WST is a leading global manufacturer specializing in the design and production of advanced, high-quality containment and delivery systems for injectable drugs and healthcare products. The company operates through two main segments: Proprietary Products and Contract-Manufactured Products, catering to biologic, generic, and pharmaceutical drug customers . WST's product portfolio includes proprietary packaging, containment solutions, drug delivery systems, and custom contract-manufacturing and assembly solutions . The company emphasizes its global reach, with operations in North America, Europe, Asia, and South America, aligning with its multinational customer base .
- Proprietary Products - Offers proprietary packaging, containment solutions, and drug delivery systems, including stoppers, seals, syringe and cartridge components, and self-injection devices, primarily serving biologic, generic, and pharmaceutical drug customers.
- Contract-Manufactured Products - Focuses on the design, manufacture, and automated assembly of complex devices for pharmaceutical, diagnostic, and medical device customers, providing custom contract-manufacturing and assembly solutions such as multi-component molding and clean room molding.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Eric M. Green ExecutiveBoard | President, CEO, and Chair of the Board | Board Member at Ecolab Inc. | Eric M. Green joined WST in 2015 as CEO and became Chair in 2022. He previously held leadership roles at Sigma-Aldrich Corporation and has an MBA from Washington University in St. Louis. | View Report → |
Bernard J. Birkett Executive | SVP, Chief Financial and Operations Officer | None | Bernard J. Birkett joined WST in 2018 as CFO and later expanded his role to include operations. He previously held senior roles at Merit Medical Systems and has over 20 years of financial leadership experience. | |
Chad R. Winters Executive | VP, Chief Accounting Officer, and Corporate Controller | None | Chad R. Winters joined WST in 2019 and oversees accounting and financial reporting. He previously held senior roles at Amneal Pharmaceuticals and The Chemours Company. | |
Cindy Reiss-Clark Executive | Chief Commercial Officer | None | Cindy Reiss-Clark joined WST in 2018 and has driven the company’s high-value product strategy. She previously held leadership roles at Lonza Pharma and Biotech and SAFC. | |
Kimberly B. MacKay Executive | SVP, General Counsel, and Corporate Secretary | None | Kimberly B. MacKay joined WST in 2020 and has led efforts in ESG strategy and contract management. She previously held legal leadership roles at Novartis and the Segal Group. | |
Silji Abraham Executive | SVP, Chief Technology Officer | None | Silji Abraham joined WST in 2018 and has led digital transformation initiatives. He announced his resignation effective December 31, 2024, to pursue other interests. | |
Deborah L. V. Keller Board | Director, Chair of Nominating & Corporate Governance Committee | Founder of Black Frame Advisors, Chair of Avalere Healthcare, WiCell, Fishawack Healthcare, Trustee of Wisconsin Alumni Research Foundation | Deborah L. V. Keller has been a director since 2017. She is the former CEO of Covance Drug Development and has expertise in regulatory and quality assurance. | |
Douglas A. Michels Board | Director | None | Douglas A. Michels has been a director since 2011. He is the retired CEO of OraSure Technologies and has extensive experience in diagnostics and healthcare. | |
Janet Haugen Board | Director | Board Member at Bentley Systems, Juniper Networks, CentralSquare Technologies | Janet Haugen joined the board in 2024. She is the former CFO of Unisys Corporation and has expertise in corporate transformation and financial management. | |
Molly E. Joseph Board | Director | Founder of Cypress Pass Ventures, Board Member at First Solar, US Radiology Specialists, AMSURG, Bend Health, Vice Chair of Santa Clara University Board of Trustees | Molly E. Joseph has been a director since 2021. She is the former CEO of UnitedHealthcare Global and has expertise in global health systems and M&A. | |
Myla P. Lai-Goldman Board | Director, Chair of Innovation & Technology Committee | Chair of GeneCentric Therapeutics, Managing Partner of Personalized Science, Venture Partner at Hatteras Venture Partners, Board Member at Akoya Biosciences | Myla P. Lai-Goldman has been a director since 2014. She is a leader in precision medicine and clinical diagnostics and has introduced over 400 clinical assays. | |
Paolo Pucci Board | Lead Independent Director | Board Member at Merus N.V., Replimune Group Inc. | Paolo Pucci has been a director since 2022 and is the retired CEO of ArQule. He has significant experience in biotech and strategic business partnerships. | |
Robert F. Friel Board | Director, Chair of Compensation Committee | Board Member at Xylem, Inc., New York Life Insurance Company | Robert F. Friel has been a director since 2020. He is the former CEO of PerkinElmer and has extensive experience in finance, tax, and healthcare. | |
Stephen Lockhart Board | Director | Board Member at Molina Healthcare, National Research Corporation Health, ECRI Institute, REI, The David and Lucile Packard Foundation, EO Wilson Biodiversity Foundation, Parks California | Stephen Lockhart has been a director since 2022. He is a former CMO of Sutter Health and a Rhodes Scholar with expertise in healthcare equity and governance. | |
Thomas W. Hofmann Board | Director, Chair of Audit Committee | University of Delaware (President’s Leadership Council), Fox Chase Cancer Center, The Island School Foundation | Thomas W. Hofmann has been a director since 2007 and is recognized as an Audit Committee Financial Expert. He is the retired CFO of Sunoco, Inc. and has extensive financial expertise. | |
William F. Feehery Board | Director | CEO and Board Member at Certara, Trustee of the Winston Churchill Foundation | William F. Feehery has been a director since 2012. He is the CEO of Certara and has held leadership roles at DuPont. He has expertise in R&D and commercializing technologies. |
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You mentioned seeing signs of stabilization and customers showing interest in increasing near-term orders, yet destocking with some generic customers is expected to continue into 2025; can you elaborate on the factors driving this continued destocking and how it affects your overall growth outlook?
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Given that some of the strong Q3 performance was attributed to customers accelerating orders ahead of schedule, how confident are you that this demand pull-forward won't create a shortfall in future quarters, and what measures are you taking to sustain growth?
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With the significant sequential increase in Contract Manufacturing gross margins driven by scaling capacity and new capabilities, what specific strategies are in place to ensure this margin improvement is sustainable, and how do you see this segment contributing to overall profitability?
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Considering your plans to reduce CapEx to more normalized levels over the next 12 to 24 months while continuing to invest in growth areas, how will this impact your ability to meet increasing demand in high-growth segments like biologics and GLP-1 drugs?
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Despite a strong third quarter, you've narrowed your organic growth guidance toward the lower end of the range; are there emerging challenges or shifts in the market that influenced this adjustment, and can you provide more detail on the assumptions behind your guidance for Q4?
Research analysts who have asked questions during WEST PHARMACEUTICAL SERVICES earnings calls.
Justin Bowers
Deutsche Bank AG
6 questions for WST
Michael Ryskin
Bank of America Merrill Lynch
6 questions for WST
Paul Knight
KeyBanc Capital Markets
6 questions for WST
Matthew Larew
William Blair & Company
5 questions for WST
Patrick Donnelly
Citi
5 questions for WST
Daniel Markowitz
Evercore ISI
4 questions for WST
Dan Leonard
UBS Group AG
3 questions for WST
David Windley
Jefferies Financial Group Inc.
3 questions for WST
Doug Schenkel
Wolfe Research LLC
3 questions for WST
Larry Solow
CJS Securities
3 questions for WST
Lawrence Solow
CJS Securities, Inc.
3 questions for WST
Tucker Remmers
Jefferies
3 questions for WST
Jacob Johnson
Stephens Inc.
2 questions for WST
Luke Sergott
Barclays
2 questions for WST
Matt Etoch
Stephens Inc
2 questions for WST
Thomas DeBourcy
Nephron Research
2 questions for WST
Douglas Schenkel
Wolfe Research, LLC
1 question for WST
Kyle Cruise
UBS
1 question for WST
Mac Etoch
Stephens Inc.
1 question for WST
Mac Etosh
Stephens
1 question for WST
Matt Larew
William Blair & Co.
1 question for WST
Salem Salem
Barclays
1 question for WST
Tom DeBourcy
Nephron Research LLC
1 question for WST
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Daikyo Seiko, Ltd. | 2020 | West Pharmaceutical Services increased its ownership stake from 25% to 49% by paying $85.1 million in cash and $4.9 million in treasury stock shares to certain stockholders, strengthening a 40‑year long partnership. This acquisition, which allows West to purchase and re-sell Daikyo products under a distributorship agreement, was driven by the aim to enhance collaboration in science, quality, and technical expertise while not having a material financial impact on West’s statements. |
Recent press releases and 8-K filings for WST.
- Delivered 5% organic revenue growth in Q3, with 13.3% organic growth in high-value components, marking sequential acceleration as destocking normalizes.
- Emphasized GLP-1 therapies as a core driver, expecting oral formulations to capture ~30% of the GLP-1 market by decade-end and forecasting GLP-1 growth to outpace overall company revenue, including “very healthy” 2026 growth above corporate average.
- Highlighted Annex 1 regulatory impact, targeting a 200 bps mix shift tailwind from converting 6 billion European components through 371 active projects, at an estimated $0.10 incremental revenue per unit.
- Plans at least 100 bps of annual margin expansion through product mix optimization, pricing discipline, enhanced capacity utilization, and supply-chain network improvements.
- West’s high-value component (HVP) business (≈48% of total) grew 13.3% organic, with mid-single-digit ex-GLP-1 growth as destocking normalizes and sequential improvement expected into Q4 and 2026.
- GLP-1 injectables remain a key growth driver; West forecasts GLP-1 orals reaching ~30% market share by 2030, with overall GLP-1 growth above corporate average, moderating in 2026.
- European Annex 1 regulations underpin a multi-year mix shift: 371 active conversions driving ~200 bps revenue uplift, implying $0.10 per unit on 6 billion units.
- Decision on SmartDose strategy (cost-improved 3.5 device) by Q4 call; launch of Synchrony S1 prefillable syringe in January integrates elastomer and device components.
- A $40 M CGM contract exit in mid-2026 will be offset by $20–30 M in new drug-handling contract manufacturing programs, with multiple proposals under review.
- West delivered 5% Q3 organic growth, with its high-value components (HVP) segment (~48% of business) up 13.3%; ex-GLP-1 components recovered to mid-single-digit organic growth as destocking largely concludes.
- The company expects both GLP-1 injectables and orals to contribute, forecasting orals to capture ~30% of the GLP-1 market by decade end, with GLP-1 growth outpacing overall company rates.
- Biologics revenues grew 8% in Q3 (double-digit ex-$19 M incentive), supported by a >90% participation rate; Annex 1-driven mix shift is adding ~200 bps of revenue tailwind, with ~6 billion units convertible at ~$0.10/unit.
- West is evaluating strategic options for SmartDose, with a decision by the Q4 call, and plans to launch its integrated Synchrony S1 prefillable syringe in January 2026.
- The $40 M CGM contract exit (Q2 2026) is being offset by $20–30 M of new drug-handling revenue, with additional proposals underway; margin expansion of ≥100 bps through mix, pricing, tech transfers and network optimization is targeted.
- Q3 revenue of $804.6 million (+7.7%) and adjusted EPS of $1.96; stock jumped about 13%
- FY25 revenue guidance raised to $3.06–3.07 billion and adjusted EPS guidance lifted to $7.06–7.11
- High-Value Product components generated $390.0 million in Q3 (48% of sales), up 16.3% reported (13.3% organically)
- Operating cash flow of $503.7 million for the first nine months (+8.7%) and gross margin expanded to 36.6%
- Bragar Eagel & Squire, P.C. is investigating potential fiduciary breaches by West Pharma’s board for allegedly misleading disclosures between February 16, 2023 and February 12, 2025.
- The probe focuses on hidden destocking pressures in high-margin product lines and margin dilution from its SmartDose injector device.
- West’s rapid guidance cut on February 13, 2025 revealed contract manufacturing setbacks, including the loss of two major CGM clients, triggering a 38% stock drop to $199.11.
- Long-term shareholders are encouraged to contact the firm to discuss possible claims at (212) 355-4648 or [email protected].
- Destocking normalization: Small-molecule destocking subsided in 2024, biologics destocking largely behind with minor lingering in generics, and customer ordering patterns have returned to normalized levels, driving core business momentum.
- High-value product growth and Annex I conversion: High-value product components (≈47% of revenue) grew 8% in Q2; full-year guidance raised to high single- to low double-digit growth, supported by biologics, GLP-1 elastomer demand, and ~370 Annex I conversion projects (6 billion units addressable; adds ~150 bps annual revenue).
- GLP-1 exposure and outlook: GLP-1s represent ~8% of HVP revenue and 40% of contract manufacturing, totaling mid-teens of group sales; West models ~30% market shift to orals but expects injectable demand to continue expanding elastomer and CMO services.
- Margin expansion and tariff mitigation: CFO targets 100 bps margin expansion via mix, pricing, and efficiency initiatives ; tariffs (~$15–20 million in YTD 2025) will be over 50% mitigated in 2025 and fully offset in 2026 through surcharges, raw-material cost downs, and tech transfers.
- Global footprint and reshoring: With ~45% of manufacturing in the U.S., West’s modular high-value plants (e.g., Kingston, Jersey Shore) align with customer reshoring and dual-sourcing needs, offering rapid tech-transfer and supply-security capabilities.
- New CFO Bob McMahon, in his fourth week, is prioritizing enhanced operational discipline, margin expansion, and clearer Street communication to drive value creation.
- The industry-wide destocking cycle is nearing its end, and high-value product components (≈47% of Q2 revenues) grew 8% on a core basis (11% reported) with 50–60% gross margins, underpinning an organic revenue guide increase to ~3–4% and a $0.50 EPS uplift for FY 2025.
- Mid- to high-single-digit (up to low-double-digit) growth is expected for HVP over the mid-long term; SmartDose profitability is being addressed through cost-outs, yield improvements, and a planned automated line in H1 2026.
- Contract manufacturing margins are improving with recent capacity investments in the US and Ireland, targeting positive free cash flow in 2026, while GLP-1 injectables represent ~16% of revenue amid broader product diversification.
- Faruqi & Faruqi, LLP is investigating claims against West Pharmaceutical Services, Inc. and reminds investors of the July 7, 2025 deadline to seek appointment as lead plaintiff in a federal securities class action.
- The action covers investors who suffered losses exceeding $100,000 in West stock between February 16, 2023 and February 12, 2025.
- The complaint alleges West made false or misleading statements about customer destocking, SmartDose device margin dilution, and related restructuring risks.
- Following West’s February 13, 2025 disclosures of weak 2025 revenue and earnings forecasts, including loss of two major glucose monitoring contracts and SmartDose margin pressures, its stock fell 38% (a $123.17 decline) to $199.11.
- Faruqi & Faruqi, LLP is investigating potential securities claims against West Pharmaceutical Services for alleged misstatements regarding customer demand in its High-Value Products and SmartDose portfolios.
- Investors have until July 7, 2025 to move to serve as lead plaintiff in the federal securities class action against West.
- The complaint alleges West experienced significant destocking across its High-Value Products, faced margin-dilutive SmartDose operations, and risked costly restructuring, including exiting continuous glucose monitoring contracts.
- Following disclosures of weak 2025 revenue and earnings guidance on February 13, 2025, West’s share price fell $123.17 (38%) to $199.11.
- Investors who suffered losses exceeding $100,000 between February 16, 2023 and February 12, 2025 can contact Faruqi & Faruqi partner Josh Wilson to discuss their options.
- Faruqi & Faruqi is investigating potential claims against West Pharmaceutical Services and reminds investors of the July 7, 2025 deadline to seek lead plaintiff status in the federal securities suit.
- The complaint alleges West misled investors by overstating customer demand, downplaying ongoing product destocking, and concealing that its SmartDose device was margin-dilutive due to operational inefficiencies.
- On February 13, 2025, West issued weak 2025 revenue and earnings guidance—citing contract manufacturing headwinds and dilutive SmartDose economics—triggering a 38% stock price decline (down $123.17 to $199.11).
- Investors who suffered losses exceeding $100,000 between February 16, 2023 and February 12, 2025 are encouraged to contact Faruqi & Faruqi partner Josh Wilson to discuss their options.