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West Pharmaceutical Services (WST) investor relations material

West Pharmaceutical Services Citi Annual Global Healthcare Conference 2025 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Citi Annual Global Healthcare Conference 2025 summary2 Dec, 2025

Leadership transition and strategic focus

  • New leadership has been in place for four months, bringing renewed excitement and focus on operational improvements and margin opportunities.

  • Increased analytical rigor and scenario planning are being implemented to improve decision-making and capital allocation.

  • Enhanced visibility and projectability are being pursued through better internal and external market analytics.

  • The business is structured into Proprietary (80%) and Contract Manufacturing (20%) units, enabling tailored strategies and faster decision-making.

  • Scenario planning and contingency strategies are being developed to respond quickly to market changes.

Core business performance and market conditions

  • Customer ordering patterns are normalizing, with stocking issues expected to be fully resolved this quarter.

  • Momentum has improved across the year, with positive trends expected to continue into 2026.

  • Drug delivery devices represent 14% of sales, with most segments growing and SmartDose profitability targeted for improvement.

  • The Synchrony prefillable syringe launch is expected to contribute positively, with a strong margin profile.

SmartDose and automation initiatives

  • SmartDose is about 4% of total sales and currently dilutive to margins, but profitability has improved each quarter.

  • A fully automated production line is set to launch in Q1 next year, expected to drive significant cost and margin improvements by 2027.

  • A decision on SmartDose’s future is expected before formal guidance early next year, with 2026 anticipated to be stronger than 2025.

SmartDose: What's the decision timeline and impact?
CM: How will you improve segment profitability?
Annex 1: What drives the increased growth outlook?
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Frequently asked questions

West Pharmaceutical Services, Inc. engages in the design, manufacture, and sale of containment and delivery systems for injectable drugs and healthcare products worldwide. It offers components and systems that are used by pharmaceutical and biotech companies to deliver drugs safely to patients and enable lifestyle-enhancing drugs to be injected safely, accurately, comfortably, and conveniently. West Pharmaceutical Services, Inc. was incorporated in 1923 and is headquartered in Exton, Pennsylvania.

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