West Pharmaceutical Services (WST) 2026 KeyBanc Capital Markets Healthcare Forum summary

Business model and market position

• Holds a 70%-75% market share with a strong competitive moat, especially in biologics, ensuring long-term durability and customer retention.

• Rarely loses products once specified, benefiting from secular tailwinds and robust execution.

2025 performance and transition

• 2025 marked a transitional year with significant progress, especially in the second half, driven by GLP-1s and core business momentum.

• Successfully managed destocking in High-Value Components and transitioned SmartDose to AbbVie, improving economics.

• Exited 2025 with demand exceeding supply in non-GLP-1 business, setting up strong momentum for 2026.

2026 outlook and guidance

• Forecasting 5%-7% top-line growth, mainly from non-GLP-1 business, with high single-digit to low double-digit growth expected.

• GLP-1 growth guidance set at 10%, down from 50% in 2025, with upside potential due to conservative assumptions.

• Oral GLP-1s expected to reach 30% penetration by decade's end, with both injectables and orals growing.