West Pharmaceutical Services, Inc. (WST): Business Model Canvas [Dec-2025 Updated]

You're looking at West Pharmaceutical Services, Inc., and honestly, it's a masterclass in specialized manufacturing right now, perfectly positioned to profit from the massive biologics and self-injection device wave. As a former head analyst, I see a firm whose strategy is paying off, evidenced by their 2025 net sales guidance climbing to between $3.06 billion and $3.07 billion, driven heavily by proprietary containment solutions that make up about 80% of their revenue. They aren't just selling components; they're selling de-risked, high-quality delivery systems to the biggest pharma names. Dive into the canvas below to see the exact key partnerships and activities that lock in this high-value model.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Key Partnerships

You're looking at the core relationships West Pharmaceutical Services, Inc. (WST) relies on to deliver its specialized components and systems. These aren't just vendor agreements; they are deep integrations that secure supply chains and drive product innovation.

Daikyo Crystal Zenith for advanced polymer containment solutions

The partnership involving Daikyo Crystal Zenith (CZ) components, which use a proprietary cyclic olefin polymer (CoP), is integrated within West Pharmaceutical Services, Inc.'s High-Value Product (HVP) offerings. In the second quarter of 2025, HVP Delivery Devices, which includes these advanced systems, saw net sales increase by a significant 30.0%, representing 13% of total company net sales for that quarter. For context on the investment in this area, West Pharmaceutical Services, Inc. recorded $0.4 million in amortization expense in the first three months of 2025 associated with an acquisition of increased ownership interest in Daikyo.

Corning for new, advanced pharmaceutical packaging solutions

The strategic collaboration with Corning Incorporated centers on combining West Pharmaceutical Services, Inc.'s NovaPure® components with Corning's Valor Glass and Velocity® Vials. This effort aims to deliver integrated packaging solutions. The initial agreement included a multimillion-dollar capital and R&D investment in Corning to expand Valor® Glass technology. As of late 2025, this partnership now includes the exclusive distribution rights for Corning Valor® Glass vials, with a product launch like West Ready Pack™ with Corning Valor® RTU Vials utilizing SG EZ-fill® technology.

Strategic investments in novel delivery technology firms like Latch Medical

West Pharmaceutical Services, Inc. maintains strategic investments in firms developing novel delivery technologies. Specific financial details regarding the investment amount in Latch Medical as of the 2025 fiscal year are not publicly itemized in the latest available reports. However, the company's overall focus on delivery devices is clear, as evidenced by the 30.0% growth in HVP Delivery Devices sales in Q2 2025.

Collaborations with major pharmaceutical and biotech companies for co-development

West Pharmaceutical Services, Inc.'s customer base itself represents a key partnership network, as its Proprietary Products customers primarily include major biologic, generic, and pharmaceutical drug companies globally. The company's ten largest customers accounted for 43.4% of consolidated net sales in 2024, with one customer individually accounting for 12.3% or $356.4 million of that year's net sales. The company's Biologics, Pharma, and Generics market units all experienced high-single digit organic net sales growth in Q2 2025, reflecting strong co-development activity.

The nature of these customer relationships is captured in the following breakdown of 2024 revenue sources:

Global network of raw material suppliers for elastomers, aluminum, and plastic

The operational continuity of West Pharmaceutical Services, Inc. depends heavily on its global raw material suppliers. The company notes that for reasons of quality assurance, sole source availability, or cost effectiveness, many components and raw materials are available from only a single supplier. This dependency is a recognized risk due to stringent FDA regulations. The company's full-year 2025 net sales guidance is between $3.040 billion and $3.060 billion, a figure that is sensitive to increased raw material costs.

The reliance on external sourcing is a constant factor in managing the cost of goods sold.

• Dependence on third-party suppliers is a stated risk factor.
• Increased raw material, energy, and labor costs impact profitability.
• The company's 2025 full-year capital expenditure guidance was set at $275 million in Q1 2025.
• Q2 2025 Operating cash flow reached $306.5 million.

Finance: draft 13-week cash view by Friday.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Key Activities

You're looking at the engine room of West Pharmaceutical Services, Inc. (WST) operations, the things they absolutely must do well to keep the revenue flowing. These aren't just tasks; they are the core processes that underpin their entire value proposition in injectable drug containment and delivery.

Manufacturing of High-Value Products (HVP) components and devices is central. This activity focuses on the premium, high-margin products that are increasingly driving the top line. For instance, in the third quarter of 2025, High-Value Product (HVP) Components net sales hit $390.0 million, which was a 16.3% increase year-over-year, or a 13.3% organic rise. To put that into perspective, HVP Components alone made up 48% of the total company net sales for that quarter. This focus on HVP, which includes components and devices, was already evident in the first quarter of 2025, where they represented over 73% of the Proprietary Products segment net sales.

Here's a quick snapshot of some of the key operational and financial metrics tied to these activities as of late 2025:

Research and development (R&D) for new drug delivery systems is a continuous activity, ensuring the product pipeline stays ahead. For the twelve months ending September 30, 2025, West Pharmaceutical Services, Inc. reported research and development expenses of $71M. This compares to the full-year 2024 R&D cost of $69.1 million. On average, historically, the company allocates about 2% of sales to R&D.

Maintaining stringent global quality control and regulatory compliance is non-negotiable, especially with evolving standards. A major focus area is compliance with the EU GMP Annex 1 guidelines, which demand stricter quality controls. West Pharmaceutical Services, Inc. is actively upgrading processes to meet these new requirements. In the first quarter of 2025, revenues associated with Annex 1 adoption reached about 200 basis points of total sales. They were actively managing approximately 340 Annex 1 projects with customers at that time.

Managing a global supply chain and manufacturing footprint requires significant coordination. West Pharmaceutical Services, Inc. operates across 50 sites worldwide. This global footprint supports the delivery of products to leading biologic, generic, and pharmaceutical drug companies globally.

Finally, strategic capital deployment shows where they are putting their money to work for future capacity. For the first half of 2025, capital expenditures totaled $146.5 million. This figure is the sum of Q1 2025 CapEx of $71.3 million and Q2 2025 CapEx of $75.2 million. This spending is directed toward capacity expansion for High-Value Product sites and Contract Manufacturing facilities.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Key Resources

You're looking at the core assets that allow West Pharmaceutical Services, Inc. to operate and compete in the injectable drug packaging and delivery space. These aren't just things the company owns; they are the engine for their value creation.

Proprietary technologies form a critical layer of the Key Resources. West Pharmaceutical Services, Inc. has developed and commercialized several key material science and product innovations that are central to their Proprietary Products segment. These include the FluroTec barrier film, the Westar components, and the NovaChoice products, which are specifically noted as driving growth in High-Value Product (HVP) Components revenue. These technologies often involve specialized coatings or material science that provide superior containment and drug compatibility, which is essential for modern therapeutics like biologics and GLP-1 receptor agonists.

The physical footprint is substantial, supporting their global reach. West Pharmaceutical Services, Inc. maintains a global network of 50 manufacturing and service sites across multiple continents. This extensive network helps them support customers by delivering billions of components and devices each year, with approximately 47 billion components and devices shipped annually. This scale is a significant barrier to entry for competitors.

Intellectual property is another bedrock asset. West Pharmaceutical Services, Inc. possesses an extensive intellectual property (IP) portfolio, which includes a total of 1892 patents globally, with 1401 of those patents being active. Furthermore, the company leverages regulatory data packages, such as those associated with the West Synchrony™ PFS system, to accelerate syringe selection for customers developing complex products, like those for biologics and vaccines.

The human capital is highly specialized. The expertise of the scientific and technical employees is invaluable, especially in developing and manufacturing complex containment and delivery systems. West Pharmaceutical Services, Inc. has approximately 10,000 team members worldwide, with a dedicated engineering function comprising 777 individuals, focusing on areas like coatings technology and process automation.

Financially, the company demonstrates strong resource generation capability. A key financial resource is the significant operating cash flow. For the first nine months of 2025, West Pharmaceutical Services, Inc. generated an operating cash flow of $503.7 million. This cash generation underpins investment in R&D, capital expenditures, and shareholder returns.

Here's a quick look at some of the key operational and financial metrics that define these resources:

The reliance on proprietary assets is clear from the revenue mix. High-Value Product (HVP) Components, which rely on these proprietary technologies, represented 47% of total company net sales in the second quarter of 2025, showing where the most technically challenging and likely highest-margin work resides.

• Proprietary Technologies mentioned: FluroTec barrier film, Westar products, NovaChoice products.
• Key Segment Reliance: Proprietary Products accounted for approximately 80% of total revenue in 2024.
• Engineering Staff Count: 777 employees listed in the Engineering function.
• Annual Component Volume: Approximately 47 billion components and devices shipped annually.

If onboarding for new molecule projects takes too long, the advantage of having those regulatory data packages diminishes, so speed in converting IP to commercial product is key.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Value Propositions

You're looking at the core reasons why top pharmaceutical and biotech firms choose West Pharmaceutical Services, Inc. for their most critical injectable drug packaging and delivery needs. It's about de-risking the path from drug development to patient administration, backed by serious scale and proven systems.

Integrated containment and delivery systems for injectable drugs

West Pharmaceutical Services, Inc. provides a complete solution, moving beyond simple components to offer integrated systems. This is supported by massive operational scale:

• Approximately 47 billion components and devices shipped to customers annually.
• The company operates across 50 sites worldwide, employing over 10,600 team members.
• The Proprietary Products segment, which includes these integrated solutions, accounts for about 80% of total net sales.

Here's a quick look at the financial scale supporting this offering, based on the latest reported figures for fiscal year 2025:

This is a global operation, with approximately 55% of revenue generated from international markets.

Reduced risk and complexity through high-quality, pre-verified systems (e.g., West Synchrony™)

The value here is simplifying the complex process of component selection and regulatory approval. The West Synchrony™ Prefillable Syringe (PFS) System, set for commercial availability in January 2026, exemplifies this by offering a fully verified platform from a single supplier.

The system directly addresses the fragmentation risk faced by drug developers:

• Delivers a single design verification and characterization package for the entire PFS system.
• Enables a streamlined submission process with one system-level Drug Master File and regulatory package.
• Offers a single source supply approach with low minimum order quantities for reliability.

This focus on verified quality is critical; for instance, High-Value Product (HVP) Components, which include these advanced systems, saw net sales of $390.0 million in Q3 2025, marking a 16.3% increase.

Specialized solutions for sensitive biologics and GLP-1 drug packaging

West Pharmaceutical Services, Inc. is strategically positioned to support the fastest-growing therapeutic areas. You're buying into market leadership in high-growth niches.

The focus on these specialized areas is translating directly to financial performance:

• GLP-1 related products accounted for 7% of West Pharmaceutical Services' revenue in 2025.
• The broader Biologics market is the fastest-growing sub-segment of injectable medicines.
• Biologics represented 38% of WST's total net sales in the 9 months ending September 2024.
• West Pharmaceutical Services holds approximately 60% market share in elastomer components for self-injection devices, crucial for GLP-1 therapies.

The overall market for GLP-1 therapies is valued at $30 billion.

Global manufacturing redundancy and supply chain security for customers

Supply chain security is baked into the operational footprint. Having manufacturing redundancy means customers are less exposed to single-point failures or regional disruptions. The company's structure supports this:

This global reach helps support the updated full-year 2025 guidance, which anticipates a benefit of approximately $59 million from foreign currency exchange rates.

Scientific and regulatory support to accelerate drug time-to-market

The value proposition extends into partnership, helping customers navigate complex requirements like the recently released Annex 1 regulation. This support is evident in the growth of the higher-margin Proprietary Products segment.

Key indicators of this focus include:

• HVP Components, which reflect advanced product adoption, accounted for 48% of total company net sales in Q3 2025.
• HVP Components net sales grew 13.3% organically in Q3 2025.
• The company is executing on a mix-shift toward High-Value Products (HVP) driven by new drug launches and regulatory conversion.

The company's Q3 2025 Adjusted-diluted EPS guidance was raised to a range of $7.06 to $7.11 for the full year, reflecting successful execution on these higher-value offerings.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Customer Relationships

You're looking at how West Pharmaceutical Services, Inc. locks in its top-tier customers; it's not just about selling parts, it's about becoming indispensable through deep integration and regulatory partnership. This relationship structure is a major source of their competitive moat, especially as drug development gets more complex.

Long-term, trusted partner relationships with top pharma/biotech firms

West Pharmaceutical Services, Inc. positions itself as a global supplier of integrated drug containment and delivery systems, serving many of the world's leading biologic, generic, and pharmaceutical drug companies. The sheer scale of their operation underscores this deep integration; West Pharmaceutical Services, Inc. helps support its customers by delivering over 41 billion components and devices each year. The Proprietary Products segment, which accounted for about 80% of total revenue, is where these core relationships live. For instance, in the second quarter of 2025, High-Value Product (HVP) Components made up 47% of total company net sales, showing the concentration of business with partners developing advanced therapies. By the third quarter of 2025, HVP Components grew to 48% of total company net sales, reaching $390.0 million in net sales, an increase of 16.3% year-over-year.

The reliance of these partners on West Pharmaceutical Services, Inc.'s components is structural, as these parts are included in the FDA's drug approval process, creating high switching costs for customers.

Dedicated technical and regulatory support throughout the product lifecycle

Differentiation comes from offering an end-to-end solution that goes far beyond manufacturing. West Pharmaceutical Services, Inc. seeks to stand apart by providing pre-approval primary packaging support, engineering development, analytical lab services, integrated solutions, regulatory expertise, and after-sale technical support. This regulatory support is critical, especially given evolving global standards. As of the second quarter of 2025, West Pharmaceutical Services, Inc. reported 370 active Annex 1 upgrade projects, demonstrating proactive engagement with pharmaceutical companies navigating the EU's stricter GMP guidelines.

The support structure includes:

• Providing Global Submission Support Packages for drug applications in markets without established Drug Master Files (DMFs) or Master Access Files (MAFs).
• Offering regulatory assessment documents to help customers build submission strategies.
• Delivering Regulatory Compliance Certificates to verify product and process adherence to agency expectations.

High-touch, collaborative development for custom solutions

Collaboration is evident in the focus on complex, high-growth areas like GLP-1 therapies and biologics. The West Synchrony™ PFS system, for example, is a fully verified system designed specifically for biologics and vaccines, accelerating syringe selection through its comprehensive performance and regulatory data packages. This level of integration requires a high-touch approach, ensuring components meet the precise needs of novel drug delivery systems. The HVP Delivery Devices segment, which includes systems like Daikyo Crystal Zenith®, represented 13% of total company net sales in Q2 2025 and saw a 30.0% increase.

The relative contribution of HVP Delivery Devices to total sales was 12% in Q3 2025, with net sales of $99.1 million.

Customer incentives earned in connection with HVP volumes

Incentives are tied directly to volume achievements, particularly within the HVP Delivery Devices category, which can create year-over-year fluctuations in reported revenue comparisons. For example, the Q3 2025 HVP Delivery Devices net sales decreased by 15.7% organically, driven by the comparison against a significant prior benefit. Specifically, Q3 2025 results were compared against a period that included a one-time incentive fee of approximately $19 million earned in the third quarter of 2024. To give you a clearer picture of these volume-based incentives, here is a look at the reported benefits:

This structure means that while HVP Components show consistent, strong organic growth, the Delivery Devices revenue can be more volatile based on the timing of these volume-based incentive recognitions, which is something to watch when modeling future performance. West Pharmaceutical Services, Inc.'s full-year 2025 net sales guidance, as updated in Q3, was between $3.060 billion and $3.070 billion.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Channels

You're looking at how West Pharmaceutical Services, Inc. gets its products-the stoppers, seals, and delivery systems-into the hands of global pharmaceutical and biotech clients. It's a high-touch, high-volume operation, relying heavily on its internal muscle rather than third parties.

The core of West Pharmaceutical Services, Inc.'s channel strategy is its direct sales force, which targets the world's largest pharmaceutical and biotech companies. This direct approach is necessary because the products are critical components for injectable drugs, where failure is not an option. To support this, West Pharmaceutical Services, Inc. utilizes a global distribution network for its components and devices. As of late 2025, the company is on track to achieve full-year net sales guidance between $3.040 billion and $3.060 billion. This massive volume is supported by the fact that West Pharmaceutical Services, Inc. helps support its customers by delivering approximately 43 billion components and devices each year. Geographically, the channel structure supports a global footprint, with 57.5% of net sales coming from international markets in 2024.

The sales are segmented, reflecting the channel's focus on high-value offerings. For instance, in the second quarter of 2025, High-Value Product (HVP) Components made up 47% of total company net sales, and HVP Delivery Devices accounted for 13% of total company net sales. The reliance on a few major clients is also evident; in 2024, the ten largest customers represented 43.4% of consolidated net sales, with one customer alone accounting for 12.3% or $356.4 million.

Here's a quick look at the scale of the output moving through these channels:

West Pharmaceutical Services, Inc. also channels its expertise through analytical lab services and integrated solutions offered directly to drug developers. These services help customers mitigate drug product development risks and enhance patient safety. While specific revenue for this service line isn't broken out in the latest guidance, the focus on integrated systems supports the high-value proprietary products, which drove a 10.7% net sales growth in the Proprietary Products Segment in Q2 2025.

The company uses strategic partnerships for market access and product enhancement, most notably with Daikyo Seiko, Ltd. This long-standing relationship includes a distribution agreement where West Pharmaceutical Services, Inc. exclusively distributes and markets Daikyo products globally. This collaboration is key for high-growth areas; for example, West introduced Daikyo PLASCAP® RUV closures in a new nested format in January 2025 to support advanced therapies like cell and gene treatments. Furthermore, West Pharmaceutical Services, Inc. has a significant financial stake in the partnership, owning 49% of West Pharmaceutical Services Mexico, S.A de C.V.. The success of these joint efforts is clear: West/Daikyo HVP components are the market standard for primary packaging of biologic drugs, a segment that represented 38% of WST's total net sales in the first nine months of 2024.

• West distributes and markets Daikyo products globally on an exclusive basis.
• Daikyo has distribution rights for West products in Japan.
• West owns 49% of West Pharmaceutical Services Mexico, S.A de C.V..
• HVP Delivery Devices growth was 30.0% in Q2 2025, driven mainly by Daikyo Crystal Zenith® and Administration Systems.

The sales force and distribution network are designed to push these integrated, high-value solutions directly to the customer base.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Customer Segments

You're looking at the core buyers for West Pharmaceutical Services, Inc. (WST) as of late 2025, based on the most recent full-year data available from 2024 and forward-looking guidance for 2025. The customer base is highly concentrated, meaning a few large pharmaceutical and device makers drive a significant portion of the revenue.

Customer Concentration: The top ten customers represented a substantial portion of the business, accounting for 43.4% of 2024 net sales. To give you a concrete example of that scale, one single customer accounted for 12.3% of consolidated net sales in 2024, equating to $356.4 million in revenue for West Pharmaceutical Services, Inc. That's a defintely high level of reliance on key relationships.

West Pharmaceutical Services, Inc. serves a global clientele that includes leading biologic, generic, diagnostic, and medical device companies. These customers rely on West Pharmaceutical Services, Inc. for components and delivery systems that are integral to the FDA approval process for their injectable drugs, which creates high switching costs.

The customer segments are primarily categorized by the type of drug they manufacture, which aligns with West Pharmaceutical Services, Inc.'s internal reporting structure. Here is a breakdown of the 2024 net sales by market group:

The Biologics market unit is noted as the fastest-growing injectable sub-segment, and looking at the 2024 fourth-quarter performance, this unit experienced high-single digit organic net sales growth. This growth was supported by strong demand for self-injection device platforms and is a key focus area heading into 2025, alongside GLP-1 related demand.

The overall business is structured around two reportable segments, which house these customer groups. The Proprietary Products segment, which serves the Biologics, Generics, and Pharma units primarily, generated full-year 2024 net sales of $2.335 billion. The Contract-Manufactured Products segment, serving medical device and diagnostic companies, had full-year 2024 net sales of $558.7 million.

You can see the relative size of the customer base by segment:

• Proprietary Products segment customers (Biologics, Generics, Pharma) represent approximately 80% of total revenue.
• Contract-Manufactured Products segment customers (Medical Device/Diagnostic) represent approximately 20% of total revenue.

For the 2025 fiscal year, West Pharmaceutical Services, Inc. anticipates total net sales in a range of $2.875 billion to $2.905 billion, expecting organic net sales growth of approximately 2% to 3% overall. Management specifically noted expectations for continued momentum driven by Annex 1 projects, which is expected to contribute +200 basis points of growth in 2025.

Here's a quick look at the 2024 performance trends by market unit, which informs the 2025 outlook:

• Biologics: Experienced high-single digit organic net sales growth in Q4 2024.
• Pharma: Saw mid-single digit organic net sales growth in Q4 2024.
• Generics: Had a mid-single digit organic net sales decline in Q4 2024.
• Contract-Manufactured Products: Full-year 2024 net sales grew by 1.1%.

Finance: draft 13-week cash view by Friday.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving West Pharmaceutical Services, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward production, which makes sense given their role as a global leader in primary packaging and delivery components for injectables.

The Cost of Goods Sold (COGS) is a dominant factor. For the second quarter of 2025, the Gross Profit Margin stood at 35.7%. This implies that COGS represented approximately 64.3% of net sales for that period, aligning closely with the expected high cost base of around 64%. This high percentage reflects the complexity and stringent quality requirements of their manufacturing processes.

Here's a quick look at the Q2 2025 financial context supporting that margin:

The materials used are fundamental to the cost calculation. West Pharmaceutical Services uses three basic raw materials for manufacturing its products, which are a constant focus for cost management:

• Elastomers, including both synthetic and natural materials.
• Aluminum.
• Plastic.

The manufacturing process itself is capital-intensive, requiring significant ongoing investment in infrastructure and quality control to meet regulatory standards for primary packaging. The company's capital spending plans for the full year 2025 were set at $275 million. Looking at the start of the year, Q1 2025 capital expenditures were $71.3 million, followed by $75.2 million in Q2 2025, totaling $146.5 million in the first half alone.

External factors like trade policy introduce specific, quantifiable costs. West Pharmaceutical Services is expecting an estimated net impact from tariffs in 2025 to fall within the range of $20 million to $25 million. The company is actively monitoring these political and macroeconomic impacts to deploy offsetting measures.

Beyond direct production costs, you have the necessary overhead for innovation and sales. While specific 2025 Selling, General, and Administrative (SG&A) figures aren't immediately available for the full year, capitalized Research and Development (R&D) expenses were reported at $30.1 million in a recent filing, indicating substantial, ongoing investment in proprietary technologies and new product development, such as the West Synchrony PFS System expected commercially in early 2026. These fixed and semi-fixed costs are essential to maintaining market leadership, even if they don't fluctuate directly with unit sales like COGS does.

Finance: draft 13-week cash view by Friday.

West Pharmaceutical Services, Inc. (WST) - Canvas Business Model: Revenue Streams

The revenue streams for West Pharmaceutical Services, Inc. are primarily derived from the sale of its specialized packaging and delivery components for injectable drugs, segmented into two main areas.

The latest full-year 2025 net sales guidance, as revised in October 2025, is in the range of $3.060 billion to $3.070 billion. This represents an anticipated reported net sales growth of between 5.8% to 6.1%, with organic net sales growth expected to be in the range of 3.75% to 4.0%.

The expected revenue contribution from the two primary segments aligns closely with historical breakdowns, where Proprietary Products typically accounts for the vast majority of sales.

Sales of High-Value Products (HVP) are a critical driver within the Proprietary Products segment, representing a growing portion of revenue due to demand in high-growth areas.

• High-Value Products (HVP) components represented over 73% of Proprietary Product net sales in the first quarter of 2025.
• In the second quarter of 2025, HVP components accounted for 74% of Proprietary Product sales.
• The HVP Delivery Devices business saw revenues increase by 30% in the second quarter of 2025.
• GLP-1 elastomer products specifically contributed 8% of total company revenues in the second quarter of 2025.
• Sales of Westar components are a driver within the Pharma market unit, which saw mid-single digit organic net sales growth in Q4 2024.

Service revenue is generated through integrated solutions offered alongside product sales. These offerings help customers bring injectable therapies to market.

• Integrated solutions include analytical lab services.
• The company also provides pre-approval primary packaging support.
• Engineering development services are part of the integrated solutions portfolio.

The company's ten largest customers accounted for 43.4% of consolidated net sales in 2024, with one customer individually accounting for 12.3% or $356.4 million of 2024 net sales. International operations represented 57.5% of consolidated net sales in 2024.

Finance: draft 13-week cash view by Friday.