8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – April 24, 2025

WEST PHARMACEUTICAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania	1-8036	23-1210010
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
530 Herman O. West Drive, Exton, PA		19341-1147
(Address of principal executive offices)		(Zip Code)

 Registrant’s telephone number, including area code: 610-594-2900

Not Applicable

(Former name or address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.25 per share	WST	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition.

On April 24, 2025, West Pharmaceutical Services, Inc. (the “Company”) issued a press release announcing its first-quarter 2025 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

The information set forth in “Item 2.02 Results of Operations and Financial Condition,” including the exhibit referred to therein, is incorporated herein by reference.

A copy of the Company’s presentation materials used during the call will be available through the Investors link at the Company’s website, http://www.westpharma.com, and is also attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information in this report (including the exhibits attached hereto) is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor will it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibit No.	Description
	99.1	West Pharmaceutical Services, Inc. Press Release, dated April 24, 2025.
	99.2	West Pharmaceutical Services, Inc. Presentation, dated April 24, 2025.
	104	The cover page from the Company’s Current Report on Form 8-K, dated April 24, 2025, formatted in Inline XBRL.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WEST PHARMACEUTICAL SERVICES, INC.
	/s/ Bernard J. Birkett
	Bernard J. Birkett
	Senior Vice President, Chief Financial Officer
April 24, 2025

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	West Pharmaceutical Services, Inc. Press Release, dated April 24, 2025.
99.2	West Pharmaceutical Services, Inc. Presentation, dated April 24, 2025.
104	The cover page from the Company’s Current Report on Form 8-K, dated April 24, 2025, formatted in Inline XBRL.

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EX-99.1

Exhibit 99.1

West Announces First-Quarter 2025 Results, Increases Adjusted-Diluted EPS Guidance and Declares Third-Quarter 2025 Dividend

- Conference Call Scheduled for 9 a.m. EDT Today-

Exton, PA, April 24, 2025 – West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the first-quarter 2025 and declared a third-quarter 2025 dividend.

First-Quarter 2025 Summary (comparisons to prior-year period)

•Net sales of $698.0 million increased 0.4%; organic net sales growth was 2.1%.

•Reported-diluted EPS of $1.23, compared to $1.55 in the same period last year.

•Adjusted-diluted EPS of $1.45, compared to $1.56 in the same period last year.

•The Company is increasing its full year 2025 net sales guidance range to $2.945 billion to $2.975 billion, up from previous guidance of $2.875 billion to $2.905 billion.

•The Company is increasing its full year 2025 adjusted-diluted EPS guidance range to $6.15 to $6.35, up from the previous range of $6.00 to $6.20, which incorporates an estimate of $20 to $25 million in tariff costs.

•The Company also announced that its Board of Directors has approved a third-quarter 2025 dividend of $0.21 per share. The dividend will be paid on August 6, 2025, to shareholders of record as of July 30, 2025.

Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: “I am pleased to report we delivered a solid first quarter as both revenues and adjusted-diluted EPS exceeded our first quarter guidance. We are capitalizing on areas of strength and making progress to improve margins and returns on invested capital. As such, we expect our positive trends to continue and remain confident in our ability to execute and achieve our guidance. We are closely monitoring potential impacts, both political and macroeconomic, in order to react as quickly as possible with offsetting mitigating measures. Our team continues to enable the success of our customers and deliver value for all of our stakeholders.”

Proprietary Products Segment

Net sales grew by 0.6% to $563.0 million. Organic net sales growth was 2.4%. High-value products (components and devices) represented over 73% of segment net sales in the period led by customer demand for self-injection device platforms partially offset by lower sales of FluroTec® products.

The Biologics market unit had mid-single digit organic net sales growth, driven primarily by an increase in sales of self-injection device platforms partially offset by lower sales of FluroTec® products. The Pharma market unit saw mid-single digit organic net sales growth, driven by an increase in sales of standard products and Westar® products. The Generics market unit had a mid-single digit organic net sales decline, driven by a decline in sales of standard and FluroTec® products.

Contract-Manufactured Products Segment

Net sales declined by 0.7% to $135.0 million, while organic net sales grew 0.8%. Segment performance was driven by an increase in sales in self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices.

Financial Highlights (first three months of 2025)

Operating cash flow was $129.4 million, an increase of 9.5%. Capital expenditures were $71.3 million, a decrease of 21.3% over the same period last year. Free cash flow (operating cash flow minus capital expenditures) was $58.1 million, an increase from the first quarter 2024 free cash flow of $27.6 million.

During the first three months of 2025, the Company repurchased 550,281 shares for $133.5 million at an average share price of $242.63 under its share repurchase program.

Full-Year 2025 Financial Guidance

•As a result of favorable foreign currency movements, the Company is increasing its full year 2025 net sales guidance range to $2.945 billion to $2.975 billion, up from previous guidance of $2.875 billion to $2.905 billion.

◦Net sales guidance includes an estimated full-year 2025 headwind of approximately $5.0 million based on current foreign currency exchange rates, compared to previous guidance of a headwind of approximately $75 million.

◦Organic net sales growth is expected to be approximately 2% to 3%.

•The Company is increasing its full year 2025 adjusted-diluted EPS guidance range to $6.15 to $6.35, up from the previous range of $6.00 to $6.20.

◦Full-year adjusted-diluted EPS guidance assumes no impact based on current foreign exchange rates, compared to previous guidance of a headwind of approximately $0.23.

◦This guidance includes EPS of $0.02 associated with first-quarter 2025 tax benefits from stock-based compensation.

◦Our updated adjusted-diluted EPS guidance incorporates our estimate of $20 to $25 million for the net impact of recently implemented tariffs, for the remainder of 2025.

◦For the remaining quarters of the year, our adjusted-diluted EPS guidance range assumes a tax rate of approximately 22% and does not include potential tax benefits from stock-based compensation. Any tax benefits associated with stock-based compensation beyond those recorded in the first-quarter 2025 would provide a positive adjustment to our full-year adjusted-diluted EPS guidance.

•Full-year 2025 capital spending guidance is unchanged and is expected to be $275 million.

First-Quarter 2025 Conference Call

The live audio-only webcast will be made available via the Company's Investor Relations website at westpharma.com.

To participate in the conference call by asking questions to Management, please register in advance at https://register-conf.media-server.com/register/BI2d2c7c475ba54ed0937f36785046f9c5.

Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call.

Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company's website.

A replay of the conference call and webcast will be available on the Company's website for 30 days.

Investor Contact:	Media Contact:
John Sweeney, CFA	Michele Polinsky
Vice President, Investor Relations	Vice President, Global Communications
(484) 790-0373	(610) 594-3054
John.Sweeney@westpharma.com	Michele.Polinsky@westpharma.com

Forward-Looking Statements

This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include such words as “raising,” “positioned,” “updating,” “expected,” “assumes,” “unchanged,” “includes,” “would,” “provide," "anticipated" and other similar terminology. These statements reflect management’s current expectations regarding future events, expected tax rates, impacts on tariffs, and operating performance and speak only as of the date of this release. There is no certainty that actual results will be achieved in-line with current expectations. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: prevailing economic conditions and general uncertainties relating thereto that may be unknown and unforeseeable; customers’ changing inventory requirements and manufacturing plans and customer decisions to move forward with our new products and product categories; disruptions or limitations in the Company’s manufacturing capacity; average profitability, or mix, of the products we sell; dependence on third-party suppliers and partners; increased raw material, energy and labor costs; fluctuations in currency exchange; the ability to meet development milestones with key customers; and the consequences of other geopolitical events, including tariffs, natural disasters, acts of war, and global health crises. This list of important factors is not all inclusive. For a description of certain additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, see Part I Item 1A, entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the United States Securities and Exchange Commission, including the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.

Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-U.S. GAAP Financial Measures

This release contains certain non-GAAP financial measures, including organic net sales and adjusted-diluted EPS. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation and excluding the effects of unallocated items are not in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and should not be used as a substitute for the comparable U.S. GAAP financial measures. The non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.

WEST PHARMACEUTICAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in millions, except per share data)

	Three Months Ended March 31,
	2025			2024
Net sales	$	698.0	100%	$	695.4	100%
Cost of goods and services sold	466.1		67	465.2		67
Gross profit	231.9		33	230.2		33
Research and development	16.3		2	17.6		2
Selling, general and administrative expenses	88.0		13	86.7		13
Other expense (income), net	20.6		3	3.1		—
Operating profit	107.0		15	122.8		18
Interest (income) expense, net	(3.7)		(1)	(4.6)		—
Other nonoperating expense (income)	0.2		—	—		—
Income before income taxes and equity in net income of affiliated companies	110.5		16	127.4		18
Income tax expense	24.1		3	16.4		2
Equity in net income of affiliated companies	(3.4)		—	(4.3)		(1)
Net income	$	89.8	13%	$	115.3	17%
Net income per share:
Basic	$	1.24		$	1.57
Diluted	$	1.23		$	1.55
Average common shares outstanding	72.5			73.5
Average shares assuming dilution	73.0			74.3

WEST PHARMACEUTICAL SERVICES

REPORTING SEGMENT INFORMATION

(UNAUDITED)

(in millions)

	Three Months Ended March 31,
Net Sales:	2025			2024
Proprietary Products	$	563.0		$	559.5
Contract-Manufactured Products	135.0			135.9
Consolidated Total	$	698.0		$	695.4
Gross Profit:
Proprietary Products	$	210.2		$	207.1
Contract-Manufactured Products	21.7			23.1
Gross Profit	$	231.9		$	230.2
Gross Profit Margin	33.2		%	33.1		%
Operating Profit (Loss):
Proprietary Products	$	130.6		$	126.3
Contract-Manufactured Products	13.5			17.1
Stock-based compensation expense	(1.3)			(5.0)
General corporate costs	(35.8)			(15.6)
Reported Operating Profit	$	107.0		$	122.8
Reported Operating Profit Margin	15.3		%	17.7		%
Unallocated items	18.0			0.2
Adjusted Operating Profit	$	125.0		$	123.0
Adjusted Operating Profit Margin	17.9		%	17.7		%

WEST PHARMACEUTICAL SERVICES

RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)

Please refer to “Non-U.S. GAAP Financial Measures” for more information

(in millions, except per share data)

Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS

Three Months ended March 31, 2025	Operating profit	Income tax expense	Net income	Diluted EPS
Reported (U.S. GAAP)	$107.0	$24.1	$89.8	$1.23
Unallocated Items:
Restructuring and other charges (1)	17.8	2.0	15.8	0.21
Amortization of acquisition-related intangible assets (2)	0.2	—	0.6	0.01
Adjusted (Non-U.S. GAAP)	$125.0	$26.1	$106.2	$1.45

Three Months ended March 31, 2024	Operating profit	Income tax expense	Net income	Diluted EPS
Reported (U.S. GAAP)	$122.8	$16.4	$115.3	$1.55
Unallocated items:
Amortization of acquisition-related intangible assets (2)	0.2	—	0.7	0.01
Adjusted (Non-U.S. GAAP)	$123.0	$16.4	$116.0	$1.56

(1)During the three months ended March 31, 2025, the Company recorded charges of $17.8 million related to restructuring programs. The Company recorded $16.4 million of the charge within other expense (income), related to severance and acceleration of depreciation and lease costs in connection with the Company's 2025 restructuring plan. The remaining $1.4 million of expense, recorded within selling, general and administrative expenses, relates to our plan to optimize the legal structure of the Company and its subsidiaries.

(2)During the three months ended March 31, 2025 and 2024, the Company recorded $0.2 million of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three months ended March 31, 2025 and 2024, the Company recorded $0.4 million and $0.5 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

WEST PHARMACEUTICAL SERVICES

RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)

Please refer to “Non-U.S. GAAP Financial Measures” for more information

(in millions, except per share data)

Reconciliation of Net Sales to Organic Net Sales (3)

Three Months ended March 31, 2025	Proprietary	CM	Total
Reported net sales (U.S. GAAP)	$563.0	$135.0	$698.0
Effect of changes in currency translation rates	9.7	2.0	11.7
Organic net sales (non-U.S. GAAP) (3)	$572.7	$137.0	$709.7

(3)Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.

WEST PHARMACEUTICAL SERVICES

RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)

Please refer to “Non-U.S. GAAP Financial Measures” for more information

(in millions, except per share data)

Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance

	2024 Actual	2025 Guidance	% Change
Reported-diluted EPS (U.S. GAAP)	$6.69	$5.86 to $6.06	(12.4%) to (9.4%)
Restructuring and other charges	0.02	0.26
Amortization of acquisition-related intangible assets	0.04	0.03
Adjusted-diluted EPS (Non-U.S. GAAP) (4)	$6.75	$6.15 to $6.35	(8.9%) to (5.9%)

Notes:

See “Full-year 2025 Financial Guidance” and “Non-U.S. GAAP Financial Measures” in today’s press release for additional information regarding adjusted-diluted EPS.

(4)We have opted not to forecast 2025 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company’s control. Instead, we recognize the benefits as they occur. In the first three months of 2025, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.02. Any future tax benefits associated with stock-based compensation that we receive in 2025 would provide a positive adjustment to our full-year EPS guidance. In full-year 2024, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.26.

WEST PHARMACEUTICAL SERVICES

CASH FLOW ITEMS

(UNAUDITED)

(in millions)

	Three Months Ended March 31,
	2025	2024
Depreciation and amortization	$40.0	$35.6
Operating cash flow	$129.4	$118.2
Capital expenditures	$71.3	$90.6
Free cash flow	$58.1	$27.6

WEST PHARMACEUTICAL SERVICES

FINANCIAL CONDITION

(UNAUDITED)

(in millions)

	As of March 31, 2025	As of December 31, 2024
Cash and cash equivalents	$404.2	$484.6
Accounts receivable, net	$543.6	$552.5
Inventories	$388.7	$377.0
Accounts payable	$228.4	$239.3
Debt	$202.6	$202.6
Equity	$2,683.1	$2,682.3
Working capital	$930.8	$987.7

Trademark Notices

Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., in the United States and other jurisdictions, unless noted otherwise.

Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.

EX-99.2

1 First-Quarter 2025 First Quarter Overall Net Sales $698.0M | 0.4% Diluted Earnings Per Share: $1.23 Adjusted Diluted Earnings Per Share: $1.45 Eric M. Green President and Chief Executive Officer Chair of the Board West Pharmaceutical Services, Inc. WST Q1 2025 Earnings Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 This presentation and any accompanying management commentary contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development and operational performance. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under “Cautionary Statement” in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today. Non-U.S. GAAP Financial Measures Certain financial measures included in these presentation materials, or which may be referred to in management’s discussion of the Company’s results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and therefore are referred to as non- U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of these materials for more information. “I am pleased to report we delivered a solid first quarter as both revenues and adjusted-diluted EPS exceeded our first quarter guidance. We are capitalizing on areas of strength and making progress to improve margins and returns on invested capital. As such, we expect our positive trends to continue and remain confident in our ability to execute and achieve our guidance. We are closely monitoring potential impacts, both political and macroeconomic, in order to react as quickly as possible with offsetting mitigating measures. Our team continues to enable the success of our customers and deliver value for all of our stakeholders.”

West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial Officer First-Quarter Results 2025 Analyst Conference Call 9 a.m. Eastern Time | April 24, 2025

3 West Analyst Conference Call 9 a.m. Eastern Time April 24, 2025 A webcast of today’s call can be accessed in the “Investors” section of the Company’s website: www.westpharma.com To participate on the call by asking questions to Management, please register in advance at: https://register-conf.media- server.com/register/BI2d2c7c475ba54ed0937f36785046f9c5 Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call. A replay of the conference call and webcast will be available on the Company’s website for 30 days. These presentation materials are intended to accompany today’s press release announcing the Company’s results for the first quarter 2025 and management’s discussion of those results during today’s conference call. WST Q1 2025 Earnings

4 Safe Harbor Statement This presentation and any accompanying management commentary contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development, operational performance and expectations regarding future events. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under our “Forward Looking Statements” in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today. Certain financial measures included in these presentation materials, or which may be referred to in management’s discussion of the Company’s results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and therefore are referred to as non-U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of these materials for more information. Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 Non-U.S. GAAP Financial Measures Trademarks and registered trademarks used in this report are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless noted otherwise. Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd. Trademarks WST Q1 2025 Earnings

5 Financial Highlights WST Q1 2025 Earnings • First quarter 2025 net sales of $698.0 million increased 0.4%; organic net sales increased by 2.1% • First quarter 2025 reported-diluted EPS of $1.23 compared to $1.55 in the same period last year; adjusted-diluted EPS of $1.45 compared to $1.56 in the same period last year

6 • In the past 5 years, HVP components have grown at a CAGR of 13 percent • Expect HVP components revenues to grow mid-single digits in 2025 • Capitalizing on the significant opportunities in the GLP-1 market • Continue to make progress with our biologic’s customers • In Q1, Annex 1 revenues were about 200 basis points of total revenues Proprietary Products Business HVP Components WST Q1 2025 Earnings

7 Proprietary Products Business HVP Delivery Devices and Standard Components SmartDose® On-Body Delivery System • Continued volume ramp in SmartDose® in the first quarter of 2025 • Working hard to drive significant margin improvement through scale & introducing an automated line • Continue to evaluate best path forward - all options remain on the table Standard Products • The bulk products produced across our global manufacturing network • Standard components mainly used by Pharma and Generics customers • Standard products were relatively flat year over year WST Q1 2025 Earnings

8 Contract Manufacturing • GLP-1 auto-injector growth offsetting the CGM contract exits • Our investments in GLP-1 facilities deliver low single digit growth for the segment in 2025 • Moving to drug handling - we believe will be higher margin and lower capital intensity Grand Rapids, MI expansion WST Q1 2025 Earnings

9 First-Quarter 2025 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended March 31, 2025 2024 Reported Net Sales $698.0 $695.4 Gross Profit Margin 33.2% 33.1% Reported Operating Profit $107.0 $122.8 Adjusted Operating Profit (1) $125.0 $123.0 Reported Operating Profit Margin 15.3% 17.7% Adjusted Operating Profit Margin (1) 17.9% 17.7% Reported-Diluted EPS $1.23 $1.55 Adjusted-Diluted EPS (1) $1.45 $1.56 “Adjusted Operating Profit,” “Adjusted Operating Profit Margin” and “Adjusted-Diluted EPS” are Non-U.S. GAAP financial measures. See accompanying slides and the discussion under the heading “Non-U.S. GAAP Financial Measures” in today’s press release for an explanation and reconciliation of these items. (1) WST Q1 2025 Earnings

10 Overall Organic Net Sales Growth: 2.1% (Q1 2025) Proprietary Products Q1 2025 organic net sales increased by 2.4% driven by sales of High-Value Products led by customer demand for self-injection device platforms partially offset by lower sales of FluroTec® products. . BIOLOGICS GENERICS PHARMA Organic sales growth driven by an increase in sales of self- injection device platforms, partially offset by lower sales of FluroTec® products Organic sales decline driven by a decline in sales of standard and FluroTec® products Organic sales growth driven by an increase in sales of standard products and Westar® products CONTRACT MANUFACTURING Organic net sales growth driven by a continued increase in self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices Mid-Single Digit (Mid-Single Digit) Low-Single DigitMid-Single Digit First-Quarter 2025 Organic Net Sales Growth WST Q1 2025 Earnings

11 Change in Consolidated Net Sales First-quarter 2024 to 2025 ($ millions) WST Q1 2025 Earnings

12 Gross Profit Update ($ millions) Three Months Ended March 31, 2025 2024 Proprietary Products Gross Profit $210.2 $207.1 Proprietary Products Gross Profit Margin 37.3% 37.0% Contract-Manufactured Products Gross Profit $21.7 $23.1 Contract-Manufactured Products Gross Profit Margin 16.1% 17.0% Consolidated Gross Profit $231.9 $230.2 Consolidated Gross Profit Margin 33.2% 33.1% WST Q1 2025 Earnings

13 Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items YTD Q1 2025 YTD Q1 2024 Depreciation and Amortization $40.0 $35.6 Operating Cash Flow $129.4 $118.2 Capital Expenditures $71.3 $90.6 Free Cash Flow $58.1 $27.6 Financial Condition March 31, 2025 December 31, 2024 Cash and Cash Equivalents $404.2 $484.6 Debt $202.6 $202.6 Equity $2,683.1 $2,682.3 Working Capital $930.8 $987.7 WST Q1 2025 Earnings

14 2025 Full-Year Guidance WST Q1 2025 Earnings 2025 Full-Year Guidance Consolidated Net Sales $2.945 - $2.975 billion Adjusted-Diluted EPS $6.15 to $6.35

15 Eric M. Green President & Chief Executive Officer, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial Officer John Sweeney VP, Investor Relations Q & A WST Q1 2025 Earnings

16 Notes to Non-U.S. GAAP Financial Measures The Non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted Non-U.S. GAAP financial measures to the comparable U.S. GAAP financial measures is included in the accompanying tables. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation, the impact from acquisitions and/or divestitures, and the effects of unallocated items are not in conformity with U.S. GAAP and should not be used as a substitute for the comparable U.S. GAAP financial measures. WST Q1 2025 Earnings

17 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 Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended March 31, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $107.0 $24.1 $89.8 $1.23 Unallocated items: Restructuring and other charges 17.8 2.0 15.8 0.21 Amortization of acquisition-related intangible assets 0.2 - 0.6 0.01 Adjusted (Non-U.S. GAAP) $125.0 $26.1 $106.2 $1.45 Three months ended March 31, 2024 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $122.8 $16.4 $115.3 $1.55 Unallocated items: Amortization of acquisition-related intangible assets 0.2 - 0.7 0.01 Adjusted (Non-U.S. GAAP) $123.0 $16.4 $116.0 $1.56 WST Q1 2025 Earnings

18 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 Organic Net Sales (1) ($ millions) (1) Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. Three months ended March 31, 2025 Proprietary CM Total Reported net sales (U.S. GAAP) $563.0 $135.0 $698.0 Effect of changes in currency translation rates 9.7 2.0 11.7 Organic net sales (Non-U.S. GAAP) (1) $572.7 $137.0 $709.7 WST Q1 2025 Earnings

19 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-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2024 Actual 2025 Guidance % Change Reported-diluted EPS (U.S. GAAP) $6.69 $5.86 to $6.06 (12.4%) to (9.4%) Restructuring and other charges 0.02 0.26 Amortization of acquisition-related intangible assets 0.04 0.03 Adjusted-diluted EPS (Non-U.S. GAAP) (1) $6.75 $6.15 to $6.35 (8.9%) to (5.9%) (1) See “Full-year 2025 Financial Guidance” and “Non-U.S. GAAP Financial Measures” in today’s press release for additional information regarding adjusted-diluted EPS. We have opted not to forecast 2025 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company’s control. Instead, we recognize the benefits as they occur. In the first three months of 2025, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.02. Any future tax benefits associated with stock-based compensation that we receive in 2025 would provide a positive adjustment to our full-year EPS guidance. In full-year 2024, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.26. WST Q1 2025 Earnings

XML

Cover	Apr. 24, 2025
Document and Entity Information [Abstract]
Entity Central Index Key	0000105770
Document Type	8-K
Document Period End Date	Apr. 24, 2025
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity File Number	1-8036
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-1147
City Area Code	610
Local Phone Number	594-2900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false