West Pharmaceutical Services, Inc. · NYSE:WST
West Pharmaceutical Services — Q3 2026 Earnings Presentation
22 slides from West Pharmaceutical Services's earnings presentation, Oct 29, 2026
Slide 1: Third-Quarter 2026 Earnings Call
West Pharmaceutical Services, Inc. Michel Lagarde President & CEO Bob McMahon Senior VP & Chief Financial Officer Third-Quarter 2026 Earnings Call October 29, 2026 | 8 a.m. Eastern Time
Slide 2: West Analyst Conference Call
2 West Analyst Conference Call October 29, 2026 8 a.m. Eastern Time These presentation materials are intended to accompany and serve as a reference for today’s press release announcing the Company’s results for the third-quarter 2026 and management’s discussion of those results during today’s confer
Slide 3: Forward-Looking Statements and Non-GAAP Measures
3 This presentation and any accompanying management commentary contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and
Slide 4: Q3 26 Financial Highlights
4 • Net sales $874.5M, +8.7% & +11.9% organic(1) • Gross margin 39.7%, +310 bps YoY • Adjusted operating profit margin(1) 25.3%, +420 bps vs. Q325 • Adjusted-diluted EPS(1) of $2.66, +35.7% vs. Q325 • Q3 YTD Operating cash flow $403.4M • Q3 YTD CapEx of $125.0M • Q3 YTD Free cash flow(1) of $278.4M
Slide 5: Capitalizing on Key Growth Drivers Across Our Business
5 Capitalizing on Key Growth Drivers Across Our Business Biologics Expanding market – driving High- Value Products Global regulatory framework upgrade opportunity GLP-1 Fastest growing category, multi-year opportunity – 21% of Net Sales Capacity Expansion Focused on HVP processing capabilities drivi
Slide 6: Proprietary Products Segment
6 Proprietary Products Segment Segment Performance • Proprietary net sales of $728.8M, +12.6% YoY, +16.6% organic • Proprietary gross profit margin of 44.4%, +360bps YoY • Proprietary OP margin of 31.6%, +450bps YoY Proprietary Products Revenues $M $647.5 $728.8 Q3 25 Q3 26 Q3 26 results Proprietary
Slide 7: West Vantage Segment
7 West Vantage Segment Segment Performance • West Vantage net sales of $145.7M, (7.3%) YoY & (6.6%) organic • West Vantage gross profit margin 16.5%, -280 bps YoY, but +230 bps sequentially • West Vantage OP margin 10.6%, -360 bps YoY, but +200 bps sequentially West Vantage Revenues $M $157.1 $145.
Slide 8: Strategically Diversified Platform with Global Reach
8 Strategically Diversified Platform with Global Reach 1 Quarter ended September 30, 2026 – numbers represent % of total company sales 2 Non-proprietary products 46% Americas 43% Europe, Middle East, Africa Asia Pacific 11% Q3 26 Net Sales1 by Geographic Location 53% HVP Components19% Standard Packa
Slide 9: Q3 Revenue by Market Group
9 Q3 26 Revenue by Market Group Q3 26 Revenues YoY % chg. Less Currency % SMD3.5mL impact % Organic % Share of Total Company Revenue Biologics $379.3 15.3% (0.4%) 7.5% 23.2% 43% Pharma $221.3 21.3% (0.1%) - % 21.4% 25% Generics $128.2 (5.7%) (1.2%) - % (4.5%) 15% Proprietary Prod. Segment $728.8 12.
Slide 10: Q3 Revenue by Product Category
10 Q3 26 Revenue by Product Category Q3 26 Revenues YoY % chg. Less Currency % SMD 3.5mL Impact % Organic % Share of Total Company Revenue HVP Components $466.7 19.7% (0.6%) - % 20.3% 53% HVP Delivery Devices $99.1 0.0% (0.3%) 26.1% 26.4% 11% Standard Products $163.0 2.9% (0.2%) - % 3.1% 19% Proprie
Slide 11: Q3 Revenue by Geography
11 Q3 26 Revenue by Geography Q3 26 Revenues YoY % chg. Less Currency % SmartDose 3.5mL % Organic % Share of Total Company Revenue Americas $401.3 6.9% 0.3% 5.8% 12.4% 46% Europe, Middle East, Africa $376.1 4.2% (1.5%) - % 5.7% 43% Asia Pacific $97.1 42.4% 0.5% - % 41.9% 11% Total Company $874.5 8.7
Slide 12: Change in Consolidated Net Sales Q3 vs. Q3
Change in Consolidated Net Sales Q3 25 vs. Q3 26 ($ millions) $804.6 ($29.8) $11.8 $33.6 ($4.0) $874.5 $58.3 Q3 25 Q3 25 SMD 3.5 Q3 26 SMD 3.5 CY Sales Price Volume & Mix Fx. Translation Q3 26 12
Slide 13: 2026 / Q4 26 Guidance Overview
13 Q4 2026 Guidance 2026 Annual Guidance Low High Low High Revenue $820M to $830M $3.41B to $3.42B Fx. YoY Revenue Impact ~-0.9% points +1.2% Divestiture Impact* ~-3.4% points -1.6% Organic Revenue Growth % 6% to 7% 11.3% to 11.6% Adjusted EPS $2.22 to $2.32 $9.38 to $9.48 Fx. YoY on Adjusted EPS ~-
Slide 14: Investor Relations contact
Investor Relations contact: https://investor.westpharma.com /contact-investor-relations www.westpharma.com
Slide 15: Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Reconcili
Slide 16: Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS (2025)
See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Reconcili
Slide 17: Reconciliation of Reported Net Sales to Organic Net Sales by Segment
Reconciliation of Reported Net Sales to Organic Net Sales by Segment ($ millions) A-3 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation
Slide 18: Reconciliation of Proprietary Products Organic Net Sales by Product Category
Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category ($ millions) A-4 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for
Slide 19: Reconciliation of Proprietary Products Organic Net Sales by Market Group
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group ($ millions) A-5 See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresp
Slide 20: Reconciliation of Reported Net Sales to Organic Net Sales by Geography
Reconciliation of Reported Net Sales to Organic Net Sales by Geography ($ millions) A-6 See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding rec
Slide 21: Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2025 Actual 2026 Guidance % Change Reported-diluted EPS (U.S. GAAP) $6.79 $9.31 to $9.41 37.1% to 38.6% Restructuring and other charges 0.31 0.26 M&A activities, including SmartDose® 3.5mL sale 0.09 (0.36) Cost-method i
Slide 22: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ millions) Nine months ended September 30, 2026 2025 Operating Cash Flow $403.4 $503.7 Capital Expenditures 125.0 209.8 Free Cash Flow(1) $278.4 $293.9 (1) Free Cash Flow is defined as operating cash flow, less capital expenditures. A-8 Reconciliation of Non-U.S. GAAP
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