West Pharmaceutical Services : First Quarter 2024 Conference Call Presentation

First-Quarter 2024

First Quarter Overall Net Sales $695.4M | 3.0%

Diluted Earnings Per Share: $1.55

Adjusted Diluted Earnings Per Share: $1.56

"We had a solid start to the year and our full-year 2024 financial outlook remains unchanged. We are actively managing the timing of inventory decisions by some of our customers, and our recent order trends reinforce our prior outlook for stronger organic sales growth in the second half of the year. As we navigate the near-term headwinds, we are controlling our costs while making strategic investments in new manufacturing capacity in both our Contract Manufacturing segment and our Proprietary Products segment, which positions us well for future organic sales growth."

Eric M. Green

President and Chief Executive Officer

Chair of the Board

West Pharmaceutical Services, Inc.

Cautionary Statement Under the Private Securities Litigation Reform Act of 1995

This presentation and any accompanying management commentary contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development and operational performance. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates. We caution investors that the risk factors listed under "Cautionary Statement" in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today.

Non-U.S. GAAP Financial Measures

Certain financial measures included in these presentation materials, or which may be referred to in management's discussion of the Company's results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), and therefore are referred to as non- U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to "Reconciliation of Non-U.S. GAAP Financial Measures" at the end of these materials for more information.

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West Pharmaceutical Services, Inc.

Eric M. Green

President & CEO, Chair of the Board

Bernard J. Birkett

Senior VP & Chief Financial and Operations Officer

First-Quarter Results 2024 Analyst Conference Call 9 a.m. Eastern Time | April 25, 2024

West Analyst Conference Call

9 a.m. Eastern Time April 25, 2024

A webcast of today's call can be accessed in the "Investors" section of the Company's website: www.westpharma.com

To participate on the call by asking questions to Management, please register in advance at:

https://register.vevent.com/register/BIe5bc0234730940b7b24

82d1727cc668b

Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call.

A replay of the conference call and webcast will be available on the

Company's website for 30 days.

These presentation materials are intended to accompany today's press release announcing the Company's results for the first quarter 2024 and management's discussion of those results during today's conference call.

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Safe Harbor Statement

WST Q1 2024 Earnings

Cautionary Statement Under the Private Securities Litigation Reform Act of 1995

This presentation and any accompanying management commentary contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about product development, operational performance and expectations regarding future events. Each of these statements is based on preliminary information, and actual results could differ from any preliminary estimates.

We caution investors that the risk factors listed under our "Forward Looking Statements" in our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or predicted in the forward-looking statements. You should evaluate any statement in light of these important factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, therefore you should not rely on these forward-looking statements as representing our views as of any date other than today.

Non-U.S. GAAP Financial Measures

Certain financial measures included in these presentation materials, or which may be referred

to in management's discussion of the Company's

results and outlook, have not been calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), and therefore are referred to as non-U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Please refer to

"Reconciliation of Non-U.S. GAAP Financial Measures" at the end of these materials for more information.

Trademarks

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.

Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.

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Financial Highlights

• First quarter 2024 net sales of $695.4 million declined 3.0%; organic net sales also declined by 3.0%
• First quarter 2024 reported-diluted EPS of $1.55 declined 16.2%; adjusted-diluted EPS of $1.56 declined by 21.2%

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Delivering unique value to Customers and Patients

Increasing capacity to meet growing demand for our Proprietary Products and Contract Manufacturing segments

HVP Components &	Global Capacity
Delivery Systems	Expansion

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2024 Full-Year Guidance

2024 Full-Year Guidance

Consolidated Net Sales	$3.000 - $3.025 billion
Adjusted-Diluted EPS	$7.63 to $7.88

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First-Quarter 2024 Summary Results

($ millions, except earnings-per-share (EPS) data)

	Three Months Ended
		March 31,
	2024	2023
Reported Net Sales	$695.4	$716.6
Gross Profit Margin	33.1%	37.9%
Reported Operating Profit	$122.8	$155.3
Adjusted Operating Profit (1)	$123.0	$164.9
Reported Operating Profit Margin	17.7%	21.7%
Adjusted Operating Profit Margin (1)	17.7%	23.0%
Reported-Diluted EPS	$1.55	$1.85
Adjusted-Diluted EPS (1)	$1.56	$1.98

1. "Adjusted Operating Profit," "Adjusted Operating Profit Margin" and "Adjusted-Diluted EPS" are Non-U.S. GAAP financial measures. See accompanying slides and the discussion under the heading "Non-U.S. GAAP Financial Measures" in today's press release for an explanation and reconciliation of these items.

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First-Quarter 2024 Organic

Net Sales Growth

Overall Organic Net Sales Decline: 3.0% (Q1 2024)

Proprietary Products Q1 2024 organic net sales decrease by 4.0% with sales of high-value products declining by low-single digits

BIOLOGICS	GENERICS	PHARMA	CONTRACT
MANUFACTURING
Low-Single Digit	(Double Digit)	(High-Single Digit)	Low-Single Digit
Organic sales growth led	Organic sales decline due to	Organic sales decline due to	Organic sales growth of 1.3%,
by NovaPure® and self-	declines in FluroTec® and	declines in Envision® and	led by growth in sales of
injection device platforms	Westar® components	standard components	components associated with
			diagnostic devices

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Change in Consolidated Net Sales First-quarter 2023 to 2024

($ millions)

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