# EDGAR Filing Document

**Accession Number:** 0000105770
**File Stem:** 0000105770-26-000047
**Filing Date:** 2026-4
**Character Count:** 50474
**Document Hash:** b78f8fd1534e92eef5221d24c2cf837b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000105770-26-000047.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000105770-26-000047

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260423

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26885520

**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-20260423

**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) – April 23, 2026**

![wstlogoq319.jpg](wst-20260423_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 April 23, 2026, West Pharmaceutical Services, Inc. (the "Company") issued a press release announcing its first-quarter 2026 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 April 23, 2026. |
|  | 99.2 | West Pharmaceutical Services, Inc. Presentation, dated April 23, 2026. |
|  | 104 | The cover page from the Company's Current Report on Form 8-K, dated April 23, 2026, 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/ Robert W. McMahon</u> |
| | Robert W. McMahon |
| | Senior Vice President, Chief Financial Officer |
| April 23, 2026 | |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[West Pharmaceutical Services, Inc. Press Release, dated April 23, 2026.](exh991q12026earningsrelease.htm)</u> |
| 99.2 | <u>[West Pharmaceutical Services, Inc. Presentation, dated April 23, 2026.](a1q26earningsdeck-final.htm)</u> |
| 104 | The cover page from the Company's Current Report on Form 8-K, dated April 23, 2026, formatted in Inline XBRL. |

---

## Exhibit 99.1

![exh991logoa.jpg](exh991logoa.jpg)

**Exhibit 99.1**

**West Reports First-Quarter 2026 Results**

*–Strong Start to the Year and Raising Full Year Revenue and EPS guidance*

Exton, PA, April 23, 2026 – West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today announced its financial results for the first quarter of 2026.

**First-Quarter Summary (comparisons to prior-year period)**

**•** Net sales of $844.9 million increased 21.0%; organic growth was 15.3%.

• Diluted earnings per share ("EPS") of $1.92 increased 56.1%.

• Adjusted-diluted EPS of $2.13 increased 46.9%.

• Operating cash flow was $89.9 million. Capital expenditures were $42.7 million. Free cash flow (defined as operating cash flow less capital expenditures) was $47.2 million.

• The Company repurchased 1.2 million shares for $297.6 million at an average price of $243.57 per share under its share repurchase program that was announced in mid-February 2026.

**Outlook for Full-Year and Second Quarter 2026**

• Full-year 2026 net sales guidance increased to a range of $3.295 billion to $3.350 billion, up from $3.215 billion to $3.275 billion and full year 2026 adjusted-diluted EPS guidance increased to a range of $8.40 to $8.75, up from $7.85 to $8.20.

• Second quarter 2026 net sales are expected to be in the range of $830 million to $850 million, up 8.3% to 10.9% reported and up 7.0% to 9.6% organic.

Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: "I am pleased to report a very strong start to the year with revenues and adjusted EPS exceeding expectations. Our revenues grew 15% organically, driven by our High Value Products Components business with double-digit growth in both GLP-1 and non-GLP-1 revenues. The better-than-expected performance can be attributed to continued market demand and the team's outstanding efforts in ramping up production, especially in Europe. As a result of these excellent first quarter results and expected continued momentum in our business, we are increasing our full-year 2026 guidance."

**Proprietary Products Segment**

Net sales of $694.3 million grew by 23.3% and increased 17.5% on an organic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-Value Product ("HVP") Components net sales of $409.3 million increased 29.6% and rose 22.6% on an organic basis driven by strength in Westar® and NovaPure® products. HVP Components accounted for 48% of total company net sales in the quarter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HVP Delivery Devices net sales of $123.6 million increased by 29.0%, and were up 27.5% on an organic basis, driven by increased sales of self-injection device platforms and Daikyo Crystal Zenith®. HVP Delivery Devices accounted for 15% of total company net sales in the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standard Products net sales of $161.4 million increased by 6.7% and rose 0.5% on an organic basis. Standard Products accounted for 19% of total company net sales this quarter.

**West Vantage Segment**

Effective in the first quarter of 2026, the Company renamed its "Contract-Manufactured Products" reportable segment to "West Vantage™" to better align with its current strategic focus and offerings. This change in name does not affect the composition of the reportable segment, nor does it impact previously reported segment financial information. Net sales of $150.6 million increased by 11.6% and rose 6.2% on an organic basis. Segment performance was driven by an increase in sales of self-injection devices for obesity and diabetes. West Vantage accounted for 18% of total company net sales in the quarter.

**Full-Year 2026 Financial Guidance** 

• The Company is increasing its full-year 2026 net sales guidance range to $3.295 billion to $3.350 billion, which continues to assume a mid-year close for the sale of SmartDose® 3.5mL to Abbvie, up from $3.215 billion to $3.275 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Reported net sales growth is now anticipated to be in the range of 7.2% to 9.0%, and organic net sales growth is expected to be in the range of 7% to 9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net sales guidance includes an estimated full-year 2026 benefit of approximately 2 percentage points based on current foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ SmartDose® 3.5mL generated $55 million in revenues in the second half of 2025. These revenues are excluded to calculate our full-year 2026 organic revenue growth guidance.

• The Company is increasing its full-year 2026 adjusted-diluted EPS guidance range to $8.40 to $8.75, up from the previous range of $7.85 to $8.20.

• Capital spending guidance is unchanged from a range of $250 million to $275 million.

**Second-Quarter 2026 Financial Guidance** 

**•** The Company is introducing its second-quarter 2026 net sales guidance range of $830 million to $850 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Reported net sales growth anticipated to be in the range of 8.3% to 10.9%, organic net sales growth is expected to be in the range of 7.0% to 9.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Net sales guidance includes an estimated second-quarter 2026 benefit of approximately 1.3 percentage points based on current foreign currency exchange rates.

• The Company is introducing its second-quarter 2026 adjusted-diluted EPS guidance range of $2.05 to $2.12, up 11.4% to 15.2%.

------

**First-Quarter 2026 Conference Call** 

Management will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the "Investors" section of the Company's website at https://investor.westpharma.com.

To participate in the Q&A portion of the conference call, please register in advance at https://register-conf.media-server.com/register/BI90c99055fd574ba4a570e7d0c5c40140.

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.

An accompanying slide presentation will be posted 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 26 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 2025 generated $3.07 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.*

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

------

**Forward-Looking Statements**

This press release contains 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 financial or operational performance. Forward-looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions.

These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward-looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this release contains certain non-GAAP financial measures, including organic net sales, adjusted-diluted EPS and adjusted operating profit. 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, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with U.S. GAAP. A reconciliation of these 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>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2026** | 2025 | 2025 |
| Net sales | $**844.9** | **100%** | $698.0 | 100% |
| Cost of goods and services sold | **548.5** | **65** | 466.1 | 67 |
| &nbsp;&nbsp;&nbsp;Gross profit | **296.4** | **35** | 231.9 | 33 |
| Research and development | **15.8** | **2** | 16.3 | 2 |
| Selling, general and administrative expenses | **99.5** | **12** | 88.0 | 13 |
| Other expense (income), net | **4.0** | **—** | 20.6 | 3 |
| &nbsp;&nbsp;&nbsp;Operating profit | **177.1** | **21** | 107.0 | 15 |
| Interest (income) expense, net | **(3.2)** | **—** | (3.7) | (1) |
| Other nonoperating expense (income) | **0.2** | **—** | 0.2 |  |
| &nbsp;&nbsp;&nbsp;Income before income taxes and equity in net income of affiliated companies | **180.1** | **21** | 110.5 | 16 |
| Income tax expense | **44.7** | **5** | 24.1 | 3 |
| Equity in net income of affiliated companies | **(3.4)** | **—** | (3.4) |  |
| &nbsp;&nbsp;&nbsp;Net income | $**138.8** | **16%** | $89.8 | 13% |
| Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**1.93** |  | $1.24 |  |
| &nbsp;&nbsp;&nbsp;Diluted | $**1.92** |  | $1.23 |  |
| Average common shares outstanding | **72.0** |  | 72.5 |  |
| Average shares assuming dilution | **72.4** |  | 73.0 |  |

---

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**WEST PHARMACEUTICAL SERVICES**

**REPORTING SEGMENT INFORMATION**

(UNAUDITED)

*(in millions)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **Net Sales**: | **2026** | 2025 |
| &nbsp;&nbsp;&nbsp;Proprietary Products | $**694.3** | $563.0 |
| &nbsp;&nbsp;&nbsp;West Vantage | **150.6** | 135.0 |
| **Consolidated Total** | $**844.9** | $698.0 |
| **Gross Profit:** |  |  |
| &nbsp;&nbsp;&nbsp;Proprietary Products | $**273.1** | $210.2 |
| &nbsp;&nbsp;&nbsp;West Vantage | **23.3** | 21.7 |
| **Gross Profit** | $**296.4** | $231.9 |
| &nbsp;&nbsp;&nbsp;*Gross Profit Margin* | ***35.1*** *%*** | *33.2 %* |
| **Operating Profit (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;Proprietary Products | $**189.2** | $130.6 |
| &nbsp;&nbsp;&nbsp;West Vantage | **15.6** | 13.5 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | **(6.6)** | (1.3) |
| &nbsp;&nbsp;&nbsp;General corporate costs | **(21.1)** | (35.8) |
| **Reported Operating Profit** | $**177.1** | $107.0 |
| &nbsp;&nbsp;&nbsp;*Reported Operating Profit Margin* | ***21.0*** *%*** | *15.3 %* |
| &nbsp;&nbsp;&nbsp;Unallocated items | **3.9** | 18.0 |
| **Adjusted Operating Profit** | $**181.0** | $125.0 |
| &nbsp;&nbsp;&nbsp;*Adjusted Operating Profit Margin* | ***21.4*** *%*** | *17.9 %* |

---

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**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 March 31, 2026** | Operating<br>profit | Income<br>tax<br>expense | Net<br>income | Diluted<br>EPS |
| Reported (U.S. GAAP) | $177.1 | $44.7 | $138.8 | $1.92 |
| Unallocated Items: |  |  |  |  |
| Restructuring and other charges <sup>(1)</sup> | 1.4 | (11.6) | 13.0 | 0.18 |
| SmartDose® 3.5mL sale <sup>(2)</sup> | 1.9 | 0.4 | 1.5 | 0.02 |
| Amortization of acquisition-related intangible assets <sup>(3)</sup> |  |  | 0.5 | 0.01 |
| Other | 0.6 | 0.2 | 0.5 |  |
| &nbsp;&nbsp;&nbsp;Adjusted (Non-U.S. GAAP) | $181.0 | $33.7 | $154.3 | $2.13 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months ended March 31, 2025** | Operating<br>profit | Income<br>tax<br>expense | Net<br>income | Diluted<br>EPS |
| Reported (U.S. GAAP) | $107.0 | $24.1 | $89.8 | $1.23 |
| Unallocated items: |  |  |  |  |
| Restructuring and other charges <sup>(1)</sup> | 17.8 | 2.0 | 15.8 | 0.21 |
| Amortization of acquisition-related intangible assets <sup>(3)</sup> | 0.2 |  | 0.6 | 0.01 |
| &nbsp;&nbsp;&nbsp;Adjusted (Non-U.S. GAAP) | $125.0 | $26.1 | $106.2 | $1.45 |

---

(1)During the three months ended March 31, 2026, the Company recorded pre-tax charges of $1.4 million related to our two existing restructuring programs: (i) $0.9 million within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three months ended March 31, 2025, the Company recorded pre-tax charges of $17.8 million related to our two existing restructuring programs: (i) $16.4 million within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.4 million within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.

------

(2)During the three months ended March 31, 2026, the Company recorded charges of $1.9 million related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $0.9 million of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $1.0 million within selling, general and administrative expenses, relating to professional services in connection with the sale agreement.

(3)During the three months ended March 31, 2026, and 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three months ended March 31, 2026, and 2025, the Company recorded $0.5 million and $0.4 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

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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 Net Sales to Organic Net Sales by Segment** <sup>(4)</sup>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended<br>March 31,** | Reported Net Sales (U.S. GAAP) | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| **Three Months Ended<br>March 31,** | 2026 | 2025 | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| Proprietary Products | $694.3 | $563.0 | 23.3% | 5.8% | 17.5% |
| West Vantage | 150.6 | 135.0 | 11.6% | 5.4% | 6.2% |
| &nbsp;&nbsp;&nbsp;Total | $844.9 | $698.0 | 21.0% | 5.7% | 15.3% |

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**Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category** <sup>(4)</sup>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended<br>March 31,** | Reported Net Sales (U.S. GAAP) | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| **Three Months Ended<br>March 31,** | 2026 | 2025 | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| HVP Components | $409.3 | $315.9 | 29.6% | 7.0% | 22.6% |
| HVP Delivery Devices | 123.6 | 95.8 | 29.0% | 1.5% | 27.5% |
| Standard Products | 161.4 | 151.3 | 6.7% | 6.2% | 0.5% |
| &nbsp;&nbsp;&nbsp;Total Proprietary Products | $694.3 | $563.0 | 23.3% | 5.8% | 17.5% |

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**Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group** <sup>(4)</sup>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended<br>March 31,** | Reported Net Sales (U.S. GAAP) | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| **Three Months Ended<br>March 31,** | 2026 | 2025 | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| Biologics | $354.5 | $269.3 | 31.6% | 5.7% | 25.9% |
| Pharma | 210.6 | 180.6 | 16.6% | 6.8% | 9.8% |
| Generics | 129.2 | 113.1 | 14.2% | 4.4% | 9.8% |
| &nbsp;&nbsp;&nbsp;Total Proprietary Products | $694.3 | $563.0 | 23.3% | 5.8% | 17.5% |

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**Reconciliation of Reported Net Sales to Organic Net Sales by Geography** <sup>(4)</sup>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended<br>March 31,** | Reported Net Sales (U.S. GAAP) | Reported Net Sales (U.S. GAAP) | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| **Three Months Ended<br>March 31,** | 2026 | 2025 | Percent Change | Impact of Currency | Organic Net Sales Growth Rate (Decline) (Non-U.S. GAAP) <sup>(4)</sup> |
| Americas | $377.3 | $338.9 | 11.3% | 0.5% | 10.8% |
| Europe, Middle East, Africa | 399.4 | 306.9 | 30.1% | 12.2% | 17.9% |
| Asia Pacific | 68.2 | 52.2 | 30.7% | 1.4% | 29.3% |
| &nbsp;&nbsp;&nbsp;Total | $844.9 | $698.0 | 21.0% | 5.7% | 15.3% |

---

(4)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**

---

| | | | |
|:---|:---|:---|:---|
| | 2025 Actual | 2026 Guidance | % Change |
| Reported-diluted EPS (U.S. GAAP) | $6.79 | $8.15 to $8.50 | 20.0% to 25.2% |
| Restructuring and other charges | 0.31 | 0.21 |  |
| SmartDose® 3.5mL sale | 0.09 | 0.02 |  |
| Cost-method investment activity | 0.06 |  |  |
| Amortization of acquisition-related intangible assets | 0.03 | 0.02 |  |
| Other | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted-diluted EPS (Non-U.S. GAAP) | $7.29 | $8.40 to $8.75 | 15.2% to 20.0% |

---

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**WEST PHARMACEUTICAL SERVICES**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| (in millions, except per share data) | March 31,<br>2026 | December 31,<br>2025 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $521.4 | $791.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 685.6 | 574.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 452.6 | 443.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 167.2 | 168.6 |
| Total current assets | 1826.8 | 1978.2 |
| Property, plant and equipment | 3223.0 | 3223.4 |
| Less: accumulated depreciation and amortization | 1520.8 | 1497.0 |
| Property, plant and equipment, net | 1702.2 | 1726.4 |
| Operating lease right-of-use assets | 110.2 | 117.0 |
| Investments in affiliated companies | 209.2 | 212.3 |
| Goodwill | 109.2 | 109.9 |
| Intangible assets, net | 7.0 | 7.7 |
| Deferred income taxes | 63.9 | 38.4 |
| Other noncurrent assets | 81.3 | 80.1 |
| Total Assets | $4109.8 | $4270.0 |
| LIABILITIES AND EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $252.3 | $253.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries, wages and benefits | 72.6 | 135.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 78.9 | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 21.4 | 22.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued commissions, rebates and royalties | 46.6 | 39.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 202.2 | 175.3 |
| Total current liabilities | 674.0 | 654.9 |
| Long-term debt | 202.8 | 202.8 |
| Deferred income taxes | 22.7 | 23.0 |
| Pension and other postretirement benefits | 28.5 | 29.0 |
| Operating lease liabilities | 92.0 | 95.6 |
| Deferred compensation benefits | 11.8 | 13.5 |
| Other long-term liabilities | 87.6 | 75.2 |
| Total Liabilities | 1119.4 | 1094.0 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: March 31, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares outstanding: March 31, 2026 - 70.9 million, December 31, 2025 - 72.0 million | 18.8 | 18.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 4475.9 | 4374.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (125.2) | (105.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost (March 31, 2026 - 4.4 million shares, December 31, 2025 - 3.3 million shares) | (1379.1) | (1112.2) |
| Total Equity | 2990.4 | 3176.0 |
| Total Liabilities and Equity | $4109.8 | $4270.0 |

---

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**WEST PHARMACEUTICAL SERVICES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

*(in millions)*

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| | 2026 | 2025 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $138.8 | $89.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 44.6 | 39.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 0.6 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 6.6 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash restructuring charges | 0.9 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairments | 0.3 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items, net | 1.0 | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities | (102.9) | 0.1 |
| Net cash provided by operating activities | 89.9 | 129.4 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (42.7) | (71.3) |
| Net cash used in investing activities | (42.7) | (71.3) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal repayments on finance leases | (0.3) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payments | (15.8) | (15.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock-based compensation awards | 5.5 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee stock purchase plan contributions | 2.0 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares purchased under share repurchase programs | (297.6) | (133.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased for employee tax withholdings | (2.5) | (2.5) |
| Net cash used in financing activities | (308.7) | (147.0) |
| Effect of exchange rates on cash | (8.4) | 8.5 |
| Net decrease in cash and cash equivalents | (269.9) | (80.4) |
| Cash, including cash equivalents at beginning of period | 791.3 | 484.6 |
| Cash, including cash equivalents at end of period | $521.4 | $404.2 |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued capital expenditures | $26.1 | $37.5 |

---

## Exhibit 99.2

![](a1q26earningsdeck-final001.jpg)

West Pharmaceutical Services, Inc. Eric M. Green President, CEO & Chair of the Board Bob W. McMahon Senior Vice President & Chief Financial Officer First-Quarter 2026 Earnings Call April 23, 2026 \| 8 a.m. Eastern Time

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2 West Analyst Conference Call April 23, 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 first-quarter 2026 and management's discussion of those results during today's conference call. A webcast of today's call can be accessed in the "Investors" section of the Company's website at www.investor.westpharma.com. To participate on the call by asking questions to Management, please register in advance by clicking here. 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. REGISTER TODAY

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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 financial or operational performance. Forward- looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward- looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this presentation and any accompanying management commentary contain certain non- GAAP financial measures, including organic net sales, adjusted- diluted earnings per share and adjusted operating profit. 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, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with U.S. GAAP. Reconciliations of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures are included in the accompanying tables at the end of this presentation and in today's press release. Forward-Looking Statements Non-U.S. GAAP Financial Measures All 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

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4 • Net sales $844.9M, +21.0% & +15.3% organic(1) • Gross margin 35.1%, +190 bps YoY • Adjusted operating profit margin(1) 21.4%, +350 bps vs. 1Q25 • Adj-diluted EPS(1) of $2.13, +46.9% vs. 1Q25 • Operating cash flow $89.9M • CapEx of $42.7M • Free cash flow(1) of $47.2M • Repurchased 1.2M shares for $297.6 million during 1Q26 (1) "Organic Net Sales," "Adjusted Operating Profit Margin," "Adjusted-Diluted EPS" and "Free Cash Flow" are non-U.S. GAAP financial measures. For an explanation and reconciliations of these items, see the accompanying disclosure in this presentation and today's press release under the heading "Non-U.S. GAAP Financial Measures" as well as the accompanying reconciliation tables at the end of this presentation and today's press release. 1Q26 Financial Highlights 17.9% 21.4% 1Q25 1Q26 $1.45 $2.13 1Q25 1Q26 $698.0 $844.9 1Q25 1Q26 Net Sales $M Adj. OP Margin Adj.-Diluted EPS +46.9% YoY+350 bps YoY +21.0% Reported +15.3% Organic (1)

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5 Capitalizing on Key Growth Drivers Across Our Business Biologics Expanding market – driving High- Value Products (HVP) Global regulatory framework upgrade opportunity GLP-1 Fastest growing category, multi-year opportunity – 18% of Net Sales Capacity Expansion Focused on HVP processing capabilities driving favorable returns (Envision, Pharma Washing, etc.) • 42% of West's revenue in 1Q26 • Fuels mix shift to high-margin HVP • Continued strong participation rate in new drug launches • ~6 billion components potential opportunity to upgrade quality levels • Continue to expect 200 bps of contribution to revenue growth from Annex 1 & HVP conversion in FY26 • GLP-1 elastomer revenues are 10% of 1Q26 total company revenues • GLP-1 West Vantage revenues are 8% of 1Q26 total company revenues • West Vantage – commenced drug handling commercial operations in Dubin facility in 1Q26 • CapEx aligned to growth opportunities in biologics, Annex 1 and GLP-1 • Network optimization to drive improving service levels • Opportunity to capitalize on near shoring trend B u sin ess O p p o rtu n ity, Im p act & R esu lts D river Annex 1

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6 Proprietary Products Segment Segment Performance • Proprietary net sales of $694.3M, +23.3% YoY, +17.5% organic • Proprietary gross profit margin of 39.3%, +200 bps YoY • Proprietary OP margin of 27.3%, +410 bps YoY Proprietary Products Revenues $M $563.0 $694.3 1Q25 1Q26 1Q26 results Proprietary OP Margin % 23.2% 27.3% 1Q25 1Q26 Net sales $409.3M 48% of total sales +29.6% reported +22.6% organic Net sales $123.6M 15% of total sales +29.0% reported +27.5% organic Net sales $161.4M 19% of total sales +6.7% reported +0.5% organic • Driven by strength in Westar® and NovaPure® products • GLP-1s - strong contributor: 10% of total company sales • Non-GLP-1 organic growth in double digits shows improving underlying demand for HVP Components • Strong performance on SmartDose® in anticipation of closing transaction to AbbVie mid-year • Crystal Zenith - strong growth driven by the Biologics market • The non-SmartDose parts of the business represent more than half of HVP Delivery Devices revenues and were up double digits in the quarter • Basic primary containment products - often spec'd into customers' drug manufacturing processes • Important business funnel forming the base from which West converts to HVP Components over time HVP Components HVP Delivery Devices Standard Components

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7 West Vantage Segment Segment Performance • West Vantage net sales of $150.6M, +11.6% YoY & +6.2% organic • West Vantage gross profit margin 15.5%, -60 bps YoY • West Vantage OP margin 10.4%, +40 bps YoY West Vantage Revenues $M $135.0 $150.6 1Q25 1Q26 1Q26 results West Vantage OP Margin % 10.0% 10.4% 1Q25 1Q26 Net sales $150.6M, 18% of total sales, +11.6% reported, +6.2% organic • Rebranded our Contract Manufacturing business segment to West Vantage • Celebrated the official opening at our new Dublin West Vantage site, which is now fully operational, with commercial product now being produced. 1Q26 Performance

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8 Strategically Diversified Platform with Global Reach 1 Quarter ended March 31, 2026 – numbers represent % of total company sales 2 Non-proprietary products 45% Americas 47% Europe, Middle East, Africa Asia Pacific 8% 1Q26 Net Sales1 by Geographic Location 48% HVP Components19% Standard Packaging 15% HVP Delivery Devices West Vantage Products2 18% 1Q26 Net Sales1 by Product Category 42% Biologics 15% Generics 25% Pharma 1Q26 Net Sales1 by Market Group West Vantage Products2 18%

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9 1Q26 Revenue by Market Group 1Q26 Revenues YoY % chg. Currency % Organic % Share of Total Company Revenue Biologics $354.5 31.6% 5.7% 25.9% 42% Pharma $210.6 16.6% 6.8% 9.8% 25% Generics $129.2 14.2% 4.4% 9.8% 15% Proprietary Prod. Segment $694.3 23.3% 5.8% 17.5% 82% West Vantage Segment $150.6 11.6% 5.4% 6.2% 18% Total Company $844.9 21.0% 5.7% 15.3% 100%

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![](a1q26earningsdeck-final010.jpg)

10 1Q26 Revenue by Product Category 1Q26 Revenues YoY % chg. Currency % Organic % Share of Total Company Revenue HVP Components $409.3 29.6% 7.0% 22.6% 48% HVP Delivery Devices $123.6 29.0% 1.5% 27.5% 15% Standard Products $161.4 6.7% 6.2% 0.5% 19% Proprietary Prod. Segment $694.3 23.3% 5.8% 17.5% 82% West Vantage Segment $150.6 11.6% 5.4% 6.2% 18% Total Company $844.9 21.0% 5.7% 15.3% 100%

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![](a1q26earningsdeck-final011.jpg)

11 1Q26 Revenue by Geography 1Q26 Revenues YoY % chg. Currency % Organic % Share of Total Company Revenue Americas $377.3 11.3% 0.5% 10.8% 45% Europe, Middle East, Africa $399.4 30.1% 12.2% 17.9% 47% Asia Pacific $68.2 30.7% 1.4% 29.3% 8% Total Company $844.9 21.0% 5.7% 15.3% 100%

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![](a1q26earningsdeck-final012.jpg)

Change in Consolidated Net Sales 1Q25 vs. 1Q26 ($ millions) $698.0 $24.2 $82.7 $40.0 $844.9 1Q25 CY Sales Price Volume & Mix Fx. Translation 1Q26 12

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13 2Q 2026 Guidance 2026 Annual Guidance Low High Low High Revenue $830M to $850M $3.295B to $3.350B Fx. YoY Revenue Impact ~+1.3% points ~+2% points Divestiture Impact\* No impact ~-2% points Organic Revenue Growth % 7.0% to 9.6% 7% to 9% Adjusted EPS $2.05 to $2.12 $8.40 to $8.75 Fx. YoY on Adjusted EPS ~+$0.04 ~+$0.17 Estimated Tax Rate ~19% ~19% Capital Expenditure $250M – $275M 2026 / 2Q26 Guidance Overview \* $55 million in SmartDose® 3.5mL revenue in 2H 2025

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Investor Relations contact: https://investor.westpharma.com /contact-investor-relations www.westpharma.com

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![](a1q26earningsdeck-final015.jpg)

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. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended March 31, 2026 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $177.1 $44.7 $138.8 $1.92 Unallocated items: Restructuring and other charges 1.4 (11.6) 13.0 0.18 SmartDose® 3.5mL sale 1.9 0.4 1.5 0.02 Amortization of acquisition-related intangible assets - - 0.5 0.01 Other 0.6 0.2 0.5 - Adjusted (Non-U.S. GAAP) $181.0 $33.7 $154.3 $2.13 Three months ended March 31, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $107.0 $24.1 $89.8 $1.23 Unallocated items: Restructuring and other charges 17.8 2.0 15.8 0.21 Amortization of acquisition-related intangible assets 0.2 - 0.6 0.01 Adjusted (Non-U.S. GAAP) $125.0 $26.1 $106.2 $1.45 A-1 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited)

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![](a1q26earningsdeck-final016.jpg)

Reconciliation of Reported Net Sales to Organic Net Sales by Segment ($ millions) Three months ended March 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP 2026 2025 Proprietary Products $694.3 $563.0 23.3 % 5.8 % 17.5 % West Vantage 150.6 135.0 11.6 % 5.4 % 6.2 % Total $844.9 $698.0 21.0 % 5.7 % 15.3 % Three months ended March 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP2026 2025 HVP Components $409.3 $315.9 29.6 % 7.0 % 22.6 % HVP Delivery Devices 123.6 95.8 29.0 % 1.5 % 27.5 % Standard Products 161.4 151.3 6.7 % 6.2 % 0.5 % Total Proprietary Products $694.3 $563.0 23.3 % 5.8 % 17.5 % A-2 Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category ($ millions) 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 of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release.

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![](a1q26earningsdeck-final017.jpg)

Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group ($ millions) Three months ended March 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP2026 2025 Biologics $354.5 $269.3 31.6 % 5.7 % 25.9 % Pharma 210.6 180.6 16.6 % 6.8 % 9.8 % Generics 129.2 113.1 14.2 % 4.4 % 9.8 % Total Proprietary Products $694.3 $563.0 23.3 % 5.8 % 17.5 % Three months ended March 31, Reported Net Sales (U.S. GAAP) Percent Change Impact of Currency Organic Net Sales Growth Rate (Decline) Non-U.S. GAAP2026 2025 Americas $377.3 $338.9 11.3 % 0.5 % 10.8 % Europe, Middle East, Africa 399.4 306.9 30.1 % 12.2 % 17.9 % Asia Pacific 68.2 52.2 30.7 % 1.4 % 29.3 % Total $844.9 $698.0 21.0 % 5.7 % 15.3 % A-3 Reconciliation of Reported Net Sales to Organic Net Sales by Geography ($ millions) 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. Reconciliation of Non-U.S. GAAP Financial Measures (unaudited)

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![](a1q26earningsdeck-final018.jpg)

Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2025 Actual 2026 Guidance % Change Reported-diluted EPS (U.S. GAAP) $6.79 $8.15 to $8.50 20.0% to 25.2% Restructuring and other charges 0.31 0.21 SmartDose® 3.5mL sale 0.09 0.02 Cost-method investment activity 0.06 - Amortization of acquisition-related intangible assets 0.03 0.02 Other 0.01 - Adjusted-diluted EPS (Non-U.S. GAAP) $7.29 $8.40 to $8.75 15.2% to 20.0% 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 an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release.

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![](a1q26earningsdeck-final019.jpg)

Free Cash Flow Reconciliation ($ millions) Three months ended March 31, 2026 2025 Operating Cash Flow $89.9 $129.4 Capital Expenditures 42.7 71.3 Free Cash Flow(1) $47.2 $58.1 (1) Free Cash Flow is defined as operating cash flow, less capital expenditures. A-5 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 of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release.

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