West Pharmaceutical Services (WST) Proxy Filing summary

Executive summary

• Achieved 2025 net sales of $3.1B, up 6.3% year-over-year, with organic growth of 4.3%.

• Adjusted operating margin rose to 20.2%, and adjusted-diluted EPS increased 8% to $7.29.

• Free cash flow grew 70% to $469M; $195M returned to shareholders via buybacks and dividends.

• Proprietary Products, especially High-Value Product Components, drove growth; Contract Manufacturing segment expanded device production.

• Strengthened executive team, invested $74M in R&D, and launched innovative drug delivery products.

Voting matters and shareholder proposals

• Election of eleven directors for one-year terms; all nominees are current directors, ten are independent.

• Advisory vote on executive compensation (Say-on-Pay); Board recommends approval.

• Ratification of PricewaterhouseCoopers LLP as independent auditor for 2026.

• Shareholder proposal for an Independent Board Chair Policy; Board recommends voting against.

Board of directors and corporate governance

• Board comprises 11 directors with diverse backgrounds; 36% gender diverse, 9% ethnically diverse.

• Ten directors are independent; Board leadership includes a Chair/CEO and a Lead Independent Director.

• Three standing committees: Audit, Compensation, and Nominating & Corporate Governance, all fully independent.

• Annual Board and committee self-evaluations, director education, and succession planning in place.

• Proxy access bylaw, majority voting, no poison pill, and annual Say-on-Pay vote.