.29 billion by 2030, with a CAGR of 8.7% from 2024 to 2030. North America is a significant region within this market, with its injectable drug delivery market size surpassing USD 288.80 billion in 2024. In 2023, North America held a 40.5% market share for injectable drug delivery devices.
• Integrated Drug Containment and Delivery Solutions Market: This global market is projected to reach a size of USD 50 billion in 2025, with a CAGR of 7% from 2025 to 2033. Other reports indicate that this market is expected to register a CAGR of 12.3% during the forecast period of 2025-2034, or 12.6% over the forecast period. North America held the largest market share in 2022.
• Pharmaceutical Packaging Market: The global pharmaceutical packaging market was valued at USD 151.5 billion in 2024 and is estimated to grow at a CAGR of 15.6% from 2025 to 2034. Other estimates indicate the global market size was USD 110.55 billion in 2024, projected to be USD 116.58 billion in 2025 and reach USD 177.12 billion by 2032, with a CAGR of 6.16%. Another source reports the market size at USD 139,371.7 million in 2023, projected to reach USD 265,702.3 million by 2030, with a CAGR of 9.7%. North America held the largest market share, accounting for 30% in 2024 and 35.9% in 2023.

West Pharmaceutical Services (WST) is expected to experience several key drivers of revenue growth over the next 2-3 years:

• Robust Demand for High-Value Products (HVPs): West Pharmaceutical Services anticipates continued strong growth in its High-Value Products (HVPs) portfolio, driven by increased adoption of advanced drug delivery components and systems for complex injectable therapies. This category, which includes technologically advanced stoppers and seals, often commands higher prices and contributes significantly to both top-line growth and margin expansion.
• Growth in Biologics and GLP-1 Markets: The expanding market for biologic drugs and GLP-1 therapies is a significant catalyst for WST's revenue. These specialized and often sensitive drug formulations require high-quality, reliable, and precise containment and delivery solutions, for which West Pharmaceutical Services is a leading provider. The increasing pipeline and commercialization of such drugs directly fuel demand for their components.
• Strategic Capacity Expansion and Operational Efficiency: To meet the escalating demand for its high-value products, West Pharmaceutical Services has been strategically investing in expanding its manufacturing capacity. These investments are crucial for supporting future revenue growth by ensuring the company can adequately supply its customers, particularly in the rapidly growing biologic and GLP-1 sectors. Improved operational efficiencies associated with these expansions also contribute to profitable growth.
• Favorable Pricing and Product Mix: West Pharmaceutical Services benefits from a strong product mix shift towards its premium, high-value offerings, which allows for favorable pricing strategies. The company's innovative solutions and critical role in drug delivery enable it to maintain pricing power, further contributing to revenue growth.

Share Repurchases

• West Pharmaceutical Services repurchased approximately $50 million of its common stock in 2023.
• The company repurchased $250 million of its common stock during 2022.
• In 2021, West Pharmaceutical Services repurchased approximately $175 million of its common stock.

Share Issuance

• Share issuances are primarily related to stock-based compensation plans, including the exercise of stock options and vesting of restricted stock units.
• In 2023, the company issued shares primarily to satisfy obligations under employee equity incentive plans.

Outbound Investments

• In 2020, West Pharmaceutical Services acquired the remaining 49% interest in its Daikyo West Pharmaceutical Services, Ltd. joint venture for approximately $128 million.

Capital Expenditures

• Capital expenditures were $288.7 million in 2023, an increase from $240.7 million in 2022.
• The company anticipates capital expenditures to be in the range of $250 million to $300 million for 2024, focusing on capacity expansion and new product development to support long-term growth.
• A significant portion of capital expenditures in recent years has been directed towards expanding global manufacturing capacity and enhancing research and development capabilities.