West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q4 2025 Earnings Presentation
24 slides from West Pharmaceutical Services's earnings presentation, Feb 12, 2026
Slide 1: West Pharmaceutical Services, Inc. Fourth-Quarter and Full-Year 2025 Earnings Call
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
Slide 2: West Analyst 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. West Analyst Registered telephone Conference Call To participate on the call by asking questions to participants will receive the Management, please register in advance by cl
Slide 3: Safe Harbor Statement
Cautionary Statement Under the Private Non-U.S. GAAP Financial Measures Securities Litigation Reform Act of 1995 This presentation and any accompanying management Certain financial measures included in these presentation commentary contain “forward-looking statements” as materials, or which may be r
Slide 4: FY25 Financial Highlights
FY25 Financial Highlights • 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% Net Sales $M Adj. OP Margin Adj.-Diluted EPS • Gross margin 35.9%, +140 bps YoY +6.3% Reported • Adjusted operating profit margin(1) +40 bps YoY
Slide 5: 4Q25 Financial Highlights
4Q25 Financial Highlights • 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% Net Sales $M Adj. OP Margin Adj.-Diluted EPS • Gross margin 37.8%, +130 bps YoY +7.5% Reported • Adjusted operating profit margin(1) -30 bps YoY +12
Slide 6: Capitalizing on Key Growth Drivers Across Our Business
Capitalizing on Key Growth Drivers Across Our Business Biologics Annex 1 GLP-1 Capacity Expansion Driver Expanding market – driving High- Global regulatory framework Fastest growing category, multi-year Across 8 locations: Value Products upgrade opportunity opportunity – 17% of Net Sales 4 in U.S; 3
Slide 7: Proprietary Products Segment
4Q25 results Proprietary Products Segment Proprietary Products Revenues $M HVP Components HVP Delivery Devices Standard Components $661.8 $613.9 Net sales $389.8M Net sales $110.4M Net sales $161.6M 4Q24 4Q25 48% of total sales 14% of total sales 20% of total sales +20.3% reported -16.9% r
Slide 8: Contract Manufacturing Segment
4Q25 results Contract Manufacturing Segment Contract Manufacturing Revenues 4Q25 Performance $M $143.2 Net sales $143.2M, 18% of total sales, +6.2% reported, +1.9% organic $134.9 • Revenue and margin impacted by temporary facility disruption in Arizona facility, which has 4Q24 4Q25 been remediated.
Slide 9: Strategically Diversified Platform with Global Reach
Strategically Diversified Platform with Global Reach 4Q25 Net Sales1 by 4Q25 Net Sales1 by 4Q25 Net Sales1 by Market Group Product Category Geographic Location Contract-Manufactured Contract-Manufactured Asia Products2 Products2 Pacific 18% 18% 9% 14% HVP 24% Delivery Pharma Devices 45% 42% 48% Amer
Slide 10: 4Q25 Revenue by Market Group
Share of Total 4Q25 YoY % Currency % Organic % Company Revenues chg. Revenue Biologics* $340.4 11.5% 4.2% 7.3% 42% 4Q25 Revenue Pharma $191.5 5.5% 5.2% 0.3% 24% by Generics $129.9 2.2% 2.8% (0.6)% 16% Market Proprietary $661.8 7.8% 4.2% 3.6% 82% Group Prod. Segment Contract Man. Segment $143.2 6.2%
Slide 11: 4Q25 Revenue by Product
Share of Total 4Q25 YoY % Currency % Organic % Company Revenues chg. Revenue HVP Components $389.8 20.3% 5.2% 15.1% 48% 4Q25 HVP Delivery $110.4 (16.9)% 1.2% (18.1)% 14% Revenue by Devices* Product Standard Products $161.6 3.0% 4.7% (1.7)% 20% Category Proprietary Prod. Segment $661.8 7.8% 4.2% 3.6%
Slide 12: 4Q25 Revenue by Geography
Share of Total 4Q25 YoY % Currency % Organic % Company Revenues chg. Revenue 4Q25 Americas $358.6 1.1% 0.4% 0.7% 45% Revenue by Europe, Middle East, $370.2 14.6% 9.5% 5.1% 46% Africa Geography Asia Pacific $76.2 7.3% (1.0)% 8.3% 9% Total Company $805.0 7.5% 4.2% 3.3% 100% 12
Slide 13: Change in Consolidated Net Sales 4Q25 vs. 4Q24
Change in Consolidated Net Sales 4Q25 vs. 4Q24 ($ millions) $31.5 $805.0 $38.0 $748.8 $11.7 ($25.0) 4Q24 PY Customer CY Sales Price Volume & Mix Fx. Translation 4Q25 Incentives 13
Slide 14: 2026 / 1Q26 Guidance Overview
2026 / 1Q26 Guidance Overview 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
Slide 15: Investor Relations contact
Investor Relations contact: https://investor.westpharma.com /contact-investor-relations www.westpharma.com
Slide 16: Notes to Non-U.S. GAAP Financial Measures
For the purpose of aiding the comparison of our The Non-U.S. GAAP financial measures are Notes to Non-U.S. GAAP year-over-year results, we may refer to net sales and other financial results excluding the effects of incorporated into our discussion and analysis as management uses them in evaluating o
Slide 17: Notes to Non-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 A
Slide 18: Notes to Non-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 A
Slide 19: Notes to Non-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 Net S
Slide 20: Notes to Non-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 Proprietary Pr
Slide 21: Notes to Non-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 Proprietary Pr
Slide 22: Notes to Non-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 Net S
Slide 23: Notes to Non-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-Dilut
Slide 24: Cash Flow Highlights 4Q25 and FY25 Cash Flow Information
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 Twelve months ended December 31, 2025 2024 Operat
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