West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q2 2025 Earnings Presentation
22 slides from West Pharmaceutical Services's earnings presentation, Jul 24, 2025
Slide 1: Second-Quarter 2025
Second-Quarter 2025 Second Quarter Overall Net Sales “I am pleased to report that we exceeded our expectations for the $766.5M | 9.2% second quarter driven by solid growth in HVP components. This was the result of strong GLP-1 elastomer growth, ongoing momentum in HVP Diluted Earnings Per Share: $1.
Slide 2: West Pharmaceutical Services, Inc. Analyst Conference Call
West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial Officer Second-Quarter Results 2025 Analyst Conference Call 8 a.m. Eastern Time | July 24, 2025
Slide 3: West Analyst Conference Call
A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com West Analyst To participate on the call by asking questions to Management, Conference Call please register in advance at: 8 a.m. Eastern Time https://register-conf.media- server.com/regi
Slide 4: 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 presentation materials, or which may be referred This presentation and any accompanying management to in management’s discussion of the Compan
Slide 5: Financial Highlights
Financial Highlights • Second quarter 2025 net sales of $766.5 million increased 9.2%; organic net sales increased by 6.8% • Second quarter 2025 reported-diluted EPS of $1.82 compared to $1.51 in the same period last year; adjusted-diluted EPS of $1.84 compared to $1.52 in the same period last year
Slide 6: Proprietary Products Segment: HVP Components and Standard Products
Proprietary Products Segment HVP Components and Standard Products • HVP Components revenues increased 11.3% • GLP-1 elastomer products accounted for 8% of total company revenues • 370 Annex-1 / HVP Upgrade projects, up from 340 last quarter • West’s participation rate for large molecules is trending
Slide 7: Proprietary Products Segment: HVP Delivery Devices
Proprietary Products Segment HVP Delivery Devices • 13% of total company sales • Revenues increased 30.0% • Majority of the growth driven by strength in Crystal Zenith containment & Administration Systems • SmartDose – We continue to evaluate the best path forward for this business and are closely m
Slide 8: Contract Manufacturing Segment
Contract Manufacturing Segment • Revenues increased 0.5% on an organic basis in 2Q25 • Driven by the initial ramp-up stages of our Dublin facility where we manufacture auto- injectors and pens serving the obesity and diabetes market • Partially offset by lifecycle management of a CGM diagnostic devi
Slide 9: Second-Quarter 2025 Guidance Overview
Second-Quarter 2025 Guidance Overview FY25 Guidance April Earnings Call July Earnings Call Low High Low High Revenue $2.945B to $2.975B $3.040B to $3.060B YoY Fx. Impact on Revenues -$5M +$59M Organic Revenue Growth % 2.0% to 3.0% 3.0% to 3.75% Expected Impact From Tariffs $20M to $25M $15M to $20M
Slide 10: Second-Quarter 2025 Summary Results
Second-Quarter 2025 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended June 30, 2025 2024 Reported Net Sales $766.5 $702.1 Gross Profit Margin 35.7% 32.8% Reported Operating Profit $153.7 $126.2 Adjusted Operating Profit (1) $155.3 $126.4 Reported Operating Profit
Slide 11: Second-Quarter 2025 Organic Net Sales Growth
Second-Quarter 2025 Organic Net Sales Growth Overall Organic Net Sales Growth: 6.8% (Q2 2025) Proprietary Products Q2 2025 organic net sales increased by 8.4%. HVP components were 47% of total company net sales driven by strength in Westar® and NovaChoice® products. Standard Products were 21% of tot
Slide 12: Change in Consolidated Net Sales
Change in Consolidated Net Sales Second-quarter 2024 to 2025 ($ millions) WST Q2 2025 Earnings 12
Slide 13: Gross Profit Update
Gross Profit Update ($ millions) Three Months Ended June 30, 2025 2024 Proprietary Products Gross Profit $248.3 $207.0 Proprietary Products Gross Profit Margin 40.1% 37.0% Contract-Manufactured Products Gross Profit $25.6 $23.0 Contract-Manufactured Products Gross Profit Margin 17.5% 16.2% Consolida
Slide 14: Cash Flow and Balance Sheet Metrics
Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items Financial Condition YTD YTD June 30, December 31, Q2 2025 Q2 2024 2025 2024 Depreciation and Amortization $81.4 $74.5 Cash and Cash Equivalents $509.7 $484.6 Operating Cash Flow $306.5 $283.2 Debt $202.6 $202.6 Capital Expenditures $14
Slide 15: 2025 Full-Year Guidance
2025 Full-Year Guidance 2025 Full-Year Guidance Consolidated Net Sales $3.040 - $3.060 billion Adjusted-Diluted EPS $6.65 to $6.85 WST Q2 2025 Earnings 15
Slide 16: Summary
Summary • Delivering on financial outlook • Momentum is strong - reflected in our upward adjustment to guidance • Opportunities for increased returns in Contract Manufacturing • Strategy is delivering strong results and gives us confidence that our business can return to achieving our targeted long-
Slide 17: Q&A
Eric M. Green Bernard J. Birkett John Sweeney President & Senior VP & Chief Financial VP, Investor Relations Chief Executive Officer, Officer Chair of the Board Q&A WST Q2 2025 Earnings 17
Slide 18: Notes to Non-U.S. GAAP Financial Measures
Notes to Non-U.S. GAAP For the purpose of aiding the comparison of our The Non-U.S. GAAP financial measures are year-over-year results, we may refer to net sales and incorporated into our discussion and analysis as other financial results excluding the effects of management uses them in evaluating o
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 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and A
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 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported and A
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 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Net Sales to O
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 4) and today’s press release for an explanation and reconciliation of these items. Reconciliation of Reported-Dilut
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