Greater Together Annual Report 2020 Greater Together The emergence of the COVID-19 pandemic led to unprecedented challenges for the global healthcare industry in 2020, and West played a vital role in the race to deliver an effective vaccine for the virus. CUSTOMERS: OUR PARTNERS Through these challenging times, vaccine developers have trusted West as a partner of choice to help protect their sensitive biomolecules. This is a testament to West’s almost 100 years of experience and reputation for leadership in quality. We have met these high expectations through our ability to flex our operations within our global network to meet supply needs. These customers were seeking components to support the development work, clinical trials, and potentially post-approval launches, and we have From the start of this global been committed to scaling production to meet their future volume requests. pandemic, we have had two In addition, West is also supplying primary packaging components for therapeutics used to treat COVID-19, as well as critical components that are priorities: first, ensuring the included in some of the diagnostic kit products that are being used to detect health and safety of our team COVID-19. members; and second, making We are committed to doing our part to provide for the large-scale manufacture of high-quality components required to serve customer needs for the delivery sure our customers have a reliable of a safe, effective COVID-19 vaccine. This has resulted in growing our global supply of the components that workforce to approximately 9,200 team members, expanding facility and equipment resources and shifting to 24/7 operating schedules at several sites are critical to the containment to address the demand for components associated with COVID-19. and delivery of drugs they deliver to patients, many of which are Note: Photos contained within this report were taken prior to the pandemic in 2020. lifesaving. 2 West Pharmaceutical Services, Inc. TEAM MEMBERS: 290 PATENTS FILED IN 2020 OUR PEOPLE APPROXIMATELY 50 GLOBAL LOCATIONS All these efforts would not be possible without our dedicated team members, INCLUDING 25 MANUFACTURING SITES who showed amazing resolve and commitment to getting the job done. From the start of the pandemic, we established health and safety protocols, based MORE THAN 2,000 CUSTOMERS ACROSS THE HEALTHCARE INDUSTRY on the guidance of health experts, that include restrictions on travel and site visits to safeguard all our team members. We are focused on supporting them OVER $3 MILLION IN CORPORATE AND through these difficult times with the introduction of programs for working FOUNDATION GIVING IN 2020 parents, remote and hybrid work models, and special COVID-19 leave pay. We have enhanced our global employee assistance program to support both $1 MILLION DONATED TO ORGANIZATIONS the physical and mental health of our team members and their families. IN SUPPORT OF COVID-19 RELIEF EFFORTS Embedding diversity and inclusion in everything we do continues to be a critical element of our success, which can only be achieved through a diverse range of people coming together, sharing expertise, and collaborating on West’s mission of improving patient lives. COMMUNITY: 2020 INDUSTRY AWARDS OUR PLACE IN THE WORLD TOP 25 PERFORMER OF 100 MOST SUSTAINABLE COMPANIES IN AMERICA — BARRON’S Our culture of giving back to the communities where our team members live RANKED #4 IN TOP 50 BEST and work remained strong during 2020, with West donating $3.1 million in ESG COMPANIES — INVESTOR’S BUSINESS DAILY corporate and foundation giving, and $1 million across multiple organizations PHILADELPHIA BUSINESS JOURNAL that are making important contributions to society and need our support MINORITY BUSINESS LEADERS AWARD during the COVID-19 pandemic. — SILJI ABRAHAM PHILADELPHIA BUSINESS JOURNAL FACES OF PHILANTHROPY AWARD ABEA — ASIA PACIFIC BIOPROCESSING EXCELLENCE AWARDS (BEST BIOPROCESSING SUPPLIER AWARD: FILL–FINISH) PHILADELPHIA BUSINESS JOURNAL CFO OF THE YEAR AWARD — BERNARD BIRKETT MEDTECH IRELAND 2020 Annual Report 2020 PARTNER OF THE YEAR 3 Annual Comparison SUSTAINED, CONSISTENT GROWTH NSNN S I PS 500% .1 . $2.15 IIN P NYSE: West $4.76 . 400% S&P 500 S&P 500 Health Care Index S&P MidCap 400 Index 300% $1.1 IIN 200% 100% $2.18 0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 N SS SI PS1 PISN I (NON-U.S. GAAP) I N2 (DEC. 31, 2015 DEC. 31, 2020) A STRONG FOUNDATION Well-Positioned for Future Growth NET SAES BY NET SAES BY NET SAES BY GPI P SN IN NI 48% Americas 46% High-Value Components 31% Biologics 43% Europe, Middle East, Africa 26% Standard Packaging 20% Generics 9% Asia Pacific 5% High-Value Delivery Devices 26% Pharma 23% Contract-Manufactured Products3 23% Contract-Manufactured Products3 1 Please refer to our 2020 Form 10K, February 18, 2021 Earnings Release on Form 8-K and prior year earnings releases for the reconciliation of Non-U.S. GAAP financial measures. 2 Sources: IR Insight 3 Non-proprietary products 4 West Pharmaceutical Services, Inc. West Pharmaceutical Services, Inc. & Subsidiaries FINANCIAL SUMMARY 2020 2019 Net Sales1 $2,146.9 $1,839.9 Organic Net Sales Growth2 16.3% 10.0% Diluted Earnings Per Share As reported (U.S. GAAP) $4.57 $3.21 Restructuring and related charges $0.07 $0.04 Gain on restructuring-related sales of assets — $(0.02) Pension settlement $0.04 $0.04 Argentina currency devaluation — $0.01 Tax recovery — $(0.04) Cost Investment Impairment $0.03 — Amortization of Acquisition-related Intangible Assets $0.05 — As adjusted (Non-U.S. GAAP) $4.76 $3.24 Our 2020 as-reported results include the impact of restructuring and related charges of $5.3 million (net of $1.7 million in tax), amortization expense of $3.6 million (net of $0.1 million in tax) related to an acquisition of intangible assets, a pension settlement charge of $2.9 million (net of $0.9 million in tax) and an impairment charge of $2.5 million related to a cost method investment. Our 2019 as-reported results include the impact of restructuring and related charges of $3.7 million (net of $1.2 million in tax), a gain on the sale of fixed assets as a result of our restructuring plan of $1.3 million (net of $0.4 million in tax), a pension settlement charge of $2.7 million (net of $0.8 million in tax), a charge of $1.0 million related to the continued devaluation of Argentina’s currency, a tax recovery of $2.9 million (net of $1.5 million in tax) related to previously-paid international excise taxes, and a net tax benefit of $0.3 million related to the impact of federal law changes enacted during the year. Adjusted results are intended to aid investors in understanding the Company’s year-over-year results and are considered Non-U.S. GAAP financial measures. Non-U.S. GAAP financial measures should not be considered in isolation or as an alternative to such measures determined in accordance with U.S. GAAP. Our executive team uses these financial measures to evaluate the performance of the Company in terms of profitability and efficiency, as well as to compare operating results to prior periods. For a discussion of Non-U.S. GAAP financial measures, please refer to our 2020 Form 10-K filed on February 23, 2021 and our Form 8-K filed on February 18, 2021. 1 Dollars in millions, except per share data. 2 Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current period reported sales of subsidiaries whose functional currency is other than U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior -year period. Annual Report 2020 5 A LETTER FROM OUR PRESIDENT & CEO West had an extraordinary year of success in the face of the biggest healthcare challenge of our generation. We managed through this unprecedented time by focusing on two key priorities: 1) keeping our team members safe, and 2) ensuring uninterrupted supply of high-quality containment and delivery devices required by our customers and the patients we jointly serve. Our values of Passion for Customers, Leadership in Quality and One West Team guided our work as we navigated the uncharted territory of 2020. Throughout this journey, I can report that West’s purpose and mission to improve patient lives were at the forefront of all our team members’ minds. We feel both proud and humbled to play such a significant role in helping to combat this devastating pandemic. BUSINESS HIGHLIGHTS drive the market-led strategy by further defining In 2020, we reported net sales of $2.15 billion unique value propositions to address specific and 16% organic net sales growth over the prior customer needs in Biologics, Generics and Pharma. year, driven by base demand of our components, As our customers shifted their focus this year to devices and solutions and the accelerating producing COVID-19 therapeutics and vaccines, demand for products needed to enable the the experts across our business segments were delivery of COVID-19 vaccines and therapeutics able to provide products as well as scientific and to patients. Our high-value products, which make regulatory expertise that enhanced our customers’ up more than 65% of the Proprietary Products ability to deliver these new products to the market. segment, had strong growth across all market Our recent work to globalize our manufacturing units throughout the year, with an especially network was critical to delivering a consistent and strong performance in our Biologics market unit. dependable supply to our global customers. It Our Contract-Manufactured Products segment became clear to us early in 2020 that we would also had a very strong year, posting organic net need to leverage our global infrastructure and sales growth of 12%, led by sales of healthcare- team agility to meet the increased demand related injection and diagnostic devices.