West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — William Blair Growth Stock Conference 2026
20 slides from West Pharmaceutical Services's conference presentation, Jun 2, 2026
Slide 1: West Pharmaceutical Services Investor Presentation
West Pharmaceutical Services Investor Presentation Eric M. Green President, CEO and Chair of the Board William Blair Growth Stock Conference June 2, 2026
Slide 2: Forward-Looking Statements; Non-U.S. GAAP Financial Measures
Forward-Looking Statements This presentation and any accompanying management commentary contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future event
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 $3.1 Billion 20.2% 26 Primary containment company for 2025 Adjusted Global 2025 Net Sales1 injectable medicines Operating Margin1 manufacturing sites Net Sales1 Net Sales1 Net Sales1 by Geographic Location by Product Category by
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 & Biosimilars, GLP-1s, Annex1, and capacity expansions Long-term Recurring Improved Compliance / Risk Revenue Stream Mitigation for our Customers
Slide 8: Biologics and Biosimilars Drive Injectable Market Growth
GROWTH STRATEGY & DRIVERS Biologics and Biosimilars Drive Injectable Market Growth Injectable Biologics on the Rise West’s Opportunity • ~40% of revenue >37% • High complexity = high-value packaging of 2025 new drug therapy FDA • 95% participation biologics and biosimilars approvals were injectables
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 ~$145B • 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 and global • Full suite of processes to deliver Ready-to-Use regulations harmonization is on-going and Ready-to-Sterilize packaging components
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* 47% 21% 19% 13% HVP Components HVP Delivery Devices Standard Packaging West Vantage LT Growth DD% MSD% LSD% MSD% Rates HVP Components: 47% of revenue and >70% of gross profit driving mix-led
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 ~27% of Proprietary Product Volumes are 2027 HVP Components 2025 Positive margin HVPC contribution Revenue $ as conversion 2019 accelerates HVPC 47% HVP Component HVPC 42% Revenues expected to
Slide 14: West's Executive Leadership Team
West’s Executive Leadership 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 Secretary Pat Makena
Slide 15: Long-Term Construct Targeting 7-9% Organic Growth
FINANCIAL PERFORMANCE AND OUTLOOK Long-Term Construct Targeting 7-9% Organic Growth 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 +16% +70% $755 Strong balance sheet with a net cash position $469 $653 Investing in organic growth $276 FY 2024 FY 2025 FY 2024 FY 2025 Strong cash flo
Slide 17: Strong 1Q26 Financial Results
Strong 1Q26 Financial Results Net Sales $844.9M, +21.0% & +15.3% organic(1) Net Sales $M Adj. OP Margin Adj.-Diluted EPS Gross Margin +21.0% Reported +350 bps YoY +46.9% YoY 35.1%, +190 bps YoY +15.3% Organic (1) Adjusted operating profit margin(1) $844.9 21.4%, +350 bps vs. 1Q25 21.4% $2.13 Adjuste
Slide 18: Capitalizing on Key Growth Drivers Across Our Business
Capitalizing on Key Growth Drivers Across Our Business Biologics Annex 1 GLP-1 Capacity Expansion Focused on HVP processing Fastest growing category, Driver Expanding market – driving Global regulatory framework capabilities driving favorable multi-year opportunity – 18% High-Value Products (HVP) up
Slide 19: 2026 / 2Q26 Guidance Overview
2026 / 2Q26 Guidance Overview As of April 23, 2026 2Q 2026 Guidance 2026 Annual Guidance Low High Low High Revenue $830M to $850M $3.295B to $3.350B Fx. YoY Revenue Impact ~+1.3% points ~+2% points Divestiture Impact* No impact ~-2% points Organic Revenue Growth % 7.0% to 9.6% 7% to 9% Adjusted EPS
Slide 20: 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
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