WEST PHARMACEUTICAL SERVICES Business Summary

West Pharmaceutical Services Inc. (WST) operates as a global leader in the design and manufacture of containment and delivery systems for injectable drugs and healthcare products. The company generates revenue through a high-margin business model centered on the sale of proprietary components, including elastomeric stoppers, plungers, and seals, as well as advanced drug delivery systems like the West Synchrony prefillable syringe. Its operations are divided into two primary segments: Proprietary Products, which accounts for approximately 80% of net sales and focuses on high-value product (HVP) components for biologics and GLP-1 therapies, and Contract-Manufactured Products, which provides outsourced manufacturing for pharmaceutical and medical device customers. As of early 2026, the company is leveraging secular tailwinds in the obesity and diabetes markets to drive organic growth. Direct competitors include AptarGroup, Catalent, and Becton Dickinson; West maintains a premium market position by specializing in the critical interface between the drug and the delivery device, often serving as the sole-source supplier for life-saving injectable therapies. Founded in 1923 by Herman O. West, the company is currently led by Eric M. Green, who has served as CEO since 2015 and Chair of the Board since 2022, bringing a pedigree from Sigma-Aldrich. The leadership team underwent a significant transformation in late 2025 and early 2026, with 50% of the executive committee joining within the last year. Key recent appointments include Senior Vice President and CFO Robert "Bob" McMahon, formerly of Hologic and Johnson & Johnson, and SVP and CTO Devesh Mathur, who joined in August 2025 with extensive R&D experience from Klockner Pentaplast and Becton Dickinson. Other critical leaders include Shane Campbell, Chief Proprietary Segment Officer, and Norman Finch, who was appointed General Counsel in December 2025. The company is backed by major institutional investors, including The Vanguard Group and BNY Mellon, and its board features seasoned industry veterans such as William F. Feehery, CEO of Certara, and former PerkinElmer CEO Robert Friel.