West Pharmaceutical Services (WST) The 44th Annual William Blair Growth Stock Conference summary

Purpose and values

• Focused on impacting patient lives through containment and delivery of injectable medicines, aspiring to lead the sector globally.

• Operates with core values: customer passion, leadership in quality, and leveraging a unified global team.

• Celebrated 100 years, with 25 global manufacturing sites and a strong philanthropic spirit.

• Engages over 10,000 employees, producing 40+ billion components annually.

• Evenly distributed geographically, with a diverse and expanding product portfolio.

Portfolio and market positioning

• High-value products (HVP) make up 60% of the portfolio and are the fastest-growing segment.

• Biologics, including biosimilars, now approach 40% of total business, with strong growth in generics and contract manufacturing.

• Standard products account for 25% of revenue but 75% of volume; HVPs are 25% of volume but 75% of revenue.

• HVPs deliver higher margins (70-80%) compared to standard products (27-28%).

• Long-term growth algorithm targets 7-9% top-line growth and 100 basis points margin expansion.

Strategic growth and innovation

• Biologics and biosimilars are the fastest-growing segments, with a high win rate in new molecule launches.

• Innovation focuses on expanding elastomer components, new technologies, and partnerships, notably with Daikyo.

• Investments in five global HVP sites ensure consistent technology and regulatory compliance.

• Automation and process consistency across sites enhance quality and supply assurance.

• Capacity expansion prioritizes brownfield over greenfield, with a campus approach to growth.