West Pharmaceutical Services, Inc. is a leading global manufacturer specializing in the design and production of advanced containment and delivery systems for injectable drugs and healthcare products. The company's core business model revolves around providing high-quality primary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems. West serves a diverse clientele including major biologic, generic, pharmaceutical, diagnostic, and medical device companies. Their competitive advantage lies in their commitment to quality, scientific expertise, and technical management, enabling them to partner with customers for safe and effective drug delivery. West has a significant global presence with manufacturing facilities in North and South America, Europe, and Asia.

• Employees: 10,600 (as of December 31, 2023)
• Geographic Footprint: North and South America, Europe, and Asia
• Headquarters: Exton, PA
• Founded: Not available in filing
• Number of locations/facilities: Multiple manufacturing facilities across North and South America, Europe, and Asia
• Revenue: $2.95 billion (FY2023)
• Market Capitalization: $28.2 billion (as of June 30, 2023, based on non-affiliate holdings)
• Key Subsidiaries/Brands: Daikyo Crystal Zenith, FluroTec, Westar, Daikyo, Envision

• CEO: Eric M. Green
• CFO: Bernard J. Birkett
• Chief Technology Officer: Silji Abraham
• Chief Human Resources Officer: Annette F. Favorite
• Vice President, Strategy and Investor Relations: Quintin J. Lai
• Senior Vice President, General Counsel and Corporate Secretary: Kimberly Banks MacKay
• Chief Commercial Officer: Cindy Reiss-Clark
• Vice President, Chief Accounting Officer and Corporate Controller: Chad R. Winters

Eric M. Green has served as CEO since April 2015 and Chair of the Board since May 2022. Bernard J. Birkett has served as CFO since June 2018 and Senior Vice President and Chief Financial and Operations Officer since July 2022. Silji Abraham has served as Chief Technology Officer since December 2020. Annette F. Favorite has served as Chief Human Resources Officer since October 2015. Kimberly Banks MacKay has served as Senior Vice President, General Counsel and Corporate Secretary since December 2020. Cindy Reiss-Clark has served as Chief Commercial Officer since May 2022. Chad R. Winters has served as Vice President, Chief Accounting Officer and Corporate Controller since May 2020.

• Annual Revenue: $2.95 billion (FY2023)
• Net Income: $593.4 million (FY2023)
• Market Cap: $28.2 billion (as of June 30, 2023)
• Total Assets: $3.83 billion (as of December 31, 2023)
• Employees: 10,600 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 2.2% year-over-year, including a favorable foreign currency translation impact. Net income decreased compared to previous year.

West's product portfolio includes a variety of primary proprietary packaging, containment solutions and drug delivery systems.

• Primary Packaging: Stoppers and seals for injectable packaging systems, designed for drug compatibility and stability.
• Containment Solutions: Crystal Zenith vials, syringes, and cartridges, offering a high-quality alternative to glass.
• Drug Delivery Systems: Self-injection devices and administration systems for at-home delivery of injectable therapies.
• Integrated Solutions: Analytical lab services, pre-approval primary packaging support, engineering development, regulatory expertise, and after-sales technical support.

West operates through two main business segments:

• Proprietary Products: Offers proprietary packaging, containment solutions, and drug delivery systems, along with analytical lab services and integrated solutions. This segment accounted for $2.40 billion in net sales in 2023.
• Contract-Manufactured Products: Focuses on the design, manufacture, and automated assembly of complex devices. This segment accounted for $552.5 million in net sales in 2023.

West's current strategic priorities include:

• Pursuing strategic initiatives in drug containment components and integrated systems.
• Developing novel drug delivery devices and therapeutic experiences.
• Seeking new opportunities for acquisition, licensing, and partnerships.
• Focusing on talent attraction, retention, and engagement, including diversity, equity, and inclusion.
• Implementing a climate and greenhouse gas reduction strategy.
• Developing a more sustainable and responsible supply chain.
• Research and development focused on sustainability and recyclability.

The company aims to be a leader in integrated containment and delivery of injectable medicines through innovation and strategic investments.

West operates in the pharmaceutical and medical device industry, which is characterized by:

• Primary Industry: Pharmaceutical and medical device manufacturing.
• Market Trends: Increasing demand for injectable drug delivery systems, growing biologics market, and a focus on patient-centric technologies.
• Key Competitors: Several companies compete across West's product lines, with competition based on product design, quality, regulatory compliance, and scientific expertise.
• Market Position: A leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products.

• Market Risks: Competition, pricing pressures, and consolidation in the pharmaceutical and healthcare industries.
• Operational Risks: Disruptions in manufacturing facilities, supply chain interruptions, and raw material price fluctuations.
• Financial Risks: Foreign currency exchange rate volatility, credit risk on accounts receivable, and interest rate fluctuations.
• Regulatory Risks: Compliance with healthcare, environmental, and anti-corruption laws and regulations.
• Cybersecurity Risks: Unauthorized access to company and customer information and systems.