WST 10-K & 10-Q changes, risk factors and insider trading
West Pharmaceutical Services Inc. · NYSE · Surgical & Medical Instruments & Apparatus · CIK 105770 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “The concentration of our customer base could adversely affect our financial condition and operating results.”
New heading “If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results, which could lead to a loss of investor confidence in our financial statements and have an adverse effect on our stock price.”
Removed heading “ITEM IB. UNRESOLVED STAFF COMMENTS”
Largest changes
“Effective internal controls are necessary for us to provide reliable and accurate financial statements and to effectively prevent fraud. We devote significant resources and time to comply with the internal control over financial reporting requirements of the Sarbanes Oxley Act of 2002 and continue to enhance our controls. However, we cannot be certain that we will be able to prevent future significant deficiencies or material weaknesses. …”see in full comparison
“If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results, which could lead to a loss of investor confidence in our financial statements and have an adverse effect on our stock price.”see in full comparison
“The concentration of our customer base could adversely affect our financial condition and operating results.”see in full comparison
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 onsee in full comparisonESGclimateinitiativesissues that could affect our financial condition, results of operations and cash flows. Foreign,federal,state and local regulatory and legislative bodies,suchmostasnotably in theSEC,European Union, have proposed various legislative and regulatory measuresrelatingtoincreasedincrease transparency and standardization of reporting and corporate action related to factors that may include climate change, accountability for potential environmental impacts in our supply chain, regulating GHG emissions, energy policies, recycling of plastic materials, waste taxes, and othergovernmental charges and mandates.matters. 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.
A significant portion of our net sales and earnings are generated internationally. Sales outside of the U.S. accounted forsee in full comparison57.5%56.7% of our consolidated net sales in20242025 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, tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries, 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.
Full comparison: every changed paragraph (25)
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-exchangeforeign exchange rates, economic effects, the outcome of contingencies, such as legal proceedings, and financial results.
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.
We are a global company with significant revenues and earnings generated internationally, which exposes us to the impact of foreign currency fluctuations,fluctuations and tariffs, 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%56.7% of our consolidated net sales in 20242025 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, tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries, 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, 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,liabilities and negatively affect our reputation.
Our business depends to a substantial extent on customers’ continued sales and development of products that are delivered by injection.injection, such as GLP-1s. If (i) our customers fail to continue to sell, develop and deploy injectable products and opt for products delivered via alternative means, such as oral GLP-1s; (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.
The medical technology industry is very competitive and customer demandsrequests 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 or to develop innovative products that address our customers' requests could cause a reduction in demand.
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,products or otherwise have an adverse effect on our financial condition, results of operations and cash flows.
We may not succeed in findingcompleting and completingdivestitures, acquisitions or other strategic transactions, all of which could have an adverse effect on our business and results of operations.
In the normal course of business, we engage in discussions with third parties relating to possible divestitures, acquisitions and other strategic transactions.
With respect to divestitures or dispositions, we continually assess the strategic fit of our existing businesses and products and may divest or otherwise dispose of businesses or products for strategic, financial or other reasons. As a recent example, the Company entered into a definitive agreement to sell all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. While divestitures and other dispositions can be beneficial to the Company and its shareholders, sometimes they can result in financial results that are different than expected. A successful divestiture depends on various factors, including our ability to effectively transfer liabilities, contracts, facilities and employees to the purchaser, identify and separate the intellectual property to be divested from the intellectual property that we wish to keep and reduce fixed costs previously associated with the divested assets or business. In exiting a business, we may still retain liabilities associated with the support and warranty of that business and other indemnification obligations. All of these efforts require varying levels of management resources, which may divert our attention from other business operations. If we do not realize the expected benefits or synergies of such transactions, our consolidated financial position, results of operations, cash flows and stock price could be negatively impacted.
WeMeanwhile, we expect to continue to seek acquisition opportunities that complimentcomplement 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.
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 naturecomplexity of many of our products and programs, we are generally dependentrely on an educated and highly skilled engineering staff andas workforce.well Ouras operationsa couldmanufacturing beworkforce disruptedthat byincludes employees across all levels of skilled labor. As a result, a shortage of available skilled employees.employees could disrupt our operations.
The concentration of our customer base could adversely affect our financial condition and operating results.
We derive a substantial portion of our revenue from a limited number of customers. The loss of, or a significant reduction in orders from, any of these customers could have a material adverse impact on our business, financial condition and operating results. Our dependence on a concentrated customer base could also expose us to further risks relating to contract negotiations, pricing pressures, and operational disruptions. While we continually strive to meet the needs of all of our customers, any adverse change in our relationships with one or more of our key customers could have a material adverse effect on our business, financial condition and operating results.
LegalLegal, Regulatory and RegulatoryCompliance Risks
If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results, which could lead to a loss of investor confidence in our financial statements and have an adverse effect on our stock price.
Effective internal controls are necessary for us to provide reliable and accurate financial statements and to effectively prevent fraud. We devote significant resources and time to comply with the internal control over financial reporting requirements of the Sarbanes Oxley Act of 2002 and continue to enhance our controls. However, we cannot be certain that we will be able to prevent future significant deficiencies or material weaknesses. Inadequate internal controls could cause investors to lose confidence in our reported financial information, which could have a negative effect on investor confidence in our financial statements, the trading price of our stock and our access to capital.
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 ESGclimate initiativesissues that could affect our financial condition, results of operations and cash flows. Foreign, federal, state and local regulatory and legislative bodies, suchmost asnotably in the SEC,European Union, have proposed various legislative and regulatory measures relating to increasedincrease transparency and standardization of reporting and corporate action related to factors that may include climate change, accountability for potential environmental impacts in our supply chain, regulating GHG emissions, energy policies, recycling of plastic materials, waste taxes, and other governmental charges and mandates.matters. 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.
We,Many alongof withour othercustomers companiesare in many business sectors have been implementing and expanding ESG and sustainability strategies, specifically wayssubject to trackthe andsame reduceor GHGrelated emissions.emerging Aslegislation or regulations and, 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.
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. For example, the European Union and some states in the United States have introduced, and are considering more comprehensive updates to, regulations aimed at restricting the use of per and polyfluoroalkyl substances (“PFAS”) in packaging. Such regulations restricting or banning PFAS could adversely affect our business and results of operations in the event of our non-compliance and/or our development and adoption of alternative materials in our products.
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.
Management's Discussion & Analysis (MD&A)
Largest changes
“Corporate and unallocated items – Corporate and unallocated items changed by $28.2 million in 2025 as compared to 2024. This is due primarily to the Company recording expense of $24.6 million related to restructuring and other charges in 2025, as compared to a net benefit of $2.5 million in 2024. …”see in full comparison
Other expense and income items consist ofsee in full comparisonarestructuringlossandonrelateddisposal of plant, asset impairments,charges, foreign exchange transaction gains and losses, contingentconsiderationconsideration, asset impairments and miscellaneous income and charges.
(1)During 2025, the Company recorded pre-tax charges of $23.3 million related to our two existing restructuring programs: (i) $18.4 million within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $4.9 million within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $4.9 million related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure. 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 expensesee in full comparisonconsistsconsisted 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.
“In recent months, the U.S. government has imposed additional tariffs and trade restrictions on certain goods produced outside of the United States. In response to these actions, certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. We continue to monitor this dynamic situation to assess the impact of these tariffs on our business and actions we can take to minimize their impact. Based on the information available at this time, the impact was not material to our 2025 results.”see in full comparison
“(2)During 2025, the Company recorded charges of $8.4 million related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $6.2 million of the charges within other expense (income), related to severance and lease impairment charges in connection with the sale agreement. The Company recorded the remaining $2.2 million within selling, general and administrative expenses, relating to professional services in connection with the sale agreement.”see in full comparison
“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.”see in full comparison
Full comparison: every changed paragraph (49)
In recent months, the U.S. government has imposed additional tariffs and trade restrictions on certain goods produced outside of the United States. In response to these actions, certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. We continue to monitor this dynamic situation to assess the impact of these tariffs on our business and actions we can take to minimize their impact. Based on the information available at this time, the impact was not material to our 2025 results.
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.
During 2025, we recorded a tax benefit of $4.5 million associated with stock-based compensation.
During 2022, we recorded a tax benefit of $16.5 million associated with stock-based compensation.
(1)During 2025, the Company recorded pre-tax charges of $23.3 million related to our two existing restructuring programs: (i) $18.4 million within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $4.9 million within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $4.9 million related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure. 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 consistsconsisted 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 2025, the Company recorded charges of $8.4 million related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $6.2 million of the charges within other expense (income), related to severance and lease impairment charges in connection with the sale agreement. The Company recorded the remaining $2.2 million within selling, general and administrative expenses, relating to professional services in connection with the sale agreement.
(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.
(43)During 2023 and 2022,2025, the Company recorded costcost-method investment impairment charges of $4.5 million within other expense (income). During 2023, the Company recorded cost-method investment impairment charges of $4.3 million andwithin $3.5other million,expense respectively.(income).
(4)During 2025, 2024 and 2023, the Company recorded $0.2 million, $0.8 million and $0.7 million, respectively, of amortization expense within selling, general and administrative expenses associated with an acquisition of an intangible asset during the second quarter of 2020. Additionally, during 2025, 2024 and 2023, the Company recorded $1.8 million, $2.1 million and $2.1 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(5)During 2023, the Company recorded a benefitexpense of $3.8$11.6 million within other nonoperating expense (income) as a result of athe favorablesale legalof settlementone relatedof tothe aCompany’s mattermanufacturing notfacilities includedwithin inthe ourProprietary normalProducts operations.segment.
(6)During 2022,2023, wethe Company recorded a gross pension settlement chargebenefit of $52.2$3.8 million within other nonoperating expense (income), whichas primarilya relatesresult of a favorable legal settlement related to thea fullmatter settlementnot ofincluded thein U.S.our qualifiednormal defined benefit plan (the "U.S. pension plan"). Please refer to Note 15, Benefit Plans, for further discussion of these items.operations.
(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.
Consolidated net sales decreasedincreased by $56.6$180.9 million, or 1.9%,6.3%, in 2024,2025, including ana unfavorablefavorable foreign currency translation impact of $7.0$56.4 million. Excluding foreign currency translation effects and the impact related to the disposal of one of our plants of $4.3 million,effects, consolidated net sales decreasedincreased by $45.3$124.5 million, or 1.5%.4.3%.
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-ManufacturedProprietary Products – Contract-ManufacturedProprietary Products net sales increased by $6.2$157.6 million, or 1.1%,6.8%, in 2024,2025, including ana unfavorablefavorable foreign currency translation impact of $0.1$44.7 million. Excluding foreign currency translation effects, net sales increased by $6.3$112.9 million, or 1.1%,4.8%, due primarily due to an increase in sales of self-injectionWestar®, devices for obesityNovaChoice® and diabetesEnvision® andproducts. salesThese priceincreases increases,were partially offset by aapproximately decrease$47 million in salescustomer ofincentives healthcarereceived diagnosticin devices.connection with volumes achieved during 2024 that were not repeated in 2025.
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $23.3 million, or 4.2%, in 2025, including a favorable foreign currency translation impact of $11.7 million. Excluding foreign currency translation effects, net sales increased by $11.6 million, or 2.1%, due primarily to an increase in sales of self-injection devices for obesity and diabetes, partially 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.
Consolidated gross profit decreasedincreased by $130.7$105.5 million, or 11.6%,10.6%, in 2024,2025, including ana unfavorablefavorable foreign currency translation impact of $2.1$25.5 million. Consolidated gross profit margin decreasedincreased by 3.81.4 margin points in 2024.2025.
Proprietary Products – Proprietary Products gross profit decreasedincreased by $133.5$107.7 million, or 12.9%,12.0%, in 2024,2025, including ana unfavorablefavorable foreign currency translation impact of $2.1$23.6 million. Proprietary Products gross profit margin decreasedincreased by 4.51.9 margin points in 2024.2025. The decreaseincrease is drivendue byto lowerincreased customer demand, primarily of high value components, higher plant absorption from reduced customer demand and ansales unfavorableprice shift in mix of products sold from HVP Components to HVP Delivery Devices.increases. These headwindsincreases were partially offset by increased sales prices and approximately $47 million in customer incentives earnedreceived in connection with volumes achieved during 2024,2024 asthat comparedwere tonot 2023.repeated in the same period in 2025.
Contract-Manufactured Products – Contract-Manufactured Products gross profit increaseddecreased by $2.0$2.2 million, or 2.1%,2.2%, in 2024.2025. Contract-Manufactured Products gross profit margin increaseddecreased by 0.11.0 margin points in 2024,2025, due primarily due to increased production costs, partially offset by sales prices.price increases.
Consolidated R&D costs increased by $0.7$5.2 million, or 1.0%,7.5%, in 2024,2025, as compared to 2023,2024, due primarily to increased depreciationinvestment asin aintegrated resultsystems ofrelated recentto investmentsthe Company's Synchrony™ Prefillable Syringe (PFS) System, which launched in January 2026, and increased salaryinvestment in engineered plastics and wages,components offset("EP&C"). byDuring lower2025, annualcertain incentiveelastomer compensation.asset impairments also took place. Efforts remain focused on the continued investment in (1) primary injectables in elastomeric packaging components, formulation development,development & packaging and (2) drug containment systems, self-injection systemssystems, and drug administration consumable.consumables.
Consolidated SG&A costs decreasedincreased by $14.9$55.1 million, or 4.2%,16.3%, in 2024,2025, including aan favorableunfavorable foreign currency translation impact of $0.5$3.0 million, due primarily due to lowerhigher annual incentive compensation and aincreased decreasesalary inand expense related to stock-based compensation,wages, partially offset by increaseddecreased salarycosts andrelated wages.to professional services.
Proprietary Products – Proprietary Products SG&A costs decreasedincreased by $9.1$24.1 million, or 3.8%,10.4%, in 2024,2025, including aan favorableunfavorable foreign currency translation impact of $0.5$2.5 million. Proprietary Products SG&A costs decreasedincreased due primarily due to lowerhigher annual incentive compensation,compensation and increased salary and wages, partially offset by increaseddecreased salarycosts andrelated wages.to professional services.
Contract-Manufactured Products – Contract-Manufactured Products SG&A costs increased by $1.8$3.7 million, or 7.4%,14.1%, in 2024,2025, including an unfavorable foreign currency translation impact of $0.5 million, due primarily due to increased salary and wages.wages and higher annual incentive compensation.
Corporate and unallocated items – Corporate SG&A costs decreasedincreased by $7.6$27.3 million, or 8.6%,33.8%, in 2024,2025, due primarily to ahigher decreaseannual inincentive compensation, increased expense related to stock-based compensation, lowerexpenses annualin incentiveconnection compensationwith a plan to optimize the legal structure of the Company and decreasedits feessubsidiaries and increased costs related to professional services, partially offset by increased salary and wages.services.
Other expense and income items consist of arestructuring lossand onrelated disposal of plant, asset impairments,charges, foreign exchange transaction gains and losses, contingent considerationconsideration, asset impairments and miscellaneous income and charges.
Proprietary Products – Proprietary Products other expense (income) changed by $7.2$1.0 million in 20242025 as compared to 2023,2024, due primarily dueto a reduction in asset impairments in 2025, as compared to increased2024. lossesThis onreduction foreignwas exchangepartially transactionsoffset andby increased expense related to contingent consideration expense being recorded in 2024,2025, as compared to 2023.2024.
Contract-Manufactured Products – Contract-Manufactured Products other expense (income) remainedchanged consistentby $3.0 million in 20242025 as compared to 2023.2024, due primarily to increased foreign exchange losses in 2025, as compared to 2024.
Corporate and unallocated items – Corporate and unallocated items changed by $28.2 million in 2025 as compared to 2024. This is due primarily to the Company recording expense of $24.6 million related to restructuring and other charges in 2025, as compared to a net benefit of $2.5 million in 2024. The Company's 2025 restructuring and other charges within other expense (income) were (i) $18.4 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $6.2 million related to severance and lease impairment charges in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie.
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.
Consolidated operating profit decreasedincreased by $106.1$15.0 million, or 15.7%,2.6%, in 2024,2025, including ana unfavorablefavorable foreign currency translation impact of $1.6$22.3 million, due to the factors described above.
Proprietary Products – Proprietary Products operating profit decreasedincreased by $132.3$79.4 million, or 18.6%,13.7%, in 2024,2025, including ana unfavorablefavorable foreign currency translation impact of $1.6$20.9 million, due to the factors described above, most notably lowerincreased grosscustomer profitdemand, drivenprimarily byof lowerhigh value components, higher plant absorption and sales volumeprice and an unfavorable mix of products sold.increases.
Contract-Manufactured Products – Contract-Manufactured Products operating profit increaseddecreased by $0.2$8.9 million, or 0.3%,12.3%, in 2024,2025, including a favorable foreign currency translation impact of $1.4 million, due to the factors described above, most notably the increased salesproduction prices.costs.
Corporate and unallocated – Excluding the unallocated items, Corporate costs decreasedincreased by $14.3$20.9 million, or 15.6%,27.0%, in 2024,2025, due to the factors described above, most notably the decrease in expense related to stock-based compensation and lowerhigher annual incentive compensation.
Interest expense, net, decreased by $6.0$2.5 million, or 66.7%,83.3%, in 2024,2025, due primarily due to an increase in capitalized interest.interest in 2025 and interest expense on repayments made on the Company's Series B notes in 2024 that was not repeated in 2025.
Interest income decreased by $8.4$2.1 millionmillion, or 10.7%, in 2024,2025, due primarily to a decline in interest rates and the Company having a lower average cash balance duringin 2024,2025, as compared to the same periods in 2023.2024.
Other nonoperating expense (income) was $1.0 million, $(3.0)$1.0 million and $51.3$(3.0) million for the years 2025, 2024, and 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.
The increase in the effective tax rate in 20242025 of 0.9%1.8% is due primarily due to a decrease in the tax benefit related to stock-based compensation in 2024,2025, 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.
Equity in net income of affiliated companies was $14.7$14.4 million, $17.7$14.7 million, and $20.7$17.7 million for the years 2025, 2024, 2023, and 2022,2023, respectively. Equity in net income of affiliated companies decreased by $3.0$0.3 million, or 16.9%,2.0%, in 2024,2025, due primarily due to less favorable operating results at Daikyo.Daikyo and the Mexico affiliates.
Net cash provided by operating activities decreasedincreased by $123.1$101.4 million in 2024,2025, due primarily due to a decline inimproved operating results.results and the timing of incentive payments.
Net cash used in investing activities increaseddecreased by $10.0$92.8 million in 2024,2025, due primarily to ana increasedecrease in capital expenditures for additional manufacturing capacity to meet future customer demand.expenditures.
Net cash used in financing activities increaseddecreased by $163.0$437.5 million in 2024,2025, due primarily due to increasesa decrease 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.programs.
Working capital - Working capital at December 31, 20242025 decreasedincreased by $276.9$335.6 million, or 21.9%,34.0%, as compared to December 31, 2023,2024, which includes an unfavorableincrease of $49.0 million due to foreign currency translation impact of $41.8 million.translation. Excluding the impact of currency exchange rates, cash and cash equivalents, total current liabilitiesliabilities, inventories and inventoriesother decreasedcurrent assets increased by $349.0$281.8 million, $103.3$75.7 million, $42.3 million and $42.0$45.2 million, respectively, while accounts receivable increased by $58.8 million.respectively. The decreaseincrease in cash and cash equivalents was due to capitalcash expendituresfrom andoperations, partially offset by share repurchases and capital expenditures in 2024, offset by cash collections driven by positive operating results during the period.2025. The decreaseincrease in total current liabilities was primarilydriven dueby increases in our annual incentives. The increase in inventories was largely in work-in-progress and finished goods inventory in connection with customer demand to ensure we have sufficient inventory on hand to support the Company amending its Credit Facility Agreement during 2024. As partneeds of thisour amendment,customers. allThe currentincrease notes payable andin other current debtassets amountswas weredue repaid.primarily Theto decreaseheld infor inventoriessale andassets being recorded into other current assets. For further information regarding the increaseCompany's inheld accountsfor receivablesale wereassets both due to increased net sales leading up to theat December 31, 20242025 balance sheet date as comparedrefer to theNote December1, 31,Basis 2023of balancePresentation sheetand date.Summary of Significant Accounting Policies.
Debt and credit facilities - The total debt balance of $202.8 million at December 31, 2025 increased $0.2 million from the total debt balance at December 31, 2024.
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 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, 2024,2025, our outstanding unconditional contractual commitments, including for the purchase of raw materials and finished goods, amounted to $200.7$221.8 million, of which $46.7$75.0 million is due to be paid in 2025.2026. 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.
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. For further information regarding the Company's held for sale assets at December 31, 2025 refer to Note 1, Basis of Presentation and Summary of Significant Accounting Policies.
What changed in the latest 10-Q
Risk Factors
New heading “Unauthorized access to our or our customers’ information and systems could negatively impact our business.”
Largest changes
“Our systems and networks, as well as those of our customers, suppliers, service providers, and banks, have been, or 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. …”see in full comparison
“Unauthorized access to our or our customers’ information and systems could negatively impact our business.”see in full comparison
“The costs of mitigating data security risks could be significant and are likely to increase in the future. Although we carry cybersecurity insurance, there can be no assurance that our limits are sufficient to cover us against all potential losses for damages or fines in an amount exceeding our policy limits, or that applicable insurance will be available to us in the future on economically reasonable terms or at all.”see in full comparison
“Additionally, our systems are subject to regulations 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. …”see in full comparison
“Techniques used to gain unauthorized access to or to acquire data and systems, disable or degrade service, or sabotage systems, are constantly evolving (including through the use of artificial intelligence), and we are unable to anticipate all techniques or comprehensively avoid unauthorized access, acquisition of, or other adverse impacts to our data or our systems or the networks and systems of third parties upon which we rely. We may not discover all such incidents or activities or be able to respond or otherwise address them promptly, in sufficient respects or at all.”see in full comparison
“For example, in May 2026, we experienced a material cybersecurity attack in which certain data was exfiltrated by an unauthorized party and certain systems were encrypted. Upon initial detection of an intrusion, we promptly activated our incident response protocols (including proactively taking systems offline globally for containment purposes), notified law enforcement, and engaged external cyber-forensic experts. The incident and our response temporarily disrupted our global operations. We have taken steps intended to mitigate the risk of dissemination of the exfiltrated data. …”see in full comparison
Full comparison: every changed paragraph (8)
ThereOther arethan the risk factor listed below, there have been no material changes to the risk factors disclosed in Part I, Item 1A of our 2025 Annual Report.
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 been, or 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. Attacks on information systems and networks are increasing in their frequency, levels of persistence, sophistication, and intensity, and they are being conducted by increasingly sophisticated and organized groups and individuals, including state-sponsored organizations, with a wide range of motives and expertise.
For example, in May 2026, we experienced a material cybersecurity attack in which certain data was exfiltrated by an unauthorized party and certain systems were encrypted. Upon initial detection of an intrusion, we promptly activated our incident response protocols (including proactively taking systems offline globally for containment purposes), notified law enforcement, and engaged external cyber-forensic experts. The incident and our response temporarily disrupted our global operations. We have taken steps intended to mitigate the risk of dissemination of the exfiltrated data. This incident has been contained and our operations have fully recovered.
Techniques used to gain unauthorized access to or to acquire data and systems, disable or degrade service, or sabotage systems, are constantly evolving (including through the use of artificial intelligence), and we are unable to anticipate all techniques or comprehensively avoid unauthorized access, acquisition of, or other adverse impacts to our data or our systems or the networks and systems of third parties upon which we rely. We may not discover all such incidents or activities or be able to respond or otherwise address them promptly, in sufficient respects or at all.
Additionally, our systems are subject to regulations 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.
An adverse impact to the availability, integrity, or confidentiality of our information technology systems or data, or the information technology systems or data of third parties upon which we rely, could require us 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.
The costs of mitigating data security risks could be significant and are likely to increase in the future. Although we carry cybersecurity insurance, there can be no assurance that our limits are sufficient to cover us against all potential losses for damages or fines in an amount exceeding our policy limits, or that applicable insurance will be available to us in the future on economically reasonable terms or at all.
Management's Discussion & Analysis (MD&A)
Largest changes
“We continue to monitor the conflict in the Middle East and related macroeconomic developments, including potential impacts on our operations, supply chain, transportation costs, energy costs and petroleum-based raw material inputs. While escalation or prolongation of the conflict could contribute to volatility or inflationary pressure in certain of these costs, based on information currently available and our corresponding mitigation efforts, we do not expect these matters to have a material impact on our results of operations, financial condition or liquidity. …”see in full comparison
“Corporate and unallocated items changed by $8.5 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to the decrease of recorded restructuring and other charges within other expense. The Company's 2025 restructuring and other charges within other expense (income) were $16.6 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan. …”see in full comparison
“We continue to monitor the events and macro-economic impacts that the conflict in the Middle East has on our business model. We have raw materials and other costs in our operations that are dependent on petro-chemicals. Based on the current situation in the Middle East, we anticipate future inflationary pressures on these costs, but we do not expect those impacts to have a material impact. Additionally, our Israel-based facilities continue to operate as they had prior to the conflict, and we did not experience any disruption in business during the first quarter of 2026.”see in full comparison
“Corporate and unallocated items - Corporate and unallocated SG&A costs increased by $12.4 million, or 45.3%, for the three months ended June 30, 2026, as compared to the same period in 2025. …”see in full comparison
“Corporate and unallocated SG&A costs increased by $19.0 million, or 40.0%, for the six months ended June 30, 2026, as compared to the same period in 2025. …”see in full comparison
Beginning in 2025, the U.S. government imposed additional tariffs and trade restrictions on certain goods produced outside of the Unitedsee in full comparisonStates.States,In response to these actions,and certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. In February 2026, the U.S. Supreme Court issued a ruling that certain tariffs imposed under the International Emergency Economics Power Act (“IEEPA”) were unauthorized. During the second quarter of 2026, the Company began applying for and receiving certain refunds for tariffs previously collected under the IEEPA. We continue to monitor this dynamicsituationtrade-policytoenvironment,assessincluding the potential impact oftheseexistingtariffsoronfutureourtariffs,businesstrade restrictions, retaliatory measures, available refund processes andactionsmitigationwe can take to minimize their impact.actions. Based ontheinformationavailablecurrentlyat this time,available, we do notbelieveexpectthethese matters to have a material impactwill be material toon our 2026 results.
Full comparison: every changed paragraph (76)
Beginning in 2025, the U.S. government imposed additional tariffs and trade restrictions on certain goods produced outside of the United States.States, In response to these actions,and certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. In February 2026, the U.S. Supreme Court issued a ruling that certain tariffs imposed under the International Emergency Economics Power Act (“IEEPA”) were unauthorized. During the second quarter of 2026, the Company began applying for and receiving certain refunds for tariffs previously collected under the IEEPA. We continue to monitor this dynamic situationtrade-policy toenvironment, assessincluding the potential impact of theseexisting tariffsor onfuture ourtariffs, businesstrade restrictions, retaliatory measures, available refund processes and actionsmitigation we can take to minimize their impact.actions. Based on the information availablecurrently at this time,available, we do not believeexpect thethese matters to have a material impact will be material toon our 2026 results.
We continue to monitor the conflict in the Middle East and related macroeconomic developments, including potential impacts on our operations, supply chain, transportation costs, energy costs and petroleum-based raw material inputs. While escalation or prolongation of the conflict could contribute to volatility or inflationary pressure in certain of these costs, based on information currently available and our corresponding mitigation efforts, we do not expect these matters to have a material impact on our results of operations, financial condition or liquidity. During the first six months of 2026, our Israel-based facilities continued to operate without material disruption.
We continue to monitor the events and macro-economic impacts that the conflict in the Middle East has on our business model. We have raw materials and other costs in our operations that are dependent on petro-chemicals. Based on the current situation in the Middle East, we anticipate future inflationary pressures on these costs, but we do not expect those impacts to have a material impact. Additionally, our Israel-based facilities continue to operate as they had prior to the conflict, and we did not experience any disruption in business during the first quarter of 2026.
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended MarchJune 31,30, 2026:
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended MarchJune 31,30, 2025:
(1)During the three and six months ended MarchJune 31,30, 2026, the Company recorded pre-tax charges of $1.4$1.5 million and $2.9 million, respectively, related to our two existing restructuring programs: (i) $0.9$1.0 million and $1.9 million, respectively, within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.0 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three and six months ended MarchJune 31,30, 2025, the Company recorded pre-tax charges of $17.8$1.6 million and $19.4 million, respectively, related to our two existing restructuring programs: (i) $16.4$0.2 million and $16.6 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.
(2)During the three and six months ended MarchJune 31,30, 2026, the Company recorded pre-tax charges of $1.9$6.4 million and $8.3 million, respectively, related to M&A activities, including the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $0.9$1.3 million and $2.2 million, respectively, of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $1.0$5.1 million and $6.1 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with the sale agreement.agreement and other M&A activities.
(3)During the three and six months ended June 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).
(34)During the three and six months ended MarchJune 31,30, 2026, the Company recorded $0.4 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and six months ended June 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended MarchJune 31, 2026, and30, 2025, the Company recorded $0.5 million and $0.4$0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(5)Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.
The following table presents net sales, consolidated and by reportable segment, for the three and six months ended MarchJune 31,30, 2026 and 2025:
Consolidated net sales increased by $146.9$105.8 million, or 21.0%,13.8%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $40.0$8.5 million. Excluding foreign currency translation effects, consolidated net sales for the three months ended MarchJune 31,30, 2026 increased by $106.9$97.3 million, or 15.3%,12.7%, as compared to the same period in 2025. Volume and mix and sales price increases contributed $67.0 million and $30.3 million, respectively, of growth in the three months ended June 30, 2026.
Proprietary Products – Proprietary Products net sales increased by $131.3$102.8 million, or 23.3%,16.6%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $32.8$6.7 million. Excluding foreign currency translation effects, net sales for the three months ended MarchJune 31,30, 2026 increased by $98.5$96.1 million, or 17.5%,15.5%, as compared to the same period in 2025,2025. dueIncreased primarilysales toof anHVP components and HVP delivery devices products contributed approximately 11 percentage points and 5 percentage points, respectively, of organic sales growth. Sales of HVP components increased $65.5 million, or 18.4%, excluding foreign currency translation effects. This increase in HVP components sales ofwas Westar®,driven NovaPure®by continued strong customer demand for both Biologics and FluroTec®GLP-1 products,products as well as sales price increases. Sales of HVP delivery devices increased $29.5 million, or 29.2%, excluding foreign currency translation effects. The increase in HVP delivery devices was driven primarily by customer demand for our self-injection devicedevices, platforms.in particular SmartDose 3.5mL in advance of the July 2026 transaction closing, and sales price increases. Sales of Standard Products increased by $1.1 million, or 0.7%, excluding foreign currency translation adjustments.
West Vantage – West Vantage net sales increased by $15.6$3.0 million, or 11.6%,2.0%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $7.2$1.8 million. Excluding foreign currency translation effects, net sales for the three months ended MarchJune 31,30, 2026 increased by $8.4$1.2 million, or 6.2%,0.8%, as compared to the same period in 2025,2025. due primarily to anThe increase inwas driven by sales ofprice self-injection devices for obesityincreases and diabetes.increased production volumes at certain West Vantage sites. These increases were partially offset by our revenue growth being negatively impacted by approximately $7 million from production downtime associated with the Company’s May 2026 cyber incident.
The following table presents net sales, consolidated and by reportable segment, for the six months ended June 30, 2026 and 2025:
Consolidated net sales increased by $252.7 million, or 17.3%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $48.5 million. Excluding foreign currency translation effects, consolidated net sales for the six months ended June 30, 2026 increased by $204.2 million, or 13.9%, as compared to the same period in 2025. Volume and mix and sales price increases contributed $149.7 million and $54.5 million, respectively, of growth in the six months ended June 30, 2026.
Proprietary Products – Proprietary Products net sales increased by $234.1 million, or 19.8%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $39.5 million. Excluding foreign currency translation effects, net sales for the six months ended June 30, 2026 increased by $194.6 million, or 16.5%, as compared to the same period in 2025. Sales of HVP components increased $136.9 million, or 20.4%, excluding foreign currency translation effects. The increase in HVP components sales was driven by continued strong customer demand for Biologics products and GLP-1 products as well as sales price increases. Sales of HVP delivery devices increased $55.8 million, or 28.3%, excluding foreign currency translation effects. The increase in HVP delivery devices was driven by higher market demand for self-injection devices and sales price increases. Sales of Standard Products increased by $1.9 million, or 0.6%, excluding foreign currency translation adjustments.
West Vantage – West Vantage net sales increased by $18.6 million, or 6.6%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $9.0 million. Excluding foreign currency translation effects, net sales for the six months ended June 30, 2026 increased by $9.6 million, or 3.4%, as compared to the same period in 2025. The increase was driven by sales price increases, partially offset by our revenue growth being negatively impacted by approximately $7 million from production downtime associated with the Company’s May 2026 cyber incident.
Consolidated - Consolidated gross profit increased by $64.5$55.3 million, or 27.8%,20.2%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $16.2$2.9 million for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025. Consolidated gross profit margin increased by 1.92.0 marginpercentage points for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025.
Proprietary Products - Proprietary Products gross profit increased by $62.9 million, or 29.9%, for the three months ended March 31, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $14.9 million. Proprietary Products gross profit margin increased by 2.0 margin points for the three months ended March 31, 2026, as compared to the same periods in 2025, due primarily to increased customer demand, primarily of high value components, and sales price increases.
West Vantage - West VantageConsolidated gross profit increased by $1.6$119.8 million, or 7.4%,23.7%, for the threesix months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $1.3$19.1 million. West Vantage gross profit margin decreased by 0.6 margin pointsmillion for the threesix months ended MarchJune 31,30, 2026, as compared to the same period in 2025,2025. dueConsolidated primarilygross profit margin increased by 1.9 percentage points for the six months ended June 30, 2026, as compared to increasedthe productionsame costs,period partiallyin offset by sales price increases.2025.
Proprietary Products - Proprietary Products gross profit increased by $59.7 million, or 24.0%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $2.8 million. Proprietary Products gross profit margin increased by 2.5 percentage points for the three months ended June 30, 2026, as compared to the same periods in 2025, due primarily to favorable sales mix of HVP components, including GLP-1 products, as well as sales price increases. These were partially offset by inflationary pressures and plant costs.
Proprietary Products gross profit increased by $122.6 million, or 26.7%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $17.7 million. Proprietary Products gross profit margin increased by 2.2 percentage points for the six months ended June 30, 2026, as compared to the same periods in 2025, due primarily to favorable sales mix of HVP, including GLP-1 products, and sales price increases.
West Vantage - West Vantage gross profit decreased by $4.4 million, or 17.2%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $0.1 million. West Vantage gross profit margin decreased by 3.3 percentage points for the three months ended June 30, 2026, as compared to the same period in 2025, due to inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend, partially offset by sales price increases.
West Vantage gross profit decreased by $2.8 million, or 5.9%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $1.4 million. West Vantage gross profit margin decreased by 2.0 percentage points for the six months ended June 30, 2026, as compared to the same period in 2025, due to inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend, partially offset by sales price increases.
Consolidated R&D costs decreasedincreased by $0.5$0.6 million, or 3.1%, and $0.1 million, or 0.3%, for the three and six months ended MarchJune 31,30, 2026, respectively, as compared to the samethree periodand six months ended June 30, 2025. The increase in 2025.R&D Effortsspend remainis focusedassociated onwith the continuedour investment in (1) primary injectables in elastomeric components, formulation development & packaging and (2) drug containment systems, self-injection systems, and drug administration consumables.
All of the R&D costs incurred in the three and six months ended MarchJune 31,30, 2026 and 2025 related to Proprietary Products.
Consolidated - Consolidated SG&A costs increased by $11.5 million, or 13.1%, for the three months ended March 31, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $2.2 million, due primarily to increased expense related to stock-based compensation and increased salary and wages.
Proprietary Products - Proprietary Products SG&A costs increased by $4.7 million, or 7.8%, for the three months ended March 31, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $2.0 million, due primarily to increased salary and wages.
West VantageConsolidated - West VantageConsolidated SG&A costs increased by $0.2$21.7 million, or 2.6%,22.6%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.2$0.6 million.
Corporate and unallocated items - CorporateConsolidated SG&A costs increased by $6.6$33.2 million, or 32.8%,18.1%, for the threesix months ended MarchJune 31,30, 2026, as compared to the same period in 2025, due primarily toincluding an increaseunfavorable inforeign expensecurrency relatedtranslation toimpact stock-basedof compensation$2.8 and increased salary and wages.million.
Proprietary Products - Proprietary Products SG&A costs increased by $8.0 million, or 13.0%, for the three months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.6 million, due primarily to increased salary and wages due to headcount increases and annual inflationary increases, higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025 and increased software license and IT costs, which contributed approximately 7%, 4% and 2%, respectively, of the SG&A cost increases.
Proprietary Products SG&A costs increased by $12.7 million, or 10.4%, for the six months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $2.6 million. Proprietary Products SG&A costs increased due primarily to increased salary and wages due to headcount increases and annual inflationary increases and higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025, which contributed approximately 6% and 3%, respectively, of the SG&A cost increases.
West Vantage - West Vantage SG&A costs increased by $1.3 million, or 18.6%, for the three months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of less than $0.1 million, due primarily to higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025, increased charges related to computer hardware and increased salary and wages due to annual inflationary increases.
West Vantage SG&A costs increased by $1.5 million, or 10.3%, for the six months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.2 million, due primarily to higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025 and increased salary and wages due to annual inflationary increases.
Corporate and unallocated items - Corporate and unallocated SG&A costs increased by $12.4 million, or 45.3%, for the three months ended June 30, 2026, as compared to the same period in 2025. During the three months ended June 30, 2026, the Company recorded expense within SG&A on the following unallocated items: (i) expense of $6.9 million related to nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026 and (ii) expense of $5.1 million relating to professional services in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and other M&A activities, which were not recorded during the same period in 2025. Additionally, the Company recorded additional charges related to stock-based compensation in the three months ended June 30, 2026, as compared to the same period in 2025, of approximately $3.5 million related to improved financial performance metrics and increased mark to market charges. See the Financial Performance Summary section above for further details.
Corporate and unallocated SG&A costs increased by $19.0 million, or 40.0%, for the six months ended June 30, 2026, as compared to the same period in 2025. During the six months ended June 30, 2026, the Company recorded expense within SG&A on the following unallocated items: (i) expense of $7.5 million related to nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026 and (ii) expense of $6.1 million relating to professional services in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and other M&A activities, which were not recorded during the same period 2025. Additionally, the Company recorded additional charges related to stock-based compensation in the six months ended June 30, 2026, as compared to the same period in 2025, of approximately $9 million related to improved financial performance metrics and increased mark to market charges. See the Financial Performance Summary section above for further details.
Consolidated - Consolidated other expense (income) changed by $16.6$7.6 million for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, due to the factors described below.
Proprietary Products - Proprietary Products other expense (income) changed by $0.1 million for the three months ended March 31, 2026, as compared to the same period in 2025, due primarily to increased contingent consideration expense and foreign exchange losses being recorded in the three months ended March 31, 2026, as compared to the same period in 2025. This was partially offset by gains being recorded on oil hedges in the three months ended March 31, 2026, as compared to losses being recorded in the same period in 2025.
West Vantage - West VantageConsolidated other expense (income) changed by $0.7$9.0 million for the threesix months ended MarchJune 31,30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the threefactors monthsdescribed ended March 31, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.below.
Proprietary Products - Proprietary Products other expense (income) changed by $0.9 million for the three months ended June 30, 2026, as compared to the same period in 2025, due primarily to increased contingent consideration expense and increased losses on oil hedges recorded in the three months ended June 30, 2026, as compared to the same period in 2025.
Proprietary Products other expense (income) changed by $1.0 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to increased contingent consideration expense in the six months ended June 30, 2026, as compared to the same period in 2025, partially offset by gains on oil hedges being recorded in the six months ended June 30, 2026, as compared losses on oil hedges being recorded in the same period in 2025.
West Vantage - West Vantage other expense (income) changed by $0.8 million for the three months ended June 30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the three months ended June 30, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.
West Vantage other expense (income) changed by $1.5 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the six months ended June 30, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.
Corporate and unallocated items - Corporate and unallocated items changed by $16.0$7.5 million for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, due primarily to the Company recording restructuring and other charges of $1.8$2.3 million within the three months ended MarchJune 31,30, 2026, as compared to $16.4$0.2 million being recorded during the same period in 2025. The Company's 2026 restructuring and other charges within other expense (income) were (i) $0.9$1.0 million related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.9$1.3 million related to employee benefit costs in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company's 2025 restructuring and other charges ofwithin $16.4other expense (income) were $0.2 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan. Additionally, the Company recorded cost-method investment impairment charges of $3.5 million during the three months ended June 30, 2026 that did not occur in the same period in 2025.
Corporate and unallocated items changed by $8.5 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to the decrease of recorded restructuring and other charges within other expense. The Company's 2025 restructuring and other charges within other expense (income) were $16.6 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan. The Company's 2026 restructuring and other charges within other expense (income) were (i) $1.9 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $2.2 million related to employee benefit costs in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The decrease in restructuring and other charges was partially offset by the Company recording cost-method investment impairment charges of $3.5 million during the six months ended June 30, 2026 that did not occur in the same period in 2025.
Consolidated - Consolidated operating profit increased by $70.1$25.4 million, or 65.5%,16.5%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $13.4$2.1 million for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025.
Proprietary Products - Proprietary Products operating profit increased by $58.6 million, or 44.9%, for the three months ended March 31, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $12.4 million, due to the factors described above, most notably increased customer demand, primarily of high value components, and sales price increases.
West Vantage - West VantageConsolidated operating profit increased by $2.1$95.5 million, or 15.6%,36.6%, for the threesix months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $1.0$15.5 million,million duefor the six months ended June 30, 2026, as compared to the factorssame describedperiod above,in most notably sales price increases and foreign exchange gains, partially offset by increased production costs.2025.
CorporateProprietary and unallocatedProducts - ExcludingProprietary theProducts unallocatedoperating items, Corporate costsprofit increased by $4.7$50.2 million, or 24.6%,31.0%, for the three months ended MarchJune 31,30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $2.0 million, due to the factors described above, most notably thefavorable increasesales inmix expenseof relatedHVP tocomponents, stock-basedincluding compensation.GLP-1 products.
Proprietary Products operating profit increased by $108.8 million, or 37.2%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $14.4 million, due to the factors described above, most notably favorable sales mix of HVP components, including GLP-1 products.
West Vantage - West Vantage operating profit decreased by $4.9 million, or 27.5%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $0.1 million, due to the factors described above, most notably inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend.
West Vantage operating profit decreased by $2.8 million, or 8.9%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $1.1 million, due to the factors described above, most notably inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend.
Corporate and unallocated - Excluding the unallocated items, Corporate costs increased by $3.2 million, or 13.2%, for the three months ended June 30, 2026, as compared to the same period in 2025, due to the factors described above, most notably the increase in expense related to stock-based compensation.
Excluding the unallocated items, Corporate costs increased by $7.9 million, or 18.2%, for the six months ended June 30, 2026, as compared to the same period in 2025, due to the factors described above, most notably the increase in expense related to stock-based compensation.
For unallocated items, please refer to the Financial Performance Summary section above for details.
Interest expense, net, increased by $1.5$2.5 million,million and $4.0 million for the three and six months ended MarchJune 31,30, 2026, respectively, as compared to the same periodperiods in 2025, due primarily to a decrease in capitalized interest, partially offset by a decline in interest rates on the Company's Term Loan in the three and six months ended MarchJune 31,30, 2026, as compared to the same periodperiods in 2025, as well as a decrease in capitalized interest.2025.
Interest income increased by $1.0$0.2 million,million and $1.2 million for the three and six months ended MarchJune 31,30, 2026, respectively, as compared to the same periodperiods in 2025, due primarily to the Company having a higher average cash balance in three and six months ended MarchJune 31,30, 2026, as compared to the same periodperiods in 2025.
Other nonoperating expense (income) was $0.2 million and $0.2$0.4 million for the three and six months ended MarchJune 31,30, 2026 and 2025, respectively.
The provision for income taxes was $44.7$32.2 million and $24.1$30.2 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively, and the effective tax rate was 24.8%17.9% and 21.8%,19.2%, respectively. The increasedecrease in the effective tax rate isfor duethe three months ended June 30, 2026, as compared to the same period in 2025, primarily toreflects athe one-time tax costimpact of $12.0favorable million associated with an internal legal entity restructuring which occurredchanges in theour firstgeographic quartermix of 2026.earnings.
WST insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 4 filings (2 insiders, 5 trade dates, 19,372 shares, about $6.6M; 1 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -19,372 (purchases minus sales); net value about -$6.6M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-15 | Favorite Annette F |
Open-market sale |
2,524 | $365.00 | $921.3K |
| 2026-09-15 | Favorite Annette F |
Option exercise |
2,524 | $89.64 | $226.3K |
| 2026-09-14 | Favorite Annette F |
Option exercise |
2,500 | $89.64 | $224.1K |
| 2026-09-14 | Favorite Annette F |
Open-market sale |
2,500 | $355.00 | $887.5K |
| 2026-09-11 | Favorite Annette F |
Option exercise |
2,500 | $89.64 | $224.1K |
| 2026-09-11 | Favorite Annette F |
Open-market sale |
2,500 | $345.00 | $862.5K |
| 2026-09-08 | Favorite Annette F |
Open-market sale | 2,818 | $340.81 | $960.4K |
| 2026-09-08 | Favorite Annette F |
Open-market sale | 2,500 | $340.81 | $852.0K |
| 2026-09-08 | Favorite Annette F |
Option exercise | 2,500 | $89.64 | $224.1K |
| 2026-09-08 | Favorite Annette F |
Option exercise | 2,817 | $83.47 | $235.1K |
| 2026-09-08 | Favorite Annette F |
Open-market sale | 2,817 | $340.81 | $960.1K |
| 2026-09-08 | Favorite Annette F |
Option exercise | 2,818 | $83.47 | $235.2K |
| 2026-08-11 | Mcmahon Robert W. |
Option exercise | 794 | — | — |
| 2026-08-11 | Mcmahon Robert W. |
Shares withheld for tax | 2,764 | $351.37 | $971.1K |
| 2026-08-11 | Mcmahon Robert W. |
Option exercise | 6,355 | — | — |
| 2026-08-11 | Mcmahon Robert W. |
Shares withheld for tax | 346 | $351.37 | $121.4K |
| 2026-05-12 | Campbell Shane Alden |
Shares withheld for tax | 135 | $312.07 | $42.1K |
| 2026-05-12 | Campbell Shane Alden |
Option exercise | 474 | — | — |
| 2026-05-12 | Campbell Shane Alden |
Option exercise | 296 | — | — |
| 2026-05-12 | Campbell Shane Alden |
Shares withheld for tax | 84 | $312.07 | $26.3K |
| 2026-05-04 | Pucci Paolo |
Grant/award | 791 | — | — |
| 2026-05-04 | Michels Douglas A |
Grant/award | 791 | — | — |
| 2026-05-04 | Lockhart Stephen H |
Grant/award | 791 | — | — |
| 2026-05-04 | Lai Goldman Myla |
Grant/award | 791 | — | — |
| 2026-05-04 | Keller Deborah L |
Grant/award | 791 | — | — |
| 2026-05-04 | Joseph Molly |
Grant/award | 791 | — | — |
| 2026-05-04 | Haugen Janet Brutschea |
Grant/award | 791 | — | — |
| 2026-05-04 | Friel Robert F |
Grant/award | 791 | — | — |
| 2026-05-04 | Feehery William F |
Grant/award | 791 | — | — |
| 2026-05-04 | Buthman Mark A |
Grant/award | 791 | — | — |
| 2026-04-27 | Favorite Annette F |
Open-market sale | 2,817 | $305.20 | $859.7K |
| 2026-04-27 | Favorite Annette F |
Option exercise | 2,817 | $83.47 | $235.1K |
| 2026-04-27 | Winters Chad |
Open-market sale | 896 | $300.67 | $269.4K |
| 2026-04-27 | Winters Chad |
Option exercise | 896 | $173.22 | $155.2K |
Well-known investors holding WST (13F)
None of the 59 investors we track reported a position in their latest 13F.