West Pharmaceutical Services (WST) 10-K risk factor changes: FY2025 vs FY2024

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, [removed: foreign-exchange] [added: foreign 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 [removed: continue to] adversely affect our operations.

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 [removed: 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 [removed: fluctuations,] [added: fluctuations and tariffs,] as well as political and economic risks.

Sales outside of the U.S. accounted for [removed: 57.5%] [added: 56.7%] of our consolidated net sales in [removed: 2024] [added: 2025] and we anticipate that sales from international operations will continue to represent a significant portion of our net sales in the future.

Additionally, a number of factors, including U.S. relations with the governments of the foreign countries in which we operate, [added: 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.

Any alleged or actual violations of these laws may subject us to government investigations and significant criminal or civil sanctions and other [removed: liabilities,] [added: 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 [removed: injection.][added: injection, such as GLP-1s.]

If (i) our customers fail to continue to sell, develop and deploy injectable [removed: products;] [added: 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 [removed: demands] [added: requests] and/or new products in the marketplace could cause a reduction in demand.

In addition, any failure or inability to meet increased customer quality expectations [added: or to develop innovative products that address our customers' requests] could cause a reduction in demand.

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 [removed: products,] [added: products] or otherwise have an adverse effect on our financial condition, results of operations and cash flows.

We may not succeed in [removed: finding and] completing [added: divestitures,] acquisitions or other strategic transactions, [added: all of] which could have an adverse effect on our business and results of operations.

[removed: We] [added: Meanwhile, we] expect to continue to seek acquisition opportunities that [removed: compliment] [added: complement] and expand our existing operations.

In addition, because of the [removed: complex nature] [added: complexity] of many of our products and programs, we [removed: are generally dependent] [added: rely] on an educated and highly skilled engineering staff [removed: and workforce.][added: as well as a manufacturing workforce that includes employees across all levels of skilled labor.]

[removed: Our operations could be disrupted by] [added: As] a [added: result, a] shortage of available skilled [removed: employees.][added: employees could disrupt our operations.]

[removed: Legal and] [added: Legal,] Regulatory [added: and Compliance] Risks

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 [removed: ESG initiatives] [added: climate issues] that could affect our financial condition, results of operations and cash flows.

Foreign, [removed: federal,] state and local regulatory and legislative bodies, [removed: such as] [added: most notably in] the [removed: SEC,] [added: European Union,] have proposed various legislative and regulatory measures [removed: relating] to [removed: increased] [added: increase] transparency and standardization of reporting [added: and corporate action] related to factors that may include climate change, [added: accountability for potential environmental impacts in our supply chain,] regulating GHG emissions, energy policies, recycling of plastic materials, waste taxes, and other [removed: governmental charges and mandates.][added: matters.]

[removed: As a result,] [added: Many of] our customers [added: are subject to the same or related emerging legislation or regulations and, as a result,] 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.

*[Risk [removed: Factors](#i49e2ff7fe3d645928760b377ff76974e_19)*,] [added: Factors](#ie5ca3220e52a4aebae91cffcff4a7b89_19)*,] as well as economic and geopolitical conditions in general and to variability in the prevailing sentiment regarding our operations or business prospects, as well as, among other things, changing investment priorities of our shareholders.

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.

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.

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.

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.

We, along with other companies in many business sectors have been implementing and expanding ESG and sustainability strategies, specifically ways to track and reduce GHG emissions.

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.

| Amortization of acquisition-related intangible assets [removed: (2)] [added: (4)] | | | 0.8 | | | | | | 0.1 | | | | | | 2.8 | | | | | | 0.04 | | |

| Restructuring and other charges (1) | | | (2.0) | | | | | | (0.9) | | | | | | (1.1) | | | | | | [removed: (0.02)] [added: $] | [added: (0.02)] | |

| Amortization of acquisition-related intangible assets [removed: (2)] [added: (4)] | | | 0.7 | | | | | | [removed: 0.1] [added: $] | [added: 0.1] | | | | | 2.8 | | | | | | [removed: 0.04] [added: $] | [added: 0.04] | |

| Loss on disposal of plant [removed: (3)] [added: (5)] | | | 11.6 | | | | | | (0.7) | | | | | | 12.3 | | | | | | [removed: 0.16] [added: $] | [added: 0.16] | |

| [removed: Cost] [added: Cost-method] investment activity [removed: (4)] [added: (3)] | | | 4.3 | | | | | | — | | | | | | 4.3 | | | | | | [removed: 0.06] [added: $] | [added: 0.06] | |

| Legal settlement [removed: (5)] [added: (6)] | | | — | | | | | | [removed: (0.9)] [added: $] | [added: (0.9)] | | | | | (2.9) | | | | | | [removed: (0.04)] [added: $] | [added: (0.04)] | |

| Year ended December 31, [removed: 2022] [added: 2025] adjusted amounts (non-U.S. GAAP) | | | $ | [removed: 762.0] [added: 622.4] | | | | | $ | [removed: 133.0] [added: 124.7] | | | | | $ | [removed: 650.0] [added: 529.9] | | | | | $ | [removed: 8.58] [added: 7.29] | |

During [removed: 2022,] [added: 2025,] we recorded a tax benefit of [removed: $16.5] [added: $4.5] million associated with stock-based compensation.

[removed: (1)During] [added: During] 2024, the Company recorded expense to restructuring and other charges of $2.1 million.

The expense [removed: consists] [added: consisted] primarily of consulting fees, legal expenses, and other one-time costs directly attributable to this plan.

[removed: (2)During 2024, 2023] [added: (4)During 2025, 2024] and [removed: 2022,] [added: 2023,] the Company recorded [removed: $0.8] [added: $0.2] million, [removed: $0.7] [added: $0.8] million and $0.7 million, respectively, of amortization expense within [removed: operating profit] [added: selling, general and administrative expenses] associated with an acquisition of an intangible asset during the second quarter of 2020.

Additionally, during [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] the [removed: company] [added: Company] recorded [added: $1.8 million,] $2.1 million [added: and $2.1 million, respectively,] of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

[removed: (3)During] [added: (5)During] 2023, the Company recorded expense of $11.6 million [added: within other expense (income)] as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment.

[removed: (4)During 2023 and 2022,] [added: During 2023,] the Company recorded [removed: cost] [added: cost-method] investment impairment charges of $4.3 million [removed: and $3.5 million, respectively.][added: within other expense (income).]

[removed: (5)During] [added: (6)During] 2023, the Company recorded a benefit of $3.8 million within other nonoperating expense (income) as a result of a favorable legal settlement related to a matter not included in our normal operations.

Discussion of the year-over-year changes for the fiscal year ended December 31, [removed: 2023] [added: 2024] compared to the fiscal year ended December 31, [removed: 2022] [added: 2023] and the results of operations and cash flows for the fiscal year ended December 31, [removed: 2022] [added: 2023] is included in Item 7, *Management’s Discussion and Analysis of Financial Condition and Result of Operations* of our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2023,] [added: 2024,] filed with the SEC on February [removed: 20, 2024,] [added: 18, 2025,] and is incorporated herein by reference.

| ($ in millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2024/2023] [added: 2025/2024] | | | | | | [removed: 2023/2022] [added: 2024/2023] | | |

| Proprietary Products | | | $ | [removed: 2,334.5] [added: 2,492.1] | | | | | $ | [removed: 2,397.3] [added: 2,334.5] | | | | | $ | [removed: 2,406.8] [added: 2,397.3] | | | | | [removed: (2.6] [added: 6.8] | | [removed: %)] [added: %] | | | | [removed: (0.4] [added: (2.6] | | %) |

| Contract-Manufactured Products | | | [removed: 558.7] [added: 582.0] | | | | | | [removed: 552.5] [added: 558.7] | | | | | | [removed: 480.4] [added: 552.5] | | | | | | [removed: 1.1] [added: 4.2] | | % | | | | [removed: 15.0] [added: 1.1] | | % |

| Consolidated net sales | | | $ | [removed: 2,893.2] [added: 3,074.1] | | | | | $ | [removed: 2,949.8] [added: 2,893.2] | | | | | $ | [removed: 2,886.9] [added: 2,949.8] | | | | | [removed: (1.9] [added: 6.3] | | [removed: %)] [added: %] | | | | [removed: 2.2] [added: (1.9] | | [removed: %] [added: %)] |

Consolidated net sales [removed: decreased] [added: increased] by [removed: $56.6] [added: $180.9] million, or [removed: 1.9%,] [added: 6.3%,] in [removed: 2024,] [added: 2025,] including [removed: an unfavorable] [added: a favorable] foreign currency translation impact of [removed: $7.0] [added: $56.4] million.

Proprietary Products – Proprietary Products net sales [removed: decreased] [added: increased] by [removed: $62.8] [added: $157.6] million, or [removed: 2.6%,] [added: 6.8%,] in [removed: 2024,] [added: 2025,] including [removed: an unfavorable] [added: a favorable] foreign currency translation impact of [removed: $6.9] [added: $44.7] million.

These [removed: reductions] [added: increases] were partially offset by [removed: an increase in sales of self-injection device platforms and increased sales prices, which includes] approximately $47 million in customer incentives [removed: earned] [added: received] in connection with volumes achieved during [removed: 2024, as compared to 2023.][added: 2024 that were not repeated in 2025.]

Contract-Manufactured Products – Contract-Manufactured Products net sales increased by [removed: $6.2] [added: $23.3] million, or [removed: 1.1%,] [added: 4.2%,] in [removed: 2024,] [added: 2025,] including [removed: an unfavorable] [added: a favorable] foreign currency translation impact of [removed: $0.1] [added: $11.7] million.

Excluding foreign currency translation effects, net sales increased by [removed: $6.3] [added: $11.6] million, or [removed: 1.1%, primarily] [added: 2.1%,] due [added: primarily] to an increase in sales of self-injection devices for obesity and [removed: diabetes and sales price increases,] [added: diabetes, partially] offset by a decrease in sales of healthcare diagnostic devices.

| Gross profit | | | $ | [removed: 900.5] [added: 1,008.2] | | | | | $ | [removed: 1,034.0] [added: 900.5] | | | | | $ | [removed: 1,053.3] [added: 1,034.0] | | | | | [removed: (12.9] [added: 12.0] | | [removed: %)] [added: %] | | | | [removed: (1.8] [added: (12.9] | | %) |

| Gross profit margin | | | [removed: 38.6] [added: 40.5] | | % | | | | [removed: 43.1] [added: 38.6] | | % | | | | [removed: 43.8] [added: 43.1] | | % | | | | | | | | | | | | |

| Gross profit | | | $ | [removed: 98.0] [added: 95.8] | | | | | $ | [removed: 96.0] [added: 98.0] | | | | | $ | [removed: 82.9] [added: 96.0] | | | | | [removed: 2.1] [added: (2.2] | | [removed: %] [added: %)] | | | | [removed: 15.8] [added: 2.1] | | % |

| Gross profit margin | | | [removed: 17.5] [added: 16.5] | | % | | | | [removed: 17.4] [added: 17.5] | | % | | | | [removed: 17.3] [added: 17.4] | | % | | | | | | | | | | | | |

| Unallocated items | | | $ | — | | | | | $ | [removed: (0.8)] [added: —] | | | | | $ | [removed: —] [added: (0.8)] | | | | | | | | | | | | | |

| Consolidated gross profit | | | $ | [removed: 998.5] [added: 1,104.0] | | | | | $ | [removed: 1,129.2] [added: 998.5] | | | | | $ | [removed: 1,136.2] [added: 1,129.2] | | | | | [removed: (11.6] [added: 10.6] | | [removed: %)] [added: %] | | | | [removed: (0.6] [added: (11.6] | | %) |

| Consolidated gross profit margin | | | [removed: 34.5] [added: 35.9] | | % | | | | [removed: 38.3] [added: 34.5] | | % | | | | [removed: 39.4] [added: 38.3] | | % | | | | | | | | | | | | |

Consolidated gross profit [removed: decreased] [added: increased] by [removed: $130.7] [added: $105.5] million, or [removed: 11.6%,] [added: 10.6%,] in [removed: 2024,] [added: 2025,] including [removed: an unfavorable] [added: a favorable] foreign currency translation impact of [removed: $2.1] [added: $25.5] million.

Consolidated gross profit margin [removed: decreased] [added: increased] by [removed: 3.8] [added: 1.4] margin points in [removed: 2024.][added: 2025.]

Proprietary Products – Proprietary Products gross profit [removed: decreased] [added: increased] by [removed: $133.5] [added: $107.7] million, or [removed: 12.9%,] [added: 12.0%,] in [removed: 2024,] [added: 2025,] including [removed: an unfavorable] [added: a favorable] foreign currency translation impact of [removed: $2.1] [added: $23.6] million.

Proprietary Products gross profit margin [removed: decreased] [added: increased] by [removed: 4.5] [added: 1.9] margin points in [removed: 2024.][added: 2025.]

These [removed: headwinds] [added: increases] were partially offset by [removed: increased sales prices and] approximately $47 million in customer incentives [removed: earned] [added: received] in connection with volumes achieved during [removed: 2024, as compared to 2023.][added: 2024 that were not repeated in the same period in 2025.]

Contract-Manufactured Products – Contract-Manufactured Products gross profit [removed: increased] [added: decreased] by [removed: $2.0] [added: $2.2] million, or [removed: 2.1%,] [added: 2.2%,] in [removed: 2024.][added: 2025.]

Contract-Manufactured Products gross profit margin [removed: increased] [added: decreased] by [removed: 0.1] [added: 1.0] margin points in [removed: 2024, primarily] [added: 2025,] due [added: primarily] to increased [added: production costs, partially offset by] sales [removed: prices.][added: price increases.]

| Consolidated R&D costs | | | $ | [removed: 69.1] [added: 74.3] | | | | | $ | [removed: 68.4] [added: 69.1] | | | | | $ | [removed: 58.5] [added: 68.4] | | | | | [removed: 1.0] [added: 7.5] | | % | | | | [removed: 16.9] [added: 1.0] | | % |

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.

| Year ended December 31, 2025 GAAP | | | $ | 584.9 | | | | | $ | 121.6 | | | | | $ | 493.7 | | | | | $ | 6.79 | |

| Restructuring and other charges (1) | | | 23.3 | | | | | | 0.9 | | | | | | 22.4 | | | | | | 0.31 | | |

| SmartDose® 3.5mL sale (2) | | | 8.4 | | | | | | 1.9 | | | | | | 6.5 | | | | | | 0.09 | | |

| Cost-method investment activity (3) | | | 4.5 | | | | | | — | | | | | | 4.5 | | | | | | 0.06 | | |

| Amortization of acquisition-related intangible assets (4) | | | 0.2 | | | | | | — | | | | | | 2.0 | | | | | | 0.03 | | |

| Other | | | 1.1 | | | | | | 0.3 | | | | | | 0.8 | | | | | | 0.01 | | |

(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.

(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.

(3)During 2025, the Company recorded cost-method investment impairment charges of $4.5 million within other expense (income).

Excluding foreign currency translation effects, consolidated net sales increased by $124.5 million, or 4.3%.

Excluding foreign currency translation effects, net sales increased by $112.9 million, or 4.8%, due primarily to an increase in sales of Westar®, NovaChoice® and Envision® products.

The increase is due to increased customer demand, primarily of high value components, higher plant absorption and sales price increases.

Consolidated R&D costs increased by $5.2 million, or 7.5%, in 2025, as compared to 2024, due primarily to increased investment in integrated systems related to the Company's Synchrony™ Prefillable Syringe (PFS) System, which launched in January 2026, and increased investment in engineered plastics and components ("EP&C").

During 2025, certain elastomer asset impairments also took place.

| ($ in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025/2024 | | | | | | 2024/2023 | | |

Contract-Manufactured Products – Contract-Manufactured Products SG&A costs increased by $3.7 million, or 14.1%, in 2025, including an unfavorable foreign currency translation impact of $0.5 million, due primarily to increased salary and wages and higher annual incentive compensation.

Corporate and unallocated items – Corporate SG&A costs increased by $27.3 million, or 33.8%, in 2025, due primarily to higher annual incentive compensation, increased expense related to stock-based compensation, expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries and increased costs related to professional services.

| ($ in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Proprietary Products – Proprietary Products other expense (income) changed by $1.0 million in 2025 as compared to 2024, due primarily to a reduction in asset impairments in 2025, as compared to 2024.

This reduction was partially offset by increased contingent consideration expense being recorded 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.

| ($ in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025/2024 | | | | | | 2024/2023 | | |

Proprietary Products – Proprietary Products operating profit increased by $79.4 million, or 13.7%, in 2025, including a favorable foreign currency translation impact of $20.9 million, due to the factors described above, most notably increased customer demand, primarily of high value components, higher plant absorption and sales price increases.

| ($ in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025/2024 | | | | | | 2024/2023 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Interest expense, net, decreased by $2.5 million, or 83.3%, in 2025, due primarily to an increase in capitalized interest in 2025 and interest expense on repayments made on the Company's Series B notes in 2024 that was not repeated in 2025.

| ($ in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Net cash provided by operating activities increased by $101.4 million in 2025, due primarily to improved operating results and the timing of incentive payments.

Net cash used in investing activities decreased by $92.8 million in 2025, due primarily to a decrease in capital expenditures.

Net cash used in financing activities decreased by $437.5 million in 2025, due primarily to a decrease in purchases under our share repurchase programs.

| ($ in millions) | | | December 31, 2025 | | | | | | December 31, 2024 | | |

Working capital - Working capital at December 31, 2025 increased by $335.6 million, or 34.0%, as compared to December 31, 2024, which includes an increase of $49.0 million due to foreign currency translation.

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.

| | | | | | | | | | | | | | | | | | | | | | | | |

| Year ended December 31, 2022 GAAP | | | $ | 734.0 | | | | | $ | 114.7 | | | | | $ | 585.9 | | | | | $ | 7.73 | |

| Restructuring and other charges (1) | | | 23.8 | | | | | | 2.0 | | | | | | 21.8 | | | | | | 0.29 | | |

| Cost investment activity (4) | | | 3.5 | | | | | | — | | | | | | 3.5 | | | | | | 0.05 | | |

| Pension settlement (6) | | | — | | | | | | 20.6 | | | | | | 31.6 | | | | | | 0.42 | | |

| Royalty acceleration (7) | | | — | | | | | | 1.3 | | | | | | (1.3) | | | | | | (0.02) | | |

| Tax law changes (8) | | | — | | | | | | (5.7) | | | | | | 5.7 | | | | | | 0.07 | | |

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.

The transaction closed during the second quarter of 2023.

(6)During 2022, we recorded a gross pension settlement charge of $52.2 million within other nonoperating expense (income), which primarily relates to the full settlement of the U.S. qualified defined benefit plan (the "U.S. pension plan").

Please refer to Note 15, *[Benefit Plans](#i49e2ff7fe3d645928760b377ff76974e_124),* for further discussion of these items.

(7)During 2022, the Company increased its expected tax benefit related to the prepayment of future royalties from one of its subsidiaries by $1.3 million.

(8)During 2022, the Company incurred additional tax expense of $5.7 million due to the impact of a tax law change in the state of Pennsylvania enacted during the period.

| Intersegment sales elimination | | | — | | | | | | — | | | | | | (0.3) | | | | | | — | | % | | | | (100.0 | | %) |

Excluding foreign currency translation effects and the impact related to the disposal of one of our plants of $4.3 million, consolidated net sales decreased by $45.3 million, or 1.5%.

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.

The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments.

The decrease is driven by lower plant absorption from reduced customer demand and an unfavorable shift in mix of products sold from HVP Components to HVP Delivery Devices.

Consolidated R&D costs increased by $0.7 million, or 1.0%, in 2024, as compared to 2023, due to increased depreciation as a result of recent investments and increased salary and wages, offset by lower annual incentive compensation.

Contract-Manufactured Products – Contract-Manufactured Products SG&A costs increased by $1.8 million, or 7.4%, in 2024, primarily due to increased salary and wages.

Corporate and unallocated items – Corporate SG&A costs decreased by $7.6 million, or 8.6%, in 2024, due primarily to a decrease in expense related to stock-based compensation, lower annual incentive compensation and decreased fees related to professional services, partially offset by increased salary and wages.

Contract-Manufactured Products – Contract-Manufactured Products other expense (income) remained consistent 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.

Contract-Manufactured Products – Contract-Manufactured Products operating profit increased by $0.2 million, or 0.3%, in 2024, due to the factors described above, most notably the increased sales prices.

Interest expense, net, decreased by $6.0 million, or 66.7%, in 2024, primarily due to an increase in capitalized interest.

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.

Net cash provided by operating activities decreased by $123.1 million in 2024, primarily due to a decline in operating results.

Net cash used in investing activities increased by $10.0 million in 2024, due to an increase in capital expenditures for additional manufacturing capacity to meet future customer demand.

Net cash used in financing activities increased by $163.0 million in 2024, primarily due to increases in purchases under our share repurchase program, increased principal repayments on finance leases and decreased proceeds from stock-based compensation awards in 2024, as compared to 2023.

Working capital - Working capital at December 31, 2024 decreased by $276.9 million, or 21.9%, as compared to December 31, 2023, which includes an unfavorable foreign currency translation impact of $41.8 million.

The decrease in total current liabilities was primarily due to the Company amending its Credit Facility Agreement during 2024.

As part of this amendment, all current notes payable and other current debt amounts were repaid.

The decrease in inventories and the increase in accounts receivable were both due to increased net sales leading up to the December 31, 2024 balance sheet date as compared to the December 31, 2023 balance sheet date.

Debt and credit facilities - The $4.2 million decrease in total debt at December 31, 2024, as compared to December 31, 2023, is due to the net activity of debt repayments and borrowings as mentioned in Note 10, *[Debt](#i49e2ff7fe3d645928760b377ff76974e_109).*

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.

Sales outside of the U.S. accounted for [removed: 57.5%] [added: 56.7%] of our consolidated net sales in [removed: 2024.][added: 2025.]

We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany [removed: loans.][added: loans in Singapore Dollar ("SGD") and USD and on cross-currency intercompany demand notes in Euro ("EUR") and USD, which were executed at various times throughout 2024 and 2025.]

As of December 31, [removed: 2024,] [added: 2025,] we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:

As of December 31, [removed: 2024,] [added: 2025,] the notional amount of the cross-currency swap is Japanese Yen ("JPY") 17.0 billion ($130.0 million) and the swap termination date is July 2, 2027.

A sensitivity analysis of changes in fair value of these contracts outstanding as of December 31, [removed: 2024,] [added: 2025,] while not predictive in nature, indicated that a 10% decrease or increase in the foreign currency exchange rates from their level would increase or decrease the fair value of these contracts by [removed: $7.0] [added: $0.4] million or [removed: $5.8] [added: $10.2] million, respectively, the majority of which relates to our hedges of the movement between the Euro and United States Dollar contracts.

| ($ in millions) | | | [removed: 2025 | | |] 2026 | | | 2027 | | | 2028 | | | 2029 | | | [added: 2030 | | |] Thereafter | | | Carrying Value | | | Fair Value | | |

| U.S. dollar denominated | | | | | | [added: $130.0] | | | [removed: $130.0] | | | | | | | | | | | | $130.0 | | | $130.0 | | |

| Average interest rate - variable | | | | | | [added: 5.02%] | | | [removed: 5.68%] | | | | | | | | | | | | | | | | | |

| U.S. dollar denominated | | | | | | [added: $73.0] | | | [removed: $73.0] | | | | | | | | | | | | $73.0 | | | [removed: $70.9] [added: $72.6] | | |

| Average interest rate - fixed | | | | | | [added: 4.02%] | | | [removed: 4.02%] | | | | | | | | | | | | | | | | | |

A change of [removed: 1.0%] [added: 1%] in variable interest rates would decrease or increase annual interest expense by $1.3 million based on our outstanding debt as of December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] we had outstanding contracts to purchase [removed: 190,773] [added: 184,075] barrels of crude oil from December [removed: 2024] [added: 2025] to June [removed: 2026,] [added: 2027,] at a weighted-average strike price of [removed: $84.70] [added: $72.94] per barrel.

During [added: 2025 and] 2024, the loss recorded in other expense (income) related to these options was $0.7 million.

A sensitivity analysis of changes in brent crude oil prices indicated that a 10% decrease or increase in pricing would decrease or increase the fair value of our commodity call options by [removed: $0.2] [added: $0.1] million or [removed: $0.4] [added: $0.3] million, respectively, as of December 31, [removed: 2024.][added: 2025.]

The following table summarizes the total amount of the following forward exchange contracts, designated as fair value hedges at December 31:

| (in millions) | | | | | | | | | | | | | | | | | |

| Forward Exchange Contracts | | | Currency | | | | | | 2025 | | | | | | 2024 | | |

| Cross-Currency Intercompany Loans | | | SGD | | | | | | 421.9 | | | | | | 421.9 | | |

| Cross-Currency Intercompany Loans | | | USD | | | | | | $ | — | | | | | $ | 13.4 | |

| Cross-Currency Intercompany Demand Notes | | | EUR | | | | | | 23.5 | | | | | | 145.3 | | |

| Cross-Currency Intercompany Demand Notes | | | USD | | | | | | $ | — | | | | | $ | 47.1 | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| EUR | | | 27.1 | | | | | | 31.6 | | | — | | | — | | |

| JPY | | | 4,921.3 | | | | | | 20.4 | | | 9.9 | | | 3.1 | | |

| SGD | | | 36.5 | | | | | | 17.6 | | | 9.5 | | | — | | |

As of December 31, 2024 the total amount of these forward exchange contracts was Singapore Dollar ("SGD") 421.9 million and $13.4 million.

As of December 31, 2023 the total amount of these forward exchange contracts was SGD 601.5 million and $13.4 million.

We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed at various times throughout 2023 and 2024.

As of December 31, 2024, the total amount of these forward exchange contracts was Euro ("EUR") 145.3 million and $47.1 million.

As of December 31, 2023, the total amount of these forward exchange contracts was EUR 278.6 million and SGD 94.0 million.

| EUR | | | 20.8 | | | | | | 22.9 | | | — | | | — | | |

| JPY | | | 6,683.7 | | | | | | 28.4 | | | 14.8 | | | 1.8 | | |

| SGD | | | 39.8 | | | | | | 16.9 | | | 12.2 | | | — | | |

During 2023, the loss recorded in other expense (income) related to these options was $1.3 million.

Our Proprietary Products reportable segment offers elastomers & primary containment, drug delivery devices, integrated [removed: solutions,] [added: systems,] and analytical lab services, primarily to biologic, generic, and pharmaceutical drug customers.

This segment’s product portfolio also includes drug containment [removed: solutions, including Crystal Zenith, a cyclic olefin polymer,] [added: solutions] in the form of vials, [removed: syringes] [added: syringes, plungers] and cartridges.

This reportable segment has manufacturing facilities in North and South America, Europe, and Asia, with affiliated companies in [removed: Mexico] [added: Japan] and [removed: Japan.][added: Mexico.]

Please refer to Item 2, [removed: *[Properties](#i49e2ff7fe3d645928760b377ff76974e_28)*,] [added: *[Properties](#ie5ca3220e52a4aebae91cffcff4a7b89_28)*,] for additional information on our manufacturing and other sites.

Sales outside of the U.S. accounted for [removed: 57.5%] [added: 56.7%] of our [added: consolidated] net sales in [removed: 2024.][added: 2025.]

See further discussion of our international operations, the risks associated with our international operations, and our attempt to minimize some of these risks in Part I, Item 1A, *[Risk [removed: Factors](#i49e2ff7fe3d645928760b377ff76974e_19);*] [added: Factors](#ie5ca3220e52a4aebae91cffcff4a7b89_19);*] Part II, Item 7, *[Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i49e2ff7fe3d645928760b377ff76974e_49)*] [added: Operations](#ie5ca3220e52a4aebae91cffcff4a7b89_49)*] under the caption *Financial Condition, Liquidity and Capital Resources;* Part II, Item 7A, *[Quantitative and Qualitative Disclosures About Market [removed: Risk](#i49e2ff7fe3d645928760b377ff76974e_58);*] [added: Risk](#ie5ca3220e52a4aebae91cffcff4a7b89_58);*] Note 1, *[Basis of Presentation and Summary of Significant Accounting [removed: Policies](#i49e2ff7fe3d645928760b377ff76974e_82)*] [added: Policies](#ie5ca3220e52a4aebae91cffcff4a7b89_82)*] under the captions *Financial Instruments* and *Foreign Currency Translation;* and Note 11, *[Derivative Financial [removed: Instruments](#i49e2ff7fe3d645928760b377ff76974e_112)*.][added: Instruments](#ie5ca3220e52a4aebae91cffcff4a7b89_118)*.]

We use three [removed: basic] [added: primary] raw materials in the manufacture of our products: elastomers, aluminum and plastic.

We currently have access to adequate supplies of these raw materials to meet our production needs through [added: robust] agreements with [removed: suppliers.][added: suppliers, supported by a dedicated supplier performance and supplier relationship management framework.]

We are required to carry significant amounts of inventory to meet customer [removed: requirements.][added: requirements, which is managed using a critical material planning process within supply chain.]

Due to [added: quality and] regulatory control over our production processes, [removed: sole] [added: single] source availability, and the [removed: cost] [added: quality] and [removed: time involved] [added: regulatory burden required] in qualifying suppliers, we rely on single-source suppliers for [removed: many] [added: certain] critical raw materials.

We [removed: generally] purchase certain raw materials in the open [added: commodities] market and therefore the results of our operations may be affected by price fluctuations.

*[Risk [removed: Factors](#i49e2ff7fe3d645928760b377ff76974e_19)*.][added: Factors](#ie5ca3220e52a4aebae91cffcff4a7b89_19)*.]

Regulatory authorities, including regulatory review and oversight, can impact [added: on] the time and cost associated with the development and continued availability of our products, and they have the authority to take various administrative and legal actions against West.

Compliance with existing and forthcoming laws and regulations can be costly and [removed: time consuming,] [added: time-consuming,] and may require changes to our information technologies, systems and practices.

Compliance with these laws, rules and regulations did not require material capital expenditures in [removed: 2024] [added: 2025] and is not expected to have a material effect on our capital expenditures, results of operations and competitive position in [removed: 2025 as compared to prior periods.][added: 2026.]

*[Risk [removed: Factors](#i49e2ff7fe3d645928760b377ff76974e_19).*"] [added: Factors](#ie5ca3220e52a4aebae91cffcff4a7b89_19).*"] There were no required material capital expenditures for adherence to our government-led regulatory standards in our facilities in [removed: 2024] [added: 2025] outside the normal course of business, and there are currently no needed or planned material expenditures for [removed: 2025.][added: 2026.]

There were no required material capital expenditures for environmental controls in our facilities in [removed: 2024] [added: 2025] and there are currently no needed or planned material expenditures for [removed: 2025.][added: 2026.]

Our ten largest customers accounted for [removed: 43.4%] [added: 47.6%] of our consolidated net sales in [removed: 2024,] [added: 2025,] and one of these [removed: customers,] [added: customers] individually accounted for more than 10% of consolidated net sales, at [removed: 12.3%] [added: 15.8%] or [removed: $356.4] [added: $485.9] million, contributing to net sales in both the Proprietary and Contract Manufacturing reporting segments.

Please refer to Note 3, [removed: *[Revenue](#i49e2ff7fe3d645928760b377ff76974e_88)*,] [added: *[Revenue](#ie5ca3220e52a4aebae91cffcff4a7b89_88)*,] and Note 19, *[Segment [removed: Information](#i49e2ff7fe3d645928760b377ff76974e_136)*,] [added: Information](#ie5ca3220e52a4aebae91cffcff4a7b89_172)*,] for additional information on our consolidated net sales.

With our range of proprietary technologies, we compete with several [removed: companies] [added: companies, such as Datwyler and Aptar,] across our Proprietary Products product lines.

The competition [added: for device manufacturing] varies from smaller regional companies [added: such as SMC Ltd.] to large global assembly [removed: manufacturers.][added: manufacturers such as Phillips Medisize.]

We seek to differentiate ourselves by leveraging our global capabilities and reputation and by employing new technologies such as high-speed automated assembly, insert-molding, multi-shot precision molding, [removed: and] expertise with multiple-piece closure [removed: systems.][added: systems, and more recently scalable drug packaging and assembly solutions, which expands our competitive set to include CMO’s such as Sharp and PCI Pharma Services.]

New products that we develop may require separate approval as medical devices, and products that are intended to be used in the packaging and delivery of pharmaceutical products are subject to both customer acceptance of our products and regulatory approval of the [removed: customer’s] [added: customers'] products following our development period.

As of December 31, [removed: 2024,] [added: 2025,] we employed approximately [removed: 10,600] [added: 10,800] people, excluding contractors and temporary workers, in our operations throughout the world.

| North America | | | [removed: 44%] [added: 43%] | | |

As of December 31, [removed: 2024,] [added: 2025,] the following table presents the approximate percentage of our employees by [removed: business unit:][added: function:]

| Corporate | | | [removed: 6%] [added: 10%] | | |

We offer resources such as our tuition reimbursement program and our online learning catalog, with more than [removed: 46,000] [added: 50,000] courses available.

Our focus on talent acquisition, performance management, resource planning and [removed: leadership assessment are] [added: management development is] strongly aligned with our inclusion, collaboration, and innovation strategies, all of which lead to more opportunities, better access to talent and stronger business performance.

West has been committed to [removed: ESG] [added: sustainability] topics for many years.

Our [removed: ESG program] [added: sustainability team, which is led by our General Counsel,] includes [removed: a senior-level] cross-functional [removed: ESG team which] [added: collaboration and] has been working with executive leadership, our board and other stakeholders to enhance our [removed: ESG] [added: sustainability] framework and ensure alignment with our corporate mission, vision and values.

Our long-term strategic priorities include focus on talent attraction, retention and engagement; a climate and greenhouse gas ("GHG") reduction strategy that incorporates renewable energy and reduced absolute [removed: and intensity] emissions; developing a more sustainable and responsible supply chain; research and development that [removed: focuses on issues of sustainability including secondary packaging, beneficial reuse and recyclability;] [added: begins to incorporate sustainability;] and, [removed: reduction of] [added: reducing] waste [added: to landfill] and [added: lowering] water [added: intensity] in our operational processes.

These areas of focus are in addition to our commitments to safety, quality, business continuity, [removed: as well as] [added: and] business compliance and integrity.

We [removed: are also expanding] [added: have expanded] our philanthropic scope to include more sustainability related initiatives.

We solicit input from a variety of stakeholders including employees, customers, and suppliers on ways to improve in these and other [removed: ESG] [added: sustainability] areas and see continued progress in these areas as critical to maintaining an engaged and responsible workforce.

In Part III of this Form 10-K, we incorporate by reference certain information from parts of other documents filed with the SEC and from our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders [removed: (“2025] [added: (“2026] Proxy Statement”), which will be filed with the SEC within 120 days following the end of our [removed: 2024] [added: 2025] fiscal year.

Our [removed: 2025] [added: 2026] Proxy Statement will be available on our website under the caption *Investors - Financial - Annual Reports & Proxy* when complete.

Please refer to Item 2, *[Properties](#ie5ca3220e52a4aebae91cffcff4a7b89_28)*, for additional information on our manufacturing and other sites.

In such circumstances, we deploy a range of cross-functional resources to manage the existing supplier relationship and to profile and manage the supply disruption risk.

| Europe | | | 42% | | |

| Proprietary Products | | | 73% | | |

| Contract-Manufactured Products | | | 17% | | |

| | | | | | |

| | | | | | |

As of December 31, 2025, approximately 37% of our full-time employees were female.

Corporate Sustainability Commitment

During 2025, our focus was navigating a dynamic compliance environment, given the increased requirements and uncertainty surrounding regulations such as the EU Deforestation Regulation, and on advancing our long-term strategic priorities.

In 2024, more than 170 utility and design patents were issued to West across the globe.

During 2024, West hired approximately 1,800 new team members and experienced an attrition rate of approximately 17%.

| Europe | | | 41% | | |

| Global Operations | | | 84% | | |

| Sales and Marketing | | | 4% | | |

| Digital & Technology (D&T) | | | 4% | | |

| Research & Development | | | 2% | | |

As of December 31, 2024, we had the following global gender demographics:

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Men | | | Women | | |

| West Global Employees | | | 63% | | | 37% | | |

Every team member is required to undergo Code of Conduct and mutual respect in the workplace training annually.

Environmental, Social and Governance (“ESG”) Commitment

During 2024, we continued to increase internal and external awareness of our ESG commitment by expanding our education and communication regarding our ESG program and initiatives and more closely integrating ESG considerations into our business processes.

Going forward, the ESG program will have an increased focus on compliance, given the increased regulatory requirements, as well as advancing our long-term strategic priorities.

From time to time, we are involved in various proceedings, lawsuits, disputes and claims arising in the ordinary course of the Company’s business, whether that be matters involving commercial operations, product liability, intellectual property or employment actions, including class action lawsuits.

We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated based on circumstances and assumptions existing at the time.

The outcome of such claims cannot be predicted with certainty and one or more unfavorable outcomes in any claim or litigation against us could have a material adverse effect on our business, financial condition, results of operations or liquidity for the period in which they are resolved.

*Securities Class Action*

On May 5, 2025, New England Teamsters Pension Fund filed a class action against us and certain of our current and former officers in the United States District Court for the Eastern District of Pennsylvania, purportedly on behalf of a class of the Company’s investors who purchased or otherwise acquired the Company’s common stock between February 16, 2023 and February 12, 2025.

On July 23, 2025, the court appointed lead plaintiffs in the action.

On October 15, 2025, the lead plaintiffs filed an amended complaint.

The amended complaint alleges violations of Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder in connection with 1) various public statements made by the Company and certain current and former officers regarding its business, operations and prospects and 2) certain current and former officers' transactions in the Company's stock.

The action seeks unspecified damages, costs and expenses, including attorneys’ fees.

On December 18, 2025, the defendants filed their first motion to dismiss the amended complaint.

We believe the claims in the amended complaint are without merit and we intend to vigorously defend against such claims.

Given the nature of the case, including that the proceedings are in their early stages, we are unable at this time to reasonably estimate losses, if any, or form a judgment that an unfavorable outcome is either probable or remote.

None.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, [removed: 2024] [added: 2025] was approximately [removed: $23.9] [added: $15.7] billion based on the closing price as reported on the New York Stock Exchange.

As of [removed: February 6, 2025,] [added: January 29, 2026,] there were [removed: 72,303,766] [added: 72,021,491] shares of the registrant’s common stock outstanding.

| Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K. | | | Part III | | |

| [PART [removed: I](#i49e2ff7fe3d645928760b377ff76974e_13)] [added: I](#ie5ca3220e52a4aebae91cffcff4a7b89_13)] | | | | | | Page | | |

| [ITEM [removed: 1.](#i49e2ff7fe3d645928760b377ff76974e_16)] [added: 1.](#ie5ca3220e52a4aebae91cffcff4a7b89_16)] | | | [removed: [BUSINESS](#i49e2ff7fe3d645928760b377ff76974e_16)] [added: [BUSINESS](#ie5ca3220e52a4aebae91cffcff4a7b89_16)] | | | [removed: [4](#i49e2ff7fe3d645928760b377ff76974e_16)] [added: [4](#ie5ca3220e52a4aebae91cffcff4a7b89_16)] | | |

| [ITEM [removed: 1A.](#i49e2ff7fe3d645928760b377ff76974e_19)] [added: 1A.](#ie5ca3220e52a4aebae91cffcff4a7b89_19)] | | | [RISK [removed: FACTORS](#i49e2ff7fe3d645928760b377ff76974e_19)] [added: FACTORS](#ie5ca3220e52a4aebae91cffcff4a7b89_19)] | | | [removed: [11](#i49e2ff7fe3d645928760b377ff76974e_19)] [added: [10](#ie5ca3220e52a4aebae91cffcff4a7b89_19)] | | |

| [ITEM [removed: 1B.](#i49e2ff7fe3d645928760b377ff76974e_22)] [added: 1B.](#ie5ca3220e52a4aebae91cffcff4a7b89_22)] | | | [UNRESOLVED STAFF [removed: COMMENTS](#i49e2ff7fe3d645928760b377ff76974e_22)] [added: COMMENTS](#ie5ca3220e52a4aebae91cffcff4a7b89_22)] | | | [removed: [22](#i49e2ff7fe3d645928760b377ff76974e_22)] [added: [21](#ie5ca3220e52a4aebae91cffcff4a7b89_22)] | | |

| ITEM 1C. | | | [removed: [CYBERSECURITY](#i49e2ff7fe3d645928760b377ff76974e_25)] [added: [CYBERSECURITY](#ie5ca3220e52a4aebae91cffcff4a7b89_25)] | | | [removed: [23](#i49e2ff7fe3d645928760b377ff76974e_25)] [added: [23](#ie5ca3220e52a4aebae91cffcff4a7b89_25)] | | |

| [ITEM [removed: 2.](#i49e2ff7fe3d645928760b377ff76974e_28)] [added: 2.](#ie5ca3220e52a4aebae91cffcff4a7b89_28)] | | | [removed: [PROPERTIES](#i49e2ff7fe3d645928760b377ff76974e_28)] [added: [PROPERTIES](#ie5ca3220e52a4aebae91cffcff4a7b89_28)] | | | [removed: [24](#i49e2ff7fe3d645928760b377ff76974e_28)] [added: [24](#ie5ca3220e52a4aebae91cffcff4a7b89_28)] | | |

| [ITEM [removed: 3.](#i49e2ff7fe3d645928760b377ff76974e_31)] [added: 3.](#ie5ca3220e52a4aebae91cffcff4a7b89_31)] | | | [LEGAL [removed: PROCEEDINGS](#i49e2ff7fe3d645928760b377ff76974e_31)] [added: PROCEEDINGS](#ie5ca3220e52a4aebae91cffcff4a7b89_31)] | | | [removed: [25](#i49e2ff7fe3d645928760b377ff76974e_31)] [added: [24](#ie5ca3220e52a4aebae91cffcff4a7b89_31)] | | |

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| | | | [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#i49e2ff7fe3d645928760b377ff76974e_37)] [added: OFFICERS](#ie5ca3220e52a4aebae91cffcff4a7b89_37)] | | | [removed: [25](#i49e2ff7fe3d645928760b377ff76974e_37)] [added: [25](#ie5ca3220e52a4aebae91cffcff4a7b89_37)] | | |

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| ITEM 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#i49e2ff7fe3d645928760b377ff76974e_157)] [added: INSPECTIONS](#ie5ca3220e52a4aebae91cffcff4a7b89_202)] | | | [removed: [89](#i49e2ff7fe3d645928760b377ff76974e_157)] [added: [87](#ie5ca3220e52a4aebae91cffcff4a7b89_202)] | | |

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| [ITEM [removed: 16.](#i49e2ff7fe3d645928760b377ff76974e_184)] [added: 16.](#ie5ca3220e52a4aebae91cffcff4a7b89_232)] | | | [FORM 10-K [removed: SUMMARY](#i49e2ff7fe3d645928760b377ff76974e_184)] [added: SUMMARY](#ie5ca3220e52a4aebae91cffcff4a7b89_232)] | | | [removed: [96](#i49e2ff7fe3d645928760b377ff76974e_184)] [added: [94](#ie5ca3220e52a4aebae91cffcff4a7b89_232)] | | |

Information in this Form 10-K is current as of February [removed: 18, 2025,] [added: 17, 2026,] unless otherwise specified.

| [PART II](#ie5ca3220e52a4aebae91cffcff4a7b89_40) | | | | | | | | |

| [PART III](#ie5ca3220e52a4aebae91cffcff4a7b89_205) | | | | | | | | |

| [PART IV](#ie5ca3220e52a4aebae91cffcff4a7b89_223) | | | | | | | | |

| [SIGNATURES](#ie5ca3220e52a4aebae91cffcff4a7b89_235) | | | | | | [95](#ie5ca3220e52a4aebae91cffcff4a7b89_235) | | |

| [PART II](#i49e2ff7fe3d645928760b377ff76974e_40) | | | | | | | | |

| [PART III](#i49e2ff7fe3d645928760b377ff76974e_160) | | | | | | | | |

| [PART IV](#i49e2ff7fe3d645928760b377ff76974e_178) | | | | | | | | |

| [SIGNATURES](#i49e2ff7fe3d645928760b377ff76974e_187) | | | | | | [97](#i49e2ff7fe3d645928760b377ff76974e_187) | | |

As of the filing of this Form 10-K, there were no unresolved comments from the Staff of the SEC.

[removed: *Risk] [added: *Our Cybersecurity Risk] Management [removed: and] [added: Governance] Strategy*

We follow the National Institute of Standards and Technology [removed: (“NIST”)] Cybersecurity Framework [removed: (“CSF”)] with layered security controls to help identify, protect against, detect, respond to, and recover from [removed: cyber-attacks.][added: cyber attacks.]

[removed: For example, our Cybersecurity Incident Response Plan] [added: This plan] clearly defines roles and responsibilities for the investigation of and response to information security incidents to minimize disruption of critical computing services and operations and prevent the loss or theft of sensitive or mission-critical information.

[removed: Our] [added: This] plan covers various cyber incidents like ransomware attacks, cyber-intrusions, data loss, denial of service, insider threats, malware attacks, and others.

In a material cybersecurity incident, our D&T team, inclusive of our Chief [removed: Information] [added: Digital] Officer and our VP of [added: D&T,] Cybersecurity and Infrastructure [added: and Site] Support, [added: would] address the threat via established escalation procedures, roles, [removed: responsibilities,] [added: responsibilities] and communication.

Any cybersecurity incident that is declared as a crisis would follow our global Incident and Crisis Response and Management Procedure, which includes escalation to the West Leadership Team and [removed: Board of Directors, as deemed necessary pending] the [removed: materiality] [added: Board] of [removed: the incident.][added: Directors.]

In addition, we retain an external cybersecurity consultancy company to assist [removed: when] [added: with] a cybersecurity event [removed: arises,] as needed [removed: and, in addition we] [added: and] maintain appropriate cybersecurity liability insurance.

Our cybersecurity defenses also utilize [added: robust] technologies [removed: such as next generation firewalls, Zero Trust architecture, intrusion detection and prevention measures, anti-malware software, advance threat protection, multifactor authentication, network segmentation and encryption] to ensure the security of [removed: West] [added: West’s] intellectual [removed: properties,] [added: properties and] customer and vendor data.

In addition, we have a dedicated [removed: 24-by-7] [added: 24/7] Security Operations Center to facilitate the monitoring of the Company's cybersecurity landscape and associated applications.

The cybersecurity program is led by our [removed: Chief Information Officer and our VP] [added: Vice President] of [added: Digital & Transformation (“D&T”),] Cybersecurity and Infrastructure [added: and Site] Support, who [removed: provide] [added: provides regular reports to senior Management,] periodic updates to the Audit [removed: Committee of our Board of Directors,] [added: Committee, and at least] annual updates to the Board of [removed: Directors, and regular reports to the West Leadership Team about the program, including information about cyber risk management governance and the status of ongoing efforts to strengthen cybersecurity effectiveness.][added: Directors.]

The Company has implemented the Committee of Sponsoring Organizations (“COSO”) Enterprise Risk Management (“ERM”) Framework, which provides a comprehensive view of the risks and opportunities relevant to our business portfolio, confirming that they are appropriately identified, measured, managed, and monitored.

The COSO ERM Framework also applies to cybersecurity risk.

Another example is our Cybersecurity Incident Response Plan.

The Company has implemented the Committee of Sponsoring Organizations (“COSO”) Enterprise Risk Management (“ERM”) Framework, which outlines the process by which an organization can view any risk by way of governance and culture, integration into strategy, risk assessments, reviewing capabilities and practices, and monitoring and reporting.

This process would apply to the cybersecurity risk as it would any of the other enterprise risks.

Training also includes how to recognize, report and properly respond to phishing and social engineering schemes.

Multiple phishing simulation exercises are conducted throughout the year to increase cybersecurity awareness.

*Governance*

Our approach to cybersecurity begins with our responsibility for strong governance and controls.

Security begins at the top of our organization, where Company leadership consistently communicates the requirements for vigilance and compliance throughout the organization, and then leads by example.

Our diligence and assessment extend beyond West, as the Company performs a cybersecurity assessment when third-party vendors and service providers are onboarded.

Throughout the year, we monitor the effectiveness of our third-party vendors' and service providers' control environment, assessing any impact to our Company.

Additionally, our ERM program enables a portfolio view of the risks inherent in our business, including cybersecurity.

The ERM function monitors and reports on these top risks with periodic updates to the Audit Committee and our Board of Directors, annual updates to the Board of Directors, and regular reporting to the West Leadership Team on risk mitigation and response efforts.

Security controls and processes are developed and maintained to protect sensitive and confidential information while ensuring availability and integrity.

| | | | | | | Tempe, AZ (2) | | | | | | [removed: Contract Manufactured] [added: Proprietary] Products and [removed: Proprietary] [added: Contract Manufactured] Products | | |

| | | | | | | Williamsport, PA | | | | | | [added: Proprietary Products and] Contract Manufactured Products | | |

| | | | | | | Dublin [added: (1)] (2) | | | | | | Contract Manufactured Products | | |

| Singapore | | | | | | Jurong [added: (1)] (2) | | | | | | Proprietary Products | | |

| India | | | | | | Bangalore [added: (1)] (2) | | | | | | Proprietary [removed: Products,] [added: Products and] Contract Manufactured Products | | |

Our Proprietary Products reportable segment leases facilities located in Scottsdale, AZ, Radnor, PA, Germany, [removed: and] Israel [added: and Taiwan] for research and development, as well as other activities.

| | | | | | | Greenfield, IN (2) | | | | | | Contract Manufactured Products | | |

| | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| Annette F. Favorite | | | [removed: 60] [added: 61] | | | Senior Vice President and Chief Human Resources Officer since October 2015. Prior to joining West, she spent more than 25 years at IBM Corporation, an information technology services company, in a number of strategic and global human resources roles, including Vice President, Global Talent Management, Vice President of Human Resources for Worldwide Software Sales, and Human Resources Leader for the company’s Southwest European Region, based out of Spain. | | |

| Eric M. Green | | | [removed: 55] [added: 56] | | | Chair of the Board since May 2022. Chief Executive Officer since April 2015 and President since December 2015. Prior to joining West, he was Executive Vice President and President of the Research Markets business unit at Sigma-Aldrich Corporation from 2013 to 2015. From 2009 to 2013, he served as Vice President and Managing Director, International, where he was responsible for Asia Pacific and Latin America, and prior thereto, held various commercial and operational roles. [added: He has also served as an Independent Director at Ecolab, Inc. since 2022.] | | |

| Chad R. Winters | | | [removed: 46] [added: 47] | | | Vice President, Finance & Chief Accounting Officer since February 2024. Vice President, Chief Accounting Officer and Corporate Controller from May 2020 to February 2024. Vice President and Corporate Controller from October 2019 to May 2020. Prior to joining West, he served as Senior Vice President of Finance & Accounting and Controller of Amneal Pharmaceuticals, Inc., a specialty pharmaceutical company. Prior to Amneal, he held roles of increasing responsibility at the Chemours Company, UGI Corporation, and PricewaterhouseCoopers LLP. | | |

| Shane A. Campbell | | | 45 | | | Chief Proprietary Segment Officer since May 2025. Prior to joining West, he served as the Chief Commercial Officer of the Construction Materials business at Carlisle Companies Inc., a supplier of construction products. Prior to Carlisle, Mr. Campbell spent 20 years at DuPont, a global chemical company, and served in a number of senior global leadership roles. | | |

| Norman D. Finch Jr. | | | 61 | | | Senior Vice President, General Counsel and Corporate Secretary since December 2025. Prior to joining West, he served as a legal, compliance, investment and HR advisor to start-up healthcare technology companies. Previously, he served as the SVP, General Counsel and Secretary for Illinois Tool Works Inc., overseeing the global legal function and serving as the primary legal advisor to the chief executive officer, the organization’s senior management team, and the Board of Directors. In addition, Mr. Finch held senior legal roles at Sealed Air Corporation as VP, General Counsel, Secretary and Human Resources and Zimmer Holdings, Inc. (now Zimmer Biomet) as VP, Associate General Counsel and Chief Compliance Officer. He began his law career at Fulbright & Jaworski (now Norton Rose Fulbright), serving in the pharmaceutical and medical device practice group. | | |

| Robert W. McMahon | | | 56 | | | Senior Vice President & Chief Financial Officer since August 2025. Prior to joining West, he served as the Chief Financial Officer of Agilent Technologies Inc, a provider in application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow. At Agilent, he was responsible for finance, audit, treasury, tax, investor relations, IT and procurement. From 2014 to 2018, Mr. McMahon served as Chief Financial Officer at Hologic, Inc, a developer, manufacturer and supplier of diagnostics products, medical imaging systems, and surgical products. Prior to Hologic, Mr. McMahon spent 20 years with Johnson & Johnson, a biotechnology, medical technology, and pharmaceutical manufacturer, in various executive financial roles of increasing responsibility. He has also served as an Independent Director at OraSure Technologies, Inc. since 2023. | | |

| Rudy J. Poussot | | | 48 | | | Senior Vice President, Strategy and Corporate Development since November 2023. Prior to joining West, Mr. Poussot served as the Director of Health Strategy, Business Operations at Google, a technology company, for the last three years. Prior to Google, Mr. Poussot has served for over 20 years in positions of increasing responsibility at a variety of companies including Illumina, Inc., Cardinal Health and McKinsey & Company. | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Bernard J. Birkett | | | 56 | | | Senior Vice President and Chief Financial Officer since April 2024. Senior Vice President and Chief Financial and Operations Officer from July 2022 to April 2024. Senior Vice President and Chief Financial Officer from June 2018 to July 2022. In addition, Treasurer from June 2018 to December 2019 and Principal Accounting Officer from October 2019 to April 2020. Prior to joining West, he spent more than 20 years at Merit Medical Systems, Inc., a leading manufacturer of disposable medical devices, where he served in a number of senior global leadership roles, including Chief Financial Officer and Treasurer, Controller for Europe, Middle East and Africa (EMEA) and Vice President of International Finance. | | |

| Kimberly Banks MacKay | | | 59 | | | Senior Vice President, General Counsel and Corporate Secretary since December 2020. Prior to joining West, from April 2019 to November 2020, she served as Senior Vice President, General Counsel and Corporate Secretary at the Segal Group in New York, a privately held firm specializing in employee benefits and investment consulting. Prior to Segal, she served for over 15 years in a variety of Legal leadership roles for Novartis, a global healthcare company, including Head of U.S. Legal for Novartis Business Service. | | |

| Cindy Reiss-Clark | | | 51 | | | Chief Commercial Officer since May 2022. Senior Vice President, Global Markets and Commercial Solutions since November 2019. Vice President and General Manger Biologics Market Unit from September 2018 to November 2019. Prior to joining West, she served as Senior Vice President of Global Marketing at Lonza Pharma and Biotech, a leading Contract Development and Manufacturing Business from October 2017 to July 2018. From January 2016 to September 2017, served as Lonza Pharma and Biotech, Senior Vice President of Global Sales. Prior to Lonza, she served for over 15 years in a variety of Commercial leadership roles at SAFC, a division of Sigma-Aldrich Company. | | |

Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “WST.” As of [removed: February 6, 2025,] [added: January 29, 2026,] we had [removed: 523] [added: 468] shareholders of record, which excludes beneficial owners whose shares were held by brokerage firms, depositaries and other institutional firms in “street names” for their customers.

We paid a quarterly dividend of [removed: $0.19] [added: $0.20] per share on our common stock in each of the first three quarters of [removed: 2023; $0.20] [added: 2024; $0.21] per share in the fourth quarter of [removed: 2023] [added: 2024] and each of the first three quarters of [removed: 2024;] [added: 2025;] and [removed: $0.21] [added: $0.22] per share in the fourth quarter of [removed: 2024.][added: 2025.]

[removed: The following table shows information with respect to purchases of our common stock made during] [added: During] the three months ended December 31, [removed: 2024] [added: 2025, there were no purchases of our common stock made] by us or any of our “affiliated purchasers” as defined in Rule 10b-18(a)(3) under the Exchange [removed: Act:][added: Act.]

The following performance graph compares the cumulative total return to holders of our common stock with the cumulative total return of the Standard & Poor’s 500 Index (“S&P 500”) and the Standard & Poor's 500 Health Care Index, for the five years ended December 31, [removed: 2024.][added: 2025.]

The cumulative shareholder return on our common stock is based on an investment of $100 on December 31, [removed: 2019] [added: 2020] and is compared to the cumulative total return of the S&P indices mentioned above over the period with a like amount invested.

[removed: ][added: ]

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | | | | Total number of shares purchased (1) | | | | | | Average price paid per share (1) | | | | | | Total number of shares purchased as part of publicly announced plans or programs (1) | | | | | | Approximate dollar value of shares that may yet be purchased under the plans or programs (1) | | |

| October 1 - 31, 2024 | | | | | | 65,531 | | | | | | $ | 297.81 | | | | | 65,531 | | | | | | $ | 35,700,000 | |

| November 1 - 30, 2024 | | | | | | 52,917 | | | | | | 321.15 | | | | | | 52,917 | | | | | | 18,700,000 | | |

| December 1 - 31, 2024 | | | | | | 54,798 | | | | | | 326.64 | | | | | | 54,798 | | | | | | 800,000 | | |

| Total | | | | | | 173,246 | | | | | | $ | 314.06 | | | | | 173,246 | | | | | | $ | 800,000 | |

(1) In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock.

The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions.

The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions.

During the three months ended December 31, 2024, we purchased 173,246 shares of our common stock under the program at a cost of $54.4 million, or an average price of $314.06 per share.

During the year ended December 31, 2024, we purchased 1,583,032 shares of our common stock under the program at a cost of $560.9 million, or an average price of $354.30 per share.

*Five year total return data obtained from NASDAQ IR Insight

West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

| | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net sales | | | | | | $ | [removed: 2,893.2] [added: 3,074.1] | | | | | $ | [removed: 2,949.8] [added: 2,893.2] | | | | | $ | [removed: 2,886.9] [added: 2,949.8] | |

| Cost of goods and services sold | | | | | | [removed: 1,894.7] [added: 1,970.1] | | | | | | [removed: 1,820.6] [added: 1,894.7] | | | | | | [removed: 1,750.7] [added: 1,820.6] | | |

| Gross profit | | | | | | [removed: 998.5] [added: 1,104.0] | | | | | | [removed: 1,129.2] [added: 998.5] | | | | | | [removed: 1,136.2] [added: 1,129.2] | | |

| Research and development | | | | | | [removed: 69.1] [added: 74.3] | | | | | | [removed: 68.4] [added: 69.1] | | | | | | [removed: 58.5] [added: 68.4] | | |

| Selling, general and administrative expenses | | | | | | [removed: 338.5] [added: 393.6] | | | | | | [removed: 353.4] [added: 338.5] | | | | | | [removed: 316.9] [added: 353.4] | | |

| Other expense (income) (Note 16) | | | | | | [removed: 21.0] [added: 51.2] | | | | | | [removed: 31.4] [added: 21.0] | | | | | | [removed: 26.8] [added: 31.4] | | |

| Operating profit | | | | | | [removed: 569.9] [added: 584.9] | | | | | | [removed: 676.0] [added: 569.9] | | | | | | [removed: 734.0] [added: 676.0] | | |

| Interest expense | | | | | | [removed: 3.0] [added: 0.5] | | | | | | [removed: 9.0] [added: 3.0] | | | | | | [removed: 7.9] [added: 9.0] | | |

| Interest income | | | | | | [removed: (19.6)] [added: (17.5)] | | | | | | [removed: (28.0)] [added: (19.6)] | | | | | | [removed: (5.1)] [added: (28.0)] | | |

| Other nonoperating expense (income) | | | | | | 1.0 | | | | | | [removed: (3.0)] [added: 1.0] | | | | | | [removed: 51.3] [added: (3.0)] | | |

| Income before income taxes and equity in net income of affiliated companies | | | | | | [removed: 585.5] [added: 600.9] | | | | | | [removed: 698.0] [added: 585.5] | | | | | | [removed: 679.9] [added: 698.0] | | |

| Income tax expense | | | | | | [removed: 107.5] [added: 121.6] | | | | | | [removed: 122.3] [added: 107.5] | | | | | | [removed: 114.7] [added: 122.3] | | |

| Equity in net income of affiliated companies | | | | | | [removed: (14.7)] [added: (14.4)] | | | | | | [removed: (17.7)] [added: (14.7)] | | | | | | [removed: (20.7)] [added: (17.7)] | | |

| Net income | | | | | | $ | [removed: 492.7] [added: 493.7] | | | | | $ | [removed: 593.4] [added: 492.7] | | | | | $ | [removed: 585.9] [added: 593.4] | |

| Basic | | | | | | $ | [removed: 6.75] [added: 6.83] | | | | | $ | [removed: 7.98] [added: 6.75] | | | | | $ | [removed: 7.87] [added: 7.98] | |

| Diluted | | | | | | $ | [removed: 6.69] [added: 6.79] | | | | | $ | [removed: 7.88] [added: 6.69] | | | | | $ | [removed: 7.73] [added: 7.88] | |

| Basic | | | | | | [removed: 73.0] [added: 72.3] | | | | | | [removed: 74.3] [added: 73.0] | | | | | | [removed: 74.4] [added: 74.3] | | |

| Diluted | | | | | | [removed: 73.7] [added: 72.7] | | | | | | [removed: 75.3] [added: 73.7] | | | | | | [removed: 75.8] [added: 75.3] | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net income | | | $ | [removed: 492.7] [added: 493.7] | | | | | $ | [removed: 593.4] [added: 492.7] | | | | | $ | [removed: 585.9] [added: 593.4] | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] net of tax: | | | | | | | | | | | | | | | | | |

| Foreign currency translation adjustments, net of tax of [added: $0.0,] $3.6, [removed: $1.0,] and [removed: $2.2] [added: $1.0] | | | [removed: (112.3)] [added: 149.2] | | | | | | [removed: 39.4] [added: (112.3)] | | | | | | [removed: (47.3)] [added: 39.4] | | |

| Net actuarial gain [removed: (loss)] arising during period, net of tax of [added: $0.9,] $0.3, [removed: $0.4,] and [removed: $(2.4)] [added: $0.4] | | | [removed: 1.1] [added: 2.1] | | | | | | [removed: 0.8] [added: 1.1] | | | | | | [removed: (9.3)] [added: 0.8] | | |

| Settlement effects arising during period, net of tax of $0.0, $0.0, and [removed: $20.3] [added: $0.0] | | | — | | | | | | [removed: 0.1] [added: —] | | | | | | [removed: 31.9] [added: 0.1] | | |

| Less: amortization of actuarial [removed: (gain) loss,] [added: gain,] net of tax of [added: $0.0,] $(0.2), [removed: $(0.4),] and [removed: $(0.1)] [added: $(0.4)] | | | [removed: (0.8)] [added: (0.4)] | | | | | | [removed: (1.3)] [added: (0.8)] | | | | | | [removed: (0.5)] [added: (1.3)] | | |

| Less: amortization of other, net of tax of $0.0, [removed: $(0.1),] [added: $0.0,] and [removed: $0.1] [added: $(0.1)] | | | — | | | | | | [removed: (0.3)] [added: —] | | | | | | [removed: 0.3] [added: (0.3)] | | |

| Net gain [removed: (loss)] on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, and $0.0 | | | [removed: 0.2] [added: 0.7] | | | | | | [removed: 0.7] [added: 0.2] | | | | | | [removed: 0.1] [added: 0.7] | | |

| Net [removed: (loss)] gain [added: (loss)] on derivatives, net of tax of [added: $0.5,] $(0.9), [removed: $0.0,] and [removed: $0.2] [added: $0.0] | | | [removed: (2.5)] [added: 1.0] | | | | | | [removed: (0.2)] [added: (2.5)] | | | | | | [removed: 1.4] [added: (0.2)] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] net of tax | | | [removed: (114.3)] [added: 152.6] | | | | | | [removed: 39.2] [added: (114.3)] | | | | | | [removed: (23.4)] [added: 39.2] | | |

| Comprehensive income | | | $ | [removed: 378.4] [added: 646.3] | | | | | $ | [removed: 632.6] [added: 378.4] | | | | | $ | [removed: 562.5] [added: 632.6] | |

West Pharmaceutical Services, Inc. and Subsidiaries at December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

| (in millions, except per share data) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 484.6] [added: 791.3] | | | | | $ | [removed: 853.9] [added: 484.6] | |

| Accounts receivable, net | | | [removed: 552.5] [added: 574.4] | | | | | | [removed: 512.0] [added: 552.5] | | |

| Inventories | | | [removed: 377.0] [added: 443.9] | | | | | | [removed: 434.7] [added: 377.0] | | |

| Other current assets | | | [removed: 124.0] [added: 168.6] | | | | | | [removed: 135.8] [added: 124.0] | | |

| Total current assets | | | [removed: 1,538.1] [added: 1,978.2] | | | | | | [removed: 1,936.4] [added: 1,538.1] | | |

| Property, plant and equipment | | | [removed: 2,985.8] [added: 3,223.4] | | | | | | [removed: 2,738.0] [added: 2,985.8] | | |

West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2025, 2024 and 2023

West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2025, 2024 and 2023

| Activity related to stock-based compensation | | | — | | | | | | — | | | | | | (22.1) | | | | | | (0.3) | | | | | | 78.9 | | | | | | (13.5) | | | | | | — | | | | | | 43.3 | | |

| Balance, December 31, 2025 | | | 75.3 | | | | | | $ | 18.8 | | | | | $ | — | | | | | 3.3 | | | | | | $ | (1,112.2) | | | | | $ | 4,374.9 | | | | | $ | (105.5) | | | | | $ | 3,176.0 | |

West Pharmaceutical Services, Inc. and Subsidiaries for the years ended December 31, 2025, 2024 and 2023

| Net income | | | $ | 493.7 | | | | | $ | 492.7 | | | | | $ | 593.4 | |

| ($ in millions) | | | 2025 | | | | | | 2024 | | |

| | | | $ | 443.9 | | | | | $ | 377.0 | |

Held for Sale Assets: In December 2025, 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 for approximately $112.5 million, subject to working capital and other adjustments.

The definitive agreement, which is subject to certain closing conditions, is expected to close in mid-2026.

In relation to this agreement, the carrying values of property, plant and equipment, net, inventories, operating lease right-of-use assets and goodwill of $39.1 million, $20.5 million, $1.2 million and $0.6 million, respectively, were classified as held for sale in our consolidated balance sheets as of December 31, 2025 and recorded within other current assets.

There were no liabilities classified as held for sale in relation to this agreement as of December 31, 2025.

All assets classified as held for sale as part of the agreement are within our Proprietary Products segment.

| Contract-Manufactured Products | | | 19 | | % | | | | 19 | | % | | | | 19 | | % | | | | | | | | | | | | |

As of December 31, 2025, performance obligations expected to be satisfied beyond one year were $1.8 million.

| Net income | | | $ | 493.7 | | | | | $ | 492.7 | | | | | $ | 593.4 | |

This program was completed during January 2025.

This program was completed during April 2025.

| | | | 2025 | | | | | | 2024 | | |

On February 17, 2026, the Company’s Board of Directors authorized a new share repurchase program for the purchase of up to $1.0 billion of the Company’s common stock in open-market transactions, block transactions, through derivative transactions, privately negotiated transactions, or otherwise, including pursuant to any trading plan entered into by the Company under Rule 10b5-1 of the Exchange Act.

The share repurchase program will commence as soon as reasonably practical but does not obligate the Company to acquire any particular amount of common stock, has no expiration date and it may be suspended or terminated at any time.

| | | | | | | | | | $ | 3,223.4 | | | | | $ | 2,985.8 | |

The following table shows the weighted average remaining lease terms and discount rates for our operating and finance leases as of December 31:

| (in years) | | | 2025 | | | | | | 2024 | | |

| Weighted average remaining lease term: | | | | | | | | | | | |

| Operating leases | | | 8.3 | | | | | | 8.3 | | |

| Finance leases | | | 4.4 | | | | | | 6.3 | | |

| Weighted average discount rate: | | | | | | | | | | | |

| Operating leases | | | 4.67 | | % | | | | 3.99 | | % |

| Finance leases | | | 4.15 | | % | | | | 4.80 | | % |

| 2026 | | | $ | 27.4 | | | | | $ | 1.5 | |

| 2027 | | | 21.0 | | | | | | 1.5 | | |

| 2028 | | | 20.1 | | | | | | 1.1 | | |

| 2029 | | | 14.8 | | | | | | 0.5 | | |

| 2030 | | | 10.3 | | | | | | 0.4 | | |

| Thereafter | | | 52.8 | | | | | | 0.5 | | |

| | | | 146.4 | | | | | | 5.5 | | |

| ($ in millions) | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | | | | | | |

| ($ in millions) | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Notes payable and other current debt | | | $ | — | | | | | $ | 134.0 | |

| Balance, December 31, 2021 | | | 75.3 | | | | | | $ | 18.8 | | | | | $ | 249.0 | | | | | 1.1 | | | | | | $ | (229.5) | | | | | $ | 2,456.7 | | | | | $ | (159.6) | | | | | $ | 2,335.4 | |

| Activity related to stock-based compensation | | | — | | | | | | — | | | | | | (16.8) | | | | | | (0.5) | | | | | | 61.4 | | | | | | — | | | | | | — | | | | | | 44.6 | | |

| Debt issuance cost | | | — | | | | | | — | | | | | | (1.2) | | |

| | | | $ | 377.0 | | | | | $ | 434.7 | |

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU") No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses and enhancement of interim disclosure requirements.

This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024.

We are currently evaluating the impact of this guidance on our financial statements and disclosures, but we do not expect the adoption to have a material impact on the consolidated financial statements other than the expanded footnote disclosure.

The share repurchase program did not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions.

The number of shares to be repurchased and the timing of such transactions depended on a variety of factors, including market conditions.

This share repurchase program is expected to be completed by December 31, 2025.

| | | | | | | | | | $ | 2,985.8 | | | | | $ | 2,738.0 | |

As of December 31, 2023, finance leases were not material.

| | | | | | | | | | December 31, | | |

As of December 31, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 8.3 years and 9.8 years.

As of December 31, 2024, the weighted average remaining lease term for finance leases was 6.3 years.

As of December 31, 2024, the weighted average discount rate for finance leases was 4.80%.

| 2025 | | | $ | 23.4 | | | | | $ | 0.9 | |

| 2026 | | | 20.7 | | | | | | 0.9 | | |

| 2028 | | | 14.9 | | | | | | 0.5 | | |

| 2029 | | | 11.5 | | | | | | 0.1 | | |

| Thereafter | | | 26.3 | | | | | | — | | |

| | | | 113.1 | | | | | | 3.3 | | |

| | | | December 31, | | | | | | December 31 | | |

| | | | | | | December 31, | | | | | | December 31 | | |

| Balance, December 31, 2022 | | | $ | 77.9 | | | | | $ | 29.4 | | | | | $ | 107.3 | |

| | | | $ | 76.1 | | | | | $ | (65.3) | | | | | $ | 10.8 | | | | | $ | 76.8 | | | | | $ | (61.7) | | | | | $ | 15.1 | |

| Term Loan, due December 31, 2024 (6.32%) | | | — | | | | | | 81.0 | | |

| Series B notes, due July 5, 2024 (3.82%) | | | — | | | | | | 53.0 | | |

As of December 31, 2024 and 2023, there were unamortized debt issuance costs remaining of $0.1 million and $0.1 million, respectively, which are being amortized as additional interest expense over the term of the Notes.

As of December 31, 2024 the total amount of these forward exchange contracts was Singapore Dollar ("SGD") 421.9 million and $13.4 million.

As of December 31, 2023 the total amount of these forward exchange contracts was SGD 601.5 million and $13.4 million.

We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed at various times throughout 2023 and 2024.

As of December 31, 2024, the total amount of these forward exchange contracts was Euro ("EUR") 145.3 million and $47.1 million.

As of December 31, 2023, the total amount of these forward exchange contracts was EUR 278.6 million and SGD 94.0 million.

| EUR | | | 20.8 | | | | | | 22.9 | | | — | | | — | | |

| JPY | | | 6,683.7 | | | | | | 28.4 | | | 14.8 | | | 1.8 | | |

| SGD | | | 39.8 | | | | | | 16.9 | | | 12.2 | | | — | | |

Based on this evaluation, our CEO and CFO have concluded that, as of December 31, [removed: 2024,] [added: 2025,] our disclosure controls and procedures are effective.

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework established in “Internal Control-Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this assessment, management has determined that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included herein.

During the fourth quarter ended December 31, [removed: 2024,] [added: 2025,] there have been no changes to our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the three months ended December 31, [removed: 2024,] [added: 2025,] no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the period covered by this Report.

Information is incorporated by reference from the discussion under the heading [removed: *Proposal] [added: *Proxy Summary - Our Director Nominees, Proposal] 1 - Election of Directors*; *Corporate Governance [added: - Corporate Governance] Documents and Policies - West's Code of [removed: Conduct*; *Voting] [added: Conduct] and [removed: Other] [added: Compliance Program*; *Other] Information - Shareholder Proposals or Nominations;* and [removed: *Board and Director Information] [added: *Corporate Governance - Corporate Governance Documents] and Policies - [removed: Committees - Audit Committee*] [added: Securities Trading Policy*] in our [removed: 2025] [added: 2026] Proxy Statement.

A copy of the Company's [removed: Insider] [added: Securities] Trading Policy is filed as Exhibit 19 to this Form 10-K.

Information about director and executive compensation is incorporated by reference from the discussion under the headings [removed: *Director] [added: *Proxy Summary - Executive Compensation Highlights, Proposal 1 - Election of Directors - 2025, Non-Employee Director] Compensation, Compensation Committee Report, Compensation Discussion and Analysis,* and *Compensation Tables* in our [removed: 2025] [added: 2026] Proxy Statement.

Information required by this Item is incorporated by reference from the discussion under the heading [removed: *Stock Ownership*] [added: *Security Ownership of Certain Beneficial Owners*] in our [removed: 2025] [added: 2026] Proxy Statement.

The following table sets forth information about the grants of stock options, all share units and other rights under all of the Company’s equity compensation plans as of the close of business on December 31, [removed: 2024.][added: 2025.]

| Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | | | | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) | | | | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Columns [removed: (a))] [added: (a)] (c) | | | | | |

(1) Includes [removed: 1,047,352] [added: 1,003,962] outstanding stock options, [removed: 93,373] [added: 111,261] restricted performance share units, [removed: 18,468] [added: 68,641] restricted retention share units, and [removed: 110,960] [added: 107,950] deferred stock-equivalents units under the 2016 Plan.

Includes [removed: 116,941] [added: 32,269] outstanding stock options and [removed: 89,201] [added: 89,202] deferred stock-equivalents units under the 2011 Omnibus Incentive Compensation Plan (which was terminated in 2016).

The average term of remaining options is [removed: 4.6] [added: 4.0] years.

The restricted performance share unit payouts were at [added: 30.06%,] 107.64%, [removed: 200.00%,] and [removed: 189.25%] [added: 200.00%] in [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

(3) Represents [removed: 3,689,116] [added: 3,656,274] shares reserved under the Company’s Employee Stock Purchase Plan and [removed: 1,334,791] [added: 3,058,438] shares remaining available for issuance under the 2016 Plan.

The estimated number of shares that could be issued for [removed: 2024] [added: 2025] from the Employee Stock Purchase Plan is [removed: 150,738.][added: 200,328.]

This number of shares is calculated by multiplying the [removed: 74] [added: 102] shares per offering period per participant limit by [removed: 2,037,] [added: 1,964,] the number of current participants in the plan.

| Equity compensation plans approved by security holders | | | 1,430,413 | | | (1) | | | $ | 187.07 | | (2) | | | 6,714,712 | | | (3) | | |

| Total | | | 1,430,413 | | | | | | $ | 187.07 | | | | | 6,714,712 | | | | | |

| Equity compensation plans approved by security holders | | | 1,493,423 | | | (1) | | | $ | 176.37 | | (2) | | | 5,023,907 | | | (3) | | |

| Total | | | 1,493,423 | | | | | | $ | 176.37 | | | | | 5,023,907 | | | | | |

Information called for by this Item is incorporated by reference from the discussion under the heading *Corporate Governance [added: - Corporate Governance] Documents and Policies - Related Person Transactions and Procedures* in our [removed: 2025] [added: 2026] Proxy Statement.

Information about director independence is incorporated by reference from the discussion under the heading *Corporate Governance [removed: Documents and Policies] - Director Independence* in our [removed: 2025] [added: 2026] Proxy Statement.

Information is incorporated by reference from the discussion under the heading *Independent [removed: Auditors] [added: Registered Public Accounting Firm] and Fees - Fees Paid to PricewaterhouseCoopers LLP* and *Independent [removed: Auditors] [added: Registered Public Accounting Firm] and Fees - Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services* in our [removed: 2025] [added: 2026] Proxy Statement.

Consolidated Statements of Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Balance Sheets at December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statements of Equity for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

| For the year ended December 31, [removed: 2022] [added: 2025] | | | | | | | | | | | | | | |

| Deferred tax asset valuation allowance | | | $ | [removed: 12.2] [added: 12.8] | | $ | [removed: 1.1] [added: 3.4] | | $ | — | | $ | [removed: 13.3] [added: 16.2] | |

| Total allowances deducted from assets | | | $ | [removed: 12.6] [added: 13.6] | | $ | [removed: 1.4] [added: 4.0] | | $ | [removed: (0.5)] [added: —] | | $ | [removed: 13.5] [added: 17.6] | |

Exhibits - An index of the exhibits is included in this Form 10-K beginning on page [removed: [93](#i49e2ff7fe3d645928760b377ff76974e_2464).][added: [91](#ie5ca3220e52a4aebae91cffcff4a7b89_229).]

| 3.1 | | | [Our Amended and Restated Articles of Incorporation, effective [removed: April 24, 2024] [added: May 6, 2025] (incorporated by reference to Exhibit [removed: 3.1] [added: 5.7] to the Company's Form [removed: 10-Q report for the quarter ended June 30, 2024,] [added: 8-K,] filed [removed: July 25, 2024).](https://www.sec.gov/Archives/edgar/data/105770/000010577024000066/ex31articlesofincorporat.htm)] [added: May 8, 2025).](https://www.sec.gov/Archives/edgar/data/105770/000010577025000039/finalmay2025articlesofin.htm)] | | |

| 4.1 | | | [removed: [Form] [added: [Articles 5, 8(c) and 9] of [removed: stock certificate for common stock] [added: our Amended and Restated Articles of Incorporation effective May 6, 2025] (incorporated by reference to Exhibit [removed: 4] [added: 5.7] to the Company's [removed: 1998] Form [removed: 10-K,] [added: 8-K,] filed May [removed: 6, 1999)](https://www.sec.gov/Archives/edgar/data/105770/0000105770-99-000016-index.html)] [added: 8, 2025).](https://www.sec.gov/Archives/edgar/data/105770/000010577025000039/finalmay2025articlesofin.htm)] | | |

| 4.2 | | | [Articles [removed: 5, 8(c)] [added: I] and [removed: 9] [added: IV] of our [removed: Amended and Restated Articles of Incorporation effective April 24, 2024] [added: Bylaws, as amended through October 23, 2023] (incorporated by reference to Exhibit [removed: 3.1] [added: 3.2] to the Company's Form 10-Q report for the quarter ended [removed: June] [added: September] 30, [removed: 2024,] [added: 2023,] filed [removed: July 25, 2024).](https://www.sec.gov/Archives/edgar/data/105770/000010577024000066/ex31articlesofincorporat.htm)] [added: October 26, 2023).](https://www.sec.gov/Archives/edgar/data/105770/000010577023000068/amendedrestatedbylawsoct20.htm)] | | |

| [removed: 4.4] [added: 19] | | | [removed: [Description of Registered Securities] [added: [Securities Trading Policy, dated and effective April 15, 2021, and Section 10b5-1 Approved Trading Plan Guidelines, dated and effective February 27, 2023] (incorporated by reference to Exhibit [removed: 4.4] [added: 10.42] to the Company's [removed: 2020] Form [removed: 10-K,] [added: 2024 10-K report] filed February [removed: 23, 2021).](https://www.sec.gov/Archives/edgar/data/105770/000010577021000008/ex44descriptionofregistere.htm)] [added: 20, 2024).](https://www.sec.gov/Archives/edgar/data/105770/000010577026000010/ex19insidertradingpolicy20.htm)] | | |

| [removed: 4.5] [added: 4.4] (1) | | | Instruments defining the rights of holders of long-term debt securities of West and its subsidiaries constituting less than 10% of West's total assets have been omitted. | | |

| 10.1 | | | [Credit Agreement, dated as of March 28, 2019, between West, certain of its subsidiaries, the lenders party thereto from time to time, Bank of America, N.A., as Administrative Agent, Swing Line Lender and an Issuing Lender; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, MUFG Bank, Ltd., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, and Wells Fargo Bank, National Association, MUFG Bank, Ltd., and JPMorgan Chase Bank, N.A., as Co-Syndication Agents (incorporated by reference [removed: from our] [added: to Exhibit 10.1 to the Company’s] Form [removed: 8-k,] [added: 8-K,] filed April 1, 2019).](https://www.sec.gov/Archives/edgar/data/105770/000010577019000016/exh101march282019creditagr.htm) | | |

| 10.2 | | | [LIBOR Transition Amendment to the Credit Agreement, dated as of March 28, 2019, between West, each of the lenders party thereto from time to time, and Bank of America, N.A (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q report for the quarter ended September 30, 2021, filed October 28, [removed: 2021).](https://www.sec.gov/Archives/edgar/data/105770/000010577021000083/char1-1826719v3xlibortrans.htm).] [added: 2021).](https://www.sec.gov/Archives/edgar/data/105770/000010577021000083/char1-1826719v3xlibortrans.htm)] | | |

| 10.4 | | | [First Amendment and Incremental Facility Amendment, dated as of December 30, 2019, between West, each of the lenders party thereto from time to time, and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Company's 2019 [removed: 10-K file] [added: 10-K, filed] February 24, 2020).](https://www.sec.gov/Archives/edgar/data/105770/000010577020000015/ex102firstamendmentand.htm) | | |

| [removed: 10.11 (2)] [added: 10.11(2)] | | | [Employment Agreement dated [removed: February 8, 2018,] [added: March 31, 2025,] between [removed: Silji Abraham] [added: Shane Campbell] and us (incorporated by reference to Exhibit [removed: 10.10] [added: 10.1] to the Company's Form [removed: 10-K report for the year ended December 31, 2021] [added: 8-K] filed [removed: February 22, 2022).](https://www.sec.gov/Archives/edgar/data/105770/000162828022003342/siljiabrahamofferletter.htm)] [added: April 24, 2025).](https://www.sec.gov/Archives/edgar/data/105770/000010577025000031/shanecampbelloffermateri.htm)] | | |

| 10.15 (2) | | | [2016 [added: Amended and Restated] Omnibus Incentive Compensation [removed: Plan, as amended through May 4, 2021 (incorporated by reference] [added: Plan (corrected version of previously filed Exhibit 10.15] from our Form [removed: 8-k,] [added: 8-K/A,] filed May [removed: 4, 2021).](https://www.sec.gov/Archives/edgar/data/105770/000010577021000030/amendmentno1to2016omnibusi.htm)] [added: 12, 2025).](https://www.sec.gov/Archives/edgar/data/105770/000010577025000043/westomnibusplan2016resta.htm)] | | |

| [removed: 10.18] [added: 10.19] (2) | | | [Form of [removed: Executive 2006] [added: 2008] Non-Qualified Stock Option [removed: Award is incorporated] [added: and Performance-Vesting Share Unit Award, issued pursuant to the 2007 Omnibus Incentive Compensation Plan (incorporated] by reference to Exhibit 10.2 to the Company's Form 10-Q report for the quarter ended March 31, [removed: 2006,] [added: 2008,] filed May [removed: 10, 2006).](https://www.sec.gov/Archives/edgar/data/105770/000110465906032995/a06-10941_1ex10d2.htm)] [added: 8, 2008).](https://www.sec.gov/Archives/edgar/data/105770/000110465908031034/a08-11514_1ex10d2.htm)] | | |

| [removed: 10.19] [added: 10.18] (2) | | | [Form of Director [removed: 2006 Non-Qualified] [added: 2007 Deferred] Stock [removed: Option Award Notice] [added: Award, issued pursuant to the 2007 Omnibus Incentive Compensation Plan] (incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the Company's Form 10-Q report for the quarter ended June 30, [removed: 2006,] [added: 2007,] filed August [removed: 7, 2006).](https://www.sec.gov/Archives/edgar/data/105770/000110465906051878/a06-15767_1ex10d1.htm)] [added: 3, 2007).](https://www.sec.gov/Archives/edgar/data/105770/000110465907058768/a07-19128_1ex10d2.htm)] | | |

| [removed: 10.20] [added: 10.22] (2) | | | [Form of [removed: Director 2006] [added: 2014 Stock-Settled Restricted] Stock Unit [removed: Award Notice] [added: Award, issued pursuant to the 2011 Omnibus Incentive Compensation Plan] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to the Company's Form 10-Q report for the quarter ended June 30, [removed: 2006,] [added: 2014,] filed August [removed: 7, 2006).](https://www.sec.gov/Archives/edgar/data/105770/000110465906051878/a06-15767_1ex10d2.htm)] [added: 1, 2014).](https://www.sec.gov/Archives/edgar/data/105770/000010577014000046/ex1012014rsuawardletter.htm)] | | |