# EDGAR Filing Document

**Accession Number:** 0000105770
**File Stem:** 0000105770-25-000062
**Filing Date:** 2025-7
**Character Count:** 48776
**Document Hash:** 392cfc3c6f10332ab337911fca22aa39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000105770-25-000062.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000105770-25-000062

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEST PHARMACEUTICAL SERVICES INC
- **CENTRAL INDEX KEY:** 0000105770
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 231210010
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08036
- **FILM NUMBER:** 251144512

**BUSINESS ADDRESS:**
- **STREET 1:** 530 HERMAN O. WEST DRIVE
- **CITY:** EXTON
- **STATE:** PA
- **ZIP:** 19341
- **BUSINESS PHONE:** 6105942900

**MAIL ADDRESS:**
- **STREET 1:** 530 HERMAN O. WEST DRIVE
- **CITY:** EXTON
- **STATE:** PA
- **ZIP:** 19341

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEST CO INC
- **DATE OF NAME CHANGE:** 19990405

?xml version='1.0' encoding='ASCII'? wst-20250724

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) – July 24, 2025**

![wstlogoq319.jpg](wst-20250724_g1.jpg)

<u>WEST PHARMACEUTICAL SERVICES, INC.</u>

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Pennsylvania | 1-8036 | 23-1210010 |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 530 Herman O. West Drive, Exton, PA |  | 19341-1147 |
| (Address of principal executive offices) |  | (Zip Code) |

---

Registrant's telephone number, including area code: **610-594-2900** 

Not Applicable <br> (Former name or address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.25 per share | WST | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On July 24, 2025, West Pharmaceutical Services, Inc. (the "Company") issued a press release announcing its second-quarter 2025 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

The information set forth in "Item 2.02 Results of Operations and Financial Condition," including the exhibit referred to therein, is incorporated herein by reference.

A copy of the Company's presentation materials used during the call will be available through the Investors link at the Company's website, http://www.westpharma.com, and is also attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information in this report (including the exhibits attached hereto) is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor will it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing.

**Item 9.01 Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| (d) | <u>Exhibit No.</u> | <u>Description</u> |
|  | 99.1 | West Pharmaceutical Services, Inc. Press Release, dated July 24, 2025. |
|  | 99.2 | West Pharmaceutical Services, Inc. Presentation, dated July 24, 2025. |
|  | 104 | The cover page from the Company's Current Report on Form 8-K, dated July 24, 2025, formatted in Inline XBRL. |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | WEST PHARMACEUTICAL SERVICES, INC. |
| | <u>/s/ Bernard J. Birkett</u> |
| | Bernard J. Birkett |
| | Senior Vice President, Chief Financial Officer |
| July 24, 2025 | |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[West Pharmaceutical Services, Inc. Press Release, dated](exh991q22025earningsrelease.htm)[July](exh991q22025earningsrelease.htm)[24, 2025.](exh991q22025earningsrelease.htm)</u> |
| 99.2 | <u>[West Pharmaceutical Services, Inc. Presentation, dated](westq22025presentation-f.htm)[July](westq22025presentation-f.htm)[24, 2025.](westq22025presentation-f.htm)</u> |
| 104 | The cover page from the Company's Current Report on Form 8-K, dated July 24, 2025, formatted in Inline XBRL. |

---

## Exhibit 99.1

![exh991logo.jpg](exh991logo.jpg)

**Exhibit 99.1**

**West Announces Second-Quarter 2025 Results and Fourth-Quarter 2025 Dividend, Updates Full-Year 2025 Guidance**

*- Conference Call Scheduled for 8 a.m. EDT Today -*

Exton, PA, July 24, 2025 – West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the second-quarter 2025 and a fourth-quarter 2025 dividend.

**Second-Quarter 2025 Summary (comparisons to prior-year period)**

• Net sales of $766.5 million increased 9.2%; organic net sales growth was 6.8%.

• Diluted EPS of $1.82, compared to $1.51 in the same period last year.

• Adjusted-diluted EPS of $1.84, compared to $1.52 in the same period last year.

• Updates full-year 2025 net sales guidance range to $3.040 billion to $3.060 billion, up from previous guidance of $2.945 billion to $2.975 billion.

• Updates full-year 2025 adjusted-diluted EPS guidance range to $6.65 to $6.85, up from the previous range of $6.15 to $6.35.

• The Company also announces that its Board of Directors has approved a fourth-quarter 2025 dividend of $0.22 per share. The dividend will be paid on November 19, 2025, to shareholders of record as of November 12, 2025.

Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: "I am pleased to report that we exceeded our expectations for the second quarter driven by solid growth in HVP components. This was the result of strong GLP-1 elastomer growth, ongoing momentum in HVP conversion mainly related to Annex 1 projects and the continued normalization of customer ordering patterns. The improved performance was concentrated in higher margin products, which drove strong margin expansion in the quarter. As a result of our strong second quarter performance and favorable foreign exchange, we are increasing our revenue and adjusted-diluted EPS guidance for fiscal year 2025."

**Proprietary Products Segment**

Net sales grew by 10.7% to $619.8 million and increased 8.4% on an organic basis. High-Value Product ("HVP") Components were 47% of total company net sales and increased 11.3%, driven by strength in Westar® and NovaChoice® products. Standard Products, 21% of total company net sales, increased by 0.4%. HVP Delivery Devices represented 13% of total company net sales and increased 30.0%, driven mainly by Daikyo Crystal Zenith® and Administration Systems.

The Company's Biologics, Pharma and Generics market units each had high-single digit organic net sales growth.

------

**Contract-Manufactured Products Segment**

Contract-Manufactured Products, representing 19% of total company net sales, increased by 3.0% to $146.7 million, or up 0.5% on an organic basis. Segment performance was driven by an increase in sales of self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices.

**Financial Highlights (first six months of 2025)**

Operating cash flow was $306.5 million, an increase of 8.2% over the same period last year. Capital expenditures were $146.5 million, a decrease of 23.2% over the same period last year. Free cash flow (operating cash flow minus capital expenditures) was $160.0 million, an increase from the first six months 2024 free cash flow of $92.4 million.

During the first six months of 2025, the Company repurchased 552,593 shares for $134.0 million at an average share price of $242.55 under its share repurchase program.

**Full-Year 2025 Financial Guidance** 

• The Company is increasing its full-year 2025 net sales guidance range to $3.040 billion to $3.060 billion, up from previous guidance of $2.945 billion to $2.975 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net sales guidance includes an estimated full-year 2025 tailwind of approximately $59 million based on current foreign currency exchange rates, compared to previous guidance of a headwind of approximately $5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Organic net sales growth is expected to be approximately 3% to 3.75%, up from the previous guidance range of 2% to 3%.

• The Company is increasing its full-year 2025 adjusted-diluted EPS guidance range to $6.65 to $6.85, up from the previous range of $6.15 to $6.35.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Full-year adjusted-diluted EPS guidance assumes a $0.27 tailwind based on current foreign exchange rates, compared to previous guidance of no impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ This guidance includes EPS of $0.04 associated with first-half 2025 tax benefits from stock-based compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our updated adjusted-diluted EPS guidance incorporates our estimate of $15 to $20 million for the net impact of recently implemented tariffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ For the remaining quarters of the year, our adjusted-diluted EPS guidance range assumes a tax rate of approximately 21% and does not include potential tax benefits from stock-based compensation. Any tax benefits associated with stock-based compensation beyond those recorded in the first-half of 2025 would provide a positive adjustment to our full-year adjusted-diluted EPS guidance.

• Full-year 2025 capital spending guidance is unchanged and is expected to be $275 million.

------

**Second-Quarter 2025 Conference Call** 

The live audio-only webcast will be made available via the Company's Investor Relations website at westpharma.com.

To participate in the conference call by asking questions to Management, please register in advance at https://register-conf.media-server.com/register/BI4c9a68176c954be7ac5a87cf1d7700e2.

Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.

Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company's website.

A replay of the webcast will be available on the Company's website for approximately 90 days after the event.

---

| | |
|:---|:---|
| <u>Investor Contact:</u> | <u>Media Contact:</u> |
| John Sweeney, CFA | Michele Polinsky |
| Vice President, Investor Relations | Vice President, Global Communications |
| (484) 790-0373 | (610) 594-3054 |
| <u>John.Sweeney@westpharma.com</u> | <u>Michele.Polinsky@westpharma.com</u> |

---

**About West**

West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 25 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2024 generated $2.89 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500 index. For more information, visit www.westpharma.com.

*All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.*

------

**Forward-Looking Statements**

This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include such words as "raising," "positioned," "updating," "expected," "assumes," "unchanged," "includes," "would," "provide," "anticipated" and other similar terminology. These statements reflect management's current expectations regarding future events, expected tax rates, impacts on tariffs, and operating performance and speak only as of the date of this release. There is no certainty that actual results will be achieved in-line with current expectations. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: prevailing economic conditions and general uncertainties relating thereto that may be unknown and unforeseeable; customers' changing inventory requirements and manufacturing plans and customer decisions to move forward with our new products and product categories; disruptions or limitations in the Company's manufacturing capacity; average profitability, or mix, of the products we sell; dependence on third-party suppliers and partners; increased raw material, energy and labor costs; fluctuations in currency exchange; the ability to meet development milestones with key customers; and the consequences of other geopolitical events, including tariffs, natural disasters, acts of war, and global health crises. This list of important factors is not all inclusive. For a description of certain additional factors that could cause the Company's future results to differ from those expressed in any such forward-looking statements, see Part I Item 1A, entitled "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the United States Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.

Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

**Non-U.S. GAAP Financial Measures**

This release contains certain non-GAAP financial measures, including organic net sales and adjusted-diluted EPS. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation and excluding the effects of unallocated items are not in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and should not be used as a substitute for the comparable U.S. GAAP financial measures. The non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.

------

**WEST PHARMACEUTICAL SERVICES, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

(UNAUDITED)

(*in millions, except per share data)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
| Net sales | $**766.5** | **100%** | $702.1 | 100% | $**1464.5** | **100%** | $1397.5 | 100% |
| Cost of goods and services sold | **492.6** | **64** | 472.1 | 67 | **958.7** | **65** | 937.3 | 67 |
| &nbsp;&nbsp;&nbsp;Gross profit | **273.9** | **36** | 230.0 | 33 | **505.8** | **35** | 460.2 | 33 |
| Research and development | **19.1** | **2** | 17.5 | 2 | **35.4** | **2** | 35.1 | 3 |
| Selling, general and administrative expenses | **95.9** | **13** | 83.0 | 12 | **183.9** | **13** | 169.7 | 12 |
| Other expense (income), net | **5.2** | **1** | 3.3 | 1 | **25.8** | **2** | 6.4 |  |
| &nbsp;&nbsp;&nbsp;Operating profit | **153.7** | **20** | 126.2 | 18 | **260.7** | **18** | 249.0 | 18 |
| Interest (income) expense, net | **(3.5)** | **—** | (2.5) |  | **(7.2)** | **—** | (7.1) |  |
| Other nonoperating expense (income) | **0.2** | **—** |  |  | **0.4** | **—** |  |  |
| &nbsp;&nbsp;&nbsp;Income before income taxes and equity in net income of affiliated companies | **157.0** | **20** | 128.7 | 18 | **267.5** | **18** | 256.1 | 18 |
| Income tax expense | **30.2** | **4** | 21.9 | 3 | **54.3** | **4** | 38.3 | 3 |
| Equity in net income of affiliated companies | **(5.0)** | **(1)** | (4.5) | (1) | **(8.4)** | **(1)** | (8.8) | (1) |
| &nbsp;&nbsp;&nbsp;Net income | $**131.8** | **17%** | $111.3 | 16% | $**221.6** | **15%** | $226.6 | 16% |
| Net income per share: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**1.82** |  | $1.52 |  | $**3.06** |  | $3.09 |  |
| &nbsp;&nbsp;&nbsp;Diluted | $**1.82** |  | $1.51 |  | $**3.05** |  | $3.06 |  |
| Average common shares outstanding | **72.2** |  | 73.0 |  | **72.3** |  | 73.3 |  |
| Average shares assuming dilution | **72.5** |  | 73.7 |  | **72.8** |  | 74.0 |  |

---

------

**WEST PHARMACEUTICAL SERVICES**

**REPORTING SEGMENT INFORMATION**

(UNAUDITED)

*(in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Net Sales**: | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;Proprietary Products | $**619.8** | $559.7 | $**1182.8** | $1119.2 |
| &nbsp;&nbsp;&nbsp;Contract-Manufactured Products | **146.7** | 142.4 | **281.7** | 278.3 |
| **Consolidated Total** | $**766.5** | $702.1 | $**1464.5** | $1397.5 |
| **Gross Profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proprietary Products | $**248.3** | $207.0 | $**458.5** | $414.1 |
| &nbsp;&nbsp;&nbsp;Contract-Manufactured Products | **25.6** | 23.0 | **47.3** | 46.1 |
| **Gross Profit** | $**273.9** | $230.0 | $**505.8** | $460.2 |
| &nbsp;&nbsp;&nbsp;*Gross Profit Margin* | ***35.7*** *%*** | *32.8 %* | ***34.5*** *%*** | *32.9 %* |
| **Operating Profit (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proprietary Products | $**161.7** | $131.0 | $**292.3** | $257.3 |
| &nbsp;&nbsp;&nbsp;Contract-Manufactured Products | **17.8** | 17.2 | **31.3** | 34.3 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | **(7.4)** | (4.3) | **(8.7)** | (9.3) |
| &nbsp;&nbsp;&nbsp;General corporate costs | **(18.4)** | (17.7) | **(54.2)** | (33.3) |
| **Reported Operating Profit** | $**153.7** | $126.2 | $**260.7** | $249.0 |
| &nbsp;&nbsp;&nbsp;*Reported Operating Profit Margin* | ***20.1*** *%*** | *18.0 %* | ***17.8*** *%*** | *17.8 %* |
| &nbsp;&nbsp;&nbsp;Unallocated items | **1.6** | 0.2 | **19.6** | 0.4 |
| **Adjusted Operating Profit** | $**155.3** | $126.4 | $**280.3** | $249.4 |
| &nbsp;&nbsp;&nbsp;*Adjusted Operating Profit Margin* | ***20.3*** *%*** | *18.0 %* | ***19.1*** *%*** | *17.8 %* |

---

------

**WEST PHARMACEUTICAL SERVICES**

**RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)**

*Please refer to "Non-U.S. GAAP Financial Measures" for more information*

*(in millions, except per share data)*

**Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months ended June 30, 2025** | Operating<br>profit | Income<br>tax<br>expense | Net<br>income | Diluted<br>EPS |
| Reported (U.S. GAAP) | $153.7 | $30.2 | $131.8 | $1.82 |
| Unallocated Items: |  |  |  |  |
| Restructuring and other charges <sup>(1)</sup> | 1.6 | 0.4 | 1.2 | 0.02 |
| Amortization of acquisition-related intangible assets <sup>(2)</sup> |  |  | 0.5 |  |
| &nbsp;&nbsp;&nbsp;Adjusted (Non-U.S. GAAP) | $155.3 | $30.6 | $133.5 | $1.84 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months ended June 30, 2025** | Operating<br>profit | Income<br>tax<br>expense | Net<br>income | Diluted<br>EPS |
| Reported (U.S. GAAP) | $260.7 | $54.3 | $221.6 | $3.05 |
| Unallocated Items: |  |  |  |  |
| Restructuring and other charges <sup>(1)</sup> | 19.4 | 2.4 | 17.0 | 0.23 |
| Amortization of acquisition-related intangible assets <sup>(2)</sup> | 0.2 |  | 1.1 | 0.01 |
| &nbsp;&nbsp;&nbsp;Adjusted (Non-U.S. GAAP) | $280.3 | $56.7 | $239.7 | $3.29 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months ended June 30, 2024** | Operating<br>profit | Income<br>tax<br>expense | Net<br>income | Diluted<br>EPS |
| Reported (U.S. GAAP) | $126.2 | $21.9 | $111.3 | $1.51 |
| Unallocated items: |  |  |  |  |
| Amortization of acquisition-related intangible assets <sup>(2)</sup> | 0.2 |  | 0.7 | 0.01 |
| &nbsp;&nbsp;&nbsp;Adjusted (Non-U.S. GAAP) | $126.4 | $21.9 | $112.0 | $1.52 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months ended June 30, 2024** | Operating<br>profit | Income<br>tax<br>expense | Net<br>income | Diluted<br>EPS |
| Reported (U.S. GAAP) | $249.0 | $38.3 | $226.6 | $3.06 |
| Unallocated items: |  |  |  |  |
| Amortization of acquisition-related intangible assets <sup>(2)</sup> | 0.4 |  | 1.4 | 0.02 |
| &nbsp;&nbsp;&nbsp;Adjusted (Non-U.S. GAAP) | $249.4 | $38.3 | $228.0 | $3.08 |

---

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(1)During the three and six months ended June 30, 2025, the Company recorded charges of $1.6 million and $19.4 million related to restructuring programs. During the three and six months ended June 30, 2025, the Company recorded $0.2 million and $16.6 million, respectively, of the charges within other expense (income), related to severance and acceleration of depreciation and lease costs in connection with the Company's 2025 restructuring plan. The Company recorded the remaining $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, related to our plan to optimize the legal structure of the Company and its subsidiaries.

(2)During the three and six months ended June 30, 2025 and 2024, the Company recorded $0.0 million and $0.2 million, and $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended June 30, 2025 and 2024, the Company recorded $0.5 million and $0.9 million, respectively, and $0.5 million and $1.0 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

------

**WEST PHARMACEUTICAL SERVICES**

**RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)**

*Please refer to "Non-U.S. GAAP Financial Measures" for more information*

*(in millions, except per share data)*

**Reconciliation of Net Sales to Organic Net Sales** <sup>(3)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Three Months ended June 30, 2025** | Proprietary | CM | Total |
| Reported net sales (U.S. GAAP) | $619.8 | $146.7 | $766.5 |
| Effect of changes in currency translation rates | (12.9) | (3.6) | (16.5) |
| &nbsp;&nbsp;&nbsp;Organic net sales (Non-U.S. GAAP) <sup>(3)</sup> | $606.9 | $143.1 | $750.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Six Months ended June 30, 2025** | Proprietary | CM | Total |
| Reported net sales (U.S. GAAP) | $1182.8 | $281.7 | $1464.5 |
| Effect of changes in currency translation rates | (3.1) | (1.7) | (4.8) |
| &nbsp;&nbsp;&nbsp;Organic net sales (Non-U.S. GAAP) <sup>(3)</sup> | $1179.7 | $280.0 | $1459.7 |

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(3)Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.

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**WEST PHARMACEUTICAL SERVICES**

**RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)**

*Please refer to "Non-U.S. GAAP Financial Measures" for more information*

*(in millions, except per share data)*

**Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance**

---

| | | | |
|:---|:---|:---|:---|
| | 2024 Actual | 2025 Guidance | % Change |
| Reported-diluted EPS (U.S. GAAP) | $6.69 | $6.36 to $6.56 | (4.9%) to (1.9%) |
| Restructuring and other charges | 0.02 | 0.26 |  |
| Amortization of acquisition-related intangible assets | 0.04 | 0.03 |  |
| &nbsp;&nbsp;&nbsp;Adjusted-diluted EPS (Non-U.S. GAAP) <sup>(4)</sup> | $6.75 | $6.65 to $6.85 | (1.5%) to 1.5% |

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**Notes:** 

See "Full-year 2025 Financial Guidance" and "Non-U.S. GAAP Financial Measures" in today's press release for additional information regarding adjusted-diluted EPS.

(4)We have opted not to forecast 2025 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company's control. Instead, we recognize the benefits as they occur. In the first six months of 2025, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.04. Any future tax benefits associated with stock-based compensation that we receive in 2025 would provide a positive adjustment to our full-year EPS guidance. In full-year 2024, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.26.

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**WEST PHARMACEUTICAL SERVICES**

**CASH FLOW ITEMS**

(UNAUDITED)

*(in millions)*

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| | | |
|:---|:---|:---|
| | Six Months Ended<br>June 30, | Six Months Ended<br>June 30, |
| | 2025 | 2024 |
| Depreciation and amortization | $81.4 | $74.5 |
| Operating cash flow | $306.5 | $283.2 |
| Capital expenditures | $146.5 | $190.8 |
| Free cash flow | $160.0 | $92.4 |

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**WEST PHARMACEUTICAL SERVICES**

**FINANCIAL CONDITION**

(UNAUDITED)

*(in millions)*

---

| | | |
|:---|:---|:---|
| | As of<br>June 30, 2025 | As of<br>December 31, 2024 |
| Cash and cash equivalents | $509.7 | $484.6 |
| Accounts receivable, net | $582.4 | $552.5 |
| Inventories | $421.1 | $377.0 |
| Accounts payable | $239.0 | $239.3 |
| Debt | $202.6 | $202.6 |
| Equity | $2929.1 | $2682.3 |
| Working capital | $1076.3 | $987.7 |

---

**Trademark Notices**

*Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., in the United States and other jurisdictions, unless noted otherwise.*

*Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.* 

## Exhibit 99.2

![](westq22025presentation-f001.jpg)

1 Second-Quarter 2025 Second Quarter Overall Net Sales $766.5M \| 9.2% Diluted Earnings Per Share: $1.82 Adjusted Diluted Earnings Per Share: $1.84 Eric M. Green President and Chief Executive Officer Chair of the Board West Pharmaceutical Services, Inc. WST Q2 2025 Earnings Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 This presentation and any accompanying management commentary contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development and operational performance. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under "Cautionary Statement" in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today. Non-U.S. GAAP Financial Measures Certain financial measures included in these presentation materials, or which may be referred to in management's discussion of the Company's results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), and therefore are referred to as non- U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to "Reconciliation of Non-U.S. GAAP Financial Measures" at the end of these materials for more information. "I am pleased to report that we exceeded our expectations for the second quarter driven by solid growth in HVP components. This was the result of strong GLP-1 elastomer growth, ongoing momentum in HVP conversion mainly related to Annex 1 projects and the continued normalization of customer ordering patterns. The improved performance was concentrated in higher margin products, which drove strong margin expansion in the quarter. As a result of our strong second quarter performance and favorable foreign exchange, we are increasing our revenue and adjusted-diluted EPS guidance for fiscal year 2025."

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![](westq22025presentation-f002.jpg)

West Pharmaceutical Services, Inc. Eric M. Green President & CEO, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial Officer Second-Quarter Results 2025 Analyst Conference Call 8 a.m. Eastern Time \| July 24, 2025

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![](westq22025presentation-f003.jpg)

3 West Analyst Conference Call 8 a.m. Eastern Time July 24, 2025 A webcast of today's call can be accessed in the "Investors" section of the Company's website: www.westpharma.com To participate on the call by asking questions to Management, please register in advance at: https://register-conf.media- server.com/register/BI4c9a68176c954be7ac5a87cf1d7700e2 Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call. A replay of the webcast will be available on the Company's website for approximately 90 days after the event. These presentation materials are intended to accompany today's press release announcing the Company's results for the second quarter 2025 and management's discussion of those results during today's conference call. WST Q2 2025 Earnings

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![](westq22025presentation-f004.jpg)

4 Safe Harbor Statement This presentation and any accompanying management commentary contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development, operational performance and expectations regarding future events. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under our "Forward Looking Statements" in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today. Certain financial measures included in these presentation materials, or which may be referred to in management's discussion of the Company's results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), and therefore are referred to as non-U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to "Reconciliation of Non-U.S. GAAP Financial Measures" at the end of these materials for more information. Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 Non-U.S. GAAP Financial Measures Trademarks and registered trademarks used in this report are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless noted otherwise. Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd. Trademarks WST Q2 2025 Earnings

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![](westq22025presentation-f005.jpg)

5 Financial Highlights WST Q2 2025 Earnings • Second quarter 2025 net sales of $766.5 million increased 9.2%; organic net sales increased by 6.8% • Second quarter 2025 reported-diluted EPS of $1.82 compared to $1.51 in the same period last year; adjusted-diluted EPS of $1.84 compared to $1.52 in the same period last year

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6 • HVP Components revenues increased 11.3% • GLP-1 elastomer products accounted for 8% of total company revenues • 370 Annex-1 / HVP Upgrade projects, up from 340 last quarter • West's participation rate for large molecules is trending above our historical levels YTD • Network optimization – improving service levels and managing tariff exposure • Standard products - revenues up 0.4% - Pipeline of components that have the potential to be converted into HVPs Proprietary Products Segment HVP Components and Standard Products WST Q2 2025 Earnings

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7 Proprietary Products Segment HVP Delivery Devices • 13% of total company sales • Revenues increased 30.0% • Majority of the growth driven by strength in Crystal Zenith containment & Administration Systems • SmartDose – We continue to evaluate the best path forward for this business and are closely managing the cost base. Introducing new automated line in early 2026. WST Q2 2025 Earnings

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8 Contract Manufacturing Segment • Revenues increased 0.5% on an organic basis in 2Q25 • Driven by the initial ramp-up stages of our Dublin facility where we manufacture auto- injectors and pens serving the obesity and diabetes market • Partially offset by lifecycle management of a CGM diagnostic device • Continue to expect CM organic revenues to increase low-single-digits for full year 2025 Dublin, Ireland expansion WST Q2 2025 Earnings

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9 Second-Quarter 2025 Guidance Overview FY25 Guidance April Earnings Call July Earnings Call Low High Low High Revenue $2.945B to $2.975B $3.040B to $3.060B YoY Fx. Impact on Revenues -$5M +$59M Organic Revenue Growth % 2.0% to 3.0% 3.0% to 3.75% Expected Impact From Tariffs $20M to $25M $15M to $20M Adjusted EPS $6.15 to $6.35 $6.65 to $6.85 YoY Fx. Impact on Adjusted EPS No Impact +$0.27 Tax Benefits from Stock-Based Compensation +$0.02 +$0.04 Estimated FY Tax Rate 22% 21% Capital Expenditure $275M $275M WST Q2 2025 Earnings

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![](westq22025presentation-f010.jpg)

10 Second-Quarter 2025 Summary Results ($ millions, except earnings-per-share (EPS) data) Three Months Ended June 30, 2025 2024 Reported Net Sales $766.5 $702.1 Gross Profit Margin 35.7% 32.8% Reported Operating Profit $153.7 $126.2 Adjusted Operating Profit (1) $155.3 $126.4 Reported Operating Profit Margin 20.1% 18.0% Adjusted Operating Profit Margin (1) 20.3% 18.0% Reported-Diluted EPS $1.82 $1.51 Adjusted-Diluted EPS (1) $1.84 $1.52 "Adjusted Operating Profit," "Adjusted Operating Profit Margin" and "Adjusted-Diluted EPS" are Non-U.S. GAAP financial measures. See accompanying slides and the discussion under the heading "Non-U.S. GAAP Financial Measures" in today's press release for an explanation and reconciliation of these items. (1) WST Q2 2025 Earnings

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![](westq22025presentation-f011.jpg)

11 Proprietary Products Q2 2025 organic net sales increased by 8.4%. HVP components were 47% of total company net sales driven by strength in Westar® and NovaChoice® products. Standard Products were 21% of total company net sales . HVP Delivery Devices represented 13% of total company net sales driven mainly by Daikyo Crystal Zenith® and Administration Systems. BIOLOGICS GENERICS PHARMA Organic sales growth driven by an increase in sales of NovaChoice® and Daikyo CZ® products Organic sales growth driven by an increase in sales of Westar® products Organic sales growth driven by an increase in sales of Westar® products CONTRACT MANUFACTURING Organic net sales growth driven by an increase in self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices High-Single Digit High-Single Digit Low-Single DigitHigh-Single Digit Second-Quarter 2025 Organic Net Sales Growth WST Q2 2025 Earnings Overall Organic Net Sales Growth: 6.8% (Q2 2025)

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![](westq22025presentation-f012.jpg)

12 Change in Consolidated Net Sales Second-quarter 2024 to 2025 ($ millions) WST Q2 2025 Earnings

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![](westq22025presentation-f013.jpg)

13 Gross Profit Update ($ millions) Three Months Ended June 30, 2025 2024 Proprietary Products Gross Profit $248.3 $207.0 Proprietary Products Gross Profit Margin 40.1% 37.0% Contract-Manufactured Products Gross Profit $25.6 $23.0 Contract-Manufactured Products Gross Profit Margin 17.5% 16.2% Consolidated Gross Profit $273.9 $230.0 Consolidated Gross Profit Margin 35.7% 32.8% WST Q2 2025 Earnings

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![](westq22025presentation-f014.jpg)

14 Cash Flow and Balance Sheet Metrics ($ millions) Cash Flow Items YTD Q2 2025 YTD Q2 2024 Depreciation and Amortization $81.4 $74.5 Operating Cash Flow $306.5 $283.2 Capital Expenditures $146.5 $190.8 Free Cash Flow $160.0 $92.4 Financial Condition June 30, 2025 December 31, 2024 Cash and Cash Equivalents $509.7 $484.6 Debt $202.6 $202.6 Equity $2,929.1 $2,682.3 Working Capital $1,076.3 $987.7 WST Q2 2025 Earnings

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![](westq22025presentation-f015.jpg)

15 2025 Full-Year Guidance WST Q2 2025 Earnings 2025 Full-Year Guidance Consolidated Net Sales $3.040 - $3.060 billion Adjusted-Diluted EPS $6.65 to $6.85

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![](westq22025presentation-f016.jpg)

16 Summary WST Q2 2025 Earnings • Delivering on financial outlook • Momentum is strong - reflected in our upward adjustment to guidance • Opportunities for increased returns in Contract Manufacturing • Strategy is delivering strong results and gives us confidence that our business can return to achieving our targeted long-term growth construct • Improving trends in our most profitable business, HVP Components, we are moving quickly to increase supply • Sincere thanks to all the West team members who did an outstanding job in contributing to our successful second quarter

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17 Eric M. Green President & Chief Executive Officer, Chair of the Board Bernard J. Birkett Senior VP & Chief Financial Officer John Sweeney VP, Investor Relations Q & A WST Q2 2025 Earnings

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![](westq22025presentation-f018.jpg)

18 Notes to Non-U.S. GAAP Financial Measures The Non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted Non-U.S. GAAP financial measures to the comparable U.S. GAAP financial measures is included in the accompanying tables. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation, the impact from acquisitions and/or divestitures, and the effects of unallocated items are not in conformity with U.S. GAAP and should not be used as a substitute for the comparable U.S. GAAP financial measures. WST Q2 2025 Earnings

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19 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See "Notes to Non-U.S. GAAP Financial Measures", "Safe Harbor Statement" (Slide 4) and today's press release for an explanation and reconciliation of these items. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended June 30, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $153.7 $30.2 $131.8 $1.82 Unallocated items: Restructuring and other charges 1.6 0.4 1.2 0.02 Amortization of acquisition-related intangible assets - - 0.5 - Adjusted (Non-U.S. GAAP) $155.3 $30.6 $133.5 $1.84 Six months ended June 30, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $260.7 $54.3 $221.6 $3.05 Unallocated items: Restructuring and other charges 19.4 2.4 17.0 0.23 Amortization of acquisition-related intangible assets 0.2 - 1.1 0.01 Adjusted (Non-U.S. GAAP) $280.3 $56.7 $239.7 $3.29 WST Q2 2025 Earnings

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![](westq22025presentation-f020.jpg)

20 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See "Notes to Non-U.S. GAAP Financial Measures", "Safe Harbor Statement" (Slide 4) and today's press release for an explanation and reconciliation of these items. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended June 30, 2024 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $126.2 $21.9 $111.3 $1.51 Unallocated items: Amortization of acquisition-related intangible assets 0.2 - 0.7 0.01 Adjusted (Non-U.S. GAAP) $126.4 $21.9 $112.0 $1.52 Six months ended June 30, 2024 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $249.0 $38.3 $226.6 $3.06 Unallocated items: Amortization of acquisition-related intangible assets 0.4 - 1.4 0.02 Adjusted (Non-U.S. GAAP) $249.4 $38.3 $228.0 $3.08 WST Q2 2025 Earnings

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![](westq22025presentation-f021.jpg)

21 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See "Notes to Non-U.S. GAAP Financial Measures", "Safe Harbor Statement" (Slide 4) and today's press release for an explanation and reconciliation of these items. Reconciliation of Net Sales to Organic Net Sales (1) ($ millions) (1) Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. Three months ended June 30, 2025 Proprietary CM Total Reported net sales (U.S. GAAP) $619.8 $146.7 $766.5 Effect of changes in currency translation rates (12.9) (3.6) (16.5) Organic net sales (Non-U.S. GAAP) (1) $606.9 $143.1 $750.0 WST Q2 2025 Earnings Six months ended June 30, 2025 Proprietary CM Total Reported net sales (U.S. GAAP) $1,182.8 $281.7 $1,464.5 Effect of changes in currency translation rates (3.1) (1.7) (4.8) Organic net sales (Non-U.S. GAAP) (1) $1,179.7 $280.0 $1,459.7

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![](westq22025presentation-f022.jpg)

22 Notes to Non-U.S. GAAP Financial Measures RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) See "Notes to Non-U.S. GAAP Financial Measures", "Safe Harbor Statement" (Slide 4) and today's press release for an explanation and reconciliation of these items. Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2024 Actual 2025 Guidance % Change Reported-diluted EPS (U.S. GAAP) $6.69 $6.36 to $6.56 (4.9%) to (1.9%) Restructuring and other charges 0.02 0.26 Amortization of acquisition-related intangible assets 0.04 0.03 Adjusted-diluted EPS (Non-U.S. GAAP) (1) $6.75 $6.65 to $6.85 (1.5%) to 1.5% (1) See "Full-year 2025 Financial Guidance" and "Non-U.S. GAAP Financial Measures" in today's press release for additional information regarding adjusted-diluted EPS. We have opted not to forecast 2025 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company's control. Instead, we recognize the benefits as they occur. In the first six months of 2025, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.04. Any future tax benefits associated with stock-based compensation that we receive in 2025 would provide a positive adjustment to our full-year EPS guidance. In full-year 2024, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.26. WST Q2 2025 Earnings

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