Certain statements contained in this presentation and certain statements that may be made by management of the
Company orally during this presentation are forward-looking statements that set forth anticipated results based on
management’s plans and assumptions. Such statements give our current expectations or forecasts of future events – they do
not relate strictly to historical or current facts. In particular, these include statements concerning future actions, future
performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as
legal proceedings and financial results. We have tried, wherever possible, to identify such statements by using words such as
“estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate” and other words and terms of similar meaning in connection with
any discussion of future operating or financial performance or condition.

         We cannot guarantee that any forward-looking statement will be realized. If known or unknown risks or uncertainties
materialize, or if underlying assumptions are inaccurate, actual results could differ materially from past results and those
expressed or implied in any forward-looking statement.  You should bear this in mind as you consider forward-looking
statements. We cannot predict or identify all such risks and uncertainties, but factors that could cause the actual results to
differ materially from expected and historical results include the following:  sales demand; timing and commercial success of
customers’ products incorporating our products and services, including specifically, the Exubera® Inhalation-Powder insulin
device; customers’ changes to inventory requirements and manufacturing plans that alter existing orders or ordering patterns
for our products; our ability to pass raw-material cost increases on to customers through price increases; maintaining or
improving production efficiencies and overhead absorption; physical limits on manufacturing capacity that may limit our ability
to satisfy anticipated demand; the availability of labor to meet increased demand; competition from other providers; the
successful integration of acquired businesses; average profitability, or mix, of products sold in a reporting period; financial
performance of unconsolidated affiliates; strength of the U.S. dollar in relation to other currencies, particularly the Euro, UK
Pound, Danish Krone, Japanese Yen and Singapore Dollar; higher interest rates; the availability and cost of property and
casualty insurance; interruptions or weaknesses in our supply chain, which could cause delivery delays or restrict the
availability of raw materials and key bought-in components and finished products, including products produced in northern
Israel;  raw-material price escalation, particularly petroleum-based raw materials, and energy costs; and availability, and pricing
of materials that may be affected by vendor concerns with exposure to product-related liability.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future
events or otherwise.

Safe Harbor Statement

Key Company Developments

Acquisition of Monarch Laboratories

Acquisition of The Tech Group

Acquisition of Medimop

Sale of GFI Clinical Unit

Sale of Contract Manufacturing Operations

New management team

Restructuring and increased CAPEX

Sale of OTC Research Services Group

Kinston plant accident

Kinston restart

2-for-1 stock split

Divestiture of Drug Delivery

FY 2005

FY 2004

FY 2003

FY 2002

FY 2001

West’s Competitive Edge

Unmatched experience/expertise: drug material
interface

Ability to source components from multiple
locations globally

Protected IP: West’s components and systems

Regulatory barrier to entry: NDA and ANDA
filing must include reference to all
packaging/components in contact with the drug:

West Drug Master File (DMF) 1546 is confidential

West DMF includes functionality data (multi-year studies)

All primary package changes require new stability/ functionality
studies for new filing

Corporate Growth Strategy
Core Pharmaceutical Systems Business

Maximize the value of West’s core business
(Company estimated market: $1.1 BN)

Market segmentation

Generate maximum value from key growth drivers

New product innovation

Lean manufacturing

Geographic expansion

Strategic acquisitions

Medimop Medical Projects Ltd.

Corporate Growth Strategy
Tech Group Business

Build market share in multi-component systems
for drug delivery

(Company estimated market: $4.5 BN)

Leverage customer base

Develop a portfolio of proprietary systems for injectable,
transmucosal, and pulmonary delivery

Pursue selected consumer opportunities

License or acquire innovative technologies

Pursue strategic acquisitions

The Tech Group

.12

Interest Payment

$1.15*

$1.40

$1.33

$1.32

$.96

$.83

EPS Non-GAAP

(.02)

Affiliate Gain

.30

(.42)

Kinston

(.03)

Foreign Currency

(.02)

.05

(.07)

(.09)

Unusual Tax
Items

(.04)

.03

.26

.30

.05

Restructuring

$1.05

$1.39

$1.09

$1.48

$.78

EPS Reported

1^st H 06

2005

2004

2003

2002

2001

GAAP/Non-GAAP Reconciliation

* Included in 2006 full-year non GAAP EPS guidance of $1.82- $1.88.

This information is being provided for the convenience of readers in making comparisons between the periods presented
and other periods

Second Quarter Results
($ in millions, except per share data)

$0.38

$0.62

E.P.S. from Continuing Operations

$0.37

$0.62

Non-GAAP E.P.S. from Continuing Operations

$12.2

$20.7

Income from Continuing Operations

$19.9

$32.1

Operating Profit

$31.9

$36.9

Selling, General & Administrative Expenses

29%

Gross Margin

$173.0

$240.2

Net Sales

2005

2006

2005 E.P.S. from continuing operations includes a $0.03 charge related to the repatriation of funds
under AJCA and a $0.04 favorable impact related to the reversal of a restructuring reserve.

Capital Management

$118.8

$136.6

Working Capital

$26.8

YTD Spending

Full Yr Expected - up to $95

Capital Expenditures:

45.0%

39.8%

Debt to Total Invested Capital

$625.0

$652.7

Total Capitalization

$281.0

$259.9

Total Debt

12/31/05

6/30/06

($M)