West Pharmaceutical Services (WST) FY2025 results: revenue $3.1 billion, up 6.3% on the year

West Pharmaceutical Services designs and makes the containment and delivery systems that injectable drugs and healthcare products are packaged and administered in. The range covers primary proprietary packaging, containment, reconstitution and transfer systems and drug delivery devices, alongside contract manufacturing, analytical lab services and integrated solutions. Its customers are biologic, generic, pharmaceutical, diagnostic and medical device companies. There are two segments, Proprietary Products and Contract-Manufactured Products. Sales outside the United States were 56.7% of consolidated net sales in 2025.

Proprietary Products

Elastomers and primary containment, drug delivery devices, integrated systems and analytical lab services, sold mainly to biologic, generic and pharmaceutical drug customers. The packaging products are the stoppers and seals used in injectable packaging systems, designed so the drug stays compatible and stable inside the container while the customer's line keeps running efficiently, plus syringe and cartridge components, including custom parts for particular injectable applications, and administration systems for reconstitution, mixing and transfer. Around those sit films, coatings, washing, vision inspection and sterilisation processes and services, which the company positions as mitigating contamination and compatibility risk.

The segment also covers containment in the form of vials, syringes, plungers and cartridges. The filing states that these products can provide a solution to glass incompatibility issues and can stand up to cold storage environments, while reducing the risk of breakage that exists with glass. Self-injection devices are the other part, built for at-home delivery of injectable therapies, easy to use and able to combine with connected health technologies that the company says have the potential to increase adherence.

Beyond the products themselves the segment sells services: analytical lab work, pre-approval primary packaging support and engineering development, regulatory expertise and after-sales technical support. Its manufacturing facilities are in North and South America, Europe and Asia, with affiliated companies in Japan and Mexico.

Contract-Manufactured Products

A fully integrated business designing, manufacturing and automatically assembling complex devices, mainly for pharmaceutical, diagnostic and medical device customers. The techniques named are multi-component molding, in-mold labelling, ultrasonic welding, clean room molding, device assembly and drug handling. What it makes are customer-owned components and devices used in surgical, diagnostic, ophthalmic, injectable and other drug delivery systems, as well as consumer products, and the company also does in-house mold design, process design and validation and high-speed automated assembly. Its manufacturing facilities are in North America and Europe.

Materials and people

Three primary raw materials go into the products: elastomers, both synthetic and natural, aluminium and plastic. The company holds large inventories to meet customer requirements, managed through a critical material planning process, and some supply agreements require buying in bulk, which raises inventory but lowers the risk of an interruption. It buys from integrated suppliers that control their own sources of supply, and because of quality and regulatory control over its production processes and the burden of qualifying a supplier, it relies on single-source suppliers for certain critical raw materials. Some materials are bought in the open commodities market, so price movements can affect results.

At the end of 2025 the company employed approximately 10,800 people, excluding contractors and temporary workers. By region, 43% were in North America, 42% in Europe, 12% in Asia Pacific and 3% in South America. By function, 73% worked in Proprietary Products, 17% in Contract-Manufactured Products and 10% in corporate roles. Approximately 37% of full-time employees were female.

From West Pharmaceutical Services' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.