WST
Updated: 24/09/2026, 03:32:00
West Pharmaceutical Services, Inc. (WST) specializes in the development, manufacturing, and global distribution of essential containment and delivery solutions for injectable pharmaceuticals and other healthcare products. The company's operations span across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region, structured into two primary business units: Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers a comprehensive array of components for injectable packaging, including stoppers and seals, alongside syringe and cartridge parts, which can be customized for specific injectable drug delivery requirements. It also provides advanced drug administration systems designed to enhance safe and effective delivery through sophisticated reconstitution, mixing, and transfer technologies. This segment further supplies ancillary services such as specialized films, protective coatings, cleaning, precision vision inspection, and sterilization processes to elevate the quality of packaging components. Innovative drug containment options, like Crystal Zenith – a cyclic olefin polymer used in vials, syringes, and cartridges – and user-friendly self-injection devices are also key offerings. Additionally, it provides a suite of integrated support services covering analytical laboratory analysis, primary packaging assistance during the pre-approval stage, engineering development, regulatory guidance, and post-purchase technical support. Its clientele primarily includes manufacturers of biologic, generic, and other pharmaceutical products. In contrast, the Contract-Manufactured Products division focuses on the design, production, and automated assembly of various devices for surgical, diagnostic, ophthalmic, and general drug delivery applications, alongside consumer items. This segment caters to pharmaceutical, diagnostic, and medical device manufacturers. The company's offerings reach customers worldwide through a dedicated sales team, an extensive distribution network, and partnerships with contract sales agents and regional distributors. Established in 1923, West Pharmaceutical Services, Inc. is headquartered in Exton, Pennsylvania.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$3.1B
FY 2025 · Reported
Net income
$0.5B
FY 2025 · Reported
Gross margin
35.9%
FY 2025 · Calculated
Free cash flow
$0.5B
FY 2025 · Calculated
R&D intensity
2.4%
FY 2025 · Calculated
Share repurchases
$0.1B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Asia manufacturing network
Asia · Manufacturing Partner Country
Asia
Asia manufacturing network
This reportable segment has manufacturing facilities in North and South America, Europe, and Asia, with affiliated companies in Japan and Mexico.
Europe
Europe manufacturing network
This reportable segment has manufacturing facilities in North America and Europe.
North America
North America manufacturing network
This reportable segment has manufacturing facilities in North America and Europe.
North and South America
North and South America manufacturing network
This reportable segment has manufacturing facilities in North and South America, Europe, and Asia, with affiliated companies in Japan and Mexico.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Leading global manufacturer of containment and delivery systems for injectable drugs
“We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products.”
Business segments
Two global business segments: Proprietary Products and Contract-Manufactured Products
“Our business operations are organized into two global business segments, Proprietary Products and Contract-Manufactured Products.”
Customer categories
Biologic, generic, pharmaceutical, diagnostic, and medical device companies
“Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world.”
Contract-Manufactured Products portfolio
Custom contract-manufacturing and automated assembly of complex devices for pharma, diagnostic, and medical device customers
“Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers.”
Proprietary Products portfolio
Packaging components, containment solutions, drug delivery devices, self-injection devices, and integrated/analytical lab services
“Our Proprietary Products reportable segment offers elastomers & primary containment, drug delivery devices, integrated systems, and analytical lab services, primarily to biologic, generic, and pharmaceutical drug customers.”
International sales share
Sales outside the U.S. accounted for 56.7% of consolidated net sales in 2025
“Sales outside of the U.S. accounted for 56.7% of our consolidated net sales in 2025.”
Goodwill by reportable segment
Goodwill: Proprietary Products $80.0M; Contract-Manufactured Products $29.9M; Total $109.9M (2025)
“Balance, December 31, 2025$80.0 $29.9 $109.9”
Primary raw materials
Three primary raw materials: elastomers, aluminum and plastic
“We use three primary raw materials in the manufacture of our products: elastomers, aluminum and plastic.”
Foreign currency exposure and hedging
Foreign currency fluctuation exposure from 56.7% international sales, managed with hedging arrangements and financial derivatives
“In order to reduce our exposure to fluctuations in foreign currency exchange rates, we have entered, and expect to continue to enter, into hedging arrangements, including the use of financial derivatives.”
Contract-Manufactured Products manufacturing footprint
Manufacturing facilities in North America and Europe
“This reportable segment has manufacturing facilities in North America and Europe.”
Proprietary Products manufacturing footprint
Manufacturing in North and South America, Europe, and Asia; affiliated companies in Japan and Mexico
“This reportable segment has manufacturing facilities in North and South America, Europe, and Asia, with affiliated companies in Japan and Mexico.”
Equity-method affiliated companies
Five 49%-owned equity-method affiliates in Mexico and Japan; 2025 affiliate purchases of $122.6M, mostly Daikyo distributorship
“The West Company Mexico, S.A. de C.V.Mexico49% Aluplast, S.A. de C.V.Mexico49% Pharma Tap, S.A. de C.V.Mexico49% Pharma Rubber, S.A. de C.V.Mexico49% Daikyo Seiko, Ltd. ("Daikyo") Japan49%”
Single-source supplier reliance
Reliance on single-source suppliers for certain critical raw materials
“Due to quality and regulatory control over our production processes, single source availability, and the quality and regulatory burden required in qualifying suppliers, we rely on single-source suppliers for certain critical raw materials.”
Pension obligations
Expected pension/retirement benefit payments of $46.2M over next 10 years; 2026 contributions ~$1.0M
“$8.0 $38.2 $46.2”
Capital expenditures
Capital expenditures: $285.9M (2025), $377.0M (2024), $362.0M (2023)
“Capital expenditures(285.9)(377.0)(362.0)”
SmartDose 3.5mL sale
SmartDose® 3.5mL sale excluded as unallocated item: $8.4M operating profit impact in 2025
“SmartDose® 3.5mL sale (2) 8.4 1.9 6.5 0.09”
Long-term debt structure
$202.8M net debt (Term Loan $130.0M at 5.02%, Series C notes $73.0M at 4.02%, both due 2027); $500M revolver undrawn with $497.7M available
“Term Loan, due July 2, 2027 (5.02%) $130.0 $130.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0”
R&D investment priorities
R&D focused on elastomeric packaging, formulation development, integrated containment systems, self-injection systems, and drug administration consumables
“Research and development expenses relate to our investments in improvements to our manufacturing processes, product enhancements, and additional investments in our elastomeric packaging components, formulation development, integrated drug containment systems, self-injection systems and drug administration consumables.”
Regulators
Products regulated by FDA, European Medicines Agency, and China NMPA
“subject to regulation by governmental authorities in the U.S., Europe and other countries, including the U.S. Food and Drug Administration (“FDA”), the European Medicines Agency and the National Medical Products Administration (China).”
Macroeconomic risks
Global economic conditions including inflation and supply chain disruptions could adversely affect operations
“General global economic downturns and macroeconomic trends, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations, and economic slowdown or recession, may result in unfavorable conditions.”
Commodity price fluctuation exposure
Open-market raw material purchases expose operations to price fluctuations and inflation-driven cost increases
“We purchase certain raw materials in the open commodities market and therefore the results of our operations may be affected by price fluctuations.”
Tariff and trade risk
Tariffs and trade restrictions imposed by U.S. and retaliatory jurisdictions monitored; not material to 2025 results
“Based on the information available at this time, the impact was not material to our 2025 results.”
Anti-corruption compliance risk
Subject to FCPA, U.K. Bribery Act and anti-money laundering laws; violations could result in sanctions
“We are subject to the Foreign Corrupt Practices Act (the "FCPA"), the U.K. Bribery Act and other anti-bribery, anti-corruption, and anti-money laundering laws in various jurisdictions around the world.”
Data privacy regulation risk
Subject to stringent and changing data privacy obligations (EU/UK GDPR, CCPA/CPRA)
“the European Union’s General Data Protection Regulation (the “EU GDPR”), the United Kingdom’s GDPR (the “UK GDPR”) and California’s Consumer Privacy Act of 2018 (the "CCPA"), as expanded by the California Privacy Rights Act of 2020 (“CPRA”)”
Cybersecurity risk
Cyberattacks and information security breaches targeting company or customer systems
“Our systems and networks, as well as those of our customers, suppliers, service providers, and banks, have and may in the future become the target of cyberattacks or information security breaches”
Climate change and GHG regulation risk
Climate change, GHG regulations, and extreme weather events may adversely affect operations and costs
“These types of extreme weather events have and may continue to adversely impact us, raw material availability, our suppliers, our customers and their ability to purchase our products and our ability to timely manufacture and transport our products.”
Credit risk on receivables
Credit risk on uncollateralized trade receivables heightened in downturns
“A substantial majority of our outstanding trade receivables are not covered by collateral or credit insurance.”
Revenue driven by leading global biologic, generic, pharmaceutical, diagnostic and medical device customers; customer inventory reductions in downturns can hurt demand.
“Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world.”
Three primary raw materials used in manufacturing; single-source reliance for certain critical raw materials; some supply agreements require bulk purchases.
“We use three primary raw materials in the manufacture of our products: elastomers, aluminum and plastic.”
Product design, development, manufacturing, marketing and labeling are regulated by FDA, EMA and China NMPA; regulatory actions can impact time and cost of product development and availability.
“subject to regulation by governmental authorities in the U.S., Europe and other countries, including the U.S. Food and Drug Administration (“FDA”), the European Medicines Agency and the National Medical Products Administration (China).”
Exclusive licenses of key value-added proprietary products and distributorship agreement; Daikyo is a 49%-owned Japan equity-method affiliate with $122.6M purchases in 2025.
“The majority of the purchase transactions listed above relate to a distributorship agreement with Daikyo that allows us to purchase and re-sell Daikyo products.”
Single-source supplier reliance for certain critical raw materials increases supply interruption risk; managed via cross-functional supplier relationship resources.
“we rely on single-source suppliers for certain critical raw materials.”
56.7% of 2025 consolidated net sales outside the U.S.; foreign currency fluctuations affect results, and hedges may not be effective.
“Sales outside of the U.S. accounted for 56.7% of our consolidated net sales in 2025”
Heightened inflation may increase raw material cost; macroeconomic conditions could reduce customer demand and cause supply chain issues.
“Heightened inflation may result in unfavorable conditions, inclusive of an increase in raw material cost.”
Growth area addressing at-home delivery of injectable therapies, combinable with connected health technologies to increase adherence.
“we offer a variety of self-injection devices, designed to address the need to provide at-home delivery of injectable therapies.”
U.S. tariffs and trade restrictions plus foreign countermeasures monitored; impact not material to 2025 results but dynamic.
“In recent months, the U.S. government has imposed additional tariffs and trade restrictions on certain goods produced outside of the United States.”
Potential new climate legislation (notably in the EU) could increase energy, environmental, administrative costs and capex; extreme weather can disrupt supply chain and manufacturing.
“If additional legislation or regulations were enacted, we could incur increased energy, environmental, administrative and other costs and capital expenditures to comply with the limitations.”
Data privacy compliance failures could lead to regulatory investigations, fines, litigation and business disruption.
“If we cannot implement a valid compliance mechanism for cross-border privacy and security transfers, we may face increased exposure to regulatory actions, substantial fines and injunctions”
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