Financial Analysis

Commitments and Contingencies At December 31, 2025, we were obligated under various operating lease agreements. Please refer to Note 6, Leases , for additional details. At December 31, 2025, we were obligated under debt agreements, net of unamortized debt issuance costs including fixed and variable-rate debt. Please refer to Note 10, Debt , for additional details. At December 31, 2025, we were obligated under various tax-qualified and non-qualified defined benefit pension plans in the U.S. and other countries that cover employees and former employees who meet eligibility requirements. Please refer to Note 15, Benefit Plans , for additional details. At December 31, 2025, our outstanding unconditional contractual commitments, including for the purchase of raw materials and finished goods, amounted to $221.8 million, the majority of which is to be paid over the next three years, with $75.0 million due to be paid in 2026. We have letters of credit totaling $2.3 million supporting the reimbursement of workers compensation and other claims paid on our behalf by insurance carriers. Our accrual for insurance obligations was $2.0 million at December 31, 2025, of which $0.4 million is in excess of our deductible and, therefore, is reimbursable by the insurance company. Securities Class Action On May 5, 2025, New England Teamsters Pension Fund filed a class action against us and certain of our current and former officers in the United States District Court for the Eastern District of Pe …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities, at December 31. The interest rates shown in parentheses are as of December 31, 2025. ($ in millions) 2025 2024 Term Loan, due July 2, 2027 (5.02%) $ 130.0 $ 130.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 203.0 203.0 Less: unamortized debt issuance costs for Term Loan and Series notes 0.2 0.4 Total debt 202.8 202.6 Less: current portion of long-term debt Long-term debt, net $ 202.8 $ 202.6 Multi-Currency Revolving Credit Facility In March 2022, we amended and extended the existing multi-currency revolving credit facility (entered into in March 2019), which was scheduled to expire in March 2024, from $300.0 million to a $500.0 million senior unsecured revolving credit facility by entering into a Second Amendment and Joinder and Assumption Agreement (the ""Amended Credit Agreement""). The Amended Credit Agreement, which expires March 2027, contains a senior unsecured, multi-currency revolving credit facility of $500.0 million, with sublimits of up to $50.0 million for swing line loans for Domestic Borrowers in U.S. dollars and a $40.0 million swing line loan for West Pharmaceuticals Services Holding GmbH and up to $50.0 million for the issuance of standby letters of credit. The multi-currency revolving credit facility may be increased from time-to-time by the greater of (a) $929.0 million or (b) EBITDA for the preceding twelve-month period …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents the approximate percentage of our net sales by market group: 2025 2024 2023 Biologics 40 % 39 % 37 % Generics 17 % 17 % 20 % Pharma 24 % 25 % 24 % Contract-Manufactured Products 19 % 19 % 19 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: 2025 2024 2023 High-Value Product Components 47 % 45 % 50 % High-Value Product Delivery Devices 13 % 14 % 10 % Standard Packaging 21 % 22 % 21 % Contract-Manufactured Products 19 % 19 % 19 % 100 % 100 % 100 % Due to the Company's reassessment of product categories, beginning in the second quarter of 2023, certain product types have been moved from High-Value Product Components to High-Value Product Delivery Devices. No adjustments were made to the product categorization prior to and since the second quarter of 2023. The following table presents the approximate percentage of our net sales by geographic location: 2025 2024 2023 Americas 46 % 45 % 45 % Europe, Middle East, Africa 45 % 46 % 46 % Asia Pacific 9 % 9 % 9 % 100 % 100 % 100 %

DisaggregationOfRevenueTableTextBlock

"Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the 2016 Plan) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. In March 2025, the Board of Directors approved, and our stockholders subsequently approved in May 2025, an amendment to the 2016 Plan (""the Amended and Restated 2016 Plan""), which, among other things, added 2.0 million shares of common stock to the maximum number of shares of common stock as to which awards may be granted. Following the approval of the Amended and Restated 2016 Plan, all stock options or SARs that are not forfeited or cancelled will reduce the number of shares available for issuance under the Amended and Restated 2016 Plan by one share for each share subject to the award. Awards issued following the amendment that are payable in common stock (other than stock options or SARs) will reduce the total number of shares available for grant under the Amended and Restated 2016 Plan by an amount equal to 2.0 times the number of shares subject to the award. The reduction was previously equal to 2.5 times the number of shares subject to the award under the 2016 Plan. At December 31, 2025, there were 3.1 million shares remaining in the 2016 Plan for future gran …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 : Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 : Unobservable inputs that reflect the reporting entitys own assumptions. The following tables present the assets and liabilities recorded at fair value on a recurring basis: Balance at Basis of Fair Value Measurements ($ in millions) December 31, 2025 Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 10.0 $ 10.0 $ $ Money market funds 443.9 443.9 Time deposits 41.6 41.6 Foreign currency contracts 0.2 0.2 Cross-currency swap 24.7 24.7 Commodity call options 0.3 0.3 $ 520.7 $ 453.9 $ 66.8 $ Liabilities: Contingent consideration $ 2.2 $ $ $ 2.2 Deferred compensation liabilities 10.1 10.1 Foreign currency contracts 7.6 7.6 $ 19.9 $ 10.1 $ 7.6 $ 2.2 Balan …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows: ($ in millions) Proprietary Products Contract-Manufactured Products Total Balance, December 31, 2023 $ 78.9 $ 29.6 $ 108.5 Foreign currency translation (2.1) (0.4) (2.5) Balance, December 31, 2024 76.8 29.2 106.0 Foreign currency translation 3.8 0.7 4.5 Adjustment to goodwill related to business classified as held for sale as of December 31, 2025 (0.6) (0.6) Balance, December 31, 2025 $ 80.0 $ 29.9 $ 109.9 As of December 31, 2025, we had $0.1 million of accumulated goodwill impairment losses. Intangible assets and accumulated amortization as of December 31 were as follows: 2025 2024 ($ in millions) Cost Accumulated amortization Net Cost Accumulated amortization Net Patents and licensing $ 24.7 $ (24.1) $ 0.6 $ 24.7 $ (23.0) $ 1.7 Technology 3.3 (2.9) 0.4 3.3 (2.7) 0.6 Trademarks 1.2 (1.2) 1.2 (1.2) Customer relationships 39.0 (32.5) 6.5 38.9 (30.8) 8.1 Customer contracts 8.1 (7.9) 0.2 8.0 (7.6) 0.4 $ 76.3 $ (68.6) $ 7.7 $ 76.1 $ (65.3) $ 10.8 The cost basis of intangible assets includes a foreign currency translation gain of $0.2 million and a loss of $0.7 million for the years ended December 31, 2025 and 2024, respectively. Amortization expense for the years ended December 31, 2025, 2024 and 2023 was $2.8 million, $3.6 million and $3.6 million, respectively. Additionally, intangible asset impairment expense for the years ended December 31, 2025, 2024 and 2023 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes As a global organization, we and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. As of December 31, 2025, the statute of limitations for the U.S. federal tax years 2022 through 2025 remain open to examination. For U.S. state and local jurisdictions, tax years 2021 through 2025 are open to examination. We are also subject to examination in various foreign jurisdictions for tax years 2018 through 2025. A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows: ($ in millions) 2025 2024 2023 Balance at January 1 $ 43.6 $ 38.8 $ 36.5 Increase due to current year position 16.4 5.3 6.4 Increase (decrease) due to prior year position 0.5 0.7 (1.0) Reduction for expiration of statute of limitations/audits (4.4) (1.2) (3.1) Balance at December 31 $ 56.1 $ 43.6 $ 38.8 In addition, we had balances in accrued liabilities for interest and penalties of $8.9 million and $6.6 million at December 31, 2025 and 2024, respectively. As of December 31, 2025, we had $56.1 million of total gross unrecognized tax benefits, the entirety of which, if recognized, would favorably impact the effective income tax rate. The components of income before income taxes and equity in net income of affiliated companies are: ($ in millions) 2025 2024 2023 U.S. operations $ 228.3 $ 243.4 $ 369.4 International operations 372.6 342.1 328.6 Total income before income taxes and equity …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases As of December 31, 2025, we had leases primarily related to land, buildings, and machinery and equipment, with lease terms through 2269. Certain of our leases provide us with an option, exercisable at our sole discretion, to terminate the lease or extend the lease term for one year or more. At this time, the Company is not able to assert whether any of these options will be exercised. Judgments used in applying ASC 842 include determining: i) whether a contract is, or contains, a lease; ii) the discount rate to be used to discount the unpaid lease payments to present value; iii) the lease term; and iv) the lease payments. We determine if a contract is, or contains, a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As all of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Standards In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. The Company has adopted and implemented the applicable disclosure requirements within this annual report on a prospective basis. Standards Issued Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that seeks to improve the disclosures about a public business entitys expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Benefit Plans Certain of our U.S. and international subsidiaries sponsor defined benefit pension plans. In addition, we pay a portion of healthcare costs for retired U.S. salaried employees and their dependents. We also sponsor a defined contribution plan for certain salaried and hourly U.S. employees. Our 401(k) plan contributions were $24.1 million for 2025, $23.2 million for 2024 and $22.7 million for 2023. Pension and Other Retirement Benefits The components of net periodic benefit cost and other amounts recognized in OCI were as follows: Pension benefits Other retirement benefits ($ in millions) 2025 2024 2023 2025 2024 2023 Net periodic benefit cost: Service cost $ 1.3 $ 1.2 $ 1.1 $ $ $ Interest cost 2.4 2.1 2.4 0.2 0.2 0.2 Expected return on plan assets (1.2) (1.3) (1.2) Amortization of actuarial loss (gain) 0.9 0.6 0.6 (1.3) (1.6) (2.0) Settlement loss 0.1 Other 1.0 0.3 0.4 Net periodic benefit cost $ 3.4 $ 3.6 $ 3.3 $ (1.1) $ (1.4) $ (1.4) Other changes in plan assets and benefit obligations recognized in OCI, pre-tax: Net (gain) loss arising during period $ (3.4) $ (0.7) $ (1.4) $ (0.3) $ (0.5) $ (0.5) Amortization of actuarial (loss) gain (0.9) (0.6) (0.3) 1.3 1.6 2.0 Settlement loss (0.1) Foreign currency translation 0.7 (0.2) 0.7 Other 0.4 Total recognized in OCI $ (3.6) $ (1.5) $ (0.7) $ 1.0 $ 1.1 $ 1.5 Total recognized in net periodic benefit cost and OCI $ (0.2) $ 2.1 $ 2.6 $ (0.1) $ (0.3) $ 0.1 Net periodic benefit cost by geographic location is as follows: P …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Revenue Recognition We recognize the majority of our revenue, primarily relating to Proprietary Products product sales, at a point in time, following the transfer of control of our products to our customers, which typically occurs upon shipment or delivery, depending on the terms of the related agreements. We recognize revenue relating to our Contract-Manufactured Products product sales and certain Proprietary Products product sales over time, as our performance does not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date. We recognize revenue relating to our development and tooling agreements over time, as our performance creates or enhances an asset that the customer controls as the asset is created or enhanced. For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, we select the method that best depicts the transfer of control of goods or services promised to our customers. Revenue for our Contract-Manufactured Products product sales, certain Proprietary Products product sales, and our development and tooling agreements is recorded under an input method, which recognizes revenue on the basis of our efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, t …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customer. The Chief Operating Decision Maker (""CODM"") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. The segment operating profit metric is what the CODM uses in evaluat …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. (""West"") after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities. Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates. Cash and Cash Equivalents: Cash equivalents include money market funds, time deposits and all highly liquid short-term instruments with maturities of three months or less at the time of purchase. Accounts Receivable: Our accounts receivable balance was net of an allowance for credit losses of $1.4 million and $0.8 million for December 31, 2025 and 2024, respectively. Under the current expected credit loss model, we utilize a provision matrix approach, utilizing historical loss rates based on the number of days past due, adjusted to reflect current economic conditions and forecasts of future economic conditions. Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. The Company provides cost adjustments for excess, obsolete or slow-moving inve …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies From time to time, we are involved in various proceedings, lawsuits, disputes and claims arising in the ordinary course of the Companys business, whether that be matters involving commercial operations, product liability, intellectual property or employment actions, including class action lawsuits. We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated based on circumstances and assumptions existing at the time. Unless otherwise disclosed below, while the outcome of such claims cannot be predicted with certainty, we believe their ultimate resolution is not expected to have a material adverse effect on our business, financial condition, results of operations or liquidity. However, if an unfavorable ruling were to occur in any specific case, a material impact on the results of operations could be possible for that period. Securities Class Action On May 5, 2025, New England Teamsters Pension Fund filed a class action against us and certain of our current and former officers in the United States District Court for the Eastern District of Pennsylvania, purportedly on behalf of a class of the Companys investors who purchased or otherwise acquired the Companys common stock between February 16, 2023 and February 12, 2025. On July 23, 2025, the court appointed lead plaintiffs in the action. On October 15, 2025, the lead plaintiffs filed an amended complaint. The amende …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2026. ($ in millions) June 30, 2026 December 31, 2025 Term Loan, due July 2, 2027 (5.08%) $ 130.0 $ 130.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 203.0 203.0 Less: unamortized debt issuance costs for Term Loan and Series Notes 0.1 0.2 Total debt 202.9 202.8 Less: current portion of long-term debt Long-term debt, net $ 202.9 $ 202.8 Term Loan At June 30, 2026, the Company had $130.0 million in borrowings under the Term Loan which were classified as long-term. Please refer to Note 9, Derivative Financial Instruments , for a discussion of the foreign currency hedge associated with the Term Loan. Multi-Currency Revolving Credit Facility At June 30, 2026, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility, including outstanding letters of credit of $2.3 million, was $497.7 million. Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At June 30, 2026, we were in compliance with all of our debt covenants. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"The following table presents the approximate percentage of our net sales by market group: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Biologics 43 % 38 % 42 % 38 % Generics 16 % 17 % 16 % 17 % Pharma 24 % 26 % 24 % 26 % West Vantage 17 % 19 % 18 % 19 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 High-Value Product (""HVP"") Components 49 % 47 % 48 % 46 % High-Value Product (""HVP"") Delivery Devices 15 % 13 % 15 % 13 % Standard Packaging 19 % 21 % 19 % 22 % West Vantage 17 % 19 % 18 % 19 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Americas 44 % 45 % 45 % 47 % Europe, Middle East, Africa 46 % 46 % 46 % 45 % Asia Pacific 10 % 9 % 9 % 8 % 100 % 100 % 100 % 100 %"

DisaggregationOfRevenueTableTextBlock

"Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the 2016 Plan) provides for the granting of stock options, stock appreciation rights (""SARs""), restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. In March 2025, the Board of Directors approved, and our stockholders subsequently approved in May 2025, an amendment to the 2016 Plan (""the Amended and Restated 2016 Plan""), which, among other things, added 2.0 million shares of common stock to the maximum number of shares of common stock as to which awards may be granted. Following the approval of the Amended and Restated 2016 Plan, all stock options or SARs that are not forfeited or cancelled will reduce the number of shares available for issuance under the Amended and Restated 2016 Plan by one share for each share subject to the award. Awards issued following the amendment that are payable in common stock (other than stock options or SARs) will reduce the total number of shares available for grant under the Amended and Restated 2016 Plan by an amount equal to 2.0 times the number of shares subject to the award. The reduction was previously equal to 2.5 times the number of shares subject to the award under the 2016 Plan. At June 30, 2026, there were approximately 2.8 million shares remaining in the Amen …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 : Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 : Unobservable inputs that reflect the reporting entitys own assumptions. The following tables present the assets and liabilities recorded at fair value on a recurring basis: Balance at Basis of Fair Value Measurements ($ in millions) June 30, 2026 Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 9.9 $ 9.9 $ $ Money market funds 100.7 100.7 Time deposits 47.0 47.0 Foreign currency contracts 3.9 3.9 Cross-currency swap 27.0 27.0 Commodity call options 1.5 1.5 $ 190.0 $ 110.6 $ 79.4 $ Liabilities: Contingent consideration $ 3.3 $ $ $ 3.3 Deferred compensation liabilities 10.0 10.0 Foreign currency contracts 5.3 5.3 $ 18.6 $ 10.0 $ 5.3 $ 3.3 Balance at …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $32.2 million and $30.2 million for the three months ended June 30, 2026 and 2025, respectively, and the effective tax rate was 17.9% and 19.2%, respectively. The decrease in the effective tax rate for the three months ended June 30, 2026, as compared to the same period in 2025, primarily reflects the impact of favorable changes in our geographic mix of earnings The provision for income taxes was $76.9 million and $54.3 million for the six months ended June 30, 2026 and 2025, respectively, and the effective tax rate was 21.3% and 20.3%, respectively. The increase in the effective tax rate for the six months ended June 30, 2026, as compared to the same period in 2025, is primarily due to a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026, partially offset by the impact of favorable changes in our geographic mix of earnings. The liability for unrecognized tax benefits was $67.5 million and $56.1 million as of June 30, 2026 and December 31, 2025, respectively, and is included within other long-term liabilities.

IncomeTaxDisclosureTextBlock

Leases A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 Operating lease cost $ 7.3 $ 6.8 $ 14.5 $ 13.4 Finance lease - amortization of right-of-use (ROU) assets 0.5 0.4 1.0 0.7 Finance lease - interest on lease liabilities 0.1 0.1 0.1 Short-term lease cost 1.1 0.7 2.0 1.5 Variable lease cost 3.0 2.5 5.5 5.4 Total lease cost $ 11.9 $ 10.5 $ 23.1 $ 21.1 The following table summarizes the finance lease amounts in the condensed consolidated balance sheets: June 30, December 31, ($ in millions) Balance Sheet Classification 2026 2025 ROU assets, net Other noncurrent assets $ 33.2 $ 34.7 Lease liabilities (current) Other current l …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Standards In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. The Company adopted and implemented the applicable disclosure requirements within its 2025 Form 10-K filed on February 17, 2026 on a prospective basis. Standards Issued Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that seeks to improve the disclosures about a public business entitys expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Revenue Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (ASC) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service. The following table presents the approximate percentage of our net sales by market group: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Biologics 43 % 38 % 42 % 38 % Generics 16 % 17 % 16 % 17 % Pharma 24 % 26 % 24 % 26 % West Vantage 17 % 19 % 18 % 19 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 High-Value Product (""HVP"") Components 49 % 47 % 48 % 46 % High-Value Product (""HVP"") Delivery Devices 15 % 13 % 15 % 13 % Standard Packaging 19 % 21 % 19 % 22 % West Vantage 17 % 19 % 18 % 19 % 100 % 100 % 100 % 100 % The following table presents th …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information Our business operations are organized into two reportable segments, Proprietary Products and West Vantage. 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. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our West Vantage reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. The Chief Operating Decision Maker (""CODM"") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Basis of Presentation Basis of Presentation : The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) for interim financial reporting and U.S. Securities and Exchange Commission (SEC) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and six months ended June 30, 2026, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as West, the Company, we, us or our) appearing in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report ). The results of operations for any interim period are not necessarily indicative of results for the full year. West Vantage: Effecti …

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Shareholders Equity The following table presents the changes in shareholders equity for the six months ended June 30, 2026: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained earnings Accumulated other comprehensive loss Total (in millions) Balance, December 31, 2025 75.3 $ 18.8 $ 3.3 $ (1,112.2) $ 4,374.9 $ (105.5) $ 3,176.0 Net income 138.8 138.8 Activity related to stock-based compensation (0.1) 30.7 (21.9) 8.8 Shares purchased under share repurchase program 1.2 (297.6) (297.6) Dividends declared ($0.22 per share) (15.9) (15.9) Other comprehensive loss, net of tax (19.7) (19.7) Balance, March 31, 2026 75.3 $ 18.8 $ 4.4 $ (1,379.1) $ 4,475.9 $ (125.2) $ 2,990.4 Net income 154.0 154.0 Activity related to stock-based compensation (0.1) 23.5 (5.8) 17.7 Shares purchased under share repurchase program 0.6 (156.7) (156.7) Other comprehensive loss, net of tax (15.2) (15.2) Balance, June 30, 2026 75.3 $ 18.8 $ 4.9 $ (1,512.3) $ 4,624.1 $ (140.4) $ 2,990.2 The following table presents the changes in shareholders equity for the six months ended June 30, 2025: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained earnings Accumulated other comprehensive loss Total (in millions) Balance, December 31, 2024 75.3 $ 18.8 $ 22.1 3.0 $ (1,057.1) $ 3,956.6 $ (258.1) $ 2,682.3 Net income 89.8 89.8 Activity related to stock-based compensation (20.3) (0.1) 27.4 7.1 Shares …

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