West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — JP Morgan Healthcare Conference 2026
18 slides from West Pharmaceutical Services's conference presentation, Jan 14, 2026
Slide 1: West Pharmaceutical Services Investor Presentation
West Pharmaceutical Services Investor Presentation Eric M. Green President, CEO and Chair of the Board JP MORGAN HEALTHCARE CONFERENCE January 14, 2026
Slide 2: Safe Harbor Statement
Cautionary Statement Under the Private Non-U.S. GAAP Financial Measures Securities Litigation Reform Act of 1995 Certain financial measures included in these This presentation and any accompanying management presentation materials, or which may be referred commentary contain “forward-looking stateme
Slide 3: Investment Rationale
INVESTMENT THESIS / OVERVIEW Global market leader serving large markets with attractive growth profiles benefiting from favorable macro trends Significant competitive advantages create strong moat due to: proprietary solutions, reputation for quality, reliability, and scale Attractive business model
Slide 4: What West Does: Enabling the Safe, Effective Delivery of Injectable Medicines
INVESTMENT THESIS / OVERVIEW What West Does: Enabling the Safe, Effective Delivery of Injectable Medicines What We Make Who We Serve Why It Matters • High-value Product and Standard components (stoppers, plungers) High-value Delivery Devices • Key provider in the value • • Global pharmaceutical and
Slide 5: Global Leader in the Injectables Market
INVESTMENT THESIS / OVERVIEW Global Leader in the Injectables Market #1 $2.9 Billion 19.8% 25 Leading injectable 2024 Adjusted Global 2024 Net Sales1 medicines company Operating Margin1 manufacturing sites Net Sales1 Net Sales1 Net Sales1 by Geographic Location by Product Category by Market Group Co
Slide 6: Benefiting from Favorable Macro Trends
INVESTMENT THESIS / OVERVIEW Benefiting from Favorable Macro Trends 01 02 03 Injectables market anticipated to Biologics anticipated to increase from Global pharma spending increase from ~$700 billion in 2024 80% of total injectables market value in anticipated to increase at an 8% to $1.2 trillion
Slide 7: Differentiated and Resilient Business Model: Recurring Revenues and Expanding Margins
INVESTMENT THESIS / OVERVIEW Differentiated and Resilient Business Model: Recurring Revenues and Expanding Margins Powerful Growth Accelerators Biologics, GLP-1s, Annex1, and capacity expansions Long-term Recurring Improved Compliance / Risk Revenue Stream Mitigation for our Customers 10-30 years of
Slide 8: 90%+ Participation of Biologics and Biosimilars
GROWTH STRATEGY & DRIVERS 90%+ Participation of Biologics and Biosimilars Injectable Biologics on the Rise West’s Opportunity • ~40% of revenue >50% • High complexity = high value packaging of 2024 total FDA • 90%+ participation in launches YTD 2025 approvals were injectables1 Expected Outcome 85% o
Slide 9: Capitalizing on the GLP-1 Opportunity
GROWTH STRATEGY & DRIVERS Capitalizing on the GLP-1 Opportunity GLP-1 Market Opportunity Our Strategic Advantage • Uniquely positioned 2 ~$140B • Elastomers and seals • Device manufacturing and drug handling • Multi-year contract commitments with major Oral customers • Leveraging HVP capacity to mee
Slide 10: Annex 1 Regulations fueling the shift to HVP Components
GROWTH STRATEGY & DRIVERS Annex 1 Regulations fueling the shift to HVP Components What is Annex 1? Uniquely Positioned • European regulation adopted in 2023 • Full suite of processes to deliver Ready-to-Use and Ready-to-Sterilize packaging components • Regulation specifies standards for sterile manu
Slide 11: Investing in Global Capacity to Support HVP Components Growth
GROWTH STRATEGY & DRIVERS Investing in Global Capacity to Support HVP Components Growth HVPC Centers of Excellence Designed for supply chain control and flexibility Investments aligned Waterford, to growth areas: biologics, Ireland Eschweiler, Germany Annex 1, GLP-1s Jersey Shore, PA Kinston, NC Ena
Slide 12: Aligned to Fast-Growing Markets: High-Value Products Growth Engine
INVESTMENT THESIS / OVERVIEW Aligned to Fast-Growing Markets: High-Value Products Growth Engine % of Revenue* 48% 20% 20% 12% HVP Components HVP Delivery Devices Standard Packaging Contract Manufacturing LT Growth DD% MSD% LSD% MSD% Rates HVP Components: 48% of revenue and >70% of gross profit drivi
Slide 13: Conversion of Standard to HVP Components is Driving Higher Growth and Margins
INVESTMENT THESIS / OVERVIEW Conversion of Standard to HVP Components is Driving Higher Growth and Margins ~25% of Proprietary Product Volumes are 2027 HVP Components 2024 Positive margin HVPC contribution Revenue $ as conversion 2019 accelerates HVPC 45% HVP Component HVPC 42% Revenues grew ~11% CA
Slide 14: Key Members of the West Executive Management Team
Key Members of the West Executive Management Team Eric Green Shane Campbell Kathy dePadua Annette Favorite Norm Finch President, CEO & Sr. VP, Chief Proprietary Sr. VP, Chief Quality Sr. VP, Sr. VP, Gen Counsel & Chair of the Board Segment Officer & Regulatory Officer Chief HR Officer Corporate Secr
Slide 15: Roadmap for Returning to Long-Term Growth Construct
FINANCIAL PERFORMANCE AND OUTLOOK Roadmap for Returning to Long-Term Growth Construct Expected Expanding Attractive Strong Revenue Growth Operating Margins EPS Growth Balance Sheet Disciplined 7-9% ~100 bps Double Digit Capital Organic per year Allocation 15
Slide 16: Strong Cash Generation, Disciplined Capital Allocation
FINANCIAL PERFORMANCE AND OUTLOOK Strong Cash Generation, Disciplined Capital Allocation Operating Cash Flow $M Free Cash Flow $M Capital Deployment +9% $594 Strong balance sheet with a net $463 +54% cash position $294 $191 Investing in organic growth Sept. YTD 2024 Sept. YTD 2025 Sept. YTD 2024 Sep
Slide 17: SmartDose 3.5mL Transaction
FINANCIAL PERFORMANCE AND OUTLOOK SmartDose© 3.5mL Transaction Reached definitive agreement to sell all Expected to close mid-year manufacturing and supply 2026, subject to certain rights for SmartDose® 3.5mL closing conditions. On-Body Delivery System to AbbVie Total consideration of $112.5 million
Slide 18: Summary
INVESTMENT THESIS / OVERVIEW Global market leader serving large markets with attractive organic growth profiles Significant competitive advantages create strong moat Summary Attractive business model driving return to long-term construct of 7–9% organic growth with margin expansion Seasoned manageme
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