WEST PHARMACEUTICAL SERVICES INC Q1 FY2026 earnings call

• Eric Green mentions strong first quarter performance, raised full-year guidance. - HVP components key growth driver, GLP-1 and non-GLP-1 driving growth, orals expanding market. - Biologics business strong, Annex 1 projects growing. - HVP delivery devices organic growth, SmartDOS 3.5 contributing. - West Vantage Dublin site fully operational supporting customer demand.

HVP components (representing 48% of total net sales): organic growth 23%, GLP-1 revenues grew significantly contributing 10% of total company sales, non-GLP-1 HVP components revenues increased in high teens. Biologics: organic growth 26%, NovaPeer strong, Annex 1-related projects up 66% y-o-y. HVP delivery devices (15% of revenues): organic growth 28%, SmartDOS 3.5 revenue growth, non-smart dose parts double-digit growth. Standard products (19% of business): organic growth 0.5%. West Vantage (18% of business): organic growth 6%, Dublin site fully operational.

Upgraded full-year 2026 organic revenue growth outlook to 7%-9% (previously 5%-7%), adjusted EPS outlook $8.40-$8.75. Q2 expected revenue $830-$850 million, adjusted diluted EPS $2.05-$2.12.

Macro environment dynamic may affect forecasting; oil and commodity price increases may bring cost pressure but company takes measures to offset.

Q: About acceleration of non-GLPs growth, A: Biologics and Annex 1 projects growth.

Q: About margin situation, A: Mix shift and operational execution bring margin improvement.

Q: About customer ordering pattern and Middle East crisis, A: No pull forward seen.

Q: About capacity bottlenecks and customer capacity transfer, A: Capacity expansion and multi-site qualification situation.

Q: About Annex 1 customer conversations and conversion, A: Increasing opportunities, global regulation driving.

Q: About APAC demand environment, A: Support local consumption and export.

Q: About demand profile of manufacturing space in Dublin and West Coast and other GLP-1 indications, A: Related progress and demand situation.

Q: About growth driver of Novapure, A: Market demand for commercialized molecules.

Q: About seasonality of full-year guidance, A: Impact of CGM contract.

Q: About incremental margin and future opportunities, A: HPP components business, biologics, Annex 1 and operational excellence bring margin opportunities.

Q: About CEO retirement and successor search, A: Successor expected to be appointed in second half of year.

Q: About geographical coverage and potential upside of Annex 1, A: Global customer upgrading trend.

Q: About HVP delivery devices business, A: Related product portfolio and growth plan