AddedRisk Factors
In the normal course of business, we engage in discussions with third parties relating to possible divestitures, acquisitions and other strategic transactions.
WSTWest Pharmaceutical Services
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. 10-K, Item 1
- Employees
- 10,800
- Headquarters
- Exton, PA
- CEO
- Eric M. Green
- Next results
- around Feb 11, 2027
10-K 0000105770-26-000010 (2026-02-17) vs 10-K 0000105770-25-000013 (2025-02-18)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 7,933 | 5.0% |
| MD&A | Item 7 | 5,229 | 19.4% |
| Legal Proceedings | Item 3, via Note 18 – Commitments and Contingencies | 421 | 37.7% |
| Accounting Policies | Item 8, Note 1 – Basis of Presentation and Summary of Significant Accounting Policies | 2,401 | 3.9% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 190 words changed in this paragraph; it is 45% similar to last year's version.
Working capital - Working capital at December 31, 2024 decreased 2025 increased by $276.9 $335.6 million, or 21.9%, 34.0%, as compared to December 31, 2023, 2024, which includes an unfavorable increase of $49.0 million due to foreign currency translation impact of $41.8 million. translation. Excluding the impact of currency exchange rates, cash and cash equivalents, total current liabilities liabilities, inventories and inventories decreased other current assets increased by $349.0 $281.8 million, $103.3 $75.7 million, $42.3 million and $42.0 $45.2 million, respectively, while accounts receivable increased by $58.8 million. respectively. The decrease increase in cash and cash equivalents was due to cash from operations, partially offset by share repurchases and capital expenditures and share repurchases in 2024, offset by cash collections driven by positive operating results during the period. 2025. The decrease increase in total current liabilities was primarily due driven by increases in our annual incentives. The increase in inventories was largely in work-in-progress and finished goods inventory in connection with customer demand to ensure we have sufficient inventory on hand to support the Company amending its Credit Facility Agreement during 2024. As part needs of this amendment, all current notes payable and our customers. The increase in other current debt amounts were repaid. The decrease in inventories and assets was due primarily to held for sale assets being recorded into other current assets. For further information regarding the increase in accounts receivable were both due to increased net sales leading up to the Company's held for sale assets at December 31, 2024 balance sheet date as compared 2025 refer to the December 31, 2023 balance sheet date. Note 1, Basis of Presentation and Summary of Significant Accounting Policies.
Source: Item 7, 10-K 0000105770-26-000010 vs Item 7, 10-K 0000105770-25-000013
Risk Factors 67 words changed in this paragraph; it is 81% similar to last year's version.
The manufacturing of some of our products has involved, and may continue to involve, the use, transportation, storage, and disposal of hazardous or toxic materials and is subject to various environmental protection and occupational health and safety laws and regulations in the countries in which we operate. This has exposed us in the past, and could expose us in the future, to risks of accidental contamination and events of non-compliance with environmental laws. Any such occurrences could result in regulatory enforcement or personal injury and property damage claims or could lead to a shutdown of some of our operations, which could have an adverse effect on our business and results of operations. We currently incur costs to comply with environmental laws and regulations and these costs may become more significant, especially as the laws become more stringent and our use of materials changes. For example, the European Union and some states in the United States have introduced, and are considering more comprehensive updates to, regulations aimed at restricting the use of per and polyfluoroalkyl substances (“PFAS”) in packaging. Such regulations restricting or banning PFAS could adversely affect our business and results of operations in the event of our non-compliance and/or our development and adoption of alternative materials in our products.
Source: Item 1A, 10-K 0000105770-26-000010 vs Item 1A, 10-K 0000105770-25-000013
Accounting Policies 25 words changed in this paragraph; it is 94% similar to last year's version.
Revenue Recognition: Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service. We have elected to disregard the effects of a significant financing component, as we expect, at the inception of our contracts, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, we have elected to omit the disclosure of the majority of our remaining performance obligations, which are satisfied within one year or less. Please refer to Note 3, Revenue, for additional information.
Source: Item 8, Note 1 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0000105770-26-000010 vs Item 8, Note 1 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0000105770-25-000013
Legal Proceedings 2 words changed in this paragraph; it is 98% similar to last year's version.
At December 31, 2024, 2025, our outstanding unconditional contractual commitments, including for the purchase of raw materials and finished goods, amounted to $200.7 $221.8 million, the majority of which is to be paid over the next four three years, with $46.7 $75.0 million due to be paid in 2025. 2026.
Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000105770-26-000010 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000105770-25-000013
Every change, by type
Sentences and paragraphs of WST's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-18. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
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.
AddedRisk Factors
The concentration of our customer base could adversely affect our financial condition and operating results.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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.
RewordedRisk Factors
Foreign, federal, state and local regulatory and legislative bodies, such as most notably in the SEC, European Union, have proposed various legislative and regulatory measures relating to increased increase transparency and standardization of reporting and corporate action related to factors that may include climate change, accountability for potential environmental impacts in our supply chain, regulating GHG emissions, energy policies, recycling of plastic materials, waste taxes, and other governmental charges and mandates. matters.
RewordedRisk Factors
In addition, because of the complex nature complexity of many of our products and programs, we are generally dependent rely on an educated and highly skilled engineering staff and workforce. as well as a manufacturing workforce that includes employees across all levels of skilled labor.
RewordedRisk Factors
RewordedRisk Factors
Additionally, a number of factors, including U.S. relations with the governments of the foreign countries in which we operate, tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries, changes to international trade agreements and treaties, increases in trade protectionism, or the weakening or loss of certain intellectual property protection rights in some countries, may affect our business, financial condition and results of operations.
RewordedRisk Factors
If (i) our customers fail to continue to sell, develop and deploy injectable products; products and opt for products delivered via alternative means, such as oral GLP-1s;
RewordedRisk Factors
In addition, any failure or inability to meet increased customer quality expectations or to develop innovative products that address our customers' requests could cause a reduction in demand.
RewordedRisk Factors
Our business depends to a substantial extent on customers’ continued sales and development of products that are delivered by injection. injection, such as GLP-1s.
RewordedRisk Factors
We may not succeed in finding and completing divestitures, acquisitions or other strategic transactions, all of which could have an adverse effect on our business and results of operations.
RewordedRisk Factors
AddedMD&A
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.
AddedMD&A
(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.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Corporate and unallocated items – Corporate SG&A costs decreased increased by $7.6 $27.3 million, or 8.6%, 33.8%, in 2024, 2025, due primarily to a decrease in higher annual incentive compensation, increased expense related to stock-based compensation, lower annual incentive compensation expenses in connection with a plan to optimize the legal structure of the Company and decreased fees its subsidiaries and increased costs related to professional services, partially offset by increased salary and wages. services.
RewordedMD&A
Proprietary Products – Proprietary Products operating profit decreased increased by $132.3 $79.4 million, or 18.6%, 13.7%, in 2024, 2025, including an unfavorable a favorable foreign currency translation impact of $1.6 $20.9 million, due to the factors described above, most notably lower gross profit driven by lower increased customer demand, primarily of high value components, higher plant absorption and sales volume and an unfavorable mix of products sold. price increases.
RewordedMD&A
Consolidated SG&A costs decreased increased by $14.9 $55.1 million, or 4.2%, 16.3%, in 2024, 2025, including a favorable an unfavorable foreign currency translation impact of $0.5 $3.0 million, due primarily due to lower higher annual incentive compensation and a decrease in expense related to stock-based compensation, increased salary and wages, partially offset by increased salary and wages. decreased costs related to professional services.
RewordedMD&A
Restructuring and other charges (1) (2.0) (0.9) (1.1) (0.02) $(0.02) Cost-method investment activity (3) 4.3 — 4.3 $0.06 Amortization of acquisition-related intangible assets (2) (4) 0.7 $ 0.1 2.8 0.04 $0.04 Loss on disposal of plant (3) (5) 11.6 (0.7) 12.3 0.16 Cost investment activity (4) 4.3 — 4.3 0.06 $0.16 Legal settlement (5) (6) — $ (0.9) (2.9) (0.04) $(0.04) Year ended December 31, 2023 adjusted amounts (non-U.S.
RewordedMD&A
Proprietary Products – Proprietary Products other expense (income) changed by $7.2 $1.0 million in 2024 2025 as compared to 2023, 2024, due primarily due to increased losses on foreign exchange transactions and increased expense related to contingent consideration being recorded a reduction in 2024, asset impairments in 2025, as compared to 2023. 2024.
RewordedMD&A
Interest expense, net, decreased by $6.0 $2.5 million, or 66.7%, 83.3%, in 2024, 2025, due primarily due to an increase in capitalized interest. interest in 2025 and interest expense on repayments made on the Company's Series B notes in 2024 that was not repeated in 2025.
RewordedMD&A
The increase in the effective tax rate in 2024 2025 of 0.9% 1.8% is due primarily due to a decrease in the tax benefit related to stock-based compensation in 2024, 2025, as compared to 2023, partially offset by a decrease in our tax liability on unremitted earnings of our Germany subsidiaries due to a tax law change in 2024.
RewordedMD&A
These reductions increases were partially offset by an increase in sales of self-injection device platforms and increased sales prices, which includes approximately $47 million in customer incentives earned received in connection with volumes achieved during 2024, as compared to 2023. 2024 that were not repeated in 2025.
RewordedMD&A
RewordedMD&A
RewordedMD&A
Excluding the impact of currency exchange rates, cash and cash equivalents, total current liabilities liabilities, inventories and inventories decreased other current assets increased by $349.0 $281.8 million, $103.3 $75.7 million, $42.3 million and $42.0 $45.2 million, respectively, while accounts receivable increased by $58.8 million. respectively.
RewordedMD&A
These headwinds increases were partially offset by increased sales prices and approximately $47 million in customer incentives earned received in connection with volumes achieved during 2024, as compared to 2023. 2024 that were not repeated in the same period in 2025.
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