West Pharmaceutical Services (WST) 2026 KeyBanc Capital Markets Healthcare Forum summary

Business model and market position

• Holds a 70%-75% market share with a strong competitive moat, especially in biologics, ensuring long-term durability and customer retention.

• Rarely loses molecules once specified into a product, benefiting from secular tailwinds and robust execution.

2025 performance and transition

• 2025 marked a significant transition, with momentum building in both GLP-1 and core businesses, exceeding expectations.

• Successfully managed destocking in High-Value Components and transitioned SmartDose to AbbVie, improving business economics.

• Demand outpaced supply in non-GLP-1 business by year-end, setting up strong momentum for 2026.

2026 outlook and guidance

• Forecasts 5%-7% top-line growth for 2026, with most growth from non-GLP-1 business, especially High-Value Products (HVP).

• GLP-1 growth is conservatively guided at 10%, down from 50% in 2025, with upside potential.

• Non-GLP-1 business expected to grow high single to low double digits, supported by strong demand and capacity expansion.