West Pharmaceutical Services (WST) Bank of America Global Healthcare Conference 2024 summary

Business performance and pipeline progress

• Achieved strong operational and pipeline progress, with 11% year-over-year Q2 growth and raised full-year guidance to 8%-10% top-line growth.

• Expanded phase 3 pipeline to 21 assets, nearly tripling since 2021, with significant contributions from external partnerships.

• International revenue grew from $17B in 2019 to nearly $27B in 2023, driven by Keytruda and Gardasil.

• Keytruda expanded from 12 to 28 international indications, doubling revenue to $11B; Gardasil revenue nearly quadrupled to $7B.

• Launched new products like Vaxneuvance and Winrevair, with ongoing diversification into cardiovascular and other therapeutic areas.

Regional and product strategy

• EU remains the largest market for Keytruda, but emerging markets are gaining share, especially for vaccines.

• Gardasil's China strategy focuses on expanding vaccination points and improving sales force coverage, with a binding contract with Zhifei and efforts to manage inventory.

• Differentiation in China includes broader indications, two-dose regimens for younger cohorts, and upcoming male indications.

• Winrevair launches begin in Germany and Austria, with broader European reimbursement expected over 12-18 months; emerging market access will use tailored strategies.

Competitive landscape and innovation

• Keytruda's growth is driven by early-stage indications and robust data, with ongoing expansion into new tumor types and combinations.

• ADC and bispecific partnerships (e.g., Kelun, Daiichi Sankyo) are expected to add $20B to the top line by mid-2030s.

• Subcutaneous Keytruda readout expected in early 2025, with no delays anticipated.

• Commercial strategy for vaccines and new launches emphasizes payer engagement, innovative access solutions, and leveraging multinational trust.