West Pharmaceutical Services

FRAMING
THE FUTURE
2024 ANNUAL REPORT

2024 marked West’s first year in a new century,  
and for the pharmaceutical industry, was a  
period of evolution.
FRAMING THE FUTURE
As patient needs change and new drug markets 
emerge, we continue to be a market leader for the 
future of innovative pharmaceutical packaging 
and delivery solutions for life-saving medicines.
While never compromising our commitment to 
high-quality and the customer trust we’ve built over 
100 years, West is positioned to meet the needs 
of tomorrow.
In 2024, West continued critical expansion projects 
and introduced new products, driving exceptional 
value to our customers with a focus on patient 
needs. Our adaptability, coupled with sustained 
high quality and excellence, has positioned us 
for future success and growth in key markets. 
During a time of rapid change in the pharmaceutical 
industry, West’s longstanding position as a 
market leader allowed us to be agile and prioritize 
customer needs. In 2024, we launched new 
products that provide greater packaging flexibility 
and innovation while addressing the changing 
global regulatory environment. Additionally, 
we continued site expansion projects around 
the world to better serve our customers.
When it comes to giving back in our communities, 
in 2024 we built on our legacy. West’s employee-
led giving program, West without Borders 
(WWB), celebrated its 20th anniversary, and 
the milestone drove a record-breaking amount 
raised by team members. Between employee, 
corporate, and Foundation giving, we provided 
nearly $5 million to nonprofits and charities, an 
increase of $0.7 million from the prior year.
In support of our goal to create and maintain a 
thriving work environment and build our One West 
Team, we took several steps to enhance workplace 
culture and launch innovative career development 
and training programs. Throughout the year, we 
invested in advanced learning management content, 
global leadership training workshops and the 
introduction of early career rotational programs 
to enhance cross-functional development.  
West has experienced continued success as we 
position ourselves to meet the needs of tomorrow, 
building on our achievements of yesterday. Our 
strong foundation enables us to invest, address 
market needs and continue to fulfill our purpose — 
to improve patients’ lives — every day.


NET SALES BY
GEOGRAPHIC
LOCATION 
45% Americas
46% Europe, Middle East, Africa
9% Asia Pacific
45% High-Value Components
22% Standard Packaging
14% High-Value Delivery Devices
19% Contract-Manufactured 
Products3
NET SALES BY
PRODUCT
CATEGORY 
39% Biologics
17% Generics
25% Pharma
19% Contract-Manufactured 
Products3
NET SALES BY
MARKET
GROUP 
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
2019 2020 2021 2022 2023 2024
COMPARISON OF CUMULATIVE
FIVE-YEAR TOTAL RETURN2
(DEC. 31, 2019 - DEC. 31, 2024)
NYSE: WST
S&P 500
S&P 500 Health Care Index
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
$2.15
BILLION
$4.76
$6.75
$2.89
BILLION 
Constant Currency CAGR 8.6%
Reported CAGR 7.7%
Adjusted Diluted EPS 
CAGR 9.1%
NET SALES
ADJUSTED-DILUTED EPS1
(NON-U.S. GAAP)
ANNUAL COMPARISON 
1 Please refer to our 2024 Form 10-K, February 13, 2025 Earnings Release on Form 8-K and 
prior year earnings releases for the reconciliation of Non-U.S. GAAP financial measures. 
2 Sources: IR Insight
3 Non-proprietary products
A GROWING BUSINESS 
WELL-POSITIONED FOR SUCCESS

1 Please refer to our 2024 Form 10-K, February 13, 2025 Earnings Release on Form 8-K and prior 
year earnings releases for the reconciliation of Non-U.S. GAAP financial measures.
WEST PHARMACEUTICAL SERVICES, INC.
2024 ANNUAL REPORT
4
WEST PHARMACEUTICAL SERVICES, INC. & SUBSIDIARIES
FINANCIAL SUMMARY
2024
2023
Net Sales
$2,893.2
$2,949.8
Organic Net Sales (Decline) Growth
(1.5%)
1.6%
Gross Profit
$998.5
$1,129.2
Gross Profit Margin
34.5%
38.3%
Operating Profit
$569.9
$676.0
Operating Profit Margin
19.7%
22.9%
Net Income
$492.7
$593.4
Diluted Earnings Per Share
As reported (U.S. GAAP)
$6.69 
$7.88 
Restructuring and other charges
$0.02 
($0.02)
Amortization of acquisition-related intangible assets
$0.04 
$0.04 
Loss on disposal of plant
$0.00 
$0.16 
Cost investment activity
$0.00 
$0.06 
Legal settlement
$0.00 
($0.04)
As adjusted (Non-U.S. GAAP)1
$6.75 
$8.08 
Operating Cash Flow
$653.4
$776.5
Capital Expenditures
$377.0
$362.0
Financial Condition
Cash
$484.6
$853.9
Debt
$202.6
$206.8
Equity
$2,682.3
$2,881.0
Working Capital
$987.7
$1,264.6

Dear Shareholders,
During fiscal year 2024, West navigated through a challenging period. We transitioned 
from a phase of exceptional demand for our products during the COVID pandemic to 
the re-stabilization of the pharmaceutical industry supply chain.
As we look ahead to 2025, West’s underlying business remains strong. With our 
investments and continued industry leadership, in both the products and services, 
we have a solid foundation for the Company’s long-term growth.
BUSINESS HIGHLIGHTS
In 2024, we reported net sales of $2.893 billion, a 1.5% 
organic net sales decline over the prior year, with Proprietary 
Products declining by 2.2% and Contract Manufactured 
Products increasing by 1.1%. Encouragingly, we saw a return 
to growth in the fourth quarter in our largest segment of 
the business, Proprietary Products, with organic net sales 
increasing by 4.5%, led by growth in biologics. Our operating 
cash flow and strong balance sheet enabled the Company 
to fund capital expenditures, return over $560 million to 
the shareholders through our share repurchase program 
and increase our dividend for the 32nd year in a row.
A key strategy for future growth was continued investment 
in our strong global operations footprint. This included 
expanding capacity in our key HVP components business 
and supporting a fast-growing GLP-1 market across both 
Proprietary Products and Contract Manufacturing. We are 
implementing innovative manufacturing practices throughout 
our sites, introducing state-of-the-art elastomer mixing 
technology to our Williamsport, PA site, and constructing a 
new analytical lab in Stolberg, Germany to foster innovation 
and strengthen our analytical services offerings.  These 
and other investments position West to effectively meet 
anticipated market changes in 2025 and beyond.
West is committed to continuous innovation in both our 
products and the wrap-around services we provide to our 
customers. In 2024, we launched the Vial2Bag Advanced® 
LETTER FROM OUR PRESIDENT, CHIEF EXECUTIVE OFFICER 
AND CHAIR OF THE BOARD OF DIRECTORS

WEST PHARMACEUTICAL SERVICES, INC.
2024 ANNUAL REPORT
6
13mm Admixture Device, a key addition to our administration 
systems portfolio, as well as our Daikyo Crystal Zenith® (CZ) 
Ready-to-use Nested Vials in Tub, a new design and packaging 
configuration to support cell and gene therapy drugs. Our 
commitment to innovation and excellence in supporting the 
healthcare industry was recognized when we were honored as 
Top Company in Packaging and Drug Delivery Services at the 
BioSpectrum Asia Excellence Awards.
As we move into 2025, we believe that we are well positioned 
to address other significant market changes, which will benefit 
our company, our customers and our shareholders. First, 
the biologics market continues its strong momentum, as we 
continue with our high-win rate on newly approved molecules. 
Second, the rapid expansion of GLP-1s is expected to drive 
continued growth, both in our HVP components business and 
in Contract Manufacturing.  And third, West is well positioned 
as the primary containment leader with the adoption of GMP 
Annex-1 regulatory changes in the European Union that affect 
the manufacturing of sterile medicinal products. These factors 
reinforce our confidence in maintaining and building upon our 
positive momentum in 2025.  
SUSTAINABILITY
West remains committed to pursuing sustainable business 
practices and are proud of what we achieved in 2024. As we 
plan for the future, we have set new goals with input from our 
Executive Leadership Team, Board of Directors, and most 
importantly, our customers. These targets and our progress 
against them will be outlined in our annual Sustainability Report 
to be published later this year.
In 2024, we were pleased to have been recognized for our 
sustainability-related efforts, including being named to 
Newsweek’s top list of America’s Greenest Companies and 
awarded the Heart of Pharma Award at the 2024 CPHI Awards. 
ONE WEST TEAM 
Our work at West would not be possible without the more 
than 10,000 dedicated team members across our 50 sites, 
and we work diligently to support them. We are committed 
to fostering an environment that celebrates differences 
and promotes collaboration, provides a safe and healthy 
workplace for employees to thrive and includes a sense of 
community tied to our Company’s purpose. As a testament to 
our ongoing commitment to inclusion, we were named one 
of Newsweek’s America’s Greatest Workplaces for Diversity. 
Our systematic approach to workplace safety focused 
this year on eliminating hazards and resulted in the lowest 
number of reported serious events, serious injuries and 
recordable injuries since we began tracking these metrics. 
Finally, our team members clocked more than 4,300 hours 
of community service, demonstrating their unwavering 
commitment to the communities in which we operate—a 
longstanding tradition that continues to thrive at West. 
LOOKING AHEAD
While 2024 presented challenges to our business that we are 
actively addressing, West is committed to our mission, and our 
role as a valuable and trusted partner for customers working to 
improve patient health remains unchanged. Looking ahead into 
2025, we expect our business momentum to continue and are 
focused on operational excellence and driving strong returns.
Thank you to you, our shareholders, for your continued 
investment and support of West and our shared purpose to 
improve patients’ lives.
Sincerely,
Eric M. Green 
President, Chief Executive Officer 
and Chair of the Board

West was founded on the CURIOSITY & VISION of our founder, Herman O. West.
OUR PURPOSE & COMMITMENT
An important and impactful focus continued to be on the 
prevention of serious events and injuries, with a coordinated 
group effort around the elimination of hazards, using 
engineering controls to minimize the probability and 
severity of incidents, improving processes and positive 
changes in behaviors/choices.  This effort resulted in 
West achieving a 52% decrease (i.e., improvement) in our 
2024 Serious Incident Rate as compared to 2023. 
While we have been successful in establishing safety as 
a cornerstone of West, we understand there is important 
work left to do, and that anticipating and controlling risk 
in our workplace is a never-ending commitment.
HEALTH AND SAFETY
West’s safety effort is dependent on the engagement, 
support and ownership of every team member. We 
believe in the importance of cultivating a culture 
where every individual has a shared responsibility 
and is engaged in ensuring a safe workplace. 
  Our team members continued to be engaged in our 
See-Do-Say hazard identification system, which promotes 
the team members’ ability to recognize workplace hazards, 
take immediate action to mitigate that risk and report it to their 
supervisor.  The engagement in this program resulted in the over 
achievement of our 2024 global See-Do-Say participation target.  
For over a century, our strong sense of 
purpose, stability and dedication to 
our Core Values have set the path for 
West to prosper and be a market leader. 
We are steadfast in our commitment 
to the highest standards of product 
quality, unrivaled reliability and patient 
safety. Our path of innovation is driven 
by a patient-centric approach and our 
unwavering support of customers during 
a time of rapid industry change. 
We remain committed to continuing 
his legacy and vision of building a 
company that improves the lives of 
patients worldwide. Each day, our team 
continues to innovate and develop 
products that contribute to a healthier 
world and have a lasting, positive impact. 
Working by the side of our customers 
and delivering on their needs at every 
turn continues to drive West forward. 

WEST PHARMACEUTICAL SERVICES, INC.
2024 ANNUAL REPORT
8
ENVIRONMENTAL IMPACT
At West, our sustainability strategy is grounded by our 
ambition to create a healthier world for generations to 
come. We have made significant progress; continuing to 
focus on areas where we can have the most positive impact 
on our environment. Additionally, we further embedded 
sustainability considerations into our decision-making 
processes, working toward more sustainable solutions. 
The year 2024 marked the unveiling of our new sustainability 
priorities and action areas, which reflect our commitment to 
address climate challenges and align with the expectations 
of key stakeholders. These priorities focus on renewable 
energy, energy efficiency, emissions reduction through 
science-based targets, water conservation, waste elimination, 
fostering a responsible supply chain and advancing 
environmentally focused research and development.
One significant achievement was joining a cohort of eight 
companies in a global supply chain decarbonization program 
through Schneider Electric. This is the first buyers’ cohort known 
as the Energize program, a pharmaceutical and healthcare 
sector initiative to decarbonize the shared supply chain and 
reduce Scope 3 emissions to procure renewable energy. 
Looking ahead to 2030, we are building on these priorities 
with action areas that also emphasize sustainability. 
These efforts reflect our dedication to driving meaningful 
progress and delivering long-term value for both our 
stakeholders and the planet. More results and progress 
will be shared later this year in our sustainability report. 
PHILANTHROPY
West continues to focus on implementing strategic philanthropy 
programs that provide meaningful support across a diverse 
range of charities, each dedicated to addressing specific 
societal needs and challenges. By aligning our efforts with 
West’s core values and strategic objectives, we aim to foster a 
positive, measurable impact through targeted partnerships. 
2024 was a record year of team member giving and fundraising, 
with almost $500,000 raised or donated globally.
West has a longstanding commitment to supporting 
charities focused on healthcare, people with disabilities, 
sustainability and Science Technology Engineering 
and Math (STEM) education. Our giving to all charities, 
including contributions from the Company, our team 
members and the Herman O. West Foundation, totaled 
nearly $5.0 million. This included non-profit 
support to those in need during recent natural disasters. 
Some charitable highlights from 2024 include:
• 20 years of West without Borders employee-led giving
• Over $1 million in contributions to healthcare 
• The Herman O. West Foundation awarded 21 scholarships as well as 
$370,000 in grants through our Employee Emergency Fund
• Over 1,451,000 meals provided during our annual food drive
RECOGNITION
In 2024, we were proud to be recognized again for our 
philanthropic and sustainability efforts and progress. 
We were listed in Newsweek’s Americas Most Responsible 
Companies and named one of America’s Climate Leaders 
2024 by USA TODAY.
We were also recognized for our philanthropic 
efforts, including the Philadelphia Business 
Journal’s Partners in Philanthropy award.
For workplace culture and leadership, we were listed 
on Newsweek’s America’s Greatest Workplaces for 
Diversity 2024, won Delaware Valley’s CHRO of the 
Year, the Work-Life Balance Award Taiwan by the Taiwan 
Ministry, and Nebraska State’s Champion for Disability 
Employment Award. Additionally, we were proud to 
have been named the winner of the 2024 Pharmaceutical 
Technology Excellence Awards in the Safety category, a 
true testament of our commitment to workplace safety.  
Lastly, West won two noteworthy pharmaceutical packaging 
awards – the BioSpecs Asia Excellence in Packaging Award, 
and the Medicine Maker’s Best Packaging Specialist.

MARK A. BUTHMAN
Retired Executive Vice President & 
Chief Financial Officer
Kimberly-Clark Corporation
Director since 2011
Board committees: Finance; Innovation 
and Technology
WILLIAM F. FEEHERY, PH.D.
Chief Executive Officer 
Certara
Director since 2012
Board committees: Audit; Compensation; 
Finance
ROBERT F. FRIEL
Retired Chair, President & Chief 
Executive Officer
PerkinElmer, Inc. 
Director since 2020
Lead Independent Director* 
Board committees: Compensation; 
Innovation and Technology; Nominating 
and Corporate Governance
ERIC M. GREEN
President & Chief Executive Officer 
Director since 2015
Chair of the Board
JANET  B. HAUGEN
Retired Chief Financial Officer
Unisys Corporation
Director since 2024
Board committee: Audit
THOMAS W. HOFMANN
Retired Senior Vice President & 
Chief Financial Officer
Sunoco, Inc.
Director since 2007
Board committees: Audit; Compensation
MOLLY E. JOSEPH
Founder & Managing Director
Cypress Pass Ventures
Director since 2021
Board committees: Compensation, 
Finance; Innovation and Technology
DEBORAH L.V. KELLER
Principal
Black Frame Advisors LLC
Director since 2017
Board committees: Audit; Compensation; 
Nominating and Corporate Governance
MYLA P. LAI-GOLDMAN, M.D.
Chair & Former Chief Executive 
Officer & President
GeneCentric Therapeutics, Inc.
Director since 2014
Board committees: Finance; Innovation 
and Technology
STEPHEN H. LOCKHART, M.D., PH.D.
Retired Chief Medical Officer
Sutter Health
Director since 2022
Board committees: Finance; Innovation 
and Technology
DOUGLAS A. MICHELS
Retired President & Chief Executive 
Officer
OraSure Technologies, Inc.
Director since 2011
Board committees: Audit; Nominating 
and Corporate Governance
PAOLO PUCCI
Retired Chief Executive Officer
ArQule, Inc.
Director since 2016
Lead Independent Director**
Board committees: Audit; Nominating 
and Corporate Governance
HONORARY 
DIRECTOR
MORIHIRO SUDO
President
Daikyo Seiko, Ltd.
EXECUTIVE 
MANAGEMENT TEAM
BERNARD J. BIRKETT 
Senior Vice President, 
Chief Financial Officer 
KATHY DEPADUA
Senior Vice President, 
Chief Quality & Regulatory Officer
ANNETTE F. FAVORITE
Senior Vice President & 
Chief Human Resources Officer
ERIC M. GREEN
President & Chief Executive Officer, 
Chair of the Board
KIMBERLY BANKS MACKAY
Senior Vice President, General 
Counsel & Corporate Secretary
DON O'CALLAGHAN
President, Drug Delivery Devices
ANDY POLYWACZ
President, Integrated Systems
RUDY POUSSOT
Senior Vice President, 
Strategy & Corporate Development
AILEEN RUFF-PATRY
President, Contract Manufacturing
CHAD R. WINTERS
Vice President, Finance & 
Chief Accounting Officer
CHARLES WITHERSPOON 
Vice President & Treasurer
BOARD 
COMMITTEES
AUDIT COMMITTEE
Thomas W. Hofmann, Chair
COMPENSATION COMMITTEE
Robert F. Friel, Chair**
Molly E. Joseph, Chair*
FINANCE COMMITTEE
Mark A. Buthman, Chair
INNOVATION AND TECHNOLOGY 
COMMITTEE
Myla P. Lai-Goldman, M.D., Chair
NOMINATING AND CORPORATE 
GOVERNANCE COMMITTEE
Deborah L.V. Keller, Chair
2024 BOARD OF DIRECTORS
* As of April 2025
** Through April 2025

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission File Number 1-8036
WEST PHARMACEUTICAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
23-1210010
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
530 Herman O. West Drive, Exton, PA
19341-1147
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: 610-594-2900
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $.25 per share
WST
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:   None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 
Yes ☑
No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐
No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days. 
 
 
 
 
 
 
 
Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 
Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or 
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control 
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued 
its audit report. 
 
 
 
 
 
 
☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes ☐ 
No ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
filing reflect the correction of an error to previously issued financial statements.    
☐
Indicate by check mark whether any such corrections are restatements that triggered a compensation recovery analysis during the fiscal year. 
☐
The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2024 was approximately $23.9 billion based on the 
closing price as reported on the New York Stock Exchange.
As of February 6, 2025, there were 72,303,766 shares of the registrant’s common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Document
Parts Into Which Incorporated
Proxy Statement for the 2025 Annual Meeting of Shareholders to be filed not later than 120 days after 
the end of the fiscal year covered by this Form 10-K.
Part III

TABLE OF CONTENTS
ITEM 1.
BUSINESS
4
ITEM 1A.
RISK FACTORS
11
ITEM 1B.
UNRESOLVED STAFF COMMENTS
22
ITEM 1C.
CYBERSECURITY
23
ITEM 2.
PROPERTIES
24
ITEM 3.
LEGAL PROCEEDINGS
25
ITEM 4.
MINE SAFETY DISCLOSURES
25
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
25
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED 
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY 
SECURITIES
27
ITEM 6.
RESERVED
28
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL 
CONDITION AND RESULTS OF OPERATIONS
29
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET 
RISK
42
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
44
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON 
ACCOUNTING AND FINANCIAL DISCLOSURE
89
ITEM 9A.
CONTROLS AND PROCEDURES
89
ITEM 9B.
OTHER INFORMATION
90
ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT 
INSPECTIONS
90
PART III
ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
90
ITEM 11.
EXECUTIVE COMPENSATION
90
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND 
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
91
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND 
DIRECTOR INDEPENDENCE
92
ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
92
PART IV
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
92
ITEM 16.
FORM 10-K SUMMARY
97
SIGNATURES
98
PART I
Page

PART I
Unless otherwise indicated, or the context otherwise requires, references in this report to “the Company,” “we,” 
“us,” “our” and “West” refer to West Pharmaceutical Services, Inc. and its majority-owned subsidiaries. 
All trademarks and registered trademarks used in this report are our property, either directly or indirectly through 
our subsidiaries, unless noted otherwise. Daikyo Crystal Zenith® (“Crystal Zenith”) is a registered trademark of 
Daikyo Seiko, Ltd. (“Daikyo”).
Throughout this report, references to “Notes” refer to the Notes to Consolidated Financial Statements included in 
Part II, Item 8 of this Annual Report on Form 10-K (“Form 10-K”), unless otherwise indicated.
Information in this Form 10-K is current as of February 18, 2025, unless otherwise specified. 
3

ITEM 1.  BUSINESS
General
We are 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. Our products include a 
variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug 
delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers 
include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world. Our top 
priority is delivering quality products that meet the exact product specifications and quality standards customers 
require and expect. This focus on quality includes a commitment to excellence in manufacturing, scientific and 
technical expertise and management, which enables us to partner with our customers in order to deliver safe, 
effective drug products to patients quickly and efficiently. 
Business Segments
Our business operations are organized into two global business segments, Proprietary Products and Contract-
Manufactured Products.
Proprietary Products Segment
Our Proprietary Products reportable segment offers elastomers & primary containment, drug delivery devices, 
integrated solutions, and analytical lab services, primarily to biologic, generic, and pharmaceutical drug customers. 
Our packaging products include stoppers and seals for injectable packaging systems, which are designed to help 
ensure drug compatibility and stability with active drug products, while also supporting operational efficiency for 
customers. These packaging products also include syringe and cartridge components, including custom solutions for 
the specific needs of injectable drug applications, as well as administration systems that can enhance the safe 
delivery of drugs through advanced reconstitution, mixing and transfer technologies. We also provide films, 
coatings, washing, vision inspection and sterilization processes and services to enhance the quality of our packaging 
products and mitigate the risk of contamination and compatibility issues.
This segment’s product portfolio also includes drug containment solutions, including Crystal Zenith, a cyclic olefin 
polymer, in the form of vials, syringes and cartridges. These products can provide a high-quality solution to glass 
incompatibility issues and can stand up to cold storage environments, while reducing the risk of breakage that exists 
with glass. In addition, we offer a variety of self-injection devices, designed to address the need to provide at-home 
delivery of injectable therapies. These devices are patient-centric technologies that are easy-to-use and can be 
combined with connected health technologies that have the potential to increase adherence. 
In addition to our Proprietary Products product portfolio, we provide our customers with a range of integrated 
solutions, including analytical lab services, pre-approval primary packaging support and engineering development, 
regulatory expertise, and after-sales technical support. Offering the combination of primary proprietary packaging 
components, containment solutions, and drug delivery devices, as well as a broad range of integrated services, helps 
to position us as a leader in the integrated containment and delivery of injectable medicines.
This reportable segment has manufacturing facilities in North and South America, Europe, and Asia, with affiliated 
companies in Mexico and Japan. Please refer to Item 2, Properties, for additional information on our manufacturing 
and other sites.
4

Contract-Manufactured Products Segment
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 customers. These products include a variety of custom contract-manufacturing and assembly solutions, which 
use technologies such as multi-component molding, in-mold labeling, ultrasonic welding, clean room molding, 
device assembly, and drug handling capabilities. We manufacture customer-owned components and devices used in 
surgical, diagnostic, ophthalmic, injectable, and other drug delivery systems, as well as consumer products.
We have vast expertise in product design and development, including in-house mold design, process design and 
validation and high-speed automated assemblies.
This reportable segment has manufacturing facilities in North America and Europe. Please refer to Item 2, 
Properties, for additional information on our manufacturing and other sites.
International
We have significant operations outside of the United States (“U.S.”), which are managed through the same business 
segments as our U.S. operations – Proprietary Products and Contract-Manufactured Products. Sales outside of the 
U.S. accounted for 57.5% of our net sales in 2024.
Although the general business processes are similar to the domestic business, international operations are exposed to 
additional risks. These risks include currency fluctuations relative to the U.S. Dollar (“USD”) and multiple tax 
jurisdictions.
See further discussion of our international operations, the risks associated with our international operations, and our 
attempt to minimize some of these risks in Part I, Item 1A, Risk Factors; Part II, Item 7, Management’s Discussion 
and Analysis of Financial Condition and Results of Operations under the caption Financial Condition, Liquidity and 
Capital Resources; Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk; Note 1, Basis of 
Presentation and Summary of Significant Accounting Policies under the captions Financial Instruments and Foreign 
Currency Translation; and Note 11, Derivative Financial Instruments.
Raw Materials
We use three basic raw materials in the manufacture of our products: elastomers, aluminum and plastic. Elastomers 
include both synthetic and natural materials. We currently have access to adequate supplies of these raw materials to 
meet our production needs through agreements with suppliers. We are required to carry significant amounts of 
inventory to meet customer requirements. In addition, some of our supply agreements require us to purchase 
inventory in bulk orders, which increases inventory levels but decreases the risk of supply interruption.
We employ a supply chain management strategy in our business segments, which involves purchasing from 
integrated suppliers that control their own sources of supply. Due to regulatory control over our production 
processes, sole source availability, and the cost and time involved in qualifying suppliers, we rely on single-source 
suppliers for many critical raw materials. We generally purchase certain raw materials in the open market and 
therefore the results of our operations may be affected by price fluctuations. This strategy increases the risk that our 
supply chain may be interrupted in the event of a supplier production or distribution problem. These risks are 
managed, when and where possible, by selecting suppliers with multiple manufacturing sites, rigorous quality 
control systems, surplus inventory levels and other methods of maintaining supply in case of an interruption in 
production or distribution. Heightened inflation may result in unfavorable conditions, inclusive of an increase in raw 
material cost. To date, we have been able to manage these conditions without significant disruption to our business.
While we work closely with our suppliers, no assurance can be given that these efforts will be successful, and there 
may be events that cause supply interruption, reduction or termination that adversely impact our ability to 
manufacture and sell certain products. See further discussion of the risks related to the supply chain and raw 
materials in Item 1A. Risk Factors.
5

Intellectual Property
Our intellectual property, including patents, patent applications, trademarks, copyrights, know-how and trade 
secrets, is important to our business. We own or license intellectual property rights, including know-how and issued 
patents and pending patent applications in the U.S. and in other countries, which relate to various aspects of our 
business. In 2024, more than 170 utility and design patents were issued to West across the globe. Certain key value-
added and proprietary products and processes are exclusively licensed from Daikyo. We believe, however, that 
neither our business nor any business segment is wholly dependent on a single intellectual property asset, license, or 
technology, by itself. 
Government Regulation
Our business activities are global and are subject to various federal, state, local, and foreign laws, rules, and 
regulations to healthcare, environmental protection, occupational health and safety, anti-corruption, export control, 
product safety and efficacy, employment, privacy and other areas. The design, development, manufacturing, 
marketing and labeling of certain of our products and our customers’ products that incorporate our products are 
subject to regulation by governmental authorities in the U.S., Europe and other countries, including the U.S. Food 
and Drug Administration (“FDA”), the European Medicines Agency and the National Medical Products 
Administration (China). Regulatory authorities, including regulatory review and oversight, can impact the time and 
cost associated with the development and continued availability of our products, and they have the authority to take 
various administrative and legal actions against West. Compliance with existing and forthcoming laws and 
regulations can be costly and time consuming, and may require changes to our information technologies, systems 
and practices.
Changes in tax policy or trade regulations, or the imposition of new tariffs on imported products, could have an 
adverse effect on our business and results of operations. Compliance with these laws, rules and regulations did not 
require material capital expenditures in 2024 and is not expected to have a material effect on our capital 
expenditures, results of operations and competitive position in 2025 as compared to prior periods. For more 
information on the potential impacts of government regulations affecting our business, see "Item 1A. Risk Factors." 
There were no required material capital expenditures for adherence to our government-led regulatory standards in 
our facilities in 2024 outside the normal course of business, and there are currently no needed or planned material 
expenditures for 2025.
West is also subject to various federal and state laws, and laws outside the United States, concerning fraud and 
abuse, global anti-corruption, and export control. Many of the agencies enforcing these laws have increased their 
enforcement actions with respect to healthcare manufacturers in recent years. We remain committed as a company to 
comply with all laws and regulations applicable to our business. 
Environmental Regulations
We are subject to various national, state and local provisions regulating the discharge of materials into the 
environment or otherwise relating to the protection of the environment. Our compliance with these laws and 
regulations has not had a material impact on our financial position, results of operations or cash flows. There were 
no required material capital expenditures for environmental controls in our facilities in 2024 and there are currently 
no needed or planned material expenditures for 2025.
6

Marketing
Our Proprietary Products customers primarily include many of the major biologic, generic, and pharmaceutical drug 
companies in the world, which incorporate our components and other offerings into their injectable products for 
distribution to the point of care and ultimate end-user, the patient. Our Contract-Manufactured Products customers 
include many of the world’s largest pharmaceutical, diagnostic, and medical device companies. Contract-
Manufactured Products components generally are incorporated into our customers’ manufacturing lines for further 
processing or assembly. Our products and services are sold and distributed primarily through our own sales force 
and distribution network, with limited use of contract sales agents and regional distributors. 
Our ten largest customers accounted for 43.4% of our consolidated net sales in 2024, and one of these customers, 
individually accounted for more than 10% of consolidated net sales, at 12.3% or $356.4 million, contributing to net 
sales in both the Proprietary and Contract Manufacturing reporting segments. Please refer to Note 3, Revenue, and 
Note 19, Segment Information, for additional information on our consolidated net sales.
Competition
With our range of proprietary technologies, we compete with several companies across our Proprietary Products 
product lines. Competition for these components is based primarily on product design and performance, quality, 
regulatory compliance, and scientific expertise, along with total cost.
In addition, there are a number of competitors supplying medical devices and medical device components, including 
a number of pharmaceutical manufacturers who are also potential customers of our medical devices and 
components. We compete in this market on the basis of our reputation for quality and reliability in engineering and 
project management, as well as our knowledge of, and experience in, compliance with regulatory requirements.
We have specialized knowledge of container closure components, which is integral to developing delivery systems. 
With our range of proprietary technologies, we compete with new and established companies in the area of drug 
delivery devices, including suppliers of prefillable syringes, auto-injectors, safety needles, and other proprietary 
systems.
We seek to differentiate ourselves from our competition by serving as a global supplier of integrated drug 
containment and delivery systems that can provide pre-approval primary packaging support and engineering 
development, analytical lab services and integrated solutions, regulatory expertise, and after-sale technical support. 
Customers also appreciate the global scope of our manufacturing capability and our ability to produce many 
products at multiple sites.
Our Contract-Manufactured Products business operates in very competitive markets for its products. The 
competition varies from smaller regional companies to large global assembly manufacturers. Given the cost 
pressures they face, many of our customers look to reduce costs by sourcing from low-cost locations. We seek to 
differentiate ourselves by leveraging our global capabilities and reputation and by employing new technologies such 
as high-speed automated assembly, insert-molding, multi-shot precision molding, and expertise with multiple-piece 
closure systems.
Research and Development Activities
We maintain our own research-scale production facilities and laboratories for developing new products and offer 
contract engineering design and development services to assist customers with new product development. Our 
quality control, regulatory and laboratory testing capabilities are used to ensure compliance with applicable 
manufacturing and regulatory standards for primary and secondary pharmaceutical packaging components and drug 
delivery systems. Technological advances and scientific discoveries have accelerated the pace of change in primary 
packaging, drug delivery and administration technologies.
7

Commercial development of our new products and services for medical and pharmaceutical applications commonly 
requires several years. New products that we develop may require separate approval as medical devices, and 
products that are intended to be used in the packaging and delivery of pharmaceutical products are subject to both 
customer acceptance of our products and regulatory approval of the customer’s products following our development 
period.
We continue to pursue strategic initiatives in drug containment components, integrated drug containment systems, 
novel drug delivery devices, novel therapeutic experiences and administration systems.
We also continue to seek new innovative opportunities for acquisition, licensing, partnering or development of 
products, services and technologies.
Human Capital Management
Our People
As of December 31, 2024, we employed approximately 10,600 people, excluding contractors and temporary 
workers, in our operations throughout the world. During 2024, West hired approximately 1,800 new team members 
and experienced an attrition rate of approximately 17%. The following table presents the approximate percentage of 
our employees by region: 
North America
44%
Europe
41%
Asia Pacific
12%
South America
3%
Total 
100%
As of December 31, 2024, the following table presents the approximate percentage of our employees by business 
unit: 
Global Operations
84%
Corporate
6%
Sales and Marketing
4%
Digital & Technology (D&T)
4%
Research & Development
2%
Total
100%
As of December 31, 2024, we had the following global gender demographics: 
Men
Women
West Global Employees
63%
37%
8

Training, Compliance and Talent Development
We strongly encourage our team members to engage in continuous learning and provide development opportunities 
to strengthen individual skills and gain new experiences with the goal to build talent from within. We offer resources 
such as our tuition reimbursement program and our online learning catalog, with more than 46,000 courses 
available. We centrally manage and organize on-the-job training, instructor-led trainings and online trainings in 
many different languages and topics through our global Learning Management System.
Our team members live our values (Passion for Customer, Leadership in Quality and One West Team) as they work 
together to support our mission to improve patients' lives. West’s Code of Conduct, available in multiple languages 
on westpharma.com, provides guidance to our team members on appropriate and ethical conduct. Every team 
member is required to undergo Code of Conduct and mutual respect in the workplace training annually. 
Our focus on talent acquisition, performance management, resource planning and leadership assessment are strongly 
aligned with our inclusion, collaboration, and innovation strategies, all of which lead to more opportunities, better 
access to talent and stronger business performance. 
Compensation and Benefits
West is committed to providing fair and competitive compensation and benefits programs to attract, retain and 
reward high-performing team members at all levels. We offer a comprehensive total rewards program to support the 
health, financial and home-life needs of our team members. Total Rewards at West are defined as the value of the 
Compensation and Benefits programs offered to employees, which aim to reflect the value of the job and the 
contribution of the individual, while linking employees’ performance to business and personal results. Based on 
country of employment, West may provide health care and retirement savings programs as well as paid time off, 
flexible work schedules, a Global Employee Assistance Program and an Employee Stock Purchase Program. 
Health, Safety and Wellness 
The health and safety of our team members has always been both a top priority and a cultural value. West's 
commitment to the safety of our teams starts at the top and is driven throughout our business by every level of 
management and by every team member across the globe. West has a Health, Safety, and Environment ("HSE") 
Governance Council consisting of West Leadership Team members and executive operations leaders to monitor and 
support our HSE process. West’s global HSE team is also a critical component in leading the safety efforts at our 
sites. Each manufacturing location has dedicated and trained HSE professionals, responsible for general safety 
oversight and regulatory compliance at the site. Through our SEE-DO-SAY program, we train, empower, and expect 
our team members to proactively identify and mitigate risk before an incident occurs. Our HSE and employee well-
being can also be seen in our focus on quality implementation of proactive Leading Indicator programs and metrics, 
and team-member-led Hazard Identification programs that help to drive improved Lagging Indicator performance. 
9

Environmental, Social and Governance (“ESG”) Commitment
West has been committed to ESG topics for many years. During 2024, we continued to increase internal and external 
awareness of our ESG commitment by expanding our education and communication regarding our ESG program 
and initiatives and more closely integrating ESG considerations into our business processes. Our ESG program 
includes a senior-level cross-functional ESG team which has been working with executive leadership, our board and 
other stakeholders to enhance our ESG framework and ensure alignment with our corporate mission, vision and 
values. Going forward, the ESG program will have an increased focus on compliance, given the increased regulatory 
requirements, as well as advancing our long-term strategic priorities. Our long-term strategic priorities include focus 
on talent attraction, retention and engagement; a climate and greenhouse gas ("GHG") reduction strategy that 
incorporates renewable energy and reduced absolute and intensity emissions; developing a more sustainable and 
responsible supply chain; research and development that focuses on issues of sustainability including secondary 
packaging, beneficial reuse and recyclability; and, reduction of waste and water in our operational processes. These 
areas of focus are in addition to our commitments to safety, quality, business continuity, as well as business 
compliance and integrity. Additionally, our philanthropic programs are an essential element of our corporate 
citizenship especially as we focus on the areas of children’s health; access to healthcare; and science, technology, 
engineering and math education. We are also expanding our philanthropic scope to include more sustainability 
related initiatives. We solicit input from a variety of stakeholders including employees, customers, and suppliers on 
ways to improve in these and other ESG areas and see continued progress in these areas as critical to maintaining an 
engaged and responsible workforce.
Available Information
We maintain a website at www.westpharma.com. Our Form 10-K, Quarterly Reports on Form 10-Q, Current Reports 
on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities 
Exchange Act of 1934 (the “Exchange Act”) are available on our website under the Investors - Financial caption as 
soon as reasonably practical after we electronically file the material with, or furnish it to, the U.S. Securities and 
Exchange Commission (“SEC”). These filings are also available to the public over the Internet at the SEC’s website, 
www.sec.gov. 
In Part III of this Form 10-K, we incorporate by reference certain information from parts of other documents filed 
with the SEC and from our Proxy Statement for the 2025 Annual Meeting of Shareholders (“2025 Proxy 
Statement”), which will be filed with the SEC within 120 days following the end of our 2024 fiscal year. Our 2025 
Proxy Statement will be available on our website under the caption Investors - Financial - Annual Reports & Proxy 
when complete.
Information about our corporate governance, including our Corporate Governance Principles and Code of Conduct, 
as well as information about our Directors, Board Committees, Committee Charters, and instructions on how to 
contact the Board, is available on our website under the Investors - Corporate Governance heading. We intend to 
make any required disclosures regarding any amendments of our Code of Conduct under the caption Investors - 
Corporate Governance on our website. Information relating to the West Pharmaceutical Services Dividend 
Reinvestment Plan is also available on our website under the Investors - Transfer Agent caption. 
Information on our website does not constitute part of this document.
We will provide any of the foregoing information without charge upon written request to our Corporate Secretary, 
West Pharmaceutical Services, Inc., 530 Herman O. West Drive, Exton, PA 19341.
10

ITEM 1A.  RISK FACTORS
Investing in our common stock involves a high degree of risk. You should consider and carefully read all of the risks 
and uncertainties described below, as well as other information included in this Annual Report and in our other 
public filings. The risks described below are not the only ones facing us. The occurrence of any of the following 
risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial 
could materially and adversely affect our business, financial condition or results of operations. In such case, the 
trading price of our common stock could decline, and you may lose all or part of your original investment. This 
Form 10-K also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual 
results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, 
including the risks and uncertainties described below. 
Our disclosure and analysis in this Form 10-K contains some forward-looking statements that are based on 
management’s beliefs and assumptions, current expectations, estimates and forecasts. We also provide forward-
looking statements in other materials we release to the public as well as oral forward-looking statements. Such 
statements give our current expectations or forecasts of future events. They do not relate strictly to historical or 
current facts. We have attempted, wherever possible, to identify forward-looking statements by using words such as 
“estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate” and other words and phrases of similar meaning. 
In particular, these include statements relating to future actions, business plans and prospects, new products, future 
performance or results of current or anticipated products, sales efforts, expenses, interest rates, foreign-exchange 
rates, economic effects, the outcome of contingencies, such as legal proceedings, and financial results. 
Many of the factors that will determine our future results are beyond our ability to control or predict. Achievement 
of future results is subject to known or unknown risks or uncertainties, including, without limitation, the risks set 
forth below. Therefore, actual results could differ materially from past results and those expressed or implied in any 
forward-looking statement. You should bear this in mind as you consider forward-looking statements.
Unless required by applicable securities law, we undertake no obligation to publicly update forward-looking 
statements, whether as a result of new information, future events or otherwise. We also refer you to further 
disclosures we make on related subjects in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K 
to the SEC.
Global and Economic Risks
Global economic conditions, including inflation and supply chain disruptions, could continue to adversely 
affect our operations.
General global economic downturns and macroeconomic trends, including heightened inflation, capital market 
volatility, interest rate and currency rate fluctuations, and economic slowdown or recession, may result in 
unfavorable conditions. Those conditions could negatively affect demand for our products due to customers 
decreasing their inventories in the near-term or long-term, reduction in sales due to raw material shortages, reduction 
in research and development efforts, our inability to sufficiently hedge our currency and raw material costs, 
insolvency of suppliers or customers, and exacerbate some of the other risks that affect our business, financial 
condition and results of operations.
11

Unauthorized access to our or our customers’ information and systems could negatively impact our business.
Our systems and networks, as well as those of our customers, suppliers, service providers, and banks, have and may 
in the future become the target of cyberattacks or information security breaches which, in turn, could result in the 
unauthorized release and misuse of confidential or proprietary information about our company, our employees or our 
customers, as well as disrupt our operations or damage our facilities or those of third parties. Additionally, our 
systems are subject to regulation to preserve the privacy of certain data held on those systems. We maintain an 
extensive network of technical security controls, policy enforcement mechanisms and monitoring systems, in order 
to address these threats. While these measures are designed to prevent, detect and respond to unauthorized activity in 
our systems, certain types of attacks could result in financial or information losses and/or reputational harm. If we 
cannot comply with regulations or prevent the unauthorized access, release and/or corruption of our or our 
customers’ confidential, classified or personally identifiable information, our reputation could be damaged, and/or 
we could face financial losses.
We may also be required to incur additional costs to modify or enhance our systems, or to try to prevent or 
remediate any such attacks. Modifying or enhancing our systems may result in unanticipated or prolonged disruption 
events, which could have a material adverse effect on our business and/or results of operations.
We are a global company with significant revenues and earnings generated internationally, which exposes us 
to the impact of foreign currency fluctuations, as well as political and economic risks.
A significant portion of our net sales and earnings are generated internationally. Sales outside of the U.S. accounted 
for 57.5% of our consolidated net sales in 2024 and we anticipate that sales from international operations will 
continue to represent a significant portion of our net sales in the future. In addition, many of our manufacturing 
facilities and suppliers are located outside of the U.S. and we intend to continue our expansion into emerging and/or 
faster-growing international markets. Our foreign operations subject us to certain commercial, political and financial 
risks. Our business in these foreign markets is subject to general political conditions, including any political 
instability (such as those resulting from war, terrorism and insurrections) and general economic conditions in these 
markets, such as inflation, deflation, interest rate volatility and credit availability. Additionally, a number of factors, 
including U.S. relations with the governments of the foreign countries in which we operate, changes to international 
trade agreements and treaties, increases in trade protectionism, or the weakening or loss of certain intellectual 
property protection rights in some countries, may affect our business, financial condition and results of operations. 
Foreign regulatory requirements, including those related to the testing, authorization, and labeling of products and 
import or export licensing requirements, could affect the availability of our products in these markets.
In addition to risks associated with general political conditions, our international operations are subject to 
fluctuations in foreign currency exchange rates. The functional currency for most of our foreign operations is the 
applicable local currency. As a result, fluctuations in foreign currency exchange rates affect the results of our 
operations and the value of our foreign assets and liabilities, which in turn may adversely affect results of operations 
and cash flows and the comparability of period-to-period results of operations. Foreign governmental policies and 
actions regarding currency valuation could result in actions by the United States and other countries to offset the 
effects of such fluctuations. Given the unpredictability and volatility of foreign currency exchange rates, ongoing or 
unusual volatility may adversely impact our business and financial conditions. 
In order to reduce our exposure to fluctuations in foreign currency exchange rates, we have entered, and expect to 
continue to enter, into hedging arrangements, including the use of financial derivatives. There can be no certainty 
that we will be able to enter into or maintain hedges of these currency risks, or that our hedges will be effective, 
which could have a significant effect on our financial condition and operating results.
12

In addition, our international operations are governed by the U.S. Foreign Corrupt Practices Act and similar foreign 
anti-corruption laws. Global enforcement of anti-corruption laws has increased substantially in recent years, with 
more enforcement proceedings by U.S. and foreign governmental agencies and the imposition of significant fines 
and penalties. While we have implemented policies and procedures relating to compliance with these laws, our 
international operations create the risk that there may be unauthorized payments or offers of payments made by 
employees, consultants, sales agents or distributors. Any alleged or actual violations of these laws may subject us to 
government investigations and significant criminal or civil sanctions and other liabilities, and negatively affect our 
reputation.
We are exposed to credit risk on accounts receivable and certain prepayments made in the normal course of 
business. This risk is heightened during periods when economic conditions worsen.
A substantial majority of our outstanding trade receivables are not covered by collateral or credit insurance. In 
addition, we have made prepayments and other advances in the normal course of business. While we have 
procedures to monitor and limit exposure to credit risk on trade receivables and other current assets, there can be no 
assurance such procedures will effectively limit our credit risk and avoid losses, which could have a material adverse 
effect on our financial condition and operating results.
Unstable market and economic conditions and adverse developments with respect to financial institutions and 
associated liquidity risk may have serious adverse consequences on our business and financial condition.
Potential future disruptions in access to bank deposits or lending commitments due to bank failure could materially 
and adversely affect our liquidity, our business and financial condition. Even with our continued effort to mitigate 
counterparty risk by working with highly liquid, well capitalized counterparties, the failure of any bank in which we 
deposit our funds could reduce the amount of cash we have available for our operations or delay our ability to access 
such funds. Any such failure may increase the possibility of a sustained deterioration of financial market liquidity, or 
illiquidity at clearing, cash management and/or custodial financial institutions. In the event we have a commercial 
relationship with a bank that has failed or is otherwise distressed, we may experience delays or other issues in 
meeting our financial obligations. If other banks and financial institutions enter receivership or become insolvent in 
the future in response to financial conditions affecting the banking system and financial markets, our ability to 
access our cash and cash equivalents and investments may be threatened and could have a material adverse effect on 
our business and financial condition. 
Industry Risks
Our sales and profitability are largely dependent on the sale of drug products delivered by injection and the 
packaging of drug products. If the drug products developed by our customers in the future use another 
delivery system or are reconfigured to require less frequent dosing, our sales and profitability could suffer. 
Our business depends to a substantial extent on customers’ continued sales and development of products that are 
delivered by injection. If (i) our customers fail to continue to sell, develop and deploy injectable products; (ii) our 
customers reconfigure their drug product or develop new drug products requiring less frequent dosing; or (iii) we are 
unable to develop new products that assist in the delivery of drugs by alternative methods, our sales and profitability 
may suffer. 
If we are unable to provide comparative value advantages, timely fulfill customer orders, or resist pricing 
pressure, we will have to reduce our prices, which may reduce our profit margins. 
We compete with several companies across our major product lines. Because of the special nature of these products, 
competition is based primarily on product design and performance, although total cost is becoming increasingly 
important as pharmaceutical companies continue with aggressive cost-control programs across their operations. 
13

Companies often compete on the basis of price. We aim to differentiate ourselves from our competition by being a 
“full-service, value-added” global supplier that is able to provide pre-sale compatibility studies, engineering support, 
and other services and sophisticated post-sale technical support on a global basis. However, we face continued 
pricing pressure from our customers and competitors. If we are unable to resist or offset the effects of continued 
pricing pressure through our value-added services, improved operating efficiencies and reduced expenditures, or if 
we have to reduce our prices, our sales and profitability may suffer. 
Consolidation in the pharmaceutical and healthcare industries could adversely affect our future revenues and 
operating income.
The pharmaceutical and healthcare industries continue to experience a significant amount of consolidation. As a 
result of this consolidation, competition to provide goods and services to customers has increased. In addition, group 
purchasing organizations and integrated health delivery networks have served to concentrate purchasing decisions 
for some customers, which has placed pricing pressure on suppliers. Further consolidation within the industries we 
serve could exert additional pressure on the prices of our products. 
The medical technology industry is very competitive and customer demands and/or new products in the 
marketplace could cause a reduction in demand. 
The medical technology industry is subject to rapid technological changes, and we face significant competition 
across our product lines and in each market in which our products are sold. We face this competition from a wide 
range of companies, including large medical device companies, some of which have greater financial and marketing 
resources than we do. We also face competition from firms that are more specialized than we are with respect to 
particular markets. In some instances, competitors, including pharmaceutical companies, also offer, or are 
attempting to develop, alternative therapies for diseases that may be delivered via their own, or without, a medical 
device. The development of new or improved products, processes or technologies by other companies (such as 
needle-free injection technology) may reduce customer demand for our products or render some of our products or 
proposed products obsolete or less competitive. In addition, any failure or inability to meet increased customer 
quality expectations could cause a reduction in demand.
Business and Operational Risks
Disruption in our manufacturing facilities could have a material adverse effect on our ability to make and sell 
products and have a negative impact on our reputation, performance or financial condition.
We have manufacturing sites throughout the world. In some instances, however, the manufacturing of certain 
product lines is concentrated in one or only a few of our plants. The functioning of our manufacturing and 
distribution assets and systems could be disrupted for reasons either within or beyond our control, including, without 
limitation: extreme weather, water scarcity and other longer-term climatic changes; natural or man-made disasters; 
pandemic; war; accidental damage; disruption to the supply of material or services; product quality and safety 
issues; power outages; systems failure; workforce actions; or environmental matters. There is a risk that incident 
management systems in place may prove inadequate and that any disruption may materially adversely affect our 
ability to make and sell products and therefore, materially adversely affect our reputation, performance or financial 
condition. 
14

Our international sales and operations are subject to risks and uncertainties that vary by country and which 
could have a material adverse effect on our business and/or results of operations. 
We conduct business in most of the major pharmaceutical markets in the world. Our international operations and our 
ability to implement our overall business strategy (including our plan to continue expanding into emerging and/or 
faster-growing markets outside of the U.S.) are subject to risks and uncertainties that can vary by country, and 
include: transportation delays and interruptions; political and economic instability and disruptions; imposition of 
duties and tariffs; import and export controls; the risks of divergent business expectations or cultural incompatibility 
inherent in establishing and maintaining operations in foreign countries; difficulties in staffing and managing multi-
national operations; labor strikes and/or disputes; and potentially adverse tax consequences. Limitations on our 
ability to enforce legal rights and remedies with third parties or our joint venture partners outside of the U.S. could 
also create exposure. In addition, we may not be able to operate in compliance with foreign laws and regulations, or 
comply with applicable customs, currency exchange control regulations, transfer pricing regulations or any other 
laws or regulations to which we may be subject, in the event that these laws or regulations change. Any of these 
events could have an adverse effect on our international operations in the future by reducing the demand for our 
products or decreasing the prices at which we can sell our products, or otherwise have an adverse effect on our 
financial condition, results of operations and cash flows. 
Disruptions in the supply of key raw materials could adversely impact our operations. 
We generally purchase our raw materials and supplies required for the production of our products in the open 
market. For reasons of quality assurance, sole source availability or cost effectiveness, many components and raw 
materials are available and/or purchased only from a single supplier. Due to the stringent regulations and 
requirements of the FDA and other regulatory authorities regarding the manufacture of our products and the 
availability of such raw materials, we may not be able to quickly establish additional or replacement sources for 
these components or raw materials or do so without excessive cost. As a result, a reduction or interruption in supply, 
or an inability to secure alternative sources of raw materials or components, could have a material adverse effect on 
our business and/or results of operations.
Raw material and energy prices have a significant impact on our profitability. If raw material and/or energy 
prices increase, and we cannot pass those price increases on to our customers, our profitability and financial 
condition may suffer. 
We use three basic raw materials in the manufacture of our products: elastomers (which include synthetic and 
natural material), aluminum and plastic. In addition, our manufacturing facilities consume a wide variety of energy 
products to fuel, heat and cool our operations. The price and supply of these materials and energy sources are 
cyclical and volatile and may be impacted or disrupted for reasons beyond our control, including supplier 
shutdowns, supplier capacity constraints, transportation delays, inflationary pricing pressures, work stoppages, labor 
shortages, geopolitical developments and governmental regulatory actions. 
For example, the prices of certain commodities, particularly petroleum-based raw materials, have in the recent past 
exhibited rapid changes, affecting the cost of synthetic elastomers and plastic. While we generally attempt to pass 
along increased costs to our customers in the form of sales price increases, historically there has been a time delay 
between raw material and/or energy price increases and our ability to increase the prices of our products. In some 
circumstances, we may not be able to increase the prices of our products due to competitive pressure and other 
factors. If we are unable to pass along increased raw material prices and energy costs to our customers, our 
profitability, and thus our financial condition, may be adversely affected.
15

If we are not timely or successful in new-product innovation or the development and commercialization of 
proprietary multi-component systems, our future revenues and operating income could be adversely affected.
Our growth partly depends on new-product innovation and the development and commercialization of proprietary 
multi-component systems for injectable drug administration and other healthcare applications. Product development 
and commercialization is inherently uncertain and is subject to a number of factors outside of our control, including 
any necessary regulatory approvals and commercial acceptance for the products. The ultimate timing and successful 
commercialization of new products and systems requires substantial evaluations of the functional, operational, 
clinical, and economic viability of our products. In addition, the timely and adequate availability of filling capacity 
is essential to both conducting definitive stability trials and the timing of commercialization of customers’ products 
in Crystal Zenith vials, syringes and cartridges. Delays, interruptions or failures in developing and commercializing 
new-product innovations or proprietary multi-component systems could adversely affect future revenues and 
operating income. In addition, adverse conditions may also result in future charges to recognize impairment in the 
carrying value of our goodwill and other intangible assets, which could have a material adverse effect on our 
financial results.
We may not succeed in finding and completing acquisitions or other strategic transactions, which could have 
an adverse effect on our business and results of operations.
We expect to continue to seek acquisition opportunities that compliment and expand our existing operations. 
However, we may be unable to identify suitable targets, opportunistic or otherwise, for acquisitions or other strategic 
transactions in the future. If we identify a suitable candidate, our ability to successfully implement the strategic 
transaction would depend on a variety of factors, including our ability to obtain financing on acceptable terms and to 
comply with the restrictions contained in our debt agreements. Strategic transactions involve risks, including those 
associated with integrating the operations or maintaining the operations as separate (as applicable), financial 
reporting, disparate technologies, and personnel of acquired companies, joint ventures or related companies; 
managing geographically dispersed operations or other strategic investments; the diversion of management’s 
attention from other business concerns; the inherent risks in entering markets or lines of business in which we have 
either limited or no direct experience; the potential loss of key employees, customers and strategic partners of 
acquired companies, joint ventures or companies in which we may make strategic investments; and potentially other 
unknown risks. We may not successfully integrate any businesses or technologies we may acquire or strategically 
develop in the future and may not achieve anticipated revenue and cost benefits relating to any such strategic 
transactions. Strategic transactions may be expensive, time consuming and may strain our resources. Strategic 
transactions may not be accretive to our earnings and may negatively impact our results of operations as a result of, 
among other things, the incurrence of debt, one-time write-offs of goodwill, additional carrying costs of patent or 
trademark portfolios, and amortization expenses of other intangible assets. In addition, strategic transactions that we 
may pursue could result in dilutive issuances of equity securities.
Product defects could adversely affect the results of our operations.
The design, manufacturing and marketing of pharmaceutical packaging and medical devices involve certain inherent 
risks. Manufacturing or design defects, unanticipated use of our products, or inadequate disclosure of risks relating 
to the use of our products can lead to injury or other adverse events. These events could lead to recalls or safety 
alerts relating to our products (either voluntary or required by the FDA or similar governmental authorities in other 
countries), and could result, in certain cases, in the removal of a product from the market. 
A recall could result in significant costs, as well as negative publicity and damage to our reputation that could reduce 
demand for our products. Personal injuries relating to the use of our products can also result in product liability 
claims being brought against us. In some circumstances, such adverse events could also cause delays in new product 
approvals. 
16

A loss of or inability to attract key personnel or highly skilled employees could disrupt our operations.
Our future success depends, in large part, on our ability to attract and retain key employees, including our executive 
officers and individuals in technical, marketing, sales, and research positions. Competition for experienced 
employees, particularly for persons with specialized skills, can be intense. Our ability to recruit such talent will 
depend on a number of factors, including compensation and benefits, work location and work environment. If we 
cannot effectively recruit and retain qualified executives and employees, our business could be adversely affected. 
Although we believe that we will be able to attract and retain talented personnel and replace key personnel should 
the need arise, our inability to do so on a timely basis could disrupt the operations of the unit affected or our overall 
operations. In addition, because of the complex nature of many of our products and programs, we are generally 
dependent on an educated and highly skilled engineering staff and workforce. Our operations could be disrupted by 
a shortage of available skilled employees.
We may be unable to increase capacity or efficiency at our own manufacturing facilities, which could 
adversely affect our business, financial condition, and results of operations.
We must adjust our production capacity in accordance with customer demand changes and remain focused on 
increasing capacity at various facilities through our capital strategy. If we are unable to increase capacity levels at 
the rate we expect, or if unforeseen costs or other challenges associated with increasing that capacity arise, we may 
not be able to achieve our financial targets. 
Additionally, we are committed to supporting a full portfolio of our products for our customers. That commitment, 
along with shifts of product mix and complexity, may result in more frequent equipment change-overs and 
potentially increased costs because of the high fixed cost nature of our business, causing lower gross margins due to 
under-absorption of those fixed costs. 
Our results of operations and earnings may not meet guidance or expectations. 
We provide public guidance on our expected results of operations for future periods. This guidance is comprised of 
forward-looking statements subject to risks and uncertainties, including the risks and uncertainties described in this 
Form 10-K and in our other public filings and public statements, and is based on assumptions we make at the time 
we provide such guidance. Our guidance may not always be accurate. If, in the future, our results of operations for a 
particular period do not meet our guidance or the expectations of investment analysts, or if we reduce our guidance 
for future periods, the market price of our common stock could decline significantly. 
No assurance can be given that we will continue to pay or declare dividends. 
We have historically paid dividends. However, there can be no assurance that we will pay or declare dividends in the 
future. The actual declaration and payment of future dividends, the amount of any such dividends, and the 
establishment of record and payment dates, if any, are subject to determination by our Board of Directors each 
quarter after its review of our then-current strategy, applicable debt covenants and financial performance and 
position, among other things. Our declaration and payment of future dividends is subject to risks and uncertainties, 
including deterioration of our financial condition or position; inability to declare a dividend in compliance with 
applicable laws or debt covenants; an increase in our cash needs or decrease in available cash; and the business 
judgment of the Board of Directors that a declaration of a dividend is not in our best interest.
If we fail to comply with our obligations under our distributorship or license agreements with Daikyo or the 
agreements are terminated early or not renewed, we could lose license rights and access to certain product 
and technology that are important to our business.
Key value-added and proprietary products and processes are licensed from our affiliate, Daikyo, including but not 
limited to, Crystal Zenith, FluroTec® and B2-coating technologies. Our rights to these products and processes are 
licensed pursuant to agreements that expire in 2027. However, if the agreements are terminated early or not 
renewed, our business could be adversely impacted. 
17

Legal and Regulatory Risks
We are subject to regulation by governments around the world, and if these regulations are not complied 
with, existing and future operations may be curtailed, and we could be subject to liability. 
As a multinational corporation with operations and distribution channels throughout the world, we are subject to and 
must comply with extensive laws and regulations in the United States and other jurisdictions in which we have 
operations and distribution channels. For example, the design, development, manufacturing, marketing and labeling 
of certain of our products and our customers’ products that incorporate our products are subject to regulation by 
governmental authorities in the U.S., Europe and other countries, including the FDA, the European Medicines 
Agency and the National Medical Products Administration (China). Complying with governmental regulation can be 
costly and can result in required modification or withdrawal of existing products and a substantial delay in the 
introduction of new products. Failure to comply with applicable regulatory requirements or failure to obtain 
regulatory approval for a new product could subject us to fines, sanctions or other penalties that could negatively 
affect our reputation, business, financial condition, and results of operations. 
The global nature of our business also means legal and compliance risks, such as anti-bribery, anti-corruption, fraud, 
trade, environmental, competition, privacy, and other regulatory matters, will continue to exist and additional legal 
proceedings and other contingencies will arise from time to time, which could adversely affect us. In addition, the 
adoption of new laws or regulations, or changes in the interpretation of existing laws or regulations, may result in 
significant unanticipated legal and reputational risks. Any current or future legal or regulatory proceedings could 
divert management's attention from our operations and result in substantial legal fees.
Products that incorporate our technologies and medical devices that we produce are subject to regulations 
and extensive approval or clearance processes, which make the timing and success of new-product 
commercialization difficult to predict.
The process of obtaining and maintaining FDA and other required regulatory approvals is expensive and time-
consuming. Historically, most medical devices that incorporate our technologies and medical devices that we 
produce have been subject to the FDA’s 510(k) marketing approval process, which typically lasts from six to nine 
months. Supplemental or full pre-market approval reviews require a significantly longer period, delaying 
commercialization. Changes in regulation on a global scale must be monitored and actions taken to ensure ongoing 
compliance. Pharmaceutical products that incorporate our technologies and medical devices that we produce are 
subject to the FDA’s New Drug Application process, which typically takes a number of years to complete. 
Additionally, biotechnology products that incorporate our technologies and medical devices that we produce are 
subject to the FDA’s Biologics License Application process, which also typically takes a number of years to 
complete. Outside of the U.S., sales of medical devices and pharmaceutical or biotechnology products are subject to 
international regulatory requirements that vary from country to country. The time required to obtain approval for 
sale internationally may be longer or shorter than that required for FDA approval. There is no certainty that any 
regulatory approval may be obtained or maintained indefinitely, and our ability to launch products to the market and 
maintain market presence is not guaranteed.
Changes in the regulation of drug products and devices may increase competitive pressure and adversely 
affect our business.
An effect of the governmental regulation of our medical devices and our customers’ drug products, devices, and 
manufacturing processes is that compliance with regulations makes it difficult to change components and devices 
produced by one supplier with those from another supplier, due to the large amount of data and information that 
customers must generate to demonstrate that the components and devices are equivalent and pose no additional risk 
to the patient. The regulation of our medical devices and our customers’ products that incorporate our components 
and devices has increased over time. If the applicable regulations were to be modified in a way that reduced the level 
of data and information needed to prove equivalency for a change from one supplier’s components or devices to 
those made by another, it is likely that the competitive pressure would increase and adversely affect our sales and 
profitability.
18

If we are not successful in protecting our intellectual property rights, our ability to compete may be affected.
Our patents, trademarks and other intellectual property are important to our business. We rely on patent, trademark, 
copyright, trade secret, and other intellectual property laws, as well as nondisclosure and confidentiality agreements 
and other methods, to protect our proprietary products, information, technologies and processes. We also have 
obligations with respect to the non-use and non-disclosure of third-party intellectual property. We may need to 
engage in litigation or similar activities to enforce our intellectual property rights, to protect our trade secrets or to 
determine the validity and scope of proprietary rights of others. Any such litigation could require us to expend 
significant resources and divert the efforts and attention of our management and other personnel from our business 
operations. There can be no assurance that the steps we will take to prevent misappropriation, infringement or other 
violation of our intellectual property or the intellectual property of others will be successful. In addition, effective 
patent, trademark, copyright, and trade secret protection may be unavailable or limited for some of our proprietary 
products in some countries. Failure to protect our intellectual property or successfully invalidate or defend against 
intellectual property protections of third parties could harm our business and results of operations. In addition, if 
relevant and effective patent protection is not available or has expired, we may not be able to prevent competitors 
from independently developing products and services similar or duplicative to ours. 
Significant developments in U.S. tax policies could have a material adverse effect on our business and/or 
results of operations.
We earn a substantial portion of our income in foreign countries and, as such, we are subject to the tax laws in the 
United States and numerous foreign jurisdictions. Current economic and political conditions make tax laws and 
regulations, or their interpretation and application, in any jurisdiction subject to significant change.
Proposals to reform U.S. and foreign tax laws could significantly impact how U.S. multinational corporations are 
taxed on foreign earnings and could increase the U.S. corporate tax rate. Although we cannot predict whether or in 
what form these proposals may pass, several of the proposals considered, if enacted into law, could have an adverse 
impact on our effective tax rate, income tax expense and cash flows.
We utilize tax rulings and other agreements to obtain certainty in treatment of certain tax matters. These rulings and 
agreements expire from time to time and may be extended when certain conditions are met or terminated if certain 
conditions are not met. The impact of any changes in conditions would be the loss of certainty in treatment thus 
potentially impacting our effective income tax rate.
We are also subject to the examination of our tax returns by the United States Internal Revenue Service (“IRS”) and 
other tax authorities. We regularly assess the likelihood of an adverse outcome resulting from these examinations to 
determine the adequacy of its provision for income taxes. Although we believe our tax provisions are adequate, the 
final determination of tax audits and any related disputes rapidly change and could be materially different from our 
historical income tax provisions and accruals. The results of audits or related disputes could have an adverse effect 
on our financial statements for the period or periods for which the applicable final determinations are made. For 
example, we and our subsidiaries are also engaged in a number of intercompany transactions across multiple tax 
jurisdictions. Although we believe we have clearly reflected the economics of these transactions and the proper local 
transfer pricing documentation is in place, tax authorities may propose and sustain adjustments that could result in 
changes that may impact our mix of earnings in countries with differing statutory tax rates.
19

We are subject to stringent and changing obligations related to data privacy and security. Our actual or 
perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; 
fines and penalties; disruptions of our business operations; reputational harm and other adverse business 
consequences.
In addition to our own sensitive and proprietary business information, we handle transactional and personal 
information worldwide. As a result, we must comply with increasingly complex and rigorous, and sometimes 
conflicting laws, regulatory standards, industry standards, external and internal privacy and security policies, 
contracts and other obligations that govern the processing of business and personal data by us and on our behalf. For 
example and not limited to, the European Union’s General Data Protection Regulation (the “EU GDPR”), the United 
Kingdom’s GDPR (the “UK GDPR”) and California’s Consumer Privacy Act of 2018 (the "CCPA"), as expanded 
by the California Privacy Rights Act of 2020 (“CPRA”), impose obligations on companies regarding the handling of 
personal data and provide certain individual privacy rights to persons whose data is stored. Furthermore, multiple 
states in the United States have enacted data privacy laws. Additionally, laws in certain jurisdictions require data 
localization and impose restrictions on the transfer of personal information across border. For example, the EU 
GDPR generally restricts the transfer of personal information to countries outside of the European Economic Area 
without appropriate safeguards or other measures. If we cannot implement a valid compliance mechanism for cross-
border privacy and security transfers, we may face increased exposure to regulatory actions, substantial fines and 
injunctions against processing or transferring personal information from Europe or elsewhere.
Compliance with existing and forthcoming laws and regulations can be costly and time consuming, and may require 
changes to our information technologies, systems and practices and to those of any third parties that process personal 
information on our behalf. If we fail, or are perceived to have failed, to address or comply with obligations related to 
data privacy and security, we could face significant consequences, including, but not limited to, proceedings against 
the Company by governmental entities (e.g. investigations, fines, penalties, audits, inspections) or other entities or 
individuals, additional reporting requirements and/or governmental agency oversight, damage to our reputation and 
credibility, or inability to process data or operate in certain jurisdictions, any of which could have a negative impact 
on revenues and profits.
Changing climate, global climate change regulations and greenhouse gas effects may adversely affect our 
operations and financial performance.
There is continuing concern from members of the scientific community and the general public that emissions of 
GHG and other activities have or will cause significant changes in weather patterns and increase the frequency or 
severity of extreme weather events, including droughts, hurricanes, wildfires and flooding. These types of extreme 
weather events have and may continue to adversely impact us, raw material availability, our suppliers, our customers 
and their ability to purchase our products and our ability to timely manufacture and transport our products.
We believe it is likely that the scientific and political attention to issues concerning the extent and causes of climate 
change will continue, with new and more restrictive legislation or regulations and focus on ESG initiatives that 
could affect our financial condition, results of operations and cash flows. Foreign, federal, state and local regulatory 
and legislative bodies, such as the SEC, have proposed various legislative and regulatory measures relating to 
increased transparency and standardization of reporting related to factors that may include climate change, 
regulating GHG emissions, energy policies, recycling of plastic materials, waste taxes, and other governmental 
charges and mandates. If additional legislation or regulations were enacted, we could incur increased energy, 
environmental, administrative and other costs and capital expenditures to comply with the limitations. 
Failure to comply with these regulations could result in fines and could affect our business, financial condition, 
results of operations and cash flows. We could also face increased costs related to defending and resolving legal 
claims and other litigation related to climate change and any alleged impact of our operations on climate change.
20

We, along with other companies in many business sectors have been implementing and expanding ESG and 
sustainability strategies, specifically ways to track and reduce GHG emissions. As a result, our customers may 
request that changes be made to our products, procedures or facilities, as well as other aspects of our business, that 
increase costs and may require the investment of capital or reduction in profit margins if not offset by price 
increases, customer investment or other cost savings. Failure to provide climate-friendly products or demonstrate 
GHG reductions could potentially result in loss of market share. Additionally, the costs of procuring energy, 
including renewable energy, or offsetting GHG emissions to meet our goals, satisfy government regulations or meet 
the requests of our customers may increase. 
Failure to comply with anti-bribery, anti-corruption and anti-money laundering laws could subject us to 
penalties and other adverse consequences.
We are subject to the Foreign Corrupt Practices Act (the "FCPA"), the U.K. Bribery Act and other anti-bribery, anti-
corruption, and anti-money laundering laws in various jurisdictions around the world. The FCPA, the U.K. Bribery 
Act and similar applicable laws generally prohibit companies, as well as their officers, directors, employees and 
third-party intermediaries, business partners and agents, from making improper payments or providing other 
improper things of value to government officials or other persons. We and our third-party intermediaries may have 
direct or indirect interactions with officials and employees of government agencies or state owned or affiliated 
entities and other third parties where we may be held liable for corrupt or other illegal activities, even if we do not 
explicitly authorize them. While we have policies and procedures and internal controls to address compliance with 
such laws, we cannot provide assurance that all of our employees and third-party intermediaries, business partners 
and agents will not take actions in violation of such policies and laws, for which we may be ultimately held 
responsible. To the extent that we learn that any of our employees or third-party intermediaries, business partners or 
agents do not adhere to our policies, procedures, or internal controls, we are committed to taking appropriate 
remedial action. In the event that we believe or have reason to believe that our directors, officers, employees or 
third-party intermediaries, agents or business partners have or may have violated such laws, we may be required to 
investigate or to have outside counsel investigate the relevant facts and circumstances. Detecting, investigating and 
resolving actual or alleged violations can be extensive and require a significant diversion of time, resources, and 
attention from senior management. Any violation of the FCPA, the U.K. Bribery Act or other applicable anti-
bribery, anti-corruption and anti-money laundering laws could result in whistleblower complaints, adverse media 
coverage, investigations, loss of export privileges, and criminal or civil sanctions, penalties, and fines, any of which 
may adversely affect our business and financial condition.
Our operations must comply with environmental statutes and regulations, and any failure to comply could 
result in extensive costs which would harm our business.
The manufacturing of some of our products has involved, and may continue to involve, the use, transportation, 
storage, and disposal of hazardous or toxic materials and is subject to various environmental protection and 
occupational health and safety laws and regulations in the countries in which we operate. This has exposed us in the 
past, and could expose us in the future, to risks of accidental contamination and events of non-compliance with 
environmental laws. Any such occurrences could result in regulatory enforcement or personal injury and property 
damage claims or could lead to a shutdown of some of our operations, which could have an adverse effect on our 
business and results of operations. We currently incur costs to comply with environmental laws and regulations and 
these costs may become more significant, especially as the laws become more stringent and our use of materials 
changes.
21

Changes in reimbursement practices of third-party payers or other cost containment measures, including 
changes to applicable laws and regulations, could affect the demand for our products and the prices at which 
they are sold.
Our sales depend, in part, on the extent to which healthcare providers and facilities are reimbursed by government 
authorities (including Medicare, Medicaid and comparable foreign programs) and private insurers for the costs of 
our products. The coverage policies and reimbursement levels of third-party payers, which can vary among public 
and private sources and by country, may affect which products customers purchase and the prices they are willing to 
pay for those products in a particular jurisdiction. Reimbursement rates can also affect the market acceptance rate of 
new technologies and products. Reforms to reimbursement systems in the U.S. or abroad, changes in coverage by 
private payers, or adverse decisions by payers could significantly reduce reimbursement for procedures using our 
products, which could adversely affect customer demand or the price customers are willing to pay for such products. 
Initiatives to limit the growth of healthcare costs in the U.S. and other countries where we do business may also put 
industry-wide pressure on medical device or clinical diagnostic pricing. In the U.S., these include, among others, 
value-based purchasing and managed care arrangements. Governments in other countries are also using various 
mechanisms to control healthcare expenditures, including increased use of competitive bidding and tenders as well 
as price regulation.
General Risk Factor
Our share price has been volatile and may fluctuate, and accordingly, the value of an investment in our 
common stock may also fluctuate. 
Stock markets in general and our common stock in particular have experienced significant price and trading volume 
volatility over recent years. The market price and trading volume of our common stock may continue to be subject to 
significant fluctuations due to factors described under this Item 1A. Risk Factors, as well as economic and 
geopolitical conditions in general and to variability in the prevailing sentiment regarding our operations or business 
prospects, as well as, among other things, changing investment priorities of our shareholders. 
ITEM IB.  UNRESOLVED STAFF COMMENTS
As of the filing of this Form 10-K, there were no unresolved comments from the Staff of the SEC.
22

ITEM 1C. CYBERSECURITY
Risk Management and Strategy
The Company has implemented the Committee of Sponsoring Organizations (“COSO”) Enterprise Risk 
Management (“ERM”) Framework, which outlines the process by which an organization can view any risk by way 
of governance and culture, integration into strategy, risk assessments, reviewing capabilities and practices, and 
monitoring and reporting. This process would apply to the cybersecurity risk as it would any of the other enterprise 
risks. We follow the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”) 
with layered security controls to help identify, protect against, detect, respond to, and recover from cyber-attacks. To 
safeguard our information assets, we have put various procedures and technologies in place. For example, our 
Cybersecurity Incident Response Plan clearly defines roles and responsibilities for the investigation of and response 
to information security incidents to minimize disruption of critical computing services and operations and prevent 
the loss or theft of sensitive or mission-critical information. Our plan covers various cyber incidents like 
ransomware attacks, cyber-intrusions, data loss, denial of service, insider threats, malware attacks, and others. In a 
material cybersecurity incident, our D&T team, inclusive of our Chief Information Officer and our VP of 
Cybersecurity and Infrastructure Support, address the threat via established escalation procedures, roles, 
responsibilities, and communication. Any cybersecurity incident that is declared as a crisis would follow our global 
Incident and Crisis Response and Management Procedure, which includes escalation to the West Leadership Team 
and Board of Directors, as deemed necessary pending the materiality of the incident. We have not encountered 
cybersecurity challenges that have materially impacted our operations or financial condition. In addition, we retain 
an external cybersecurity consultancy company to assist when a cybersecurity event arises, as needed and, in 
addition we maintain appropriate cybersecurity liability insurance.
The Company also educates and shares best practices globally with its employees to raise awareness of 
cybersecurity threats. As part of our onboarding process, we train all new employees on cybersecurity and conduct 
an annual retraining of all employees on cybersecurity standards. Training also includes how to recognize, report 
and properly respond to phishing and social engineering schemes. Multiple phishing simulation exercises are 
conducted throughout the year to increase cybersecurity awareness. Our cybersecurity defenses also utilize 
technologies such as next generation firewalls, Zero Trust architecture, intrusion detection and prevention measures, 
anti-malware software, advance threat protection, multifactor authentication, network segmentation and encryption 
to ensure the security of West intellectual properties, customer and vendor data. In addition, we have a dedicated 24-
by-7 Security Operations Center to facilitate the monitoring of the Company's cybersecurity landscape and 
associated applications.
Governance
Our approach to cybersecurity begins with our responsibility for strong governance and controls. Security begins at 
the top of our organization, where Company leadership consistently communicates the requirements for vigilance 
and compliance throughout the organization, and then leads by example. Our diligence and assessment extend 
beyond West, as the Company performs a cybersecurity assessment when third-party vendors and service providers 
are onboarded. Throughout the year, we monitor the effectiveness of our third-party vendors' and service providers' 
control environment, assessing any impact to our Company. The cybersecurity program is led by our Chief 
Information Officer and our VP of Cybersecurity and Infrastructure Support, who provide periodic updates to the 
Audit Committee of our Board of Directors, annual updates to the Board of Directors, and regular reports to the 
West Leadership Team about the program, including information about cyber risk management governance and the 
status of ongoing efforts to strengthen cybersecurity effectiveness. Additionally, our ERM program enables a 
portfolio view of the risks inherent in our business, including cybersecurity. The ERM function monitors and reports 
on these top risks with periodic updates to the Audit Committee and our Board of Directors, annual updates to the 
Board of Directors, and regular reporting to the West Leadership Team on risk mitigation and response efforts. 
Security controls and processes are developed and maintained to protect sensitive and confidential information while 
ensuring availability and integrity. 
23

ITEM 2.  PROPERTIES
Our corporate headquarters are located at 530 Herman O. West Drive, Exton, Pennsylvania 19341.
The following table summarizes our facilities by segment and geographic region. All facilities shown are owned 
except where otherwise noted.
Type of Facility/ Country
Location
Segment
Manufacturing:
North America
United States of America
Scottsdale, AZ (1) (2)
Proprietary Products
Tempe, AZ (2)
Contract Manufactured Products and 
Proprietary Products
St. Petersburg, FL (1)
Proprietary Products
Grand Rapids, MI 
Contract Manufactured Products
Kinston, NC
Proprietary Products
Kearney, NE
Proprietary Products
Jersey Shore, PA
Proprietary Products
Williamsport, PA
Contract Manufactured Products
Cayey, Puerto Rico
Proprietary Products and Contract 
Manufactured Products
South America
Brazil
Sao Paulo
Proprietary Products
Europe
Denmark
Horsens
Proprietary Products
England
St. Austell
Proprietary Products
France
Le Nouvion
Proprietary Products
Germany
Eschweiler (1) (2)
Proprietary Products
Stolberg
Proprietary Products
Ireland
Waterford
Proprietary Products
Dublin (2)
Contract Manufactured Products
Serbia
Kovin
Proprietary Products
Asia Pacific
China
Qingpu
Proprietary Products
India
Sri City
Proprietary Products
Singapore
Jurong (2)
Proprietary Products
Mold-and-Die Tool Shop: 
North America
United States of America
Upper Darby, PA
Proprietary Products
24

Type of Facility/ Country
Location
Segment
Europe
England
Bodmin
Proprietary Products
Germany
Stolberg
Proprietary Products
Contract Analytical Laboratory:
North America
United States of America
Exton, PA
Proprietary Products
Technology Center:
Asia Pacific
India
Bangalore (2)
Proprietary Products, Contract 
Manufactured Products
(1) This manufacturing facility is also used for research and development activities.
(2) This facility is leased in whole or in part.
Our Proprietary Products reportable segment leases facilities located in Scottsdale, AZ, Radnor, PA, Germany, and 
Israel for research and development, as well as other activities. Sales offices in various locations are leased under 
contractual arrangements.
ITEM 3.  LEGAL PROCEEDINGS 
None.
ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
The executive officers of the Company are set forth in this table. Generally, executive officers are elected by the 
Board of Directors annually at the regular meeting of the Board of Directors following the Annual Meeting of 
Shareholders. Additionally, executive officers may be elected upon hire or due to a promotion.
Name
Age
Position
Bernard J. Birkett
56
Senior Vice President and Chief Financial Officer since April 2024. Senior 
Vice President and Chief Financial and Operations Officer from July 2022 to 
April 2024. Senior Vice President and Chief Financial Officer from June 2018 
to July 2022. In addition, Treasurer from June 2018 to December 2019 and 
Principal Accounting Officer from October 2019 to April 2020. Prior to 
joining West, he spent more than 20 years at Merit Medical Systems, Inc., a 
leading manufacturer of disposable medical devices, where he served in a 
number of senior global leadership roles, including Chief Financial Officer and 
Treasurer, Controller for Europe, Middle East and Africa (EMEA) and Vice 
President of International Finance.
Annette F. Favorite
60
Senior Vice President and Chief Human Resources Officer since October 
2015. Prior to joining West, she spent more than 25 years at IBM Corporation, 
an information technology services company, in a number of strategic and 
global human resources roles, including Vice President, Global Talent 
Management, Vice President of Human Resources for Worldwide Software 
Sales, and Human Resources Leader for the company’s Southwest European 
Region, based out of Spain.
25

Eric M. Green
55
Chair of the Board since May 2022. Chief Executive Officer since April 2015 
and President since December 2015. Prior to joining West, he was Executive 
Vice President and President of the Research Markets business unit at Sigma-
Aldrich Corporation from 2013 to 2015. From 2009 to 2013, he served as Vice 
President and Managing Director, International, where he was responsible for 
Asia Pacific and Latin America, and prior thereto, held various commercial 
and operational roles.
Kimberly Banks MacKay
59
Senior Vice President, General Counsel and Corporate Secretary since 
December 2020. Prior to joining West, from April 2019 to November 2020, 
she served as Senior Vice President, General Counsel and Corporate Secretary 
at the Segal Group in New York, a privately held firm specializing in employee 
benefits and investment consulting. Prior to Segal, she served for over 15 years 
in a variety of Legal leadership roles for Novartis, a global healthcare 
company, including Head of U.S. Legal for Novartis Business Service. 
Cindy Reiss-Clark 
51
Chief Commercial Officer since May 2022. Senior Vice President, Global 
Markets and Commercial Solutions since November 2019. Vice President and 
General Manger Biologics Market Unit from September 2018 to November 
2019. Prior to joining West, she served as Senior Vice President of Global 
Marketing at Lonza Pharma and Biotech, a leading Contract Development and 
Manufacturing Business from October 2017 to July 2018. From January 2016 
to September 2017, served as Lonza Pharma and Biotech, Senior Vice 
President of Global Sales. Prior to Lonza, she served for over 15 years in a 
variety of Commercial leadership roles at SAFC, a division of Sigma-Aldrich 
Company.
Chad R. Winters
46
Vice President, Finance & Chief Accounting Officer since February 2024. 
Vice President, Chief Accounting Officer and Corporate Controller from May 
2020 to February 2024. Vice President and Corporate Controller from October 
2019 to May 2020. Prior to joining West, he served as Senior Vice President of 
Finance & Accounting and Controller of Amneal Pharmaceuticals, Inc., a 
specialty pharmaceutical company. Prior to Amneal, he held roles of increasing 
responsibility at the Chemours Company, UGI Corporation, and 
PricewaterhouseCoopers LLP. 
26

PART II
ITEM 5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS 
AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “WST.” As of February 
6, 2025, we had 523 shareholders of record, which excludes beneficial owners whose shares were held by brokerage 
firms, depositaries and other institutional firms in “street names” for their customers.
Dividends
We paid a quarterly dividend of $0.19 per share on our common stock in each of the first three quarters of 2023; 
$0.20 per share in the fourth quarter of 2023 and each of the first three quarters of 2024; and $0.21 per share in the 
fourth quarter of 2024. We will continue to review our ability to pay cash dividends on an ongoing basis and 
dividends may be declared at the discretion of our Board of Directors. When considering whether to declare a 
dividend, our Board of Directors will take into account:
•
general economic and business conditions;
•
our financial condition and operating results;
•
our available cash and current and anticipated cash needs;
•
our capital requirements;
•
contractual, legal, tax and regulatory restrictions on the payment of dividends by us; and
•
such other factors as our Board of Directors may deem relevant.
Issuer Purchases of Equity Securities
The following table shows information with respect to purchases of our common stock made during the three 
months ended December 31, 2024 by us or any of our “affiliated purchasers” as defined in Rule 10b-18(a)(3) under 
the Exchange Act: 
Period
Total number of 
shares purchased (1)
Average price 
paid per share (1)
Total number of 
shares purchased as 
part of publicly 
announced plans or 
programs (1)
Approximate dollar 
value of shares that 
may yet be purchased 
under the plans or 
programs (1)
October 1 - 31, 2024
 
65,531 $ 
297.81  
65,531 $ 
35,700,000 
November 1 - 30, 2024
 
52,917  
321.15  
52,917  
18,700,000 
December 1 - 31, 2024
 
54,798  
326.64  
54,798  
800,000 
Total
 
173,246 $ 
314.06  
173,246 $ 
800,000 
(1) In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase 
up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under 
which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of 
shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market 
conditions. During the three months ended December 31, 2024, we purchased 173,246 shares of our common stock 
under the program at a cost of $54.4 million, or an average price of $314.06 per share. During the year ended 
December 31, 2024, we purchased 1,583,032 shares of our common stock under the program at a cost of $560.9 
million, or an average price of $354.30 per share.
27

Performance Graph
The following performance graph compares the cumulative total return to holders of our common stock with the 
cumulative total return of the Standard & Poor’s 500 Index (“S&P 500”) and the Standard & Poor's 500 Health Care 
Index, for the five years ended December 31, 2024. The performance graph is based on historical data and is not 
indicative of, or intended to forecast, future performance of our common stock.
Cumulative total return to shareholders is measured by dividing total dividends (assuming dividend reinvestment) 
plus the per-share price change for the period by the share price at the beginning of the period. The cumulative 
shareholder return on our common stock is based on an investment of $100 on December 31, 2019 and is compared 
to the cumulative total return of the S&P indices mentioned above over the period with a like amount invested.
Comparison of Cumulative Five Year Total Return
West Pharmaceutical Services, Inc.
S&P 500
S&P 500 Health Care Index
2019
2020
2021
2022
2023
2024
$50
$100
$150
$200
$250
$300
$350
$400
$450
*Five year total return data obtained from NASDAQ IR Insight 
ITEM 6.  RESERVED
28

ITEM 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS
OVERVIEW
The following discussion is intended to further the reader’s understanding of the consolidated financial condition 
and results of operations of the Company. It should be read in conjunction with our consolidated financial statements 
and the accompanying footnotes included in Part II, Item 8 of this Form 10-K. These historical financial statements 
may not be indicative of our future performance. This Management’s Discussion and Analysis of Financial 
Condition and Results of Operations contains a number of forward-looking statements, all of which are based on our 
current expectations and could be affected by the uncertainties and risks discussed in Part I, Item 1A of this Form 
10-K.
Non-U.S. GAAP Financial Measures
For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial 
results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact 
from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional 
currency is other than USD at the applicable foreign exchange rates in effect during the comparable prior-year 
period. We may also refer to adjusted consolidated operating profit and adjusted consolidated operating profit 
margin, which exclude the effects of unallocated items. The unallocated items are not representative of ongoing 
operations, and generally include restructuring and related charges, certain asset impairments, and other specifically-
identified income or expense items. The re-measured results excluding effects from currency translation, the impact 
from acquisitions and/or divestitures, and excluding the effects of unallocated items are not in conformity with U.S. 
Generally Accepted Accounting Principles ("GAAP") and should not be used as a substitute for the comparable U.S. 
GAAP financial measures. The non-U.S. GAAP financial measures are incorporated in our discussion and analysis 
as management uses them in evaluating our results of operations and believes that this information provides users 
with a valuable insight into our overall performance and financial position.
Our Operations
We are 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. Our products include a 
variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug 
delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers 
include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies around the world. Our 
top priority is delivering quality products that meet the exact product specifications and quality standards customers 
require and expect. This focus on quality includes a commitment to excellence in manufacturing, scientific and 
technical expertise and management, which enables us to partner with our customers in order to deliver safe, 
effective drug products to patients quickly and efficiently. 
Our business operations are organized into two global segments, Proprietary Products and Contract-Manufactured 
Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug 
delivery systems, 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 customers. We also maintain collaborations to share 
technologies and market products with affiliates in Japan and Mexico.
Macroeconomic Factors
We have operations based in Israel that conduct research and development activities and manufacture certain 
components for our devices. Our Israel-based facilities continue to substantially operate as they had prior to the 
conflict in Israel and surrounding area. We continue to monitor the impact of the conflict in Israel and surrounding 
areas on our operations and those of our suppliers, the possible expansion of such conflict and potential geopolitical 
consequences, if any, on our business and operations.
29

Components of and Key Factors Influencing Our Results of Operations
In assessing the performance of our business, we consider a variety of performance and financial measures. We 
believe the items discussed below provide insight into the factors that affect these key measures.
Net Sales
Our net sales result from the sale of goods or services and reflect the net consideration which we expect to receive in 
exchange for those goods or services.
Several factors affect our reported net sales in any period, including product, payer and geographic sales mix, 
operational effectiveness, pricing realization, timing of orders and shipments, regulatory actions, competition, and 
business acquisitions that involve our customers or competitors.
Cost of goods and services sold and gross profit
Cost of goods and services sold includes personnel costs, manufacturing costs, raw materials and product costs, 
freight costs, depreciation, and facility costs associated with our manufacturing and warehouse facilities. 
Fluctuations in our cost of goods sold correspond with the fluctuations in sales units as well as inflationary and other 
market factors that influence our cost base.
Gross profit is calculated as net sales less cost of goods and services sold. Our gross profit is affected by product and 
geographic sales mix, realized pricing of our products, the efficiency of our manufacturing operations and the costs 
of materials used to make our products. 
Research and development expenses
Research and development expenses relate to our investments in improvements to our manufacturing processes, 
product enhancements, and additional investments in our elastomeric packaging components, formulation 
development, integrated drug containment systems, self-injection systems and drug administration consumables.
We expense research and development costs as incurred. Our research and development expenses fluctuate from 
period to period primarily based on the ongoing improvements to our manufacturing processes and product 
enhancements. 
Selling, general and administrative expenses
Selling, general and administrative expenses primarily include personnel costs, incentive compensation, insurance, 
professional fees, and depreciation. 
30

Financial Performance Summary
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures: 
($ in millions)
Operating 
profit
Income tax 
expense
Net income
Diluted EPS
Year ended December 31, 2024 GAAP
$ 
569.9 $ 
107.5 $ 
492.7 $ 
6.69 
Unallocated items:
Restructuring and other charges (1)
 
2.1  
0.4  
1.7  
0.02 
Amortization of acquisition-related intangible assets 
(2)
 
0.8  
0.1  
2.8  
0.04 
Year ended December 31, 2024 adjusted amounts 
(non-U.S. GAAP)
$ 
572.8 $ 
108.0 $ 
497.2 $ 
6.75 
During 2024, we recorded a tax benefit of $19.5 million associated with stock-based compensation. 
($ in millions)
Operating 
profit
Income tax 
expense
Net income
Diluted EPS
Year ended December 31, 2023 GAAP
$ 
676.0 $ 
122.3 $ 
593.4 $ 
7.88 
Unallocated items:
Restructuring and other charges (1)
 
(2.0)  
(0.9)  
(1.1)  
(0.02) 
Amortization of acquisition-related intangible assets 
(2)
 
0.7  
0.1  
2.8  
0.04 
Loss on disposal of plant (3)
 
11.6  
(0.7)  
12.3  
0.16 
Cost investment activity (4)
 
4.3  
—  
4.3  
0.06 
Legal settlement (5)
 
—  
(0.9)  
(2.9)  
(0.04) 
Year ended December 31, 2023 adjusted amounts 
(non-U.S. GAAP)
$ 
690.6 $ 
119.9 $ 
608.8 $ 
8.08 
During 2023, we recorded a tax benefit of $32.0 million associated with stock-based compensation. 
($ in millions)
Operating 
profit
Income tax 
expense
Net income
Diluted EPS
Year ended December 31, 2022 GAAP
$ 
734.0 $ 
114.7 $ 
585.9 $ 
7.73 
Unallocated items:
Restructuring and other charges (1)
 
23.8  
2.0  
21.8  
0.29 
Amortization of acquisition-related intangible assets 
(2)
 
0.7  
0.1  
2.8  
0.04 
Cost investment activity (4)
 
3.5  
—  
3.5  
0.05 
Pension settlement (6)
 
—  
20.6  
31.6  
0.42 
Royalty acceleration (7)
 
—  
1.3  
(1.3)  
(0.02) 
Tax law changes (8)
 
—  
(5.7)  
5.7  
0.07 
Year ended December 31, 2022 adjusted amounts 
(non-U.S. GAAP)
$ 
762.0 $ 
133.0 $ 
650.0 $ 
8.58 
During 2022, we recorded a tax benefit of $16.5 million associated with stock-based compensation.
31

(1) During 2024, the Company recorded expense to restructuring and other charges of $2.1 million. The net 
expense represents the impact of two items, the first of which is $4.6 million of expense recorded within selling, 
general and administrative expenses in connection with a plan to optimize the legal structure of the Company 
and its subsidiaries. The expense consists primarily of consulting fees, legal expenses, and other one-time costs 
directly attributable to this plan. This expense was partially offset by a $2.5 million benefit recorded within 
other expense (income) related to revised severance estimates in connection with the Company's 2022 
restructuring plan. During 2023, the Company recorded a benefit to restructuring and other charges of 
$2.0 million, which represents the net impact of a $2.8 million benefit within other expense (income) for revised 
severance estimates in connection with its 2022 restructuring plan and an inventory write down of $0.8 million 
within cost of goods and services sold. During 2022, the Company recorded expense to restructuring and other 
charges of $23.8 million, which primarily included a charge of $8.7 million in net severance and post-
employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million 
in asset-related charges associated with this plan.
(2) During 2024, 2023 and 2022, the Company recorded $0.8 million, $0.7 million and $0.7 million, respectively, 
of amortization expense within operating profit associated with an acquisition of an intangible asset during the 
second quarter of 2020. Additionally, during 2024, 2023 and 2022, the company recorded $2.1 million of 
amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(3) During 2023, the Company recorded expense of $11.6 million as a result of the sale of one of the Company’s 
manufacturing facilities within the Proprietary Products segment. The transaction closed during the second 
quarter of 2023.
(4) During 2023 and 2022, the Company recorded cost investment impairment charges of $4.3 million and $3.5 
million, respectively.
(5) During 2023, the Company recorded a benefit of $3.8 million within other nonoperating expense (income) as a 
result of a favorable legal settlement related to a matter not included in our normal operations.
(6) During 2022, we recorded a gross pension settlement charge of $52.2 million within other nonoperating expense 
(income), which primarily relates to the full settlement of the U.S. qualified defined benefit plan (the "U.S. 
pension plan"). Please refer to Note 15, Benefit Plans, for further discussion of these items.
(7) During 2022, the Company increased its expected tax benefit related to the prepayment of future royalties from 
one of its subsidiaries by $1.3 million. 
(8) During 2022, the Company incurred additional tax expense of $5.7 million due to the impact of a tax law 
change in the state of Pennsylvania enacted during the period. 
32

RESULTS OF OPERATIONS
We evaluate the performance of our segments based upon, among other things, segment net sales and 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 we consider not 
representative of ongoing operations. Such items are referred to as other unallocated items for which further 
information can be found above in the reconciliation from U.S. GAAP to non-U.S. GAAP financial measures. 
Discussion of the year-over-year changes for the fiscal year ended December 31, 2023 compared to the fiscal year 
ended December 31, 2022 and the results of operations and cash flows for the fiscal year ended December 31, 2022
is included in Item 7, Management’s Discussion and Analysis of Financial Condition and Result of Operations of 
our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 20, 
2024, and is incorporated herein by reference. 
Percentages in the following tables and throughout this Results of Operations section may reflect rounding 
adjustments.
Net Sales
The following table presents net sales, consolidated and by reportable segment:
Year Ended December 31,
% Change
($ in millions)
2024
2023
2022
2024/2023
2023/2022
Proprietary Products
$ 
2,334.5 $ 
2,397.3 $ 
2,406.8 
 (2.6%) 
 (0.4%) 
Contract-Manufactured Products
 
558.7  
552.5  
480.4 
 1.1% 
 15.0% 
Intersegment sales elimination
 
—  
—  
(0.3) 
 —% 
 (100.0%) 
Consolidated net sales
$ 
2,893.2 $ 
2,949.8 $ 
2,886.9 
 (1.9%) 
 2.2% 
Consolidated net sales decreased by $56.6 million, or 1.9%, in 2024, including an unfavorable foreign currency 
translation impact of $7.0 million. Excluding foreign currency translation effects and the impact related to the 
disposal of one of our plants of $4.3 million, consolidated net sales decreased by $45.3 million, or 1.5%.
Proprietary Products – Proprietary Products net sales decreased by $62.8 million, or 2.6%, in 2024, including an 
unfavorable foreign currency translation impact of $6.9 million. Excluding foreign currency translation effects and 
the impact related to the disposal of one of our plants of $4.3 million, net sales decreased by $51.6 million, or 2.2%, 
due to a decline in sales of certain High-Value Product ("HVP") offerings due to customer inventory management, 
primarily FluroTec® products, Westar® components and Daikyo® components. These reductions were partially 
offset by an increase in sales of self-injection device platforms and increased sales prices, which includes 
approximately $47 million in customer incentives earned in connection with volumes achieved during 2024, as 
compared to 2023.
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $6.2 million, or 1.1%, 
in 2024, including an unfavorable foreign currency translation impact of $0.1 million. Excluding foreign currency 
translation effects, net sales increased by $6.3 million, or 1.1%, primarily due to an increase in sales of self-injection 
devices for obesity and diabetes and sales price increases, offset by a decrease in sales of healthcare diagnostic 
devices.
The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the 
elimination of components sold between our segments.
33

Gross Profit
The following table presents gross profit and related gross margins, consolidated and by reportable segment and by 
unallocated:
Year Ended December 31,
% Change
($ in millions)
2024
2023
2022
2024/2023
2023/2022
Proprietary Products:
Gross profit
$ 
900.5 
$ 1,034.0 
$ 1,053.3 
 (12.9%) 
 (1.8%) 
Gross profit margin
 38.6% 
 43.1% 
 43.8% 
Contract-Manufactured Products:
Gross profit
$ 
98.0 
$ 
96.0 
$ 
82.9 
 2.1% 
 15.8% 
Gross profit margin
 17.5% 
 17.4% 
 17.3% 
Unallocated items
$ 
— 
$ 
(0.8) 
$ 
— 
Consolidated gross profit
$ 
998.5 
$ 1,129.2 
$ 1,136.2 
 (11.6%) 
 (0.6%) 
Consolidated gross profit margin
 34.5% 
 38.3% 
 39.4% 
Consolidated gross profit decreased by $130.7 million, or 11.6%, in 2024, including an unfavorable foreign currency 
translation impact of $2.1 million. Consolidated gross profit margin decreased by 3.8 margin points in 2024.
Proprietary Products – Proprietary Products gross profit decreased by $133.5 million, or 12.9%, in 2024, including 
an unfavorable foreign currency translation impact of $2.1 million. Proprietary Products gross profit margin 
decreased by 4.5 margin points in 2024. The decrease is driven by lower plant absorption from reduced customer 
demand and an unfavorable shift in mix of products sold from HVP Components to HVP Delivery Devices. These 
headwinds were partially offset by increased sales prices and approximately $47 million in customer incentives 
earned in connection with volumes achieved during 2024, as compared to 2023.
Contract-Manufactured Products – Contract-Manufactured Products gross profit increased by $2.0 million, or 
2.1%, in 2024. Contract-Manufactured Products gross profit margin increased by 0.1 margin points in 2024, 
primarily due to increased sales prices.
Research and Development (“R&D”) Costs
The following table presents consolidated R&D costs:
Year Ended December 31,
% Change
($ in millions)
2024
2023
2022
2024/2023
2023/2022
Consolidated R&D costs
$ 
69.1 $ 
68.4 $ 
58.5 
 1.0% 
 16.9% 
Consolidated R&D costs increased by $0.7 million, or 1.0%, in 2024, as compared to 2023, due to increased 
depreciation as a result of recent investments and increased salary and wages, offset by lower annual incentive 
compensation. Efforts remain focused on the continued investment in elastomeric packaging components, 
formulation development, drug containment systems, self-injection systems and drug administration consumable.
All of the R&D costs incurred during 2024, 2023 and 2022 related to Proprietary Products.
34

Selling, General and Administrative (“SG&A”) Costs
The following table presents SG&A costs, consolidated and by reportable segment and corporate and unallocated 
items:
Year Ended December 31, 
% Change
($ in millions)
2024
2023
2022
2024/2023
2023/2022
Proprietary Products
$ 
231.5 
$ 
240.6 
$ 
212.6 
 (3.8%) 
 13.2% 
Contract-Manufactured Products
 
26.2 
 
24.4 
 
20.9 
 7.4% 
 16.7 %
Corporate and unallocated items
 
80.8 
 
88.4 
 
83.4 
 (8.6%) 
 6.0% 
Consolidated SG&A costs
$ 
338.5 
$ 
353.4 
$ 
316.9 
 (4.2%) 
 11.5% 
SG&A as a % of net sales
 11.7% 
 12.0% 
 11.0% 
Consolidated SG&A costs decreased by $14.9 million, or 4.2%, in 2024, including a favorable foreign currency 
translation impact of $0.5 million, primarily due to lower annual incentive compensation and a decrease in expense 
related to stock-based compensation, partially offset by increased salary and wages.
Proprietary Products – Proprietary Products SG&A costs decreased by $9.1 million, or 3.8%, in 2024, including a 
favorable foreign currency translation impact of $0.5 million. Proprietary Products SG&A costs decreased primarily 
due to lower annual incentive compensation, partially offset by increased salary and wages.
Contract-Manufactured Products – Contract-Manufactured Products SG&A costs increased by $1.8 million, or 
7.4%, in 2024, primarily due to increased salary and wages.
Corporate and unallocated items – Corporate SG&A costs decreased by $7.6 million, or 8.6%, in 2024, due 
primarily to a decrease in expense related to stock-based compensation, lower annual incentive compensation and 
decreased fees related to professional services, partially offset by increased salary and wages.
Other Expense (Income)
The following table presents other expense and income items, consolidated and by reportable segment and corporate 
and unallocated items:
Year Ended December 31,
($ in millions) 
2024
2023
2022
Proprietary Products
$ 
22.1 $ 
14.9 $ 
(2.2) 
Contract-Manufactured Products
 
(0.5)  
(0.5)  
1.6 
Corporate and unallocated items
 
(0.6)  
17.0  
27.4 
Consolidated other expense (income)
$ 
21.0 $ 
31.4 $ 
26.8 
Other expense and income items consist of a loss on disposal of plant, asset impairments, foreign exchange 
transaction gains and losses, contingent consideration and miscellaneous income and charges.
Consolidated other expense (income) changed by $10.4 million in 2024 as compared to 2023, due to the factors 
described below.
Proprietary Products – Proprietary Products other expense (income) changed by $7.2 million in 2024 as compared 
to 2023, primarily due to increased losses on foreign exchange transactions and increased expense related to 
contingent consideration being recorded in 2024, as compared to 2023. 
Contract-Manufactured Products – Contract-Manufactured Products other expense (income) remained consistent 
in 2024 as compared to 2023.
35

Corporate and unallocated items – Corporate and unallocated items changed by $17.6 million in 2024 as 
compared to 2023. This is primarily due to the Company recording expense of $11.6 million as a result of the sale of 
one of the Company’s manufacturing facilities within the Proprietary Products segment during 2023, which was not 
repeated in 2024. Additionally, the Company recorded additional asset impairments related to our cost method 
investments in 2023, as compared to 2024.
Operating Profit
The following table presents operating profit and adjusted operating profit, consolidated and by reportable segment, 
corporate and unallocated items:
Year Ended December 31,
% Change
($ in millions)
2024
2023
2022
2024/2023
2023/2022
Proprietary Products
$ 
577.8 
$ 
710.1 
$ 784.4 
 (18.6%) 
 (9.5%) 
Contract-Manufactured Products
 
72.3 
 
72.1 
 
60.4 
 0.3% 
 19.4% 
Corporate and unallocated
 
(80.2) 
 
(106.2) 
 
(110.8) 
 (24.5%) 
 (4.2%) 
Consolidated operating profit
$ 
569.9 
$ 
676.0 
$ 734.0 
 (15.7%) 
 (7.9%) 
Consolidated operating profit margin
 19.7% 
 22.9% 
 25.4% 
Unallocated items
 
2.9 
 
14.6 
 
28.0 
Adjusted consolidated operating profit
$ 
572.8 
$ 
690.6 
$ 762.0 
 (17.1%) 
 (9.4%) 
Adjusted consolidated operating profit margin
 19.8% 
 23.4% 
 26.4% 
Consolidated operating profit decreased by $106.1 million, or 15.7%, in 2024, including an unfavorable foreign 
currency translation impact of $1.6 million, due to the factors described above.
Proprietary Products – Proprietary Products operating profit decreased by $132.3 million, or 18.6%, in 2024, 
including an unfavorable foreign currency translation impact of $1.6 million, due to the factors described above, 
most notably lower gross profit driven by lower sales volume and an unfavorable mix of products sold.
Contract-Manufactured Products – Contract-Manufactured Products operating profit increased by $0.2 million, or 
0.3%, in 2024, due to the factors described above, most notably the increased sales prices.
Corporate and unallocated – Excluding the unallocated items, Corporate costs decreased by $14.3 million, or 
15.6%, in 2024, due to the factors described above, most notably the decrease in expense related to stock-based 
compensation and lower annual incentive compensation.
For unallocated items, please refer to the Financial Performance Summary section above for details.
Interest Expense, Net and Interest Income
The following table presents interest expense, net, by significant component:
Year Ended December 31,
% Change
($ in millions)
2024
2023
2022
2024/2023
2023/2022
Interest expense
$ 
16.2 $ 
14.8 $ 
11.6 
 9.5% 
 27.6% 
Capitalized interest
 
(13.2)  
(5.8)  
(3.7) 
 127.6% 
 56.8% 
Interest expense, net
$ 
3.0 $ 
9.0 $ 
7.9 
 (66.7) %
 13.9 %
Interest income
$ 
(19.6) $ 
(28.0) $ 
(5.1) 
 (30.0) %
 449.0 %
36

Interest expense, net, decreased by $6.0 million, or 66.7%, in 2024, primarily due to an increase in capitalized 
interest.
Interest income decreased by $8.4 million in 2024, due primarily to the Company having a lower average cash 
balance during 2024, as compared to the same periods in 2023.
Other Nonoperating Expense (Income)
Other nonoperating expense (income) was $1.0 million, $(3.0) million and $51.3 million for the years 2024, 2023, 
and 2022, respectively. Other nonoperating expense (income) changed by $4.0 million in 2024, primarily due to a 
benefit from a favorable legal settlement recorded in 2023 that was not repeated in 2024.
Income Taxes
The provision for income taxes was $107.5 million, $122.3 million, and $114.7 million for the years 2024, 2023, 
and 2022, respectively, and the effective tax rate was 18.4%, 17.5%, and 16.9%, respectively.
The increase in the effective tax rate in 2024 of 0.9% is primarily due to a decrease in the tax benefit related to 
stock-based compensation in 2024, as compared to 2023, partially offset by a decrease in our tax liability on 
unremitted earnings of our Germany subsidiaries due to a tax law change in 2024.
Please refer to Note 17, Income Taxes, for further discussion of our income taxes.
Equity in Net Income of Affiliated Companies
Equity in net income of affiliated companies was $14.7 million, $17.7 million, and $20.7 million for the years 2024, 
2023, and 2022, respectively. Equity in net income of affiliated companies decreased by $3.0 million, or 16.9%, in 
2024, primarily due to less favorable operating results at Daikyo.
37

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
The following table presents cash flow data for the years ended December 31:
($ in millions)
2024
2023
2022
Net cash provided by operating activities
$ 
653.4 $ 
776.5 $ 
724.0 
Net cash used in investing activities
$ 
(378.7) $ 
(368.7) $ 
(288.2) 
Net cash used in financing activities
$ 
(622.6) $ 
(459.6) $ 
(293.6) 
Net Cash Provided by Operating Activities 
Net cash provided by operating activities decreased by $123.1 million in 2024, primarily due to a decline in 
operating results.
Net Cash Used in Investing Activities
Net cash used in investing activities increased by $10.0 million in 2024, due to an increase in capital expenditures 
for additional manufacturing capacity to meet future customer demand.
Net Cash Used in Financing Activities 
Net cash used in financing activities increased by $163.0 million in 2024, primarily due to increases in purchases 
under our share repurchase program, increased principal repayments on finance leases and decreased proceeds from 
stock-based compensation awards in 2024, as compared to 2023.
Liquidity and Capital Resources
The table below presents selected liquidity and capital measures as of:
($ in millions)
December 31, 
2024
December 31, 
2023
Cash and cash equivalents
$ 
484.6 $ 
853.9 
Accounts receivable, net
$ 
552.5 $ 
512.0 
Inventories
$ 
377.0 $ 
434.7 
Accounts payable
$ 
239.3 $ 
242.4 
Debt
$ 
202.6 $ 
206.8 
Equity
$ 
2,682.3 $ 
2,881.0 
Working capital
$ 
987.7 $ 
1,264.6 
Cash and cash equivalents include all instruments that have maturities of ninety days or less when purchased. 
Working capital is defined as current assets less current liabilities.
Cash and cash equivalents – Our cash and cash equivalents balance at December 31, 2024 consisted of cash held in 
depository accounts with banks around the world and cash invested in high-quality, short-term investments. The 
cash and cash equivalents balance at December 31, 2024 included $94.4 million of cash held by subsidiaries within 
the U.S. and $390.2 million of cash held by subsidiaries outside of the U.S. For further information on our position 
regarding permanent reinvestment of foreign subsidiary earnings and profits refer to Note 17, Income Taxes.
38

Working capital - Working capital at December 31, 2024 decreased by $276.9 million, or 21.9%, as compared to 
December 31, 2023, which includes an unfavorable foreign currency translation impact of $41.8 million. Excluding 
the impact of currency exchange rates, cash and cash equivalents, total current liabilities and inventories decreased 
by $349.0 million, $103.3 million and $42.0 million, respectively, while accounts receivable increased by 
$58.8 million. The decrease in cash and cash equivalents was due to capital expenditures and share repurchases in 
2024, offset by cash collections driven by positive operating results during the period. The decrease in total current 
liabilities was primarily due to the Company amending its Credit Facility Agreement during 2024. As part of this 
amendment, all current notes payable and other current debt amounts were repaid. The decrease in inventories and 
the increase in accounts receivable were both due to increased net sales leading up to the December 31, 2024 
balance sheet date as compared to the December 31, 2023 balance sheet date.
Debt and credit facilities - The $4.2 million decrease in total debt at December 31, 2024, as compared to 
December 31, 2023, is due to the net activity of debt repayments and borrowings as mentioned in Note 10, Debt.
Our sources of liquidity include our multi-currency revolving credit facility. At December 31, 2024, we had no 
outstanding borrowings under the multi-currency revolving credit facility. At December 31, 2024, the borrowing 
capacity available under the multi-currency revolving credit facility, including outstanding letters of credit of $2.4 
million, was $497.6 million. We do not expect any significant limitations on our ability to access this source of 
funds. Please refer to Note 10, Debt, for further discussion of our multi-currency revolving credit facility.
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 December 31, 2024, we were in compliance with all of 
our debt covenants, and we expect to continue to be in compliance with the terms of these agreements throughout 
2025. 
We believe that cash on hand and cash generated from operations, together with availability under our multi-
currency revolving credit facility, will be adequate to address our foreseeable liquidity needs based on our current 
expectations of our business operations, capital expenditures and scheduled payments of debt obligations.
Commitments and Contractual Obligations
Contractual obligations associated with ongoing business activities are expected to result in cash payments in future 
periods, and include the following material items: 
•
Our business creates a need to enter into various commitments with suppliers, including for the purchase of 
raw materials and finished goods. In accordance with U.S. GAAP, these purchase obligations are not 
reflected in the accompanying consolidated balance sheets. At December 31, 2024, our outstanding 
unconditional contractual commitments, including for the purchase of raw materials and finished goods, 
amounted to $200.7 million, of which $46.7 million is due to be paid in 2025. These purchase 
commitments are in the normal course of business. The Company previously entered into a material supply 
agreement for butyl polymers used as a principal raw material in a broad range of the Company’s polymer-
based pharmaceutical packaging products.
•
Our long-term debt obligations, net of unamortized debt issuance costs including fixed and variable-rate 
debt, is further discussed in Note 10, Debt.
•
Our lease obligations primarily related to land, buildings, and machinery and equipment, with lease terms 
through 2269 further discussed in Note 6, Leases.
•
Our various tax-qualified and non-qualified defined benefit pension plan obligations in the U.S. and other 
countries that cover employees and former employees who meet eligibility requirements is further 
discussed in Note 15, Benefit Plans.
39

CRITICAL ACCOUNTING ESTIMATES
Management’s discussion and analysis addresses consolidated financial statements that are prepared in accordance 
with U.S. GAAP. The application of these principles requires management to make estimates and assumptions, 
some of which are subjective and complex, that affect the amounts reported in the consolidated financial statements. 
We believe the following accounting policies and estimates are critical to understanding and evaluating our results 
of operations and financial position: 
Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, operating lease 
right-of-use assets and finance lease right-of-use assets, are tested for impairment whenever circumstances, such as a 
deterioration in general macroeconomic conditions or a change in company strategy, increased competition, 
declining product demand, plans to dispose of an asset or asset group, or recent financial or legal factors that could 
impact the expected cash flows, indicate that the carrying value of these assets may not be recoverable. An asset is 
considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash 
flows to be derived from the asset. Impairment reviews are based on an estimated future cash flow approach that 
requires significant judgment with respect to future revenue and expense growth rates, selection of appropriate 
discount rate, asset groupings, and other assumptions and estimates. The Company uses estimates that are consistent 
with its business plans and a market participant view of the assets being evaluated. Once an asset is considered 
impaired, an impairment loss is recorded within other expense (income) for the difference between the asset’s 
carrying value and its fair value. For assets held and used in the business, management determines fair value using 
estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate 
discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating 
the proceeds to be received upon sale of the asset, less disposition costs.
Impairment of Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, 
following the completion of our annual budget and long-range planning process, or whenever circumstances indicate 
that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit 
level, which is the same as, or one level below, our operating segments. A goodwill impairment charge represents 
the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the total amount of 
goodwill allocated to that reporting unit. Considerable management judgment is necessary to estimate fair value. 
Amounts and assumptions used in our goodwill impairment test, such as future sales, future cash flows and long-
term growth rates, are consistent with internal projections and operating plans. Amounts and assumptions used in 
our goodwill impairment test are also largely dependent on the continued sale of drug products delivered by 
injection and the packaging of drug products, as well as our timeliness and success in new-product innovation or the 
development and commercialization of proprietary multi-component systems. Changes in the estimate of fair value, 
including the estimate of future cash flows, could have a material impact on our future results of operations and 
financial position. Accounting guidance also allows entities to first assess qualitative factors, including 
macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to 
determine whether it is necessary to perform the quantitative goodwill impairment test. If, based upon our qualitative 
assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was 
less than its carrying amount, then it would not be necessary to perform the quantitative goodwill impairment test. 
We elected to follow this guidance for our annual impairment test. Based upon our assessment, we determined that it 
was not more likely than not that the fair value of each of our reporting units was less than its carrying amount and 
determined that it was not necessary to perform the quantitative goodwill impairment test in the current year.
Valuing identifiable intangible assets requires judgment. For example, for recent identifiable customer relationship 
intangible asset acquisitions, we applied an excess earnings model, which is a form of the income approach. This 
approach includes projecting revenues and expenses attributable to the existing customers over the remaining 
economic life of the customer relationships and then subtracting the required return on net tangible assets and any 
intangible assets used in the business to estimate any residual excess earnings attributable to the customer 
relationships. The after-tax excess earnings are then discounted to present value using the respective discount rates. 
40

Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives and 
reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be 
recoverable. Factors that could trigger an impairment review include the following: 1) significant under-performance 
relative to historical or projected future operating results; 2) significant changes in the manner or use of the acquired 
assets or the strategy of the overall business; 3) significant negative industry or economic trends; and 4) recognition 
of goodwill impairment charges. If we determine that the carrying value of identifiable intangibles may not be 
recoverable based on the existence of one or more of the above indicators of impairment, we measure recoverability 
of assets by comparing the respective carrying value of the assets to the current and expected future cash flows, on 
an undiscounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these 
assets is not recoverable, we measure an impairment based on the amount in which the net carrying amount of the 
assets exceeds the fair values of the assets.
Income Taxes: We estimate income taxes payable based upon current domestic and international tax legislation. In 
addition, deferred income taxes are recognized by applying enacted statutory tax rates to tax loss carryforwards and 
temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. The 
enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the forecasted 
utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on deferred tax 
assets are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. 
The realizability of deferred tax assets is subject to our estimates of future taxable income, generally at the 
respective subsidiary company and country level. Changes in tax legislation, business plans and other factors may 
affect the ultimate recoverability of tax assets or final tax payments, which could result in adjustments to tax expense 
in the period such change is determined.
When accounting for uncertainty in income taxes recognized in our financial statements, we apply a more-likely-
than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be 
taken in a tax return.
Please refer to Note 1, Basis of Presentation and Summary of Significant Accounting Policies to our consolidated 
financial statements for additional information on our significant accounting policies. 
41

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  
Our ongoing business operations expose us to various risks, such as fluctuating interest rates, foreign currency 
exchange rates and increasing commodity prices. These risk factors can impact our results of operations, cash flows 
and financial position. To manage these market risks, we periodically enter into derivative financial instruments, 
such as interest rate swaps, options and foreign exchange contracts for periods consistent with, and for notional 
amounts equal to or less than, the related underlying exposures. We do not purchase or hold any derivative financial 
instruments for investment or trading purposes. All derivatives are recorded in our consolidated balance sheet at fair 
value.
Foreign Currency Exchange Risk
Sales outside of the U.S. accounted for 57.5% of our consolidated net sales in 2024. Virtually all of these sales and 
related operating costs are denominated in the currency of the local country and translated into USD for consolidated 
reporting purposes. Although the majority of the assets and liabilities of these subsidiaries are denominated in the 
functional currency of the subsidiary, they may also hold assets or liabilities denominated in other currencies. These 
items may give rise to foreign currency transaction gains and losses. As a result, our results of operations and 
financial position are exposed to changing currency exchange rates. We periodically use forward exchange contracts 
to hedge certain transactions or to manage month-end balance sheet exposures on cross-currency intercompany 
balances.
We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to 
fluctuating foreign exchange rates on cross-currency intercompany loans. As of December 31, 2024 the total amount 
of these forward exchange contracts was Singapore Dollar ("SGD") 421.9 million and $13.4 million. As of 
December 31, 2023 the total amount of these forward exchange contracts was SGD 601.5 million and $13.4 million. 
We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to 
fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed at various 
times throughout 2023 and 2024. As of December 31, 2024, the total amount of these forward exchange contracts 
was Euro ("EUR") 145.3 million and $47.1 million. As of December 31, 2023, the total amount of these forward 
exchange contracts was EUR 278.6 million and SGD 94.0 million.
In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of 
up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions 
denominated in foreign currencies. As of December 31, 2024, we had outstanding foreign currency contracts to 
purchase and sell certain pairs of currencies, as follows:
(in millions)
Sell
Currency
Purchase
USD
EUR
SGD
EUR
 
20.8  
22.9  
—  
— 
JPY
 
6,683.7  
28.4  
14.8  
1.8 
SGD
 
39.8  
16.9  
12.2  
— 
In December 2019, we entered into a five-year floating-to-floating forward-starting cross-currency swap for 
$90 million, which we designated as a hedge of our net investment in Daikyo. This cross-currency swap had an 
original maturity date of December 31, 2024, but was extinguished in July 2024. In July 2024, we entered into a new 
cross-currency swap for $130 million, which we designated as a hedge of our net investment in Daikyo. As of 
December 31, 2024, the notional amount of the cross-currency swap is Japanese Yen ("JPY") 17.0 billion
($130.0 million) and the swap termination date is July 2, 2027. Under the current cross-currency swap, we receive 
fixed USD interest rate payments in return for paying fixed JPY interest rate payments.
42

A sensitivity analysis of changes in fair value of these contracts outstanding as of December 31, 2024, while not 
predictive in nature, indicated that a 10% decrease or increase in the foreign currency exchange rates from their level 
would increase or decrease the fair value of these contracts by $7.0 million or $5.8 million, respectively, the 
majority of which relates to our hedges of the movement between the Euro and United States Dollar contracts.
Interest Rate Risk
As a result of our normal borrowing activities, we have long-term debt with both fixed and variable interest rates. 
Long-term debt consists of our Term Loan and Series C notes. 
The following table summarizes our interest rate risk-sensitive instruments: 
($ in millions)
2025
2026
2027
2028
2029
Thereafter
Carrying Value
Fair Value
Long-Term Debt:
U.S. dollar denominated
$130.0
$130.0
$130.0
Average interest rate - variable
5.68%
U.S. dollar denominated
$73.0
$73.0
$70.9
Average interest rate - fixed
4.02%
A change of 1.0% in variable interest rates would decrease or increase annual interest expense by $1.3 million based 
on our outstanding debt as of December 31, 2024.
Commodity Price Risk
Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum 
refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain 
clauses that provide for surcharges related to fluctuations in crude oil prices. In recent years, raw material costs have 
fluctuated due to crude oil price fluctuations. We expect this volatility to continue and will continue to pursue 
pricing and hedging strategies, and ongoing cost control initiatives, to offset the effects on gross profit. 
We regularly purchase call options on crude oil to mitigate our exposure to such oil-based surcharges and protect 
operating cash flows with regard to a portion of our forecasted elastomer purchases. As of December 31, 2024, we 
had outstanding contracts to purchase 190,773 barrels of crude oil from December 2024 to June 2026, at a weighted-
average strike price of $84.70 per barrel.
During 2024, the loss recorded in other expense (income) related to these options was $0.7 million. During 2023, the 
loss recorded in other expense (income) related to these options was $1.3 million.
A sensitivity analysis of changes in brent crude oil prices indicated that a 10% decrease or increase in pricing would 
decrease or increase the fair value of our commodity call options by $0.2 million or $0.4 million, respectively, as of 
December 31, 2024.
43

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED STATEMENTS OF INCOME
West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2024, 2023 and 2022
(in millions, except per share data)
2024
2023
2022
Net sales
$ 
2,893.2 $ 
2,949.8 $ 
2,886.9 
Cost of goods and services sold
 
1,894.7  
1,820.6  
1,750.7 
Gross profit
 
998.5  
1,129.2  
1,136.2 
Research and development
 
69.1  
68.4  
58.5 
Selling, general and administrative expenses
 
338.5  
353.4  
316.9 
Other expense (income) (Note 16)
 
21.0  
31.4  
26.8 
Operating profit
 
569.9  
676.0  
734.0 
Interest expense
 
3.0  
9.0  
7.9 
Interest income
 
(19.6)  
(28.0)  
(5.1) 
Other nonoperating expense (income)
 
1.0  
(3.0)  
51.3 
Income before income taxes and equity in net income of 
affiliated companies
 
585.5  
698.0  
679.9 
Income tax expense
 
107.5  
122.3  
114.7 
Equity in net income of affiliated companies
 
(14.7)  
(17.7)  
(20.7) 
Net income
$ 
492.7 $ 
593.4 $ 
585.9 
Net income per share:
Basic
$ 
6.75 $ 
7.98 $ 
7.87 
Diluted
$ 
6.69 $ 
7.88 $ 
7.73 
Weighted average shares outstanding:
Basic
 
73.0  
74.3  
74.4 
Diluted
 
73.7  
75.3  
75.8 
The accompanying notes are an integral part of the consolidated financial statements.
44

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2024, 2023 and 2022
(in millions)
2024
2023
2022
Net income
$ 
492.7 $ 
593.4 $ 
585.9 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $3.6, $1.0, and 
$2.2
 
(112.3)  
39.4  
(47.3) 
Defined benefit pension and other postretirement plans:
Net actuarial gain (loss) arising during period, net of tax of $0.3, 
$0.4, and $(2.4)
 
1.1  
0.8  
(9.3) 
Settlement effects arising during period, net of tax of $0.0, $0.0, 
and $20.3
 
—  
0.1  
31.9 
Less: amortization of actuarial (gain) loss, net of tax of $(0.2), 
$(0.4), and $(0.1)
 
(0.8)  
(1.3)  
(0.5) 
Less: amortization of other, net of tax of $0.0, $(0.1), and $0.1
 
—  
(0.3)  
0.3 
Net gain (loss) on equity affiliate accumulated other comprehensive 
income, net of tax of $0.0, $0.0, and $0.0
 
0.2  
0.7  
0.1 
Net (loss) gain on derivatives, net of tax of $(0.9), $0.0, and $0.2
 
(2.5)  
(0.2)  
1.4 
Other comprehensive (loss) income, net of tax
 
(114.3)  
39.2  
(23.4) 
Comprehensive income
$ 
378.4 $ 
632.6 $ 
562.5 
The accompanying notes are an integral part of the consolidated financial statements.
45

CONSOLIDATED BALANCE SHEETS
West Pharmaceutical Services, Inc. and Subsidiaries at December 31, 2024 and 2023
 (in millions, except per share data)
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 
484.6 
$ 
853.9 
Accounts receivable, net
 
552.5 
 
512.0 
Inventories
 
377.0 
 
434.7 
Other current assets
 
124.0 
 
135.8 
Total current assets
 
1,538.1 
 
1,936.4 
Property, plant and equipment
 
2,985.8 
 
2,738.0 
Less: accumulated depreciation and amortization
 
1,404.2 
 
1,324.7 
Property, plant and equipment, net
 
1,581.6 
 
1,413.3 
Operating lease right-of-use assets
 
104.5 
 
99.2 
Investments in affiliated companies
 
202.1 
 
210.0 
Goodwill
 
106.0 
 
108.5 
Intangible assets, net
 
10.8 
 
15.1 
Deferred income taxes
 
26.0 
 
25.7 
Other noncurrent assets
 
74.3 
 
21.3 
Total Assets
$ 
3,643.4 
$ 
3,829.5 
LIABILITIES AND EQUITY
Current liabilities:
Notes payable and other current debt
$ 
— 
$ 
134.0 
Accounts payable
 
239.3 
 
242.4 
Accrued salaries, wages and benefits
 
73.5 
 
105.9 
Income taxes payable
 
31.5 
 
16.6 
Operating lease liabilities
 
17.9 
 
17.7 
Other current liabilities
 
188.2 
 
155.2 
Total current liabilities
 
550.4 
 
671.8 
Long-term debt
 
202.6 
 
72.8 
Deferred income taxes
 
20.5 
 
12.7 
Pension and other postretirement benefits
 
28.2 
 
29.6 
Operating lease liabilities
 
81.8 
 
84.5 
Deferred compensation benefits
 
15.4 
 
18.6 
Other long-term liabilities
 
62.2 
 
58.5 
Total Liabilities
 
961.1 
 
948.5 
Commitments and contingencies (Note 18)
Equity:
Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 
2024 and 2023
 
— 
 
— 
Common stock, par value $0.25 per share; 200 million shares authorized; shares 
issued: 75.3 million in 2024 and 2023; shares outstanding: 72.3 million and 73.5
million in 2024 and 2023
 
18.8 
 
18.8 
Capital in excess of par value
 
22.1 
 
120.2 
Retained earnings
 
3,956.6 
 
3,523.4 
Accumulated other comprehensive loss
 
(258.1)  
(143.8) 
Treasury stock, at cost (3.0 million and 1.8 million shares in 2024 and 2023)
 
(1,057.1)  
(637.6) 
Total Equity
 
2,682.3 
 
2,881.0 
Total Liabilities and Equity
$ 
3,643.4 
$ 
3,829.5 
The accompanying notes are an integral part of the consolidated financial statements.
46

CONSOLIDATED STATEMENTS OF EQUITY
West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2024, 2023 and 2022
(in millions)
Common 
shares 
issued
Common 
stock
Capital in 
excess of 
par value
Number of 
treasury 
shares
Treasury 
stock
Retained 
earnings
Accumulated other 
comprehensive 
loss
Total
Balance, December 31, 2021
 
75.3 $ 
18.8 $ 
249.0  
1.1 $ (229.5) $ 2,456.7 $ 
(159.6) $ 2,335.4 
Net Income
 
—  
—  
—  
—  
—  
585.9  
—  
585.9 
Activity related to stock-based compensation
 
—  
—  
(16.8)  
(0.5)  
61.4  
—  
—  
44.6 
Shares purchased under share repurchase program
 
—  
—  
—  
0.6  
(202.8)  
—  
—  
(202.8) 
Dividends declared ($0.74 per share)
 
—  
—  
—  
—  
—  
(54.8)  
—  
(54.8) 
Other comprehensive loss, net of tax
 
—  
—  
—  
—  
—  
—  
(23.4)  
(23.4) 
Balance, December 31, 2022
 
75.3  
18.8  
232.2  
1.2  
(370.9)  
2,987.8  
(183.0)  
2,684.9 
Net income
 
—  
—  
—  
—  
—  
593.4  
—  
593.4 
Activity related to stock-based compensation
 
—  
—  
(112.0)  
(0.7)  
171.6  
—  
—  
59.6 
Shares purchased under share repurchase program
 
—  
—  
—  
1.3  
(438.3)  
—  
—  
(438.3) 
Dividends declared ($0.78 per share)
 
—  
—  
—  
—  
—  
(57.8)  
—  
(57.8) 
Other comprehensive income, net of tax
 
—  
—  
—  
—  
—  
—  
39.2  
39.2 
Balance, December 31, 2023
 
75.3  
18.8  
120.2  
1.8  
(637.6)  
3,523.4  
(143.8)  
2,881.0 
Net income
 
—  
—  
—  
—  
—  
492.7  
—  
492.7 
Activity related to stock-based compensation
 
—  
—  
(98.1)  
(0.4)  
141.4  
—  
—  
43.3 
Shares purchased under share repurchase program
 
—  
—  
—  
1.6  
(560.9)  
—  
—  
(560.9) 
Dividends declared ($0.82 per share)
 
—  
—  
—  
—  
—  
(59.5)  
—  
(59.5) 
Other comprehensive loss, net of tax
 
—  
—  
—  
—  
—  
—  
(114.3)  
(114.3) 
Balance, December 31, 2024
 
75.3 $ 
18.8 $ 
22.1  
3.0 $ (1,057.1) $ 3,956.6 $ 
(258.1) $ 2,682.3 
The accompanying notes are an integral part of the consolidated financial statements.
47

CONSOLIDATED STATEMENTS OF CASH FLOWS
West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2024, 2023 and 2022
(in millions)
2024
2023
2022
Cash flows from operating activities:
Net income
$ 
492.7 
$ 
593.4 
$ 
585.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
 
151.8 
 
133.7 
 
116.9 
Amortization
 
3.6 
 
3.6 
 
3.7 
Stock-based compensation
 
18.7 
 
23.3 
 
23.7 
Non-cash restructuring charges
 
— 
 
— 
 
15.3 
Pension settlement charges
 
— 
 
0.1 
 
52.2 
Loss on disposal of plant
 
— 
 
11.6 
 
— 
Asset impairments
 
7.3 
 
9.6 
 
6.2 
Deferred income taxes
 
(3.5)  
37.5 
 
(30.8) 
Pension and other retirement plans, net
 
(2.0)  
(2.6)  
(14.0) 
Equity in undistributed earnings of affiliates, net of dividends
 
(13.4)  
(14.3)  
(18.1) 
Other, net
 
(4.7)  
1.0 
 
(2.0) 
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
 
(58.8)  
4.0 
 
(35.6) 
Decrease (increase) in inventories
 
42.0 
 
(13.5)  
(49.8) 
(Increase) decrease in other current assets
 
(5.8)  
(21.3)  
18.5 
Increase (decrease) in accounts payable
 
2.9 
 
4.4 
 
(2.8) 
Changes in other assets and liabilities
 
22.6 
 
6.0 
 
54.7 
Net cash provided by operating activities
 
653.4 
 
776.5 
 
724.0 
Cash flows from investing activities:
Capital expenditures
 
(377.0)  
(362.0)  
(284.6) 
Other, net
 
(1.7)  
(6.7)  
(3.6) 
Net cash used in investing activities
 
(378.7)  
(368.7)  
(288.2) 
Cash flows from financing activities:
Borrowings of long-term debt
 
164.7 
 
— 
 
— 
Repayments of long-term debt
 
(169.0)  
(2.3)  
(44.3) 
Debt issuance cost
 
— 
 
— 
 
(1.2) 
Principal repayments on finance leases
 
(23.3)  
(0.1)  
— 
Dividend payments
 
(59.1)  
(57.0)  
(54.1) 
Excise tax payments
 
(2.0)  
— 
 
— 
Proceeds from stock-based compensation awards
 
25.5 
 
43.9 
 
20.9 
Employee stock purchase plan contributions
 
7.2 
 
7.1 
 
7.3 
Shares purchased under share repurchase programs
 
(560.9)  
(438.3)  
(202.8) 
Shares repurchased for employee tax withholdings
 
(5.7)  
(12.9)  
(19.4) 
Net cash used in financing activities
 
(622.6)  
(459.6)  
(293.6) 
Effect of exchange rates on cash
 
(21.4)  
11.4 
 
(10.5) 
Net (decrease) increase in cash and cash equivalents
 
(369.3)  
(40.4)  
131.7 
Cash, including cash equivalents at beginning of period
 
853.9 
 
894.3 
 
762.6 
Cash, including cash equivalents at end of period
$ 
484.6 
$ 
853.9 
$ 
894.3 
Supplemental cash flow information:
Interest paid, net of amounts capitalized
$ 
0.5 
$ 
6.0 
$ 
6.6 
Income taxes paid, net
$ 
71.4 
$ 
90.8 
$ 
109.7 
Accrued capital expenditures
$ 
53.0 
$ 
53.3 
$ 
33.2 
Dividends declared, not paid
$ 
15.2 
$ 
14.8 
$ 
14.1 
The accompanying notes are an integral part of the consolidated financial statements.
48

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1: 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 $0.8 million at 
both December 31, 2024 and 2023. Under the current expected credit loss model, we utilize a provision matrix 
approach, utilizing historical loss rates based on the number of days past due, adjusted to reflect current economic 
conditions and forecasts of future economic conditions.
Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. The 
Company provides for cost adjustments for excess, obsolete or slow-moving inventory based on changes in 
customer demand, technology developments or other economic factors. The following is a summary of inventories 
at December 31:
($ in millions)
2024
2023
Raw materials
$ 
166.9 $ 
172.3 
Work in process
 
65.2  
87.3 
Finished goods
 
144.9  
175.1 
$ 
377.0 $ 
434.7 
Property, Plant and Equipment: Property, plant and equipment assets are carried at cost. Maintenance and minor 
repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or 
obtained for internal use are capitalized for application development activities and immediately expensed for 
preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs 
and related accumulated depreciation are eliminated, and gains or losses are recognized in other expense (income). 
Depreciation and amortization are computed principally using the straight-line method over the estimated useful 
lives of the assets, or the remaining term of the lease, if shorter.
Leases: Lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease 
liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs 
incurred less any lease incentives received. Lease right-of-use assets are subsequently measured throughout the lease 
term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease 
payments, less the unamortized balance of lease incentives received. Lease expense for operating leases is 
recognized on a straight-line basis over the lease term. Conversely, lease expense for finance leases is a front loaded 
expense recognition pattern over the lease term. Lease liabilities are initially measured at the present value of the 
unpaid lease payments at the lease commencement date. Please refer to Note 6, Leases, for additional information.
49

Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, operating lease 
right-of-use assets and finance lease right-of-use assets, are tested for impairment whenever circumstances indicate 
that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value 
of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an 
asset is considered impaired, an impairment loss is recorded within other expense (income) for the difference 
between the asset’s carrying value and its fair value. For assets held and used in the business, management 
determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present 
value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines 
fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs.
Impairment of Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, 
following the completion of our annual budget and long-range planning process, or whenever circumstances indicate 
that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit 
level, which is the same as, or one level below, our operating segments. A goodwill impairment charge represents 
the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the total amount of 
goodwill allocated to that reporting unit. Accounting guidance also allows entities to first assess qualitative factors, 
including macroeconomic conditions, industry and market considerations, cost factors, and overall financial 
performance, to determine whether it is necessary to perform the quantitative goodwill impairment test. If, based 
upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting 
units was less than its carrying amount, then it would not be necessary to perform the quantitative goodwill 
impairment test. We elected to follow this guidance for our annual impairment test. Based upon our assessment, we 
determined that it was not more likely than not that the fair value of each of our reporting units was less than its 
carrying amount and determined that it was not necessary to perform the quantitative goodwill impairment test in the 
current year. 
Valuing identifiable intangible assets requires judgment. For example, for recent identifiable customer relationship 
intangible asset acquisitions, we applied an excess earnings model, which is a form of the income approach. This 
approach includes projecting revenues and expenses attributable to the existing customers over the remaining 
economic life of the customer relationships and then subtracting the required return on net tangible assets and any 
intangible assets used in the business to estimate any residual excess earnings attributable to the customer 
relationships. The after-tax excess earnings are then discounted to present value using the respective discount rates. 
Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 3 
to 25 years and reviewed for impairment whenever circumstances indicate that the carrying value of these assets 
may not be recoverable. Factors that could trigger an impairment review include the following: 1) significant under-
performance relative to historical or projected future operating results; 2) significant changes in the manner or use of 
the acquired assets or the strategy of the overall business; 3) significant negative industry or economic trends; and 4) 
recognition of goodwill impairment charges. If we determine that the carrying value of identifiable intangibles assets 
may not be recoverable based on the existence of one or more of the above indicators of impairment, we measure 
recoverability of assets by comparing the respective carrying value of the assets to the current and expected future 
cash flows, on an undiscounted basis, to be generated from such assets. If such analysis indicates that the carrying 
value of these assets is not recoverable, we measure an impairment based on the amount in which the net carrying 
amount of the assets exceeds the fair values of the assets.
Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement 
medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded 
plans) and the rate at which the future obligations are discounted to present value. For our funded plans, we consider 
the current and expected asset allocations of our plan assets, as well as historical and expected rates of return, in 
estimating the long-term rate of return on plan assets. U.S. GAAP requires the recognition of an asset or liability for 
the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of 
plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit 
obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated 
postretirement benefit obligation. Please refer to Note 15, Benefit Plans, for a more detailed discussion of our 
pension and other retirement plans. 
50

Financial Instruments: All derivatives are recognized as either assets or liabilities in the balance sheet and 
recorded at their fair value. For a derivative designated as a hedge of the exposure to variable cash flows of a 
forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative’s gain or loss is 
initially reported as a component of other comprehensive income (“OCI”), net of tax, and subsequently reclassified 
into earnings when the forecasted transaction affects earnings. For a derivative designated as a hedge of the exposure 
to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), 
the derivative’s gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain 
on the hedged item. For a derivative designated as a hedge of the foreign currency exposure of a net investment in a 
foreign operation, the gain or loss is reported in OCI, net of tax, as part of the cumulative translation adjustment. The 
ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. 
Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in 
fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for 
investment or trading purposes.
Foreign Currency Translation: Foreign currency transaction gains and losses are recognized in the determination 
of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. 
are accumulated in other comprehensive loss, a separate component of equity.
Revenue Recognition: 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. We 
have elected to disregard the effects of a significant financing component, as we expect, at the inception of our 
contracts, that the period between when we transfer a promised good or service to the customer and when the 
customer pays for that good or service will be one year or less. In addition, we have elected to omit the disclosure of 
the majority of our remaining performance obligations, which are satisfied within one year or less. Please refer to 
Note 3, Revenue, for additional information. 
Shipping and Handling Costs: Shipping and handling costs are included in cost of goods and services sold. 
Shipping and handling costs billed to customers in connection with the sale are included in net sales.
Research and Development: Research and development expenditures are for the creation, engineering and 
application of new or improved products and processes. Expenditures include salaries and outside services for those 
directly involved in research and development activities and are primarily expensed as incurred. 
Litigation: From time to time, we are involved in legal proceedings, investigations and claims generally incidental 
to our normal business activities. In accordance with U.S. GAAP, 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. These estimates 
are based on an analysis made by internal and external legal counsel considering information known at the time. 
Legal costs in connection with loss contingencies are expensed as incurred.
51

Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates to tax loss 
carryforwards and temporary differences between the tax basis and financial statement carrying values of our assets 
and liabilities. The enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the 
forecasted utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on 
deferred tax assets are established when it is more likely than not that all or a portion of a deferred tax asset will not 
be realized. The realizability of deferred tax assets is subject to our estimates of future taxable income, generally at 
the respective subsidiary company and the country level. Please refer to Note 17, Income Taxes, for additional 
information. We recognize interest costs related to income taxes in interest expense and penalties within other 
expense (income). The tax law ordering approach is used for purposes of determining whether an excess tax benefit 
has been realized during the year.
Stock-Based Compensation: Under the fair value provisions of U.S. GAAP, stock-based compensation cost is 
measured at the grant date based on the value of the award and is recognized as expense over the vesting period. In 
order to determine the fair value of stock options on the grant date, we use the Black-Scholes valuation model. 
Please refer to Note 14, Stock-Based Compensation, for a more detailed discussion of our stock-based compensation 
plans.
Net Income Per Share: Basic net income per share is computed by dividing net income attributable to common 
shareholders by the weighted average number of shares of common stock outstanding during each period. Net 
income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards 
based on the treasury stock method. The treasury stock method assumes the use of exercise proceeds to repurchase 
common stock at the average fair market value in the period.
Note 2:  New Accounting Standards
Recently Adopted Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 
(“ASU") No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable 
segments, primarily through enhanced disclosures about significant segment expenses and enhancement of interim 
disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023 and interim 
periods beginning after December 15, 2024. The Company has adopted and implemented the applicable disclosure 
requirements within this annual report.
Standards Issued Not Yet Adopted
In December 2023, the FASB issued guidance 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. We are 
currently evaluating the impact of this guidance on our financial statements and disclosures, but we do not expect 
the adoption to have a material impact on the consolidated financial statements other than the expanded footnote 
disclosure.
52

In November 2024, the FASB issued guidance that seeks to improve the disclosures about a public business entity’s 
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 presented 
expense captions. The amendments require that at each interim and annual reporting period an entity: (1) disclose 
the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization 
included in each of the Company's relevant expense captions; (2) include certain amounts that are already required 
to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) disclose a 
qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated 
quantitatively; and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s 
definition of selling expenses. This guidance is effective for fiscal years beginning after December 15, 2026. The 
Company is currently evaluating the impact of this guidance on our financial statements and disclosures.
Note 3:  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, time elapsed, or machine hours used) relative to the total expected inputs to the 
satisfaction of that performance obligation. The input method that we use is based on costs incurred.
The majority of the performance obligations within our contracts are satisfied within one year or less. Performance 
obligations satisfied beyond one year are not material as of December 31, 2024.
Our revenue can be generated from contracts with multiple performance obligations. When a sales agreement 
involves multiple performance obligations, each obligation is separately identified and the transaction price is 
allocated based on the amount of consideration we expect to be entitled in exchange for transferring the promised 
good or service to the customer.
Some customers receive pricing rebates upon attaining established sales volumes. We record rebate costs when sales 
occur based on our assessment of the likelihood that the required volumes will be attained. We also maintain an 
allowance for product returns, as we believe that we are able to reasonably estimate the amount of returns based on 
our substantial historical experience and specific identification of customer claims.
53

The following table presents the approximate percentage of our net sales by market group:
2024
2023
2022
Biologics
 39% 
 37% 
 41% 
Generics
 17% 
 20% 
 18% 
Pharma
 25% 
 24% 
 24% 
Contract-Manufactured Products
 19% 
 19% 
 17% 
 100% 
 100% 
 100% 
The following table presents the approximate percentage of our net sales by product category: 
2024
2023
2022
High-Value Product Components
 45% 
 50% 
 55% 
High-Value Product Delivery Devices
 14% 
 10% 
 5% 
Standard Packaging 
 22% 
 21% 
 23% 
Contract-Manufactured Products
 19% 
 19% 
 17% 
 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 the second quarter of 2023. 
The following table presents the approximate percentage of our net sales by geographic location: 
2024
2023
2022
Americas
 45% 
 45% 
 48% 
Europe, Middle East, Africa
 46% 
 46% 
 43% 
Asia Pacific
 9% 
 9% 
 9% 
 100% 
 100% 
 100% 
Contract Assets and Liabilities
Contract assets and liabilities result from transactions with revenue primarily recorded over time. If the measure of 
remaining rights exceeds the measure of the remaining performance obligations, we record a contract asset. Contract 
assets are recorded on the consolidated balance sheet in accounts receivable, net, and other assets (current and 
noncurrent portions, respectively). Contract assets included in accounts receivable, net, relate to the unbilled 
amounts of our product sales for which we have recognized revenue over time. Contract assets included in other 
assets represent the remaining performance obligations of our development and tooling agreements. Conversely, if 
the measure of the remaining performance obligations exceeds the measure of the remaining rights, we record a 
contract liability. Contract liabilities are recorded on the consolidated balance sheet within other liabilities (current 
and noncurrent portions, respectively) and represent cash payments received in advance of our performance.
54

The following table summarizes our contract assets and liabilities, excluding amounts included in accounts 
receivable, net:
($ in millions)
Contract assets, December 31, 2023
$ 
21.5 
Contract assets, December 31, 2024
 
23.3 
Change in contract assets - increase (decrease)
$ 
1.8 
Deferred income, December 31, 2023
$ 
(53.9) 
Deferred income, December 31, 2024
 
(53.2) 
Change in deferred income - decrease (increase)
$ 
0.7 
Contract assets are included within other current assets and deferred income is included within other current 
liabilities and other long-term liabilities. The decrease in deferred income during 2024 was primarily due to the 
recognition of current year revenue of $94.8 million and the recognition of $37.7 million of revenue that was 
included in deferred income at the beginning of the year, offset by additional cash payments of $132.8 million
received in advance of satisfying future performance obligations.
Note 4: Net Income Per Share
The following table reconciles the shares used in the calculation of basic net income per share to those used for 
diluted net income per share:
(in millions)
2024
2023
2022
Net income
$ 
492.7 $ 
593.4 $ 
585.9 
Weighted average common shares outstanding
 
73.0  
74.3  
74.4 
Dilutive effect of equity awards, based on the treasury stock method
 
0.7  
1.0  
1.4 
Weighted average shares assuming dilution
 
73.7  
75.3  
75.8 
During 2024, 2023 and 2022, there were 0.3 million, 0.2 million and 0.2 million shares, respectively, from stock-
based compensation plans not included in the computation of diluted net income per share because their impact was 
antidilutive. 
In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up 
to $1.0 billion in shares of common stock. The share repurchase program did not have an expiration date under 
which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of 
shares to be repurchased and the timing of such transactions depended on a variety of factors, including market 
conditions. The below table summarizes share repurchases under this program during the years ended December 31: 
2024
2023
Shares repurchased
 1,583,032  1,265,661 
Total cost of repurchases ($ in millions)
$ 
560.9 $ 
438.3 
Average price per repurchased share
$ 
354.30 $ 
346.34 
In December 2024, the Board of Directors approved a share repurchase program authorizing the repurchase of up to 
550,000 shares of our common stock on the open market or in privately-negotiated transactions. The number of 
shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market 
conditions. This share repurchase program is expected to be completed by December 31, 2025.
55

Note 5: Property, Plant and Equipment
A summary of gross property, plant and equipment at December 31 is presented in the following table:
($ in millions)
Expected useful 
lives (years)
2024
2023
Land
$ 
27.9 $ 
33.7 
Buildings and improvements
15-35
 
916.1  
771.5 
Machinery and equipment
5-12
 
1,229.0  
1,136.5 
Molds and dies
4-7
 
169.5  
164.5 
Computer hardware and software
3-10
 
232.5  
216.6 
Construction in progress
 
410.8  
415.2 
$ 
2,985.8 $ 
2,738.0 
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $151.8 million, $133.7 million
and $116.9 million, respectively.
We capitalize interest on borrowings during the active construction period of major capital projects. Capitalized 
interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized 
interest for the years ended December 31, 2024, 2023 and 2022 was $13.2 million, $5.8 million and $3.7 million, 
respectively.
Note 6:  Leases
As of December 31, 2024, 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 
present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to 
pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term 
for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a 
lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to 
extend (or not to terminate) the lease controlled by the lessor. 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.
56

The components of lease expense were as follows:
($ in millions)
2024
2023
2022
Operating lease cost
$ 
24.2 $ 
20.3 $ 
15.5 
Finance lease - amortization of right-of-use (ROU) assets
 
0.9  
—  
— 
Finance lease - interest on lease liabilities
 
0.1  
—  
— 
Short-term lease cost
 
2.5  
6.1  
1.3 
Variable lease cost
 
9.0  
5.5  
6.8 
Total lease cost
$ 
36.7 $ 
31.9 $ 
23.6 
As of December 31, 2023, finance leases were not material. The following table summarizes the finance lease 
amounts in the consolidated balance sheets as of December 31, 2024:
December 31,
($ in millions)
Balance Sheet Classification
2024
ROU assets, net
Other noncurrent assets
$ 
29.7 
Lease liabilities (current)
Other current liabilities
$ 
0.9 
Lease liabilities (noncurrent)
Other long-term liabilities
$ 
2.1 
Supplemental information related to leases was as follows:
($ in millions)
2024
2023
2022
Cash paid for amounts included in the measurement of 
lease liabilities:
Operating cash flows from operating leases
$ 
32.5 $ 
19.1 $ 
13.3 
Operating cash flows from finance leases
$ 
0.1 $ 
— $ 
— 
Financing cash flows from finance leases
$ 
23.3 $ 
0.1 $ 
— 
Right-of-use assets obtained in exchange for new lease 
liabilities:
Operating leases
$ 
41.2 $ 
10.7 $ 
47.6 
Finance leases
$ 
24.6 $ 
— $ 
— 
As of December 31, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases 
was 8.3 years and 9.8 years. As of December 31, 2024, the weighted average remaining lease term for finance leases 
was 6.3 years. As of December 31, 2023, finance leases were not material.
As of December 31, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 
3.99% and 3.55%, respectively. As of December 31, 2024, the weighted average discount rate for finance leases was 
4.80%. As of December 31, 2023, finance leases were not material.
57

Maturities of lease liabilities as of December 31, 2024 were as follows:
($ in millions)
Operating
Finance 
Year
Leases
Leases
2025
$ 
23.4 $ 
0.9 
2026
 
20.7  
0.9 
2027
 
16.3  
0.9 
2028
 
14.9  
0.5 
2029
 
11.5  
0.1 
Thereafter
 
26.3  
— 
 
113.1  
3.3 
Less: imputed lease interest
 
(13.4)  
(0.3) 
Total lease liabilities
$ 
99.7 $ 
3.0 
Practical Expedients and Exemptions
We have elected to adopt practical expedients around the combination of lease and non-lease components and the 
portfolio approach relating to discount rates. These practical expedients were applied consistently to all leases. 
We have elected not to recognize lease right-of-use assets and lease liabilities for all short-term leases (leases with 
an initial lease term of 12 months or less). We recognize the lease payments associated with our short-term leases as 
an expense over the lease term.
Note 7:  Affiliated Companies
At December 31, 2024, the following affiliated companies were accounted for under the equity method:
Location
Ownership 
interest
The West Company Mexico, S.A. de C.V.
Mexico
49%
Aluplast S.A. de C.V.
Mexico
49%
Pharma Tap S.A. de C.V.
Mexico
49%
Pharma Rubber S.A. de C.V.
Mexico
49%
Daikyo Seiko, Ltd. ("Daikyo")
Japan
49%
The following table summarizes the aggregate carrying amounts of our investments in affiliated companies that are 
accounted for under the equity method and our investments in affiliated companies that are not accounted for under 
the equity method:
December 31,
December 31
($ in millions)
2024
2023
Aggregate carrying value of investments in affiliated companies:
   Equity method affiliates
$ 
194.9 $ 
203.2 
   Non-equity method affiliates
 
7.2  
6.8 
Total investments in affiliated companies
$ 
202.1 $ 
210.0 
We have elected to record non-equity method investments, for which fair value was not readily determinable, at 
cost, less impairment, adjusted for subsequent observable price changes. We test these investments for impairment 
whenever circumstances indicate that the carrying value of the investments may not be recoverable. 
58

The following table summarizes the amounts due to and from affiliates in the condensed consolidated balance 
sheets:
December 31,
December 31
($ in millions)
2024
2023
Payables due to affiliates
$ 
18.7 $ 
25.9 
Receivables due from affiliates
$ 
2.5 $ 
1.6 
The following table summarizes the Company's affiliate transactions: 
(in millions)
2024
2023
2022
Purchases from (and payments to) affiliates
$ 
110.0 $ 
142.5 $ 
167.6 
Sales to affiliates
$ 
15.3 $ 
11.2 $ 
14.2 
Unremitted income of affiliates
$ 
161.4 $ 
148.0 $ 
133.6 
Dividends received from affiliates
$ 
1.3 $ 
3.4 $ 
2.6 
Equity in unrealized (gains) losses of Daikyo's investments 
& derivatives
$ 
2.4 $ 
2.2 $ 
1.6 
The majority of the purchase transactions listed above relate to a distributorship agreement with Daikyo that allows 
us to purchase and re-sell Daikyo products. 
Note 8:  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, 2022
$ 
77.9 $ 
29.4 $ 
107.3 
Foreign currency translation
 
1.0  
0.2  
1.2 
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 
As of December 31, 2024, we had $0.1 million of accumulated goodwill impairment losses.
Intangible assets and accumulated amortization as of December 31 were as follows:
2024
2023
($ in millions)
Cost
Accumulated 
amortization
Net
Cost
Accumulated 
amortization
Net
Patents and licensing
$ 
24.7 $ 
(23.0) $ 
1.7 $ 
24.8 $ 
(21.8) $ 
3.0 
Technology
 
3.3  
(2.7)  
0.6  
3.3  
(2.5)  
0.8 
Trademarks
 
1.2  
(1.2)  
—  
1.2  
(1.2)  
— 
Customer relationships
 
38.9  
(30.8)  
8.1  
39.5  
(29.0)  
10.5 
Customer contracts
 
8.0  
(7.6)  
0.4  
8.0  
(7.2)  
0.8 
$ 
76.1 $ 
(65.3) $ 
10.8 $ 
76.8 $ 
(61.7) $ 
15.1 
59

The cost basis of intangible assets includes a foreign currency translation loss of $0.7 million and $0.1 million for 
the years ended December 31, 2024 and 2023, respectively. Amortization expense for the years ended December 31, 
2024, 2023 and 2022 was $3.6 million, $3.6 million and $3.7 million, respectively. Estimated annual amortization 
expense for the next five years is as follows: 2025 - $2.8 million, 2026 - $2.5 million, 2027 - $2.3 million, 2028 - 
$1.7 million and 2029 - $0.9 million. 
Note 9:  Other Current Liabilities
Other current liabilities as of December 31 included the following:
($ in millions)
2024
2023
Deferred income
$ 
49.6 $ 
41.7 
Accrued commissions, rebates & royalties
 
24.6  
22.4 
Short term derivative instruments
 
17.4  
2.1 
Dividends payable
 
15.2  
14.8 
Accrued taxes other than income
 
12.9  
9.2 
Accrued retirement plans (excl. pension)
 
12.6  
10.9 
Accrued professional services
 
6.8  
5.1 
International value added tax payable
 
6.0  
5.2 
Restructuring and severance related charges
 
1.6  
3.8 
Accrued interest
 
1.6  
2.6 
Other
 
39.9  
37.4 
Total other current liabilities
$ 
188.2 $ 
155.2 
Note 10:  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 the corresponding balance sheet date 
reflected in the table below.
($ in millions)
2024
2023
Term Loan, due July 2, 2027 (5.68%)
$ 
130.0 $ 
— 
Term Loan, due December 31, 2024 (6.32%)
 
—  
81.0 
Series B notes, due July 5, 2024 (3.82%)
 
—  
53.0 
Series C notes, due July 5, 2027 (4.02%)
 
73.0  
73.0 
 
203.0  
207.0 
Less: unamortized debt issuance costs for Term Loan and Series notes
 
0.4  
0.2 
Total debt
 
202.6  
206.8 
Less: current portion of long-term debt
 
—  
134.0 
Long-term debt, net
$ 
202.6 $ 
72.8 
60

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 in the aggregate through an increase in the multi-currency revolving credit 
facility, subject to the satisfaction of certain conditions. Borrowings under the credit facility bear interest, at the 
Company’s option, at either: (a) the Term Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus an 
applicable margin; or (b) a base rate defined as the highest of: (i) the Bank of America “prime rate”; (ii) the Federal 
Funds effective rate plus 0.50%; and (iii) Term SOFR plus 1.00%. The applicable margin is based on the ratio of the 
Company’s Net Consolidated Debt to its modified EBITDA, ranging from 0 to 37.5 basis points for base rate loans 
and 87.5 to 137.5 basis points for Term SOFR loans. The Amended Credit Agreement contains financial covenants 
providing that the Company shall not permit the ratio of the Company’s Net Consolidated Debt to its Modified 
EBITDA to be greater than 3.5 to 1; provided that, no more than three times during the term of the Amended Credit 
Agreement, upon the occurrence of a Qualified Acquisition for each of the four fiscal quarters of the Company 
immediately following such Qualified Acquisition, the ratio set forth above shall be increased to 4.0 to 1. The 
Amended Credit Agreement also contains customary limitations on liens securing indebtedness of the Company and 
its subsidiaries, fundamental changes (mergers, consolidations, liquidations and dissolutions), asset sales, 
distributions and acquisitions. As of December 31, 2024 and 2023, total unamortized debt issuance costs of 
$1.0 million and $1.0 million, respectively, were recorded in other current assets and other noncurrent assets and are 
being amortized as additional interest expense over the term of the multi-currency revolving credit facility. 
At December 31, 2024, we had no outstanding borrowings under the multi-currency revolving credit facility. At 
December 31, 2024, the borrowing capacity available under the multi-currency revolving credit facility, including 
outstanding letters of credit of $2.4 million, was $497.6 million. 
Term Loan
On July 2, 2024, the Company entered into the Third Amendment to the Credit Facility Agreement, which amended 
the Existing Credit Facility Agreement (entered into in December 2019). Among other changes to the existing credit 
agreement, the Third Amendment established an incremental term loan in the stated principal amount of $130.0 
million (the “New Term Loan”), which was fully drawn at closing and matures on July 2, 2027. The entire stated 
principal amount of the New Term Loan is due at maturity and there is no scheduled amortization prior to such date. 
Together with cash on hand, proceeds from the New Term Loan were used to repay an outstanding term loan under 
the Existing Credit Facility Agreement in the principal amount of $79.9 million prior to its December 31, 2024 
maturity date and to repay an aggregate principal amount of $53.0 million of the Company’s 3.82% Series B Senior 
Notes due July 5, 2024 issued under that certain Note Purchase Agreement dated as of July 5, 2012. Interest accrues 
on the New Term Loan based on a term secured overnight financing rate (“SOFR”) or a base rate, at the Company’s 
option, plus a margin ranging from 1.250% to 1.625% for SOFR interest rates and 0.250% to 0.625% for base rates 
according to the Company’s net leverage ratio as defined in the Amended Credit Agreement. Interest rates based on 
a term SOFR rate is also subject to a credit spread adjustment of 10 basis points. At closing, the Company elected 
for the New Term Loan to accrue interest at a 3-month term SOFR rate plus a margin of 1.250%. As of 
December 31, 2024, there were unamortized debt issuance costs remaining of $0.3 million which are being 
amortized as additional interest expense over the term of the New Term Loan. As of December 31, 2023, there were 
unamortized debt issuance costs remaining of $0.1 million, which were amortized as additional interest expense over 
the term of the Term Loan (entered into in December 2019).
61

At December 31, 2024, we had $130.0 million in borrowings under the New Term Loan which were classified as 
long-term. Please refer to Note 11, Derivative Financial Instruments, for a discussion of the foreign currency hedge 
associated with the Term Loan.
Private Placement
In 2012, we concluded a private placement issuance of $168.0 million in senior unsecured notes. The total amount 
of the private placement issuance was divided into three tranches - $42.0 million 3.67% Series A Notes due July 5, 
2022, $53.0 million 3.82% Series B Notes due July 5, 2024, and $73.0 million 4.02% Series C Notes due July 5, 
2027 (the “Notes”). The Notes rank pari passu with our other senior unsecured debt. The weighted average of the 
coupon interest rates on the Notes outstanding as of December 31, 2024 is 3.94%. As of December 31, 2024 and 
2023, there were unamortized debt issuance costs remaining of $0.1 million and $0.1 million, respectively, which 
are being amortized as additional interest expense over the term of the Notes.
Covenants
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 December 31, 2024, we were in compliance with all of 
our debt covenants. 
Interest costs incurred during 2024, 2023 and 2022 were $16.2 million, $14.8 million and $11.6 million, 
respectively. The aggregate annual maturities of long-term debt, excluding unamortized debt issuance costs, are as 
follows: $0.0 million in 2025 and 2026, $203.0 million in 2027 and $0.0 million in 2028 and thereafter.
Note 11:  Derivative Financial Instruments
Our ongoing business operations expose us to various risks, such as fluctuating interest rates, foreign currency 
exchange rates and increasing commodity prices. To manage these market risks, we periodically enter into derivative 
financial instruments, such as interest rate swaps, options and foreign exchange contracts for periods consistent with, 
and for notional amounts equal to or less than, the related underlying exposures. We do not purchase or hold any 
derivative financial instruments for investment or trading purposes. All derivatives are recorded in our consolidated 
balance sheet at fair value.
Foreign Currency Exchange Rate Risk
We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to 
fluctuating foreign exchange rates on cross-currency intercompany loans. As of December 31, 2024 the total amount 
of these forward exchange contracts was Singapore Dollar ("SGD") 421.9 million and $13.4 million. As of 
December 31, 2023 the total amount of these forward exchange contracts was SGD 601.5 million and $13.4 million. 
We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to 
fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed at various 
times throughout 2023 and 2024. As of December 31, 2024, the total amount of these forward exchange contracts 
was Euro ("EUR") 145.3 million and $47.1 million. As of December 31, 2023, the total amount of these forward 
exchange contracts was EUR 278.6 million and SGD 94.0 million.
In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of 
up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions 
denominated in foreign currencies.
62

As of December 31, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of 
currencies, as follows:
(in millions)
Sell
Currency
Purchase
USD
EUR
SGD
EUR
 
20.8  
22.9  
—  
— 
JPY
 
6,683.7  
28.4  
14.8  
1.8 
SGD
 
39.8  
16.9  
12.2  
— 
In December 2019, we entered into a five-year floating-to-floating forward-starting cross-currency swap for 
$90 million, which we designated as a hedge of our net investment in Daikyo. This cross-currency swap had an 
original maturity date of December 31, 2024, but was extinguished in July 2024. In July 2024, we entered into a new 
cross-currency swap for $130 million, which we designated as a hedge of our net investment in Daikyo. As of 
December 31, 2024, the notional amount of the cross-currency swap is Japanese Yen ("JPY") 17.0 billion
($130.0 million) and the swap termination date is July 2, 2027. Under the current cross-currency swap, we receive 
fixed USD interest rate payments in return for paying fixed JPY interest rate payments.
Additionally, we will periodically enter into forward exchange contracts to mitigate our exposure to fluctuating 
foreign exchange rates on assets and liabilities, other than the intercompany loans and demand notes referenced 
above, which are denominated in foreign currencies. The Company has elected not to designate these forward 
contracts in hedging relationships, and any change in the value of the contracts is recognized in income.
Commodity Price Risk
Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum 
refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain 
clauses that provide for surcharges related to fluctuations in crude oil prices. The following economic hedges did not 
qualify for hedge accounting treatment since they did not meet the highly effective requirement at inception.
We regularly purchase call options on crude oil to mitigate our exposure to such oil-based surcharges and protect 
operating cash flows with regard to a portion of our forecasted elastomer purchases. As of December 31, 2024, we 
had outstanding contracts to purchase 190,773 barrels of crude oil from December 2024 to June 2026, at a weighted-
average strike price of $84.70 per barrel.
Effects of Derivative Instruments on Financial Position and Results of Operations
Please refer to Note 12, Fair Value Measurements, for the balance sheet location and fair values of our derivative 
instruments as of December 31, 2024 and 2023.
63

The following table summarizes the effects of derivative instruments designated as fair value hedges in our 
consolidated statements of income for the years ended December 31:
Amount of Gain (Loss) Recognized in 
Income
Location on Statement of 
Income
($ in millions)
2024
2023
2022
Fair Value Hedges:
Hedged item (intercompany loan)
$ 
1.6 $ 
(0.3) $ 
(28.3) Other expense (income)
Derivative designated as hedging 
instrument
 
(1.6)  
0.3  
28.3 Other expense (income)
Amount excluded from effectiveness 
testing
 
(5.9)  
(1.4)  
5.2 Other expense (income)
Total
$ 
(5.9) $ 
(1.4) $ 
5.2 
We recognize in earnings the initial value of forward point components on a straight-line basis over the life of the 
fair value hedge. The expense recognized in earnings, pre-tax, for forward point components for the years ended 
December 31, 2024 and 2023 was $5.9 million and $0.2 million, respectively. The income recognized in earnings, 
pre-tax, for forward point components for the year ended December 31, 2022 was $4.0 million. We expect to 
recognize an expense of $0.3 million in earnings, pre-tax, for forward point components in 2025.
The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net 
investment hedges on OCI and earnings, net of tax, for the years ended December 31:
Amount of Gain (Loss) Recognized in OCI
($ in millions)
2024
2023
2022
Fair Value Hedges:
Foreign currency hedge contracts
$ 
0.2 $ 
(2.0) $ 
1.3 
Total
$ 
0.2 $ 
(2.0) $ 
1.3 
Cash Flow Hedges:
Foreign currency hedge contracts (hedges of net sales)
$ 
1.1 $ 
(0.8) $ 
0.3 
Foreign currency hedge contracts (hedges of cost of goods 
and services sold)
 
(6.9)  
(4.0)  
(1.1) 
Forward treasury locks
 
—  
—  
— 
Total
$ 
(5.8) $ 
(4.8) $ 
(0.8) 
Net Investment Hedges:
Cross-currency swap
$ 
6.8 $ 
8.6 $ 
9.1 
Total
$ 
6.8 $ 
8.6 $ 
9.1 
64

Amount of (Gain) Loss Reclassified from 
Accumulated OCI into Income
Location of (Gain) Loss 
Reclassified from 
Accumulated OCI into 
Income
($ in millions)
2024
2023
2022
Fair Value Hedges:
Foreign currency hedge contracts
$ 
(0.7) $ 
2.9 $ 
(1.6) Other expense (income)
Total
$ 
(0.7) $ 
2.9 $ 
(1.6) 
Cash Flow Hedges:
Foreign currency hedge contracts
$ 
(0.5) $ 
1.3 $ 
(1.2) Net sales
Foreign currency hedge contracts
 
4.2  
2.2  
3.5 Cost of goods and services sold
Forward treasury locks
 
0.1  
0.2  
0.2 Interest expense
Total
$ 
3.8 $ 
3.7 $ 
2.5 
Net Investment Hedges:
Cross-currency swap
 
—  
—  
— Other expense (income)
Total
$ 
— $ 
— $ 
— 
Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges 
within the other expense (income) line in our consolidated statements of income for the years ended December 31. 
The following table summarizes the effects of derivative instruments designated as cash flow and net investment 
hedges by line item in our consolidated statements of income for the years ended December 31:
($ in millions)
2024
2023
2022
Net sales
$ 
(0.5) $ 
1.3 $ 
(1.2) 
Cost of goods and services sold
$ 
4.2 $ 
2.2 $ 
3.5 
Interest expense
$ 
0.1 $ 
0.2 $ 
0.2 
The following table summarizes the effects of derivative instruments not designated as hedges in our consolidated 
statements of income for the years ended December 31:
Amount of Gain (Loss) Recognized in 
Income
Location on Statement of 
Income
($ in millions)
2024
2023
2022
Commodity call options
$ 
(0.7) $ 
(1.3) $ 
1.5 Other expense (income)
Currency forwards
 
(2.5) 
0.1
 
— Other expense (income)
Total
$ 
(3.2) $ 
(1.2) $ 
1.5 
During 2024, 2023 and 2022 there was no material ineffectiveness related to our hedges.
65

Note 12:  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 entity’s 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,
2024
Level 1
Level 2
Level 3
Assets:
Deferred compensation assets
$ 
11.1 $ 
11.1 $ 
— $ 
— 
Money market funds
 
117.6  
117.6  
—  
— 
Time deposits
 
71.3  
—  
71.3  
— 
Foreign currency contracts
 
17.3  
—  
17.3  
— 
Cross-currency swap
 
23.6  
—  
23.6  
— 
Commodity call options
 
0.3  
—  
0.3  
— 
$ 
241.2 $ 
128.7 $ 
112.5 $ 
— 
Liabilities:
Contingent consideration
$ 
3.0 $ 
— $ 
— $ 
3.0 
Deferred compensation liabilities
 
11.2  
11.2  
—  
— 
Foreign currency contracts
 
18.3  
—  
18.3  
— 
$ 
32.5 $ 
11.2 $ 
18.3 $ 
3.0 
66

Balance at
Basis of Fair Value Measurements
($ in millions)
December 31,
2023
Level 1
Level 2
Level 3
Assets:
Deferred compensation assets
$ 
10.2 $ 
10.2 $ 
— $ 
— 
Money market funds
 
404.4  
404.4  
—  
— 
Time deposits
 
47.9  
—  
47.9  
— 
Foreign currency contracts
 
5.0  
—  
5.0  
— 
Cross-currency swap
 
18.4  
—  
18.4  
— 
Commodity call options
 
0.6  
—  
0.6  
— 
$ 
496.7 $ 
424.8 $ 
71.9 $ 
— 
Liabilities:
Contingent consideration
$ 
3.6 $ 
— $ 
— $ 
3.6 
Deferred compensation liabilities
 
10.4  
10.4  
—  
— 
Foreign currency contracts
 
2.2  
—  
2.2  
— 
$ 
16.2 $ 
10.4 $ 
2.2 $ 
3.6 
Deferred compensation assets are included within other noncurrent assets and are valued using a market approach 
based on quoted market prices in an active market. Money market funds are included within cash and cash 
equivalents and are valued based on quoted market prices in active markets, with no valuation adjustment. Time 
deposits are included within cash and cash equivalents and are valued using relevant observable market inputs 
including quoted prices for similar assets and interest rate curves. The fair value of our foreign currency contracts, 
included within other current and other noncurrent assets, as well as other current and other long-term liabilities, is 
valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting 
date. The fair value of our commodity call options, included within other current and other noncurrent assets, is 
valued using a market approach. The fair value of the contingent consideration liability, within current and long-
term liabilities, related to the SmartDose® technology platform (the “SmartDose® contingent consideration”) was 
initially determined using a probability-weighted income approach, and is revalued at each reporting date or more 
frequently if circumstances dictate. The fair value of deferred compensation liabilities is based on quoted prices of 
the underlying employees’ investment selections and is included within other long-term liabilities. The fair value of 
the cross-currency swap, included within other non-current assets as of December 31, 2024 and other current assets 
as of December 31, 2023, is valued using a market approach. Please refer to Note 11, Derivative Financial 
Instruments, for further discussion of our derivatives.
Other Financial Instruments
We believe that the carrying amounts of our cash and accounts receivable approximate their fair values due to their 
near-term maturities.
The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms 
and maturities and is classified as Level 2 within the fair value hierarchy. At December 31, 2024, the estimated fair 
value of long-term debt was $200.5 million compared to a carrying amount of $202.6 million. At December 31, 
2023, the estimated fair value of short-term and long-term debt was $204.4 million and the carrying amount was 
$206.8 million. As of December 31, 2024, all debt is long-term.
67

Note 13:  Accumulated Other Comprehensive Loss
The following table presents the changes in the components of accumulated other comprehensive loss, net of tax:
($ in millions)
Derivatives
Equity affiliate 
investment AOCI
Defined benefit 
pension and other 
postretirement plans
Foreign 
currency 
translation
Total
Balance, December 31, 2021
$ 
(1.2) $ 
1.5 $ 
(31.8) $ 
(128.1) $ (159.6) 
Other comprehensive (loss) 
income before reclassifications  
0.5  
0.1  
(9.3)  
(47.3)  
(56.0) 
Amounts reclassified out
 
0.9  
—  
31.7  
—  
32.6 
Other comprehensive (loss) 
income, net of tax
 
1.4  
0.1  
22.4  
(47.3)  
(23.4) 
Balance, December 31, 2022
 
0.2  
1.6  
(9.4)  
(175.4)  
(183.0) 
Other comprehensive income 
(loss) before reclassifications
 
(6.8)  
0.7  
0.8  
39.4  
34.1 
Amounts reclassified out
 
6.6  
—  
(1.5)  
—  
5.1 
Other comprehensive income 
(loss), net of tax
 
(0.2)  
0.7  
(0.7)  
39.4  
39.2 
Balance, December 31, 2023
 
—  
2.3  
(10.1)  
(136.0)  
(143.8) 
Other comprehensive (loss) 
income before reclassifications  
(5.6)  
0.2  
1.1  
(112.3)  
(116.6) 
Amounts reclassified out
 
3.1  
—  
(0.8)  
—  
2.3 
Other comprehensive (loss) 
income, net of tax
 
(2.5)  
0.2  
0.3  
(112.3)  
(114.3) 
Balance, December 31, 2024
$ 
(2.5) $ 
2.5 $ 
(9.8) $ 
(248.3) $ (258.1) 
A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table 
($ in millions): 
Detail of components
2024
2023
2022
Location on Statement of 
Income
Gains (losses) on derivatives:
Foreign currency contracts
$ 
0.5 $ 
(1.5) $ 
1.4 Net sales
Foreign currency contracts
 
(5.5)  
(3.1)  
(4.1) Cost of goods and services sold
Foreign currency contracts
 
1.0  
(4.2)  
2.4 Other expense (income)
Forward treasury locks
 
(0.1)  
(0.3)  
(0.3) Interest expense
Total before tax
 
(4.1)  
(9.1)  
(0.6) 
Tax benefit (expense)
 
1.0  
2.5  
(0.3) 
Net of tax
$ 
(3.1) $ 
(6.6) $ 
(0.9) 
Amortization of defined benefit 
pension and other postretirement plans:
Actuarial gains
$ 
1.0 $ 
1.7 $ 
0.6 (a)
Settlements
 
—  
(0.1)  
(52.2) (a)
Other
 
—  
0.4  
(0.4) (a)
Total before tax
 
1.0  
2.0  
(52.0) 
Tax (expense) benefit 
 
(0.2)  
(0.5)  
20.3 
Net of tax
$ 
0.8 $ 
1.5 $ 
(31.7) 
Total reclassifications for the period, 
net of tax
$ 
(2.3) $ 
(5.1) $ 
(32.6) 
(a) These components are included in the computation of net periodic benefit cost. Please refer to Note 15, Benefit 
Plans, for additional details.
68

Note 14:  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. At December 31, 2024, there were 1.3 million shares 
remaining in the 2016 Plan for future grants.
Stock options and stock appreciation rights reduce the number of shares available by one share for each award 
granted. All other awards under the 2016 Plan will reduce the total number of shares available for grant by an 
amount equal to 2.5 times the number of shares awarded. If awards made under previous plans would entitle a plan 
participant to an amount of West stock in excess of the target amount, the additional shares (up to a maximum 
threshold amount) will be distributed under the 2016 Plan.
The following table summarizes our stock-based compensation expense recorded within selling, general and 
administrative expenses for the years ended December 31:
($ in millions)
2024
2023
2022
Stock option and appreciation rights
$ 
11.0 $ 
11.3 $ 
5.6 
Performance share units
 
2.2  
5.9  
15.6 
Employee stock purchase plan
 
1.3  
1.3  
1.3 
Deferred compensation plans and restricted share awards
 
4.2  
4.8  
1.2 
Total stock-based compensation expense
$ 
18.7 $ 
23.3 $ 
23.7 
The Company estimates expected forfeitures. The amount of unrecognized compensation expense for all non-vested 
awards as of December 31, 2024 was $25.8 million, which is expected to be recognized over a weighted average 
period of 1.6 years.
Stock Options
Stock options granted to employees vest in equal increments. All awards expire 10 years from the date of grant. 
Upon the exercise of stock options, shares are issued in exchange for the exercise price of the options.
The following table summarizes changes in outstanding options:
(in millions, except per share data)
Stock Options
Weighted 
Average 
Exercise Price
Options outstanding, January 1, 2024
 
1.4 $ 
145.40 
Granted
 
0.1  
348.25 
Exercised
 
(0.3)  
77.88 
Forfeited
 
0.0  
331.97 
Options outstanding, December 31, 2024
 
1.2 $ 
176.37 
Options vested and expected to vest, December 31, 2024
 
1.1 $ 
172.07 
Options vested and exercisable, December 31, 2024
 
0.9 $ 
137.48 
As of December 31, 2024, the weighted average remaining contractual life of options outstanding and of options 
exercisable was 4.6 years and 3.7 years, respectively. As of December 31, 2024, the aggregate intrinsic value of total 
options outstanding was $182.0 million, of which $178.7 million represented vested options.
69

The fair value of the options was estimated on the date of grant using a Black-Scholes option valuation model that 
used the following weighted average assumptions in 2024, 2023 and 2022: a risk-free interest rate of 4.3%, 4.1%, 
and 1.8%, respectively; stock volatility of 32.0%, 29.8%, and 25.1%, respectively; and dividend yields of 0.3%, 
0.3%, and 0.2%, respectively. Stock volatility is estimated based on historical data and the impact from expected 
future trends. Expected lives, which are based on prior experience, averaged 6.0 years for 2024, 5.7 years for 2023
and 5.6 years for 2022. The weighted average grant date fair value of options granted in 2024, 2023 and 2022 was 
$134.25, $108.95 and $96.43, respectively. Stock option expense is recognized over the vesting period, net of 
forfeitures.
For the years ended December 31, 2024, 2023 and 2022, the intrinsic value of options exercised was $90.5 million, 
$151.0 million and $60.1 million, respectively. The grant date fair value of options vested during those same periods 
was $10.8 million, $8.6 million and $8.8 million, respectively.
Performance Awards
In addition to stock options, we grant performance share unit (“PSU”) awards to eligible employees. These awards 
are earned based on the Company’s performance against pre-established targets, including annual growth rate of 
revenue and return on invested capital, over a specified performance period. Depending on the achievement of the 
targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock, 
whereas recipients of cash-settled PSU awards are entitled to receive a payment in cash per unit based on the fair 
market value of a share of our common stock at the end of the performance period.
The following table summarizes changes in our outstanding stock-settled PSU awards:
Units
Weighted 
Average Fair 
Value
Non-vested stock-settled PSU awards, January 1, 2024
 
98,441 $ 
334.03 
Granted at target level
 
34,484  
348.20 
Adjustments above/(below) target
 
2,523  
339.07 
Vested and converted
 
(35,388)  
350.18 
Forfeited
 
(6,686)  
331.62 
Non-vested stock-settled PSU awards, December 31, 2024
 
93,374 $ 
326.56 
Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of 
stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense 
over the performance period, adjusted for estimated target outcomes and net of forfeitures. The weighted average 
grant date fair value of stock-settled PSU awards granted during the years 2024, 2023 and 2022 was $348.20, 
$306.97 and $362.40, respectively. Including forfeiture and target achievement expectations, we expect that the 
stock-settled PSU awards, for which the performance period has completed, will convert to 7,946 shares to be issued 
during 2025.
As described above, certain eligible employees are entitled to cash-settled PSU awards. The fair value of these cash-
settled PSU awards is also based on the market price of our stock at the grant date. These awards are revalued at the 
end of each quarter based on changes in our stock price. As a result of the cash settlement feature, cash-settled PSU 
awards are recorded within other long-term liabilities. The amount of cash-settled PSU awards granted during the 
years 2024, 2023 and 2022 were immaterial. 
70

Employee Stock Purchase Plan
We also offer an Employee Stock Purchase Plan (“ESPP”), which provides for the sale of our common stock to 
eligible employees at 85% of the current market price on the last trading day of each quarterly offering period. 
Payroll deductions are limited to 25% of the employee’s base salary, not to exceed $25,000 in any one calendar year. 
In addition, employees may not buy more than 2,000 shares during any offering period (8,000 shares per year). 
Purchases under the ESPP were 25,237 shares, 23,955 shares and 27,894 shares for the years 2024, 2023 and 2022, 
respectively. At December 31, 2024, there were 3.7 million shares available for issuance under the ESPP.
Deferred Compensation Plans and Restricted Share Awards
Our deferred compensation plans include a Non-Qualified Deferred Compensation Plan for Non-Employee 
Directors, under which non-employee directors may defer all or part of their annual cash or stock retainers. The 
deferred fees may be credited to a stock-equivalent account. Amounts credited to this account are converted into 
deferred stock units based on the fair market value of one share of our common stock on the last day of the quarter. 
For deferred stock units ultimately paid in cash, a liability is calculated at an amount determined by multiplying the 
number of units by the fair market value of our common stock at the end of each reporting period. In addition, 
annual stock awards are granted on the date of our annual meeting and are distributed in shares of common stock at 
the next annual meeting, unless deferred. In 2024, 2023 and 2022, we granted 6,064, 6,160 and 4,827 deferred stock 
awards with weighted average grant-date fair values of $386.03, $357.00 and $300.78, respectively.
As of December 31, 2024, the two deferred compensation plans held a total of 332,897 deferred stock units, 
including 8,851 units to be paid in cash. As of December 31, 2023, the two deferred compensation plans held a total 
of 352,541 deferred stock units, including 8,931 units to be paid in cash.
During 2024, 2023 and 2022, we granted 9,660, 8,343 and 9,648 stock-settled restricted share unit (“RSU”) awards, 
respectively, at weighted grant-date fair values of $339.32, $314.06 and $310.52 per share, respectively, to 
employees under the 2016 Plan. These awards are earned over a specified performance period. The fair value of 
stock-settled RSU awards is based on the market price of our stock at the grant date and is recognized as expense 
over the vesting period, net of forfeitures.
Note 15:  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 $23.2 million 
for 2024, $22.7 million for 2023 and $22.8 million for 2022. 
71

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)
2024
2023
2022
2024
2023
2022
Net periodic benefit cost:
Service cost
$ 
1.2 $ 
1.1 $ 
1.5 $ 
— $ 
— $ 
— 
Interest cost
 
2.1  
2.4  
4.2  
0.2  
0.2  
0.2 
Expected return on plan assets
 
(1.3)  
(1.2)  
(6.1)  
—  
—  
— 
Amortization of actuarial loss (gain)
 
0.6  
0.6  
1.3  
(1.6)  
(2.0)  
(1.9) 
Settlement loss
 
—  
0.1  
52.2  
—  
—  
— 
Other
 
1.0  
0.3  
1.0  
—  
0.4  
0.4 
Net periodic benefit cost
$ 
3.6 $ 
3.3 $ 
54.1 $ 
(1.4) $ 
(1.4) $ 
(1.3) 
Other changes in plan assets and benefit 
obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period
$ 
(0.7) $ 
(1.4) $ 
16.0 $ 
(0.5) $ 
(0.5) $ 
(2.0) 
Amortization of actuarial (loss) gain
 
(0.6)  
(0.3)  
(1.3)  
1.6  
2.0  
1.9 
Settlement loss
 
—  
(0.1)  
(52.2)  
—  
—  
— 
Foreign currency translation
 
(0.2)  
0.7  
(2.3)  
—  
—  
— 
Other
 
—  
0.4  
—  
—  
—  
(0.4) 
Total recognized in OCI
$ 
(1.5) $ 
(0.7) $ 
(39.8) $ 
1.1 $ 
1.5 $ 
(0.5) 
Total recognized in net periodic benefit cost 
and OCI
$ 
2.1 $ 
2.6 $ 
14.3 $ 
(0.3) $ 
0.1 $ 
(1.8) 
Net periodic benefit cost by geographic location is as follows:
Pension benefits
Other retirement benefits
($ in millions)
2024
2023
2022
2024
2023
2022
U.S. plans
$ 
1.1 $ 
0.8 $ 
51.7 $ 
(1.4) $ 
(1.4) $ 
(1.3) 
International plans
 
2.5  
2.5  
2.4  
—  
—  
— 
Net periodic benefit cost
$ 
3.6 $ 
3.3 $ 
54.1 $ 
(1.4) $ 
(1.4) $ 
(1.3) 
The service cost component included within net periodic benefit cost is considered employee compensation and is 
therefore presented within the selling, general, and administrative and costs of goods and services sold financial 
statement line items of our consolidated statements of income. The remaining components of net periodic benefit 
cost are reported separately and are therefore presented within the other nonoperating expense (income) financial 
statement line item of our consolidated statements of income.
During 2021, the Company approved the termination of our U.S. qualified defined benefit pension plan (the "U.S. 
pension plan"). During 2021, a Notice of Intent to Terminate was sent to all interested parties and in 2022 a 
favorable determination letter was received from the Internal Revenue Service. During 2022, lump sum payments 
were offered to all current employees and former employees with vested benefits under the U.S. pension plan. A 
cash contribution of $7.1 million was made by the Company to ensure the U.S. pension plan was fully funded in 
preparation for the group annuity contract purchase which was executed in August of 2022 to settle the outstanding 
benefit obligations, as well as to cover any ancillary benefits and expenses remaining. During 2022, we recorded a 
$52.2 million pension settlement charge within other nonoperating expense (income), which primarily related to the 
full settlement and relief of the historical balance sheet position, inclusive of accumulated other comprehensive 
income, of the U.S. pension plan. 
72

During 2024 and 2023, we did not contribute to our U.S. pension plan due to the termination of the plan in 2022. 
During 2022, we contributed $7.1 million to our U.S. pension plan. 
The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the 
funded status of the plans:
Pension benefits
Other retirement benefits
($ in millions)
2024
2023
2024
2023
Change in benefit obligation:
Benefit obligation, January 1
$ 
(57.5) $ 
(55.5) $ 
(3.7) $ 
(3.9) 
Service cost
 
(1.2)  
(1.1)  
—  
— 
Interest cost
 
(2.1)  
(2.4)  
(0.2)  
(0.2) 
Participants’ contributions
 
(0.1)  
(0.2)  
(0.2)  
(0.4) 
Actuarial gain
 
2.2  
0.7  
0.6  
0.5 
Benefits paid
 
3.4  
2.5  
0.3  
0.3 
Settlement loss
 
—  
0.5  
—  
— 
Foreign currency translation
 
2.1  
(2.0)  
—  
— 
Benefit obligation, December 31
$ 
(53.2) $ 
(57.5) $ 
(3.2) $ 
(3.7) 
Change in plan assets:
Fair value of assets, January 1
$ 
32.3 $ 
29.4 $ 
— $ 
— 
Actual return on plan assets
 
(0.6)  
2.4  
—  
— 
Employer contribution
 
0.7  
1.1  
0.1  
(0.1) 
Participants’ contributions
 
0.1  
0.2  
0.2  
0.4 
Benefits paid
 
(2.5)  
(1.8)  
(0.3)  
(0.3) 
Settlement loss
 
—  
(0.5)  
—  
— 
Foreign currency translation
 
(0.8)  
1.5  
—  
— 
Fair value of assets, December 31
$ 
29.2 $ 
32.3 $ 
— $ 
— 
Funded status at end of year
$ 
(24.0) $ 
(25.2) $ 
(3.2) $ 
(3.7) 
International pension plan assets, at fair value, included in the preceding table were $29.2 million and $32.3 million
at December 31, 2024 and 2023, respectively.
Amounts recognized in the balance sheet were as follows:
Pension benefits
Other retirement benefits
($ in millions)
2024
2023
2024
2023
Noncurrent assets
$ 
2.9 $ 
2.7 $ 
— $ 
— 
Current liabilities
 
(1.4)  
(1.4)  
(0.5)  
(0.6) 
Noncurrent liabilities
 
(25.5)  
(26.5)  
(2.7)  
(3.1) 
$ 
(24.0) $ 
(25.2) $ 
(3.2) $ 
(3.7) 
73

The amounts in accumulated other comprehensive loss, pre-tax, consisted of:
Pension benefits
Other retirement benefits
($ in millions)
2024
2023
2024
2023
Net actuarial loss (gain)
$ 
14.4 $ 
15.8 $ 
(2.6) $ 
(3.6) 
Prior service credit
 
(1.2)  
(1.1)  
—  
— 
Total
$ 
13.2 $ 
14.7 $ 
(2.6) $ 
(3.6) 
The accumulated benefit obligation for all defined benefit pension plans was $49.5 million and $53.7 million at 
December 31, 2024 and 2023, respectively, including $44.0 million and $47.7 million, respectively, for international 
pension plans.
As of December 31, 2024 and December 31, 2023, our United Kingdom qualified defined benefit pension plan had 
plan assets in excess of its obligations. As of December 31, 2024 and December 31, 2023, our other defined benefit 
pension plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. 
Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the 
next ten years are as follows. The expected benefit payments listed correspond to regular ongoing benefit payments 
expected to be made by the plans during future years. 
 ($ in millions)
Domestic 
International 
Total 
2025
$ 
1.3 $ 
2.5 $ 
3.8 
2026
 
1.1  
3.1  
4.2 
2027
 
1.0  
3.6  
4.6 
2028
 
1.0  
3.2  
4.2 
2029
 
0.9  
4.0  
4.9 
2030 to 2034
 
3.6  
17.2  
20.8 
$ 
8.9 $ 
33.6 $ 
42.5 
In 2025, we expect to contribute $0.6 million to pension plans, all of which is in the U.S. In addition, we expect to 
contribute $0.5 million for other retirement benefits in 2025. We periodically consider additional, voluntary 
contributions depending on the investment returns generated by pension plan assets, changes in benefit obligation 
projections and other factors. 
Weighted average assumptions used to determine net periodic benefit cost were as follows:
Pension benefits
Other retirement benefits
2024
2023
2022
2024
2023
2022
Discount rate
 3.95% 
 4.35% 
 2.48% 
 5.20% 
 5.55% 
 2.75% 
Rate of compensation increase
 3.08% 
 3.09% 
 2.79%  
— 
 
— 
 
— 
Expected long-term rate of return 
on assets
 4.01% 
 4.22% 
 4.14%  
— 
 
— 
 
— 
Weighted average assumptions used to determine the benefit obligations were as follows:
Pension benefits
Other retirement 
benefits
2024
2023
2024
2023
Discount rate
 4.38% 
 3.95% 
 5.60% 
 5.20% 
Rate of compensation increase
 3.07% 
 3.08%  
— 
 
— 
74

The discount rate used to determine the benefit obligations for U.S. pension plans was 5.60% and 5.20% as of 
December 31, 2024 and 2023, respectively. The weighted average discount rate used to determine the benefit 
obligations for all international plans was 4.24% and 3.80% as of December 31, 2024 and 2023, respectively. The 
weighted average rate of compensation increase for all international plans was 3.07% for 2024 and 3.08% for 2023, 
while there was no rate increase for the U.S. plans since they are frozen. Other retirement benefits were only 
available to U.S. employees. The expected long-term rate of return for U.S. plans was not applicable for 2024 and 
2023, and 3.70% for 2022. 
The assumed healthcare cost trend rate used to determine benefit obligations was 6.50% for all participants in 2024, 
decreasing to 5.00% by 2031. The assumed healthcare cost trend rate used to determine net periodic benefit cost was 
6.75% for all participants in 2024, decreasing to 5.00% by 2031.
The defined benefit pension plan benefit obligation decreased for the year ended December 31, 2024, due to 
actuarial gains and benefit payments during the period, as well as an increase in the discount rate used to calculate 
the obligation. The net actuarial losses will be impacted in future periods by actual asset returns, discount rate 
changes, currency exchange rate fluctuations, actual demographic experience, and certain other factors. The other 
retirement plan benefit obligation decreased due to actuarial gains and benefit payments during the period, as well as 
an increase in the discount rate used to calculate the obligation.
The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the 
interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions. 
The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for 
our pension plans, at December 31, were as follows:
2024
2023
2022
U.S. plans
 4.00% 
 4.00% 
 3.31% 
International plans
 1.13% 
 1.13% 
 1.75% 
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:
2024
2023
Equity securities
 21% 
 16% 
Debt securities
 75% 
 80% 
Other
 4% 
 4% 
 100% 
 100% 
Diversification across and within asset classes is the primary means by which we mitigate risk. We maintain 
guidelines for all asset and sub-asset categories in order to avoid excessive investment concentrations. Fund assets 
are monitored on a regular basis. If at any time the fund asset allocation is not within the acceptable allocation range, 
funds will be reallocated. We also review the fund on a regular basis to ensure that the investment returns received 
are consistent with the short-term and long-term goals of the fund and with comparable market returns. We are 
prohibited from pledging fund securities and from investing pension fund assets in our own stock, securities on 
margin or derivative securities.
The following are the target asset allocations and acceptable allocation ranges across:
Target 
allocation
Allocation 
range
Equity securities
19%
15% - 20%
Debt securities
79%
75% - 85%
Other
2%
2% - 5%
75

The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in 
Note 12, Fair Value Measurements. In accordance with U.S. GAAP, certain pension plan assets measured at net 
asset value (“NAV”) have not been classified in the fair value hierarchy.
Balance at
December 31,
Basis of Fair Value Measurements
($ in millions)
2024
Level 1
Level 2
Level 3
Cash
$ 
0.6 $ 
0.6 $ 
— $ 
— 
Equity securities:
International mutual funds
 
6.2  
—  
6.2  
— 
Fixed income securities:
International mutual funds
 
21.8  
—  
21.8  
— 
Other mutual funds
 
0.6  
—  
0.6  
— 
Pension plan assets in the fair value hierarchy
$ 
29.2 $ 
0.6 $ 
28.6 $ 
— 
Pension plan assets measured at NAV
 
— 
Pension plan assets at fair value
$ 
29.2 
Balance at
December 31,
Basis of Fair Value Measurements
($ in millions)
2023
Level 1
Level 2
Level 3
Cash
$ 
0.6 $ 
0.6 $ 
— $ 
— 
Equity securities:
International mutual funds
 
5.3  
—  
5.3  
— 
Fixed income securities:
International mutual funds
 
25.9  
—  
25.9  
— 
Other mutual funds
 
0.5  
—  
0.5  
— 
Pension plan assets in the fair value hierarchy
$ 
32.3 $ 
0.6 $ 
31.7 $ 
— 
Pension plan assets measured at NAV
 
— 
Pension plan assets at fair value
$ 
32.3 
Note 16:  Other Expense (Income)
Other expense (income) consisted of:
($ in millions)
2024
2023
2022
Restructuring and related charges:
Severance and benefits
$ 
(2.5) $ 
(2.8) $ 
8.7 
Asset-related charges
 
—  
—  
15.3 
Other charges
 
—  
—  
(0.2) 
Total restructuring and related charges
$ 
(2.5) $ 
(2.8) $ 
23.8 
Asset impairments
 
7.3  
9.6  
6.2 
Foreign exchange transaction losses (gains)
 
10.2  
9.4  
(4.1) 
Contingent consideration
 
5.1  
2.3  
3.0 
Loss on disposal of plant
 
—  
11.6  
— 
Other items
 
0.9  
1.3  
(2.1) 
Total other expense (income) 
$ 
21.0 $ 
31.4 $ 
26.8 
76

Restructuring and Related Charges
In December 2022, the Company approved a restructuring plan to adjust our operating cost base to better respond to 
the macroeconomic factors influencing our business. These changes were implemented over a period of 
approximately twenty-four months from the date of the approval. The plan provided annualized savings of 
approximately $17 million. As of December 31, 2024, the Company does not expect additional expenses or 
payments associated with our 2022 restructuring plan. The following table presents activity related to our 
restructuring obligations related to our 2022 restructuring plan:
($ in millions)
Severance and 
benefits
Other charges
Total
Balance, December 31, 2023
$ 
3.0 $ 
— $ 
3.0 
(Credits) charges
 
(2.5)  
—  
(2.5) 
Cash payments
 
(0.5)  
—  
(0.5) 
Balance, December 31, 2024
$ 
— $ 
— $ 
— 
Asset Impairments
The Company's asset impairment expense includes impairment charges to its cost method investments and expense 
related to fixed assets impaired or taken out of service. During the periods ended December 31, asset impairments 
consisted of: 
($ in millions)
2024
2023
2022
Cost method investment impairment charges
$ 
0.3 $ 
4.3 $ 
3.5 
Fixed asset impairment expense
 
7.0  
5.3  
2.7 
Total asset impairments
$ 
7.3 $ 
9.6 $ 
6.2 
Foreign Exchange Transaction Losses (Gains)
During 2024 and 2023, the Company recorded a loss on foreign exchange transactions of $10.2 million and 
$9.4 million, respectively. During 2024, the increase in losses on foreign exchange transactions was the result of 
increased expense related to exchange rate activity in Europe, partially offset by a decrease in losses related to 
Argentina's high inflationary environment year over year. During 2023, the loss on foreign exchange transactions 
was primarily driven by a highly inflationary environment in Argentina. During 2022, the Company recorded a gain 
on foreign exchange transactions of $4.1 million.
Contingent Consideration
Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please 
refer to Note 12, Fair Value Measurements, for additional details.
Loss on Disposal of Plant
During 2023, the Company recorded expense of $11.6 million, within other expense (income), as a result of the sale 
of one of the Company’s manufacturing facilities within the Proprietary Products segment during the second quarter 
of 2023.
77

Note 17:  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, 2024, the statute of limitations for the U.S. federal tax years 
2018 through 2024 remain open to examination. For U.S. state and local jurisdictions, tax years 2020 through 2024
are open to examination. We are also subject to examination in various foreign jurisdictions for tax years 2017
through 2024.
A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows:
($ in millions)
2024
2023
2022
Balance at January 1
$ 
38.8 $ 
36.5 $ 
24.9 
Increase due to current year position
 
5.3  
6.4  
11.4 
Increase (decrease) due to prior year position
 
0.7  
(1.0)  
0.6 
Reduction for expiration of statute of limitations/audits
 
(1.2)  
(3.1)  
(0.4) 
Balance at December 31
$ 
43.6 $ 
38.8 $ 
36.5 
In addition, we had balances in accrued liabilities for interest and penalties of $6.6 million and $3.8 million at 
December 31, 2024 and 2023, respectively. As of December 31, 2024, we had $43.6 million of total gross 
unrecognized tax benefits, which, if recognized, $43.6 million would favorably impact the effective income tax rate. 
It is reasonably possible that, due to the expiration of statutes and the closing of tax audits, the amount of gross 
unrecognized tax benefits may be reduced by approximately $3.3 million during the next twelve months, which 
would favorably impact our effective tax rate.
The components of income before income taxes and equity in net income of affiliated companies are:
($ in millions)
2024
2023
2022
U.S. operations
$ 
243.4 $ 
369.4 $ 
394.4 
International operations
 
342.1  
328.6  
285.5 
Total income before income taxes and equity in net income 
of affiliated companies
$ 
585.5 $ 
698.0 $ 
679.9 
The related provision for income taxes consists of:
($ in millions)
2024
2023
2022
Current:
Federal
$ 
29.8 $ 
30.2 $ 
75.7 
State
 
2.1  
(4.2)  
8.4 
International
 
79.1  
58.8  
61.4 
Current income tax provision
 
111.0  
84.8  
145.5 
Deferred:
Federal and state
 
(18.3)  
(11.6)  
(20.3) 
International
 
14.8  
49.1  
(10.5) 
Deferred income tax provision
 
(3.5)  
37.5  
(30.8) 
Income tax expense
$ 
107.5 $ 
122.3 $ 
114.7 
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for 
financial reporting and tax purposes.
78

The significant components of our deferred tax assets and liabilities at December 31 are:
($ in millions)
2024
2023
Deferred tax assets:
Net operating loss carryforwards
$ 
6.1 $ 
10.0 
Tax credit carryforwards
 
2.1  
1.1 
Pension and deferred compensation
 
28.9  
22.7 
Royalty acceleration
 
—  
15.0 
Other
 
17.9  
22.4 
Capitalized R&D expenses
 
30.1  
23.9 
Leases
 
21.5  
18.6 
Valuation allowance
 
(12.8)  
(15.5) 
Total deferred tax assets
 
93.8  
98.2 
Deferred tax liabilities:
Property, plant, and equipment
 
60.9  
61.7 
Tax on undistributed earnings of subsidiaries
 
0.4  
3.8 
Leases
 
22.0  
18.1 
Other
 
5.0  
1.6 
Total deferred tax liabilities
 
88.3  
85.2 
Net deferred tax asset
$ 
5.5 $ 
13.0 
A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income 
taxes and equity in net income of affiliated companies is as follows:
2024
2023
2022
U.S. federal corporate tax rate
 21.0% 
 21.0% 
 21.0% 
Tax on international operations other than U.S. tax rate
 1.5 
 1.2 
 (1.5) 
Adjustments to reserves for unrecognized tax benefits
 0.8 
 0.3 
 2.9 
U.S. tax on international earnings, net of foreign tax credits
 0.1 
 0.5 
 (0.3) 
Foreign-Derived Intangible Income Deductions (FDII)
 (1.2) 
 (1.6) 
 (2.1) 
State income taxes, net of federal tax effect
 0.3 
 0.1 
 1.0 
U.S. research and development credits
 (0.6) 
 (0.7) 
 (0.6) 
Excess tax benefits on share-based payments
 (3.3) 
 (4.6) 
 (2.4) 
Royalty acceleration
 — 
 0.5 
 — 
Pension settlement
 — 
 — 
 (1.2) 
Tax on undistributed earnings of subsidiaries
 (0.5) 
 0.3 
 — 
Other
 0.3 
 0.5 
 0.1 
Effective tax rate
 18.4% 
 17.5% 
 16.9% 
During 2024, we recorded a tax benefit of $19.5 million associated with stock-based compensation. The Company 
recognized a $2.3 million tax benefit related to a reduction in the tax liability on the unremitted earnings of its 
Germany subsidiaries due to a law change in 2024.
During 2023, we recorded a tax benefit of $32.0 million associated with stock-based compensation. The Company 
recognized a $3.0 million state tax benefit based on the outcome of a recent court case. In addition, the Company 
recorded $2.8 million of tax expense due to a change in the permanent reinvestment assertion of its German 
subsidiaries.
79

During 2022, we recorded tax expense of $5.7 million due to the impact of tax law changes enacted during the year, 
$19.8 million of tax expense due to the Company's recognition of reserves for unrecognized tax benefits, and a tax 
benefit of $16.5 million associated with stock-based compensation. A tax benefit of $20.6 million was recognized 
for the 2022 termination of our U.S. pension plan. The Company did not elect to reclassify to retained earnings the 
stranded tax effects on items within AOCI related to the Tax Cuts and Jobs Act of 2017, and therefore included 
within the $20.6 million pension termination benefit is a deferred tax benefit of $8.0 million.
State operating loss carryforwards of $98.8 million created a deferred tax asset of $5.4 million, while foreign 
operating loss carryforwards of $2.3 million created a deferred tax asset of $0.7 million. Management estimates that 
certain state and foreign operating loss carryforwards are unlikely to be utilized and the associated deferred tax 
assets have been appropriately reserved. State loss carryforwards expire as follows: $35.7 million in 2025 and $63.1 
million thereafter. Foreign loss carryforwards will begin to expire in 2028, while $0.2 million of the total $2.3 
million will not expire.
During 2019, we utilized all of our remaining U.S. federal research and development credit carryforwards. State 
research and development credit carryforwards of $2.7 million created a deferred tax asset of $2.1 million. As of 
December 31, 2024, $0.4 million of state research and development credits expire in 2025.
Since 2018, West has reasserted indefinite reinvestment related to all post-2017 unremitted earnings in all of our 
foreign subsidiaries. Beginning in 2023 and consistent with the approved plan mentioned in Note 4, Net Income Per 
Share, the Company began repurchasing common stock on the open market. To support the funding for this 
program, West may continue to repatriate earnings from its German affiliates in the future and has recorded a tax 
liability of $0.3 million. Accordingly, West will continue to not assert permanent reinvestment related to all of the 
earnings of its wholly owned German affiliates through 2024. West will continue to assert permanent reinvestment 
of earnings for all other foreign jurisdictions and intends to only repatriate earnings when the tax impact is de 
minimis.
Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon 
repatriation of approximately $651 million of undistributed earnings from foreign subsidiaries (except our German 
affiliates) to the U.S., as those earnings continue to be permanently reinvested. Further, it is impracticable for us to 
estimate any future tax costs for any unrecognized deferred tax liabilities associated with our indefinite reinvestment 
assertion, because the actual tax liability, if any, would be dependent on complex analysis and calculations 
considering various tax laws, exchange rates, circumstances existing when there is a repatriation, sale or liquidation, 
or other factors.
Note 18:  Commitments and Contingencies
At December 31, 2024, we were obligated under various operating lease agreements. Please refer to Note 6, Leases, 
for additional details.
At December 31, 2024, 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, 2024, 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, 2024, our outstanding unconditional contractual commitments, including for the purchase of raw 
materials and finished goods, amounted to $200.7 million, the majority of which is to be paid over the next four 
years, with $46.7 million due to be paid in 2025.
80

We have letters of credit totaling $2.4 million supporting the reimbursement of workers’ compensation and other 
claims paid on our behalf by insurance carriers. Our accrual for insurance obligations was $1.6 million at 
December 31, 2024, of which $0.4 million is in excess of our deductible and, therefore, is reimbursable by the 
insurance company.
Note 19: 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 evaluating our results of operations and the 
financial measure that provides a valuable insight into our overall performance and financial position. The CODM 
considers budget-to-actual variances and variances against prior years within segment operating profit when making 
decisions about allocating resources to the segments. 
The following table presents net sales information about our reportable segments, reconciled to consolidated totals:
($ in millions)
2024
2023
2022
Net sales:
Proprietary Products
$ 
2,334.5 $ 
2,397.3 $ 
2,406.8 
Contract-Manufactured Products
 
558.7  
552.5  
480.4 
Intersegment sales elimination
 
—  
—  
(0.3) 
Consolidated net sales
$ 
2,893.2 $ 
2,949.8 $ 
2,886.9 
The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the 
elimination of components sold between our segments.
In 2024, one of our customers individually accounted for more than 10% of consolidated net sales, at 12.3% or 
$356.4 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. In 
2023, one of our customers individually accounted for more than 10% of consolidated net sales, at 10.9% or 
$322.1 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. 
We did not have any customers accounting for greater than 10% of consolidated net sales in 2022.
81

The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is 
domiciled and assets are located:
Net Sales
Long-Lived Assets
($ in millions)
2024
2023
2022
2024
2023
United States
$ 
1,230.8 $ 
1,238.5 $ 
1,286.5 $ 
832.0 $ 
757.1 
Germany
 
372.5  
406.1  
398.7  
191.1  
176.0 
Ireland
 
323.2  
285.7  
240.3  
299.6  
207.0 
France
 
242.2  
282.9  
237.9  
84.7  
78.5 
Other European countries
 
385.5  
388.1  
359.2  
98.1  
99.2 
Other
 
339.0  
348.5  
364.3  
210.3  
194.7 
$ 
2,893.2 $ 
2,949.8 $ 
2,886.9 $ 
1,715.8 $ 
1,512.5 
82

2024
2023
2022
($ in millions)
Proprietary 
Products
Contract 
Manufacturing
Total
Proprietary 
Products
Contract 
Manufacturing
Total
Proprietary 
Products
Contract 
Manufacturing
Total
Net sales
$ 
2,334.5 $ 
558.7 $ 2,893.2 $ 
2,397.3 $ 
552.5 $ 2,949.8 $ 
2,406.8 $ 
480.4 $ 2,887.2 
Cost of goods and services sold
 
1,434.0  
460.7 
 
1,363.3  
456.5 
 
1,353.5  
397.5 
Research and development
 
69.1  
— 
 
68.4  
— 
 
58.5  
— 
Selling, general and administrative 
 
231.5  
26.2 
 
240.6  
24.4 
 
212.6  
20.9 
Other segment expense (income)(6)
 
22.1  
(0.5) 
 
14.9  
(0.5) 
 
(2.2)  
1.6 
Segment operating profit
$ 
577.8 $ 
72.3 $ 
650.1 $ 
710.1 $ 
72.1 $ 
782.2 $ 
784.4 $ 
60.4 $ 
844.8 
Reconciliation of profit or loss:
Stock Based Compensation
 
(18.7) 
 
(23.3) 
 
(23.7) 
Corporate general costs(1)
 
(58.6) 
 
(68.3) 
 
(59.1) 
Unallocated items: 
Restructuring and related charges(2)
 
(2.1) 
 
2.0 
 
(23.8) 
Amortization of acquisition-related 
intangible assets(3)
 
(0.8) 
 
(0.7) 
 
(0.7) 
Cost investment activity(4)
 
— 
 
(4.3) 
 
(3.5) 
Loss on disposal of plant(5)
 
— 
 
(11.6) 
 
— 
Total consolidated operating profit
 
569.9 
 
676.0 
 
734.0 
Interest (income) expense and other 
nonoperating expense (income), net
 
(15.6) 
 
(22.0) 
 
54.1 
Income before income taxes and equity 
in net income of affiliated companies
$ 
585.5 
$ 
698.0 
$ 
679.9 
(1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and 
administrative expenses not allocated to the segments.
83

(2) During 2024, the Company recorded expense to restructuring and other charges of $2.1 million. The net expense 
represents the impact of two items, the first of which is $4.6 million of expense recorded within selling, general and 
administrative expenses in connection with a plan to optimize the legal structure of the Company and its 
subsidiaries. The expense consists primarily of consulting fees, legal expenses, and other one-time costs directly 
attributable to this plan. This expense was partially offset by a $2.5 million benefit recorded within other expense 
(income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. During 
2023, the Company recorded a benefit to restructuring and other charges of $2.0 million, which represents the net 
impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with its 
2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During 
2022, the Company recorded expense to restructuring and other charges of $23.8 million, which primarily included a 
charge of $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust 
our operating cost base and $15.3 million in asset-related charges associated with this plan. 
(3) During 2024, 2023 and 2022, the company recorded $0.8 million, $0.7 million and $0.7 million, respectively, of 
amortization expense within operating profit associated with an acquisition of an intangible asset during the second 
quarter of 2020.
(4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. During 2022, the net 
cost investment activity was equal to $3.5 million.
(5) During 2023, the Company recorded expense of $11.6 million, as a result of the sale of one of the Company’s 
manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter 
of 2023.
(6) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments 
to contingent consideration and asset impairments attributable to the segments during the periods ended December 
31, 2024, 2023 and 2022. 
Please refer to Note 16, Other Expense (Income), for further discussion of unallocated items. 
The following tables provide summarized financial information for our two reportable segments and corporate and 
unallocated:
($ in millions)
Assets
2024
2023
Proprietary Products
$ 
2,621.1 $ 
2,629.1 
Contract-Manufactured Products
 
612.2  
527.5 
Corporate and Unallocated(1)
 
410.1  
672.9 
Total consolidated
$ 
3,643.4 $ 
3,829.5 
(1) Corporate and unallocated assets primarily include investments in affiliated companies, cash and cash 
equivalents, property, plant and equipment used in our corporate operations and deferred income taxes.
($ in millions)
Depreciation and Amortization
2024
2023
2022
Proprietary Products
$ 
130.3 $ 
112.9 $ 
96.9 
Contract-Manufactured Products
 
21.3  
20.4  
19.0 
Corporate and Unallocated
 
3.8  
4.0  
4.7 
Total consolidated
$ 
155.4 $ 
137.3 $ 
120.6 
84

($ in millions)
Capital Expenditures
2024
2023
2022
Proprietary Products
$ 
246.5 $ 
259.1 $ 
237.3 
Contract-Manufactured Products
 
121.0  
90.2  
34.0 
Corporate and Unallocated
 
9.5  
12.7  
13.3 
Total consolidated
$ 
377.0 $ 
362.0 $ 
284.6 
85

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of West Pharmaceutical Services, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of West Pharmaceutical Services, Inc. and its 
subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of income, 
of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 
2024, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the 
period ended December 31, 2024 appearing under Item 15(a)(2) (collectively referred to as the "consolidated 
financial statements"). We also have audited the Company's internal control over financial reporting as of December 
31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee 
of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the 
financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash 
flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles 
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material 
respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in 
Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective 
internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial 
reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. 
Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's 
internal control over financial reporting based on our audits. We are a public accounting firm registered with the 
Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with 
respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations 
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of 
material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting 
was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material 
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that 
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and 
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles 
used and significant estimates made by management, as well as evaluating the overall presentation of the 
consolidated financial statements. Our audit of internal control over financial reporting included obtaining an 
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and 
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our 
audits also included performing such other procedures as we considered necessary in the circumstances. We believe 
that our audits provide a reasonable basis for our opinions.
86

Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s 
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated 
financial statements that was communicated or required to be communicated to the audit committee and that (i) 
relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our 
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter 
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by 
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the 
accounts or disclosures to which it relates.
Provision for Income Taxes 
As described in Notes 1 and 17 to the consolidated financial statements, the Company’s consolidated deferred tax 
assets were $93.8 million, net of a valuation allowance of $12.8 million, as of December 31, 2024, and income tax 
expense was $107.5 million for the year ended December 31, 2024. As a global organization, the Company files 
income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. As disclosed by 
management, management estimates income taxes payable based upon current domestic and international tax 
legislation. Deferred income taxes are recognized by applying enacted statutory tax rates to tax loss carryforwards 
and temporary differences between the tax basis and financial statement carrying values of assets and liabilities. The 
enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the forecasted 
utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on deferred tax 
assets are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. 
The realizability of deferred tax assets is subject to estimates of future taxable income, generally at the respective 
subsidiary company and the country level. 
The principal considerations for our determination that performing procedures relating to the provision for income 
taxes is a critical audit matter are the significant judgment by management in determining the income tax provision 
due to the Company’s global footprint and complexity in the various tax laws applicable in determining the 
Company’s effective tax rate. This in turn led to a high degree of auditor judgment, effort, and subjectivity in 
performing procedures and in evaluating audit evidence related to the income tax provision. Also, the audit effort 
involved the use of professionals with specialized skill and knowledge.
87

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming 
our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of 
controls relating to income taxes, including controls over the determination of the income tax provision. These 
procedures also included, among others, (i) testing the income tax provision, including testing the Company’s rate 
reconciliation, return to provision adjustments, permanent and temporary differences, and financial data used in the 
income tax provision calculation, and (ii) testing the accuracy of the income tax rates utilized in the provision. 
Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of 
management’s application of relevant income tax law in certain jurisdictions.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 18, 2025 
We have served as the Company’s auditor since 1963.
88

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
FINANCIAL DISCLOSURE
None.
ITEM 9A.  CONTROLS AND PROCEDURES
Disclosure controls are controls and procedures designed to reasonably ensure that information required to be 
disclosed in our reports filed under the Exchange Act, such as this annual report, is recorded, processed, 
summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls 
include, without limitation, controls and procedures designed to ensure that information required to be disclosed in 
our reports filed under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to our 
management, including our CEO and Chief Financial Officer (“CFO”), or persons performing similar functions, as 
appropriate, to allow timely decisions regarding required disclosure. Our disclosure controls include some, but not 
all, components of our internal control over financial reporting.
Evaluation of Disclosure Controls and Procedures
An evaluation was performed under the supervision and with the participation of our management, including our 
CEO and CFO, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under 
the Securities Exchange Act of 1934), as of the end of the period covered by this Form 10-K. Based on this 
evaluation, our CEO and CFO have concluded that, as of December 31, 2024, our disclosure controls and 
procedures are effective.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, 
as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting 
is a process designed under the supervision of our CEO and CFO to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of our financial statements for external reporting purposes in 
accordance with U.S. generally accepted accounting principles.
Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2024 
based on the framework established in “Internal Control-Integrated Framework (2013)” issued by the Committee of 
Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has 
determined that our internal control over financial reporting was effective as of December 31, 2024.
Internal control over financial reporting has inherent limitations. Internal control over financial reporting is a process 
that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from 
human failures. Internal control over financial reporting also can be circumvented by collusion or improper 
management override. Because of such limitations, there is a risk that material misstatements will not be prevented 
or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are 
known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to 
reduce, though not eliminate, this risk.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by 
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is 
included herein. 
Changes in Internal Controls
During the fourth quarter ended December 31, 2024, there have been no changes to our internal control over 
financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control 
over financial reporting.
89

ITEM 9B.  OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the three months ended December 31, 2024, no director or officer (as defined in Rule 16a-1(f) promulgated 
under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-
Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the period 
covered by this Report.
ITEM 9C.  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information is incorporated by reference from the discussion under the heading Proposal 1 - Election of Directors; 
Corporate Governance Documents and Policies - West's Code of Conduct; Voting and Other Information - 
Shareholder Proposals or Nominations; and Board and Director Information and Policies - Committees - Audit 
Committee in our 2025 Proxy Statement. The balance of the information required by this item is contained in the 
discussion entitled Information About Our Executive Officers in Part I of this Form 10-K. A copy of the Company's 
Insider Trading Policy is filed as Exhibit 19 to this Form 10-K.
ITEM 11.  EXECUTIVE COMPENSATION
Information about director and executive compensation is incorporated by reference from the discussion under the 
headings Director Compensation, Compensation Committee Report, Compensation Discussion and Analysis, and 
Compensation Tables in our 2025 Proxy Statement. 
90

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 
RELATED STOCKHOLDER MATTERS
Information required by this Item is incorporated by reference from the discussion under the heading Stock 
Ownership in our 2025 Proxy Statement. 
Equity Compensation Plan Information Table
The following table sets forth information about the grants of stock options, all share units and other rights under all 
of the Company’s equity compensation plans as of the close of business on December 31, 2024. The table does not 
include information about tax-qualified plans such as the West 401(k) Plan or the West Contract Manufacturing 
Savings and Retirement Plan.
Plan Category
Number of Securities
to be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights (a)
Weighted-
Average
Exercise Price of
Outstanding 
Options,
Warrants and 
Rights (b)
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding Securities
Reflected in Columns (a)) 
(c)
Equity compensation 
plans approved by 
security holders
 
1,493,423 (1) $ 
176.37 (2)  
5,023,907 (3)
Equity compensation 
plans not approved by 
security holders
 
— 
 
— 
 
— 
Total
 
1,493,423 
$ 
176.37 
 
5,023,907 
(1) Includes 1,047,352 outstanding stock options, 93,373 restricted performance share units, 18,468 restricted 
retention share units, and 110,960 deferred stock-equivalents units under the 2016 Plan. Includes 116,941
outstanding stock options and 89,201 deferred stock-equivalents units under the 2011 Omnibus Incentive 
Compensation Plan (which was terminated in 2016). Includes 17,128 deferred stock-equivalents under the 2007 
Omnibus Incentive Compensation Plan (which was terminated in 2011). Excludes cash-settled performance share 
units, cash-settled restricted retention share units, cash-settled deferred stock-equivalents units and cash-settled 
stock appreciation rights. The average term of remaining options is 4.6 years. No future grants or awards may be 
made under the terminated plans. The total includes restricted performance share units at 100% of grant. The 
restricted performance share unit payouts were at 107.64%, 200.00%, and 189.25% in 2024, 2023 and 2022, 
respectively. 
(2) All restricted performance share units, restricted retention share units, deferred stock-equivalent units and stock 
appreciation rights are excluded when determining the weighted-average exercise price of outstanding options. 
(3) Represents 3,689,116 shares reserved under the Company’s Employee Stock Purchase Plan and 1,334,791 shares 
remaining available for issuance under the 2016 Plan. The estimated number of shares that could be issued for 
2024 from the Employee Stock Purchase Plan is 150,738. This number of shares is calculated by multiplying the 
74 shares per offering period per participant limit by 2,037, the number of current participants in the plan. 
91

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR 
INDEPENDENCE
Information called for by this Item is incorporated by reference from the discussion under the heading Corporate 
Governance Documents and Policies - Related Person Transactions and Procedures in our 2025 Proxy Statement. 
Information about director independence is incorporated by reference from the discussion under the heading 
Corporate Governance Documents and Policies - Director Independence in our 2025 Proxy Statement.
ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information is incorporated by reference from the discussion under the heading Independent Auditors and Fees - 
Fees Paid to PricewaterhouseCoopers LLP and Independent Auditors and Fees - Audit Committee Policy on Pre-
Approval of Audit and Permissible Non-Audit Services in our 2025 Proxy Statement.
PART IV
ITEM 15.  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) 1.  Financial Statements
The following documents are included in Part II, Item 8:
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 
Consolidated Balance Sheets at December 31, 2024 and 2023 
Consolidated Statements of Equity for the years ended December 31, 2024, 2023 and 2022 
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 
Notes to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
92

(a) 2.  Financial Statement Schedules
Schedule II - Valuation and Qualifying Accounts
($ in millions)
Balance at
beginning of
period
Charged to costs 
and expenses
Deductions (1)
Balance at
end of
period
For the year ended December 31, 2024
Allowances deducted from assets:
Deferred tax asset valuation allowance
$ 
15.5 $ 
— $ 
(2.7) $ 
12.8 
Allowance for credit losses
 
0.8  
0.1  
(0.1)  
0.8 
Total allowances deducted from assets
$ 
16.3 $ 
0.1 $ 
(2.8) $ 
13.6 
For the year ended December 31, 2023
Allowances deducted from assets:
Deferred tax asset valuation allowance
$ 
13.3 $ 
2.2 $ 
— $ 
15.5 
Allowance for credit losses
 
0.2  
2.3  
(1.7)  
0.8 
Total allowances deducted from assets
$ 
13.5 $ 
4.5 $ 
(1.7) $ 
16.3 
For the year ended December 31, 2022
Allowances deducted from assets:
Deferred tax asset valuation allowance
$ 
12.2 $ 
1.1 $ 
— $ 
13.3 
Allowance for credit losses
 
0.4  
0.3  
(0.5)  
0.2 
Total allowances deducted from assets
$ 
12.6 $ 
1.4 $ 
(0.5) $ 
13.5 
(1) Includes accounts receivable written off, the write-off or write-down of valuation allowances, and 
translation adjustments. 
All other schedules are omitted because they are either not applicable, not required or because the information 
required is contained in the consolidated financial statements or notes thereto.
(a) 3.      Exhibits - An index of the exhibits is included in this Form 10-K beginning on page 94.
(b) 
See subsection (a) 3. above.
(c) 
Financial Statements of affiliates are omitted because they do not meet the tests of a significant subsidiary 
at the 20% level.
93

EXHIBIT INDEX
Exhibit 
Number
Description
3.1
Our Amended and Restated Articles of Incorporation, effective April 24, 2024 (incorporated by 
reference to Exhibit 3.1 to the Company's Form 10-Q report for the quarter ended June 30, 2024, 
filed July 25, 2024).
3.2
Our Amended and Restated Bylaws, effective October 23, 2023 (incorporated by reference to 
Exhibit 3.2 to the Company's Form 10-Q report for the quarter ended September 30, 2023, filed 
October 26, 2023)
4.1
Form of stock certificate for common stock (incorporated by reference to Exhibit 4 to the 
Company's 1998 Form 10-K, filed May 6, 1999)
4.2
Articles 5, 8(c) and 9 of our Amended and Restated Articles of Incorporation effective April 24, 
2024 (incorporated by reference to Exhibit 3.1 to the Company's Form 10-Q report for the quarter 
ended June 30, 2024, filed July 25, 2024).
4.3
Articles I and IV of our Bylaws, as amended through October 23, 2023 (incorporated by reference 
to Exhibit 3.2 to the Company's Form 10-Q report for the quarter ended September 30, 2023, filed 
October 26, 2023).
4.4
Description of Registered Securities (incorporated by reference to Exhibit 4.4 to the Company's 
2020 Form 10-K, filed February 23, 2021).
4.5 (1) 
Instruments defining the rights of holders of long-term debt securities of West and its subsidiaries 
constituting less than 10% of West's total assets have been omitted.
10.1
Credit Agreement, dated as of March 28, 2019, between West, certain of its subsidiaries, the lenders 
party thereto from time to time, Bank of America, N.A., as Administrative Agent, Swing Line 
Lender and an Issuing Lender; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo 
Securities, LLC, MUFG Bank, Ltd., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and 
Joint Bookrunners, and Wells Fargo Bank, National Association, MUFG Bank, Ltd., and JPMorgan 
Chase Bank, N.A., as Co-Syndication Agents (incorporated by reference from our Form 8-k, filed 
April 1, 2019).
10.2
LIBOR Transition Amendment to the Credit Agreement, dated as of March 28, 2019, between 
West, each of the lenders party thereto from time to time, and Bank of America, N.A (incorporated 
by reference to Exhibit 10.1 to the Company's Form 10-Q report for the quarter ended September 
30, 2021, filed October 28, 2021)..
10.3
Credit Agreement Second Amendment and Joinder and Assumption Agreement, dated as of March 
31, 2022, between West, certain of its subsidiaries, the lenders party thereto from time-to-time, 
Bank of America, N.A., as Administrative Agent, Swing Line Lender and an Issuing Lender; BOFA 
Securities, Inc., Wells Fargo Securities, LLC, U.S. Bank National Association, and JPMorgan Chase 
Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, and Wells Fargo Bank, National 
Association, U.S. Bank National Association, and JPMorgan Chase Bank, N.A., as Co-Syndication 
Agents (incorporated by reference from our Form 8-k, filed April 1, 2022).
10.4
First Amendment and Incremental Facility Amendment, dated as of December 30, 2019, between 
West, each of the lenders party thereto from time to time, and Bank of America, N.A., as 
Administrative Agent (incorporated by reference to Exhibit 10.2 to the Company's 2019 10-K file 
February 24, 2020).
10.5
Note Purchase Agreement, dated July 5, 2012, among the Company and the Purchasers named 
therein (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed July 10, 2012).
10.6 (2)
Employment Agreement, dated as of April 13, 2015, between us and Eric M. Green (incorporated 
by reference to Exhibit 10.1 to the Company's Form 8-K dated April 15, 2015). 
10.7 (2)
Indemnification Agreement, dated as of April 24, 2015, between us and Eric M. Green 
(incorporated by reference to Exhibit 10.1 to the Company's Form 8-K dated April 30, 2015).
10.8 (2)
Sign-On Retention Award Notice, dated as of April 24, 2015, from us to Eric M. Green 
(incorporated by reference to Exhibit 10.2 to the Company's Form 8-K dated April 30, 2015).
10.9 (2)
Employment Agreement, dated May 29, 2018, between us and Bernard J. Birkett (incorporated by 
reference to Exhibit 10.1 to the Company's Form 8-K filed June 21, 2018).
94

10.10(2)
Employment Agreement dated November 4, 2020, between Kimberly MacKay and us (incorporated 
by reference to Exhibit 10.9 to the Company's Form 10-K report for the year ended December 31, 
2021 filed February 22, 2022).
10.11 (2)
Employment Agreement dated February 8, 2018, between Silji Abraham and us (incorporated by 
reference to Exhibit 10.10 to the Company's Form 10-K report for the year ended December 31, 
2021 filed February 22, 2022).
10.12 (2)
Supplemental Employees’ Retirement Plan, as amended and restated effective January 1, 2008 
(incorporated by reference to Exhibit 10.17 to the Company's 2008 Form 10-K report, filed 
February 27, 2009).
10.13 (2)
Non-Qualified Deferred Compensation Plan for Designated Employees, as amended and restated 
effective January 1, 2024 (incorporated by reference to Exhibit 10.14 to the Company's 2023 Form 
10-K report, filed February 20, 2024).
10.14 (2)
Deferred Compensation Plan for Outside Directors, as amended and restated effective June 30, 2013 
(incorporated by reference to Exhibit 10.26 to the Company's 2013 Form 10-K report, filed 
February 27, 2014).
10.15 (2)
2016 Omnibus Incentive Compensation Plan, as amended through May 4, 2021 (incorporated by 
reference from our Form 8-k, filed May 4, 2021).
10.16 (2)
2011 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the 
Company's Form 8-K filed May 6, 2011).
10.17 (2)
2007 Omnibus Incentive Compensation Plan effective as of May 1, 2007 (incorporated by reference 
to Exhibit 99.1 to the Company’s Form 8-K filed May 4, 2007).
10.18 (2)
Form of Executive 2006 Non-Qualified Stock Option Award is incorporated by reference to Exhibit 
10.2 to the Company's Form 10-Q report for the quarter ended March 31, 2006, filed May 10, 2006).
10.19 (2)
Form of Director 2006 Non-Qualified Stock Option Award Notice (incorporated by reference to 
Exhibit 10.1 to the Company's Form 10-Q report for the quarter ended June 30, 2006, filed August 
7, 2006).
10.20 (2)
Form of Director 2006 Stock Unit Award Notice (incorporated by reference to Exhibit 10.2 to the 
Company's Form 10-Q report for the quarter ended June 30, 2006, filed August 7, 2006).
10.21 (2)
Form of Director 2007 Deferred Stock Award, issued pursuant to the 2007 Omnibus Incentive 
Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q report 
for the quarter ended June 30, 2007, filed August 3, 2007).
10.22 (2)
Form of 2008 Non-Qualified Stock Option and Performance-Vesting Share Unit Award, issued 
pursuant to the 2007 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 
10.2 to the Company's Form 10-Q report for the quarter ended March 31, 2008, filed May 8, 2008).
10.23 (2)
Form of Director 2008 Deferred Stock Award, issued pursuant to the 2007 Omnibus Incentive 
Compensation Plan (incorporated by reference to Exhibit 10.41 to the Company's 2008 Form 10-K 
report, filed February 27, 2009).
10.24 (2)
Form of 2014 Long-Term Incentive Plan Award (incorporated by reference to Exhibit 10.1 to the 
Company's Form 10-Q report for the quarter ended March 31, 2014, filed May 8, 2014).
10.25 (2)
Form of 2014 Stock-Settled Restricted Stock Unit Award (incorporated by reference to Exhibit 10.1 
to the Company's Form 10-Q report for the quarter ended June 30, 2014, filed August 1, 2014).
10.26 (2)
Form of 2019 Performance Stock Unit (PSU) Award issued under the 2016 Omnibus Incentive 
Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q report 
for the quarter ended March 31, 2019, filed May 8, 2019).
10.27 (2)
Form of 2019 Stock Option Award issued under the 2016 Omnibus Incentive Compensation Plan 
(incorporated by reference to Exhibit 10.3 to the Company's Form 10-Q report for the quarter ended 
March 31, 2019, filed May 8, 2019). 
10.28
Indemnification agreements between us and each of our directors (incorporated by reference to 
Exhibit 10.1 to the Company's Form 8-K report filed January 6, 2009).
10.29 (2)
Form of Change-in-Control Agreement between us and certain of our executive officers 
(incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q report for the quarter ended 
September 30, 2017, filed October 31, 2017).
95

10.30 (3)
Agreement, effective as of January 1, 2005, between us and The Goodyear Tire & Rubber Company 
(incorporated by reference to Exhibit 10d to the Company's Form 10-Q report for the quarter ended 
June 30, 2005, filed August 9, 2005).
10.31 (3)
First Agreement, effective as of July 1, 2008, to amend Agreement between us and The Goodyear 
Tire & Rubber Company (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q 
report for the quarter ended March 31, 2009, filed May 6, 2009).
10.32 (3)
Second Agreement, dated August 16, 2016, to amend Agreement between us and The Goodyear 
Tire & Rubber Company and us (incorporated by reference to Exhibit 10.2 to the Company's Form 
10-Q report for the quarter ended September 30, 2016, filed October 31, 2016).
10.33 (3)
Distributorship Agreement, dated and effective January 18, 2017, between Daikyo Seiko, Ltd. and 
us (incorporated by reference to Exhibit 10.39 to the Company's 2016 Form 10-K report filed 
February 28, 2017).
10.34 (3)
Amended and Restated Technology Exchange and CrossLicense Agreement, dated and effective 
January 18, 2017, between Daikyo Seiko, Ltd. and us (incorporated by reference to Exhibit 10.40 to 
the Company's 2016 Form 10-K report, filed February 28, 2017).
10.35 (3)
Amended Agreement, dated and effective July 2, 2018, between Daikyo Seiko, Ltd. and us 
(incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q report for the quarter ended 
June 30, 2018, filed July 31, 2018).
10.36 (4)
Amendment Agreement, dated as of October 15, 2019, between us and Daikyo Seiko, Ltd., 
(incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed October 16, 2019).
10.37 (4)
Global Master Supply Agreement by and between ExxonMobil Chemical Company and us, entered 
into on January 10, 2020, and effective January 1, 2019 through December 31, 2023 (incorporated 
by reference to Exhibit 10.1 to the Company's Form 8-K report filed January 16, 2020).
10.38 (4)
Global Master Supply Amendment by and between ExxonMobil Product Solutions Company and 
us, entered into on November 27, 2023, and effective January 1, 2024 through December 31, 2028 
(incorporated by reference to Exhibit 10.40 to the Company's Form 8-K report filed November 30, 
2023).
10.39
Third Amendment and Incremental Facility Amendment, dated as of July 2, 2024, among the 
Company, as borrower's representative, each of the lenders party thereto and Bank of America, 
N.A., as the administrative agent (incorporated by reference from our Form 8-k, filed July 8, 2024).
19
Securities Trading Policy, dated and effective April 15, 2021, and Section 10b5-1 Approved 
Trading Plan Guidelines, dated and effective February 27, 2023 (incorporated by reference to 
Exhibit 10.42 to the Company's Form 2024 10-K report filed February 20, 2024)..
21
Subsidiaries of the Company.
23
Consent of Independent Registered Public Accounting Firm.
31.1
Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 
2002.
31.2
Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 
2002.
32.1*
Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*
Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97
Executive Officer Incentive-based Compensation Recovery Policy, dated and effective October 2, 
2023 (incorporated by reference to Exhibit 10.41 to the Company's Form 2024 10-K report filed 
February 20, 2024).
101.INS
The instance document does not appear in the interactive data file because its XBRL tags are 
embedded within the inline XBRL document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
96

101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
104*
Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 
Inline XBRL Document Set.
(1) We agree to furnish to the SEC, upon request, a copy of each instrument with respect to issuances of long-term 
debt of the Company and its subsidiaries.
(2) Management compensatory plan.
(3) Certain portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential 
treatment order of the SEC. 
(4) Portions of this exhibit (indicated therein by asterisks) have been omitted for confidential treatment. 
* 
Furnished, not filed. 
ITEM 16. FORM 10-K SUMMARY
None.
97

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, West Pharmaceutical 
Services, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WEST PHARMACEUTICAL SERVICES, INC.
(Registrant)
By: /s/ Bernard J. Birkett
Bernard J. Birkett
Senior Vice President, Chief Financial Officer
February 18, 2025 
98

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the 
following persons on behalf of West Pharmaceutical Services, Inc. and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Eric M. Green
President, Chief Executive Officer and Chair of the 
Board
February 18, 2025
Eric M. Green
(Principal Executive Officer)
/s/ Bernard J. Birkett
Senior Vice President, Chief Financial Officer
February 18, 2025
Bernard J. Birkett
(Principal Financial Officer)
/s/ Chad R. Winters
Vice President, Finance & Chief Accounting 
Officer
February 18, 2025
Chad R. Winters
(Principal Accounting Officer)
/s/ Mark A. Buthman
Director
February 18, 2025
Mark A. Buthman
/s/ William F. Feehery, Ph.D.
Director
February 18, 2025
William F. Feehery, Ph.D.
/s/ Robert F. Friel
Director
February 18, 2025
Robert F. Friel
/s/ Janet Haugen
Director
February 18, 2025
Janet Haugen 
/s/ Thomas W. Hofmann
Director
February 18, 2025
Thomas W. Hofmann
/s/ Molly E. Joseph
Director
February 18, 2025
Molly E. Joseph
/s/ Deborah L.V. Keller
Director
February 18, 2025
Deborah L.V. Keller
/s/ Myla P. Lai-Goldman, M.D.
Director
February 18, 2025
Myla P. Lai-Goldman, M.D.
/s/ Stephen Lockhart, Ph.D.
Director
February 18, 2025
Stephen Lockhart, Ph.D.
/s/ Douglas A. Michels
Director
February 18, 2025
Douglas A. Michels
/s/ Paolo Pucci
Director
February 18, 2025
Paolo Pucci
99

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INDEPENDENT DIRECTORS
The Board of Directors has designated directors who are independent of Management as 
“Independent Directors.” The Independent Directors’ duties include annual evaluations of 
the Chief Executive Officer, his leadership succession plans and achievement of long-range 
strategic initiatives.
Written Affirmation
On May 13, 2024, Eric M. Green, West’s President, Chief Executive Officer and Chair of the Board, 
submitted to the New York Stock Exchange the Written Affirmation required by the rules of 
the NYSE certifying that he was not aware of any violations by the Company of NYSE Corporate 
Governance listing standards.
Section 302 and 906 Certifications
The certifications of Mr. Green and Bernard J. Birkett, West’s Chief Financial Officer, made 
pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002 regarding the quality 
of the Company’s public disclosures, have been filed as exhibits to West’s 2024 Form 10-K.
Dividends
West Pharmaceutical Services has paid 217 consecutive quarterly common stock cash 
dividends since becoming a public company in 1970. Dividends usually are declared by the 
Board during the last month of each calendar quarter and, if approved, typically are paid on 
the first Wednesday of February, May, August and November to shareholders of record two 
weeks prior to the payment date.
Dividend Reinvestment Plan
The West Pharmaceutical Services Dividend Reinvestment Plan for all registered shareholders 
is a convenient and economical way for shareholders to increase their investment in West through 
the purchase of additional shares with dividends and voluntary cash payments. All brokerage 
commissions and costs of administering the plan are paid by West. For details of the plan and 
an enrollment form, please contact the Dividend Reinvestment Department of Broadridge 
Corporate Issuer Solutions (see Transfer Agent and Registrar).
Publications
To receive copies of press releases or quarterly and annual reports filed with the United States 
Securities and Exchange Commission, write to Investor Relations at our global headquarters, 
call 888-594-3222 or send a message through West’s website: www.westpharma.com.
Online Investor Site
http://investor.westpharma.com
Trademarks
West without Borders is not affiliated with Doctors Without Borders®, which is a registered 
service mark of Bureau International de Médecins Sans Frontières. 
All other trademarks and registered trademarks used in this report are the property of West 
Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, 
unless noted otherwise.
INVESTOR 
INFORMATION
Stock Listing
NYSE symbol: WST
Shareholders of Record
As of December 31, 2024: 527
Average Daily Trading Volume 2024
First Quarter 551,472
Second Quarter 531,244
Third Quarter 546,783
Fourth Quarter 628,453
Global Headquarters 
West Pharmaceutical Services, Inc. 
530 Herman O. West Drive
Exton, PA 19341 | USA
610-594-2900
www.westpharma.com
Annual Meeting (Virtual) 
Tuesday, May 6, 2025, 9:30 a.m. EST
Code of Business Conduct 
Available at http://westpharma.com
Investor Relations Contact
John P. Sweeney, CFA
Vice President, Investor Relations
484-790-0373
John.Sweeney@westpharma.com
Transfer Agent and Registrar
Broadridge Financial Solutions, Inc. 
51 Mercedes Way
Edgewood, NY 11717 
877-830-4936 
shareholder@broadridge.com

West Pharmaceutical Services, Inc. 
530 Herman O. West Drive
Exton, PA 19341 USA
610.594.2900
www.westpharma.com
@WestPharma
@WestPharma
West Pharmaceutical Services
@westatwork