West Pharmaceutical Services (WST) Bank of America Global Healthcare Conference 2024 summary

Recent performance and strategic progress

• Achieved 11% year-over-year ex-exchange growth in Q2, raising full-year guidance to 8%-10% top-line growth.

• Expanded phase 3 pipeline to 21 assets, nearly tripling since 2021, with significant contributions from external partnerships.

• International revenue grew from $17B in 2019 to nearly $27B in 2023, driven by Keytruda and Gardasil.

• Keytruda expanded from 12 to 28 indications internationally, doubling revenue to $11B since 2019.

• Gardasil international revenue rose from $2B to nearly $7B, with expanded national immunization programs and improved supply.

Product and market expansion

• Launched Vaxneuvance in 31 markets and began Winrevair rollout in Germany and Austria, with broader European expansion pending reimbursement processes.

• Emerging markets, especially China, are key for long-term growth, with demographic trends supporting vaccine demand.

• Gardasil's China strategy focuses on expanding vaccination points and managing inventory with partner Zhifei, while preparing for new indications and broader market penetration.

• Differentiation in China includes broader indications, two-dose regimens for younger cohorts, and upcoming male indication.

Pipeline and innovation strategy

• Keytruda growth is driven by early-stage indications and robust data across multiple tumor types, with ongoing expansion into new markets and indications.

• ADC partnerships, such as with Kelun and Daiichi Sankyo, are expected to add $20B to the top line by mid-2030s.

• Subcutaneous Keytruda readout expected in early 2025, with no delays anticipated.

• Vaxneuvance and Capvaxive strategies focus on unique serotype coverage and commercial execution, with ongoing pediatric and adult vaccine development.