West Pharmaceutical Services Inc. Files 2023 Annual Report

Ticker: WST · Form: 10-K · Filed: Feb 20, 2024 · CIK: 105770

Sentiment: neutral

Topics: 10-K, Annual Report, Financials, West Pharmaceutical Services, Healthcare

TL;DR

<b>West Pharmaceutical Services Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

WEST PHARMACEUTICAL SERVICES INC (WST) filed a Annual Report (10-K) with the SEC on February 20, 2024. West Pharmaceutical Services Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Pennsylvania (PA). Its primary business address is 530 Herman O. West Drive, Exton, PA 19341. The filing includes financial data for the fiscal years 2021, 2022, and 2023. The SIC code for West Pharmaceutical Services Inc. is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking WEST PHARMACEUTICAL SERVICES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of West Pharmaceutical Services Inc.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions and risk management strategies.

Risk Assessment

Risk Level: medium — WEST PHARMACEUTICAL SERVICES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial performance and risk factors detailed within will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand West Pharmaceutical Services Inc.'s performance and potential challenges in fiscal year 2023.

Key Numbers

Key Players & Entities

FAQ

When did WEST PHARMACEUTICAL SERVICES INC file this 10-K?

WEST PHARMACEUTICAL SERVICES INC filed this Annual Report (10-K) with the SEC on February 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by WEST PHARMACEUTICAL SERVICES INC (WST).

Where can I read the original 10-K filing from WEST PHARMACEUTICAL SERVICES INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WEST PHARMACEUTICAL SERVICES INC.

What are the key takeaways from WEST PHARMACEUTICAL SERVICES INC's 10-K?

WEST PHARMACEUTICAL SERVICES INC filed this 10-K on February 20, 2024. Key takeaways: West Pharmaceutical Services Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The company is incorporated in Pennsylvania (PA).. Its primary business address is 530 Herman O. West Drive, Exton, PA 19341..

Is WEST PHARMACEUTICAL SERVICES INC a risky investment based on this filing?

Based on this 10-K, WEST PHARMACEUTICAL SERVICES INC presents a moderate-risk profile. The filing is a standard 10-K, which is a routine annual report. However, the specific financial performance and risk factors detailed within will determine the actual risk level for investors.

What should investors do after reading WEST PHARMACEUTICAL SERVICES INC's 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand West Pharmaceutical Services Inc.'s performance and potential challenges in fiscal year 2023. The overall sentiment from this filing is neutral.

How does WEST PHARMACEUTICAL SERVICES INC compare to its industry peers?

West Pharmaceutical Services Inc. operates in the surgical and medical instruments & apparatus industry (SIC 3841).

Are there regulatory concerns for WEST PHARMACEUTICAL SERVICES INC?

The filing is a 10-K, which is a mandatory annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

Industry Context

West Pharmaceutical Services Inc. operates in the surgical and medical instruments & apparatus industry (SIC 3841).

Regulatory Implications

The filing is a 10-K, which is a mandatory annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and other key metrics for fiscal years 2021, 2022, and 2023.
  2. Identify any specific risk factors or business challenges mentioned in the filing.
  3. Note the company's operational and business address for any relevant context.

Key Dates

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings would be needed for a direct comparison.

Filing Stats: 4,325 words · 17 min read · ~14 pages · Grade level 15.4 · Accepted 2024-02-20 16:44:29

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 22

CYBERSECURITY

ITEM 1C. CYBERSECURITY 2 3 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 25 ITEM 4. MINE SAFETY DISCLOSURES 25 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 25 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6. RESERVED 28 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 44 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 88 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 88 ITEM 9B. OTHER INFORMATION 89

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 89 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 89 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 89 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 90 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 91 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 91 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 91 ITEM 16. FORM 10-K SUMMARY 96

SIGNATURES

SIGNATURES 97 PART I Unless otherwise indicated, or the context otherwise requires, references in this report to "the Company," "we," "us," "our" and "West" refer to West Pharmaceutical Services, Inc. and its majority-owned subsidiaries. All trademarks and registered trademarks used in this report are our property, either directly or indirectly through our subsidiaries, unless noted otherwise. Daikyo Crystal Zenith ("Crystal Zenith") is a registered trademark of Daikyo Seiko, Ltd. ("Daikyo"). Throughout this report, references to "Notes" refer to the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K ("Form 10-K"), unless otherwise indicated. Information in this Form 10-K is current as of February 20, 2024, unless otherwise specified. 3

BUSINESS

ITEM 1. BUSINESS General We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. Our products include a variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world. Our top priority is delivering quality products that meet the exact product specifications and quality standards customers require and expect. This focus on quality includes a commitment to excellence in manufacturing, scientific and technical expertise and management, which enables us to partner with our customers in order to deliver safe, effective drug products to patients quickly and efficiently. Business Segments Our business operations are organized into two global business segments, Proprietary Products and Contract-Manufactured Products. Proprietary Products Segment Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery systems, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our packaging products include stoppers and seals for injectable packaging systems, which are designed to help ensure drug compatibility and stability with active drug products, while also supporting operational efficiency for customers. These packaging products also includes syringe and cartridge components, including custom solutions for the specific needs of injectable drug applications, as well as administration systems that can enhance the safe delivery of drugs through advanced reconstitution, mixing and transfer technologies. We also provide fil

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