West Pharmaceutical Services (WST) Wells Fargo 21st Annual Healthcare Conference summary

Leadership and strategic direction

• New CEO Michel brings deep market and customer knowledge, expected to accelerate ongoing initiatives and elevate customer engagement, ensuring a seamless leadership transition and business momentum.

• Focus remains on expanding market leadership and capitalizing on structural growth drivers within the pharmaceutical supply chain.

Financial performance and guidance

• Q2 results exceeded expectations with a $35 million organic revenue beat, primarily driven by HVP components, which represent over half of total business.

• Full-year growth guidance was raised to 10%-11%, with over eight points of growth attributed to HVP components.

• Margin expansion forecast increased by 50 basis points, now expecting nearly 250 basis points of improvement for the year.

Growth drivers and market trends

• Continued rise of biologics, regulatory changes (Annex 1), and strong participation in GLP-1s are key growth drivers.

• Annex 1 contributed an incremental 200 basis points to growth, with over 800 active projects, up 50% year-over-year.

• GLP-1s account for about 10% of revenues, with generics and biosimilars expanding access and driving volume growth, especially in emerging markets.