8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) – September 23, 2009

________________________

WEST PHARMACEUTICAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

_____________________

Pennsylvania	1-8036	23-1210010
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
101 Gordon Drive, PO Box 645, Lionville, PA		19341-0645
(Address of principal executive offices)		(Zip Code)

610-594-2900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01   Regulation FD Disclosure

On September 11, 2009, West Pharmaceutical Services, Inc. (the “Company”) issued a press release announcing that Donald E. Morel, Jr., Ph.D., Chairman and Chief Executive Officer, and William Federici, Chief Financial Officer, will attend both CL King’s 7th Annual Best Ideas Conference 2009, being held September 16-17, 2009 at the Omni Berkshire Place Hotel in New York City and the UBS Global Life Sciences Conference, being held September 21-23, 2009 at the Grand Hyatt Hotel in New York City.

A copy of the Company’s presentation from the conference will be available for 30 days through the Investors link at the Company’s website, http://www.westpharma.com and is also attached hereto as Exhibit 99.2.  A copy of the press release is attached hereto as Exhibit 99.1.  Both Exhibits are incorporated herein by reference.

The information in this report (including Exhibit 99.1 and 99.2) is being furnished pursuant to Item 7.01 Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Item 9.01   Financial Statements and Exhibits

Exhibits
Exhibit #	Description
99.1	West Pharmaceutical Services, Inc. Corporate Overview (Investor Presentation).
99.2	West Pharmaceutical Services, Inc. Press Release, dated September 11, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEST PHARMACEUTICAL SERVICES, INC.

John R. Gailey III

Vice President, General Counsel and Secretary

September 23, 2009

EX-99.1

Contacts: West Pharmaceutical Services, Inc. Michael A. Anderson Vice President and Treasurer (610) 594-3345 Investors and Financial Media: FD Evan Smith / Matthew Duch (212) 850-5600 wst@fd.com

West to Present at Two Upcoming Investor Conferences

LIONVILLE, Pa., - West Pharmaceutical Services, Inc. (NYSE: WST) today announced that Donald E. Morel, Jr., Ph.D., Chairman and Chief Executive Officer, and William Federici, Chief Financial Officer, will attend both CL King’s 7th Annual Best Ideas Conference 2009, being held September 16-17, 2009 at the Omni Berkshire Place Hotel in New York City and the UBS Global Life Sciences Conference, being held September 21-23, 2009 at the Grand Hyatt Hotel in New York City.

Dr. Morel and Mr. Federici will present an overview of West’s business and outlook at the CL King conference on Thursday, September 17, 2009 from 11:45AM to 12:10 PM ET; and, at the UBS conference on September 23, 2009 from 11:30 AM to 12:00 PM ET.

A copy of the corporate presentation document as well as a live audio webcast of the presentations will be posted on the investor link of the Company's website at www.westpharma.com.

About West

West is a global manufacturer of components and systems for injectable drug delivery, including stoppers and seals for vials, and closures and disposable components used in syringe, IV and blood collection systems. The Company also provides products with application to the personal care, food and beverage markets. Headquartered in Lionville, Pennsylvania, West supports its partners and customers from 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia and Australia. For more information, visit West at www.westpharma.com.

EX-99.2

1

Donald E. Morel, Jr., Ph.D.

Chairman and Chief Executive Officer

William J. Federici

Vice President and Chief Financial Officer

Investor Relations Contact:

Michael A. Anderson

Vice President and Treasurer

mike.anderson@westpharma.com

UBS Global Life Sciences Conference

New York, New York

September 23, 2009

NYSE: WST

westpharma.com

All trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., unless noted otherwise.

2

This presentation contains forward-looking statements, within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, that are based on management’s beliefs and
assumptions, current expectations, estimates and forecasts.Statements that are not
historical facts, including statements that are preceded by, followed by, or that
include, words such as “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate”
and other words and terms of similar meaning are forward-looking statements.West’s
estimated or anticipated future results, product performance or other non-historical
facts are forward-looking and reflect our current perspective on existing trends and
information.

Many of the factors that will determine the Company’s future results are beyond the
ability of the Company to control or predict.These statements are subject to known or
unknown risks or uncertainties, and therefore, 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. A non-
exclusive list of important factors that may affect future results may be found in
West’s filings with the Securities and Exchange Commission, including our annual
report on Form 10-K and our periodic reports on Form 10-Q and Form 8-K.

You should evaluate any statement in light of these important factors.

Forward Looking Statements

3

Who We Are

•Founded in 1923

•Global Headquarters near
Philadelphia

•Market capitalization $1.3 billion

•World’s premier manufacturer
of components and systems
for injectable drug delivery

–Closure systems and prefillable
syringe components

–Components for disposable
systems

–Devices and device sub-
assemblies

–Safety and administration
systems

4

Diverse, Stable Customer Base

5

West’s Competitive Advantage

•Unmatched experience/expertise: drug - material interface

–Global regulatory and technical support

•Protected IP: Proprietary materials and technology

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

1.West Drug Master File (DMF) 1546 is confidential

2.West DMF includes functionality data (multi-year studies)

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

•Global manufacturing footprint

•Engineering expertise in high-volume manufacturing, assembly
and vision inspection

6

Sales and Income from Continuing Operations
($ in millions)

7

•Global economic conditions remain soft

•U.S. government focus on healthcare structural reform and cost
containment

•Within our customer base:

–Changing operating priorities à changing order patterns

–Working capital / supply chain / inventory management

•Delivering against rising expectations

•Value (price in their world)

•Quality

Business Environment

8

Second Quarter and Year-To-Date Results
($ in millions, except per share data)

Quarter 2			Year-to-date
2009	2008		2009	2008
$261.0	$279.3	Net Sales	$503.4	$550.0
30.2%	29.9%	Gross Margin	29.4%	30.4%
$4.7	$4.9	R&D	$8.9	$10.3
$45.1	$40.9	SG&A	$88.0	$81.0
$29.0	$37.4	Operating Profit (Non-GAAP) *	$51.0	$75.2
$19.9	$25.4	Net Income (Non-GAAP) *	$34.1	$50.4
$0.58	$0.73	Diluted EPS (Non-GAAP) *	$1.00	$1.45

*2009 Q2 and YTD operating profit, net income and diluted EPS excludes a ($0.01) and ($0.02) per share impact, respectively, of Tech
restructuring charges and a $0.05 per share YTD impact of discrete tax benefits.

*2008 Q2 and YTD operating profit, net income and diluted EPS excludes a $0.11 and $0.14 per share net gain, respectively, on the Nektar
contract settlement, a ($0.02) and ($0.04) per share impact, respectively, of Tech restructuring charges and a $0.03 per share YTD impact of
discrete tax benefits.

9

Asset Management

($M)	6/30/09	12/31/08	6/30/08
Cash	$84.3	$87.2	$102.3
Accounts Receivable	$143.4	$128.6	$159.2
Days Sales Outstanding (DSO)	51.6	44.8	52.7
Inventory	$130.0	$115.7	$127.3
Days Inventory Outstanding (DIO)	46.7	40.3	42.1

10

Capital Management

($ Millions)	6/30/09	12/31/08
Total Debt	$390.2	$386.0
Total Equity	$533.0	$487.1
Net Debt to Total Capital	36.5%	38.0%
Capital Expenditures:
YTD Spending	$45.2
Full Year Forecast / Actual	$110.0-$120.0	$131.8

11

•Pharma remains under substantial pressure

•Global growth projected at 2.5-5% (down from 5-7%)

•North America down 1-2%

•Europe 0-1%

•Emerging economies 5-7% (India, China, Brazil)

•Fundamental underlying industry change - consolidation - focus
on large molecule therapies

•Pfizer - Wyeth

•Roche -Genentech

•AstraZeneca -Medimmune

•Lilly - Imclone

•Merck - Schering Plough

•How does West continue to grow in this challenging environment?

Business Environment

12

Drug Packaging

(How it is contained)

Primary Container Solutions

Prefillable Syringe Systems

Drug Delivery

(How it gets into the patient)

Administration Systems

Advanced Injection Systems

Development

Primary Package

Administration

Our Growth Opportunities

13

Market Dynamics Support Future Growth

•Increasing number of patients
with chronic illnesses

•Many of these are treated with
biologic drugs

•Biologic drugs demand ultra-
clean delivery systems

•Point of care shift: Hospital to
specialty clinic to home

•Safe, accurate dosing needs
are pushing the market toward
integrating the container/
closure system into the delivery
system

•Generic growth

Autoimmune Disease

Vaccines

Oncology

Diabetes

14

Pipeline Drug Formulations

34%

42%

10%

4%

4%

3%

3%

Source: IMS, Tufts CSDD

Over a third of all pipeline drugs will be in injectable formulation

15

Global Biotech Blockbusters(Annual Sales >$1Billion)

Total
39

Total
106

2007’s 22 Biotech Blockbusters

Enbrel (Amgen/Wyeth)

Aranesp (Amgen)

Remicade (J&J/SP)

Rituxan (Roche)

Neulasta (Amgen)

Erypo/Procrit (J&J)

Herceptin (Roche)

Epogen (Amgen)

Avastin (Roche)

Humira (Abbott)

Lantus (Sanofi-Aventis)

Avonex (Biogen Idec)

Neorecormon (Roche)

Gardasil (Merck)

Rebif (Serono)

Neupogen (Amgen)

Novorapid (Novo Nordisk)

Erbitux (Imclone/Merck KGaA/BMS)

Lucentis (Roche/Novartis/Genentech)

Synagis (MedImmune)

Humalog (Lilly)

Betaferon (Bayer/Schering AG)

Sources: IMS 2008 Global Biotech Perspective report and Company
Estimates

West supplies components for all
current Biotech Blockbuster products

16

Drug Packaging

(How it is contained)

Primary Container Solutions

Prefillable Syringe Systems

Drug Delivery

(How it gets into the patient)

Administration Systems

Advanced Injection Systems

Our Growth Strategy

•Build market share in multi-
component systems for drug
administration

•Expand proprietary product portfolio
through innovation and strategic
technology acquisitions

•Market segmentation to generate
organic growth

•New product innovation

•Lean manufacturing

•Strategic acquisitions

•Geographic expansion

•Capacity build - Europe, Singapore,
North America

•China plastics

•India rubber site selection

17

Primary Drug Packaging

West FluroTec®
Components

Seal - Stopper - Vial

Daikyo Crystal Zenith® Vials

Estimated Market Size - $1.5 billion

CAGR - 4%

Source: Company estimate for vial systems only

West Spectra™ Seals

Crystal Zenith is a registered trademark of Daikyo Seiko, Ltd.

FluroTec and Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.

18

Core Strategy - Adding Incremental Value per Unit

Uncoated 4432/50 V35

$50

$200

4432/50 S2 FluroTec®
Westar RS

$250

4432/50 S2 FluroTec®Westar RS B2-40 Port Bag

$300

4432/50 S2 FluroTec®Westar® RS B2-40
(1000 packs)

$465

4432/50 Sterile S2 W
(RU) Ready PackÔ(1000 packs)

$2,900

RU Ready PackÔ System
(small volume sourcing only)

$3,500

$360

19

China Plastics Facility

20

Drug Packaging

(How it is contained)

Primary Container Solutions

Prefillable Syringe Systems

Drug Delivery

(How it gets into the patient)

Administration Systems

Advanced Injection Systems

Our Growth Strategy

•Build market share in multi-
component systems for drug
administration

•Expand proprietary product portfolio
through innovation and strategic
technology acquisitions

•Market segmentation to generate
organic growth

•New product innovation

•Lean manufacturing

•Strategic acquisitions

•Geographic expansion

•Capacity build - Europe, Singapore,
North America

•China plastics

•India rubber site selection

21

Delivery Systems - Key Programs

Vial2Bag™

Mix2Vial®

MixJect®

NovaGuard™ Safety
Needle Device

(luer-lock syringe)

ConfiDose®
Auto-injector

Daikyo Crystal Zenith®

éris™

Safety Needle Device

(fixed-needle syringe)

22

Packaging & Delivery Systems for Large Molecules Key Driver

•Currently all large molecule drugs are delivered
by injection

•West components are preferred and used for
the top selling biotech therapeutics

•Used predominantly to treat chronic diseases

–Diabetes

–Cancer

–Auto-immune

•Fastest growing segment of our business

•Strong profit driver

23

•Polybutadiene
Flurotec® liner

•Low temperature
resistance

•Ease of handling

First-in-Human Containers

Bulk Containers

Inserted Needle Syringes

•Stored frozen in
Phase 1

•Ideal cleanliness

•Low adsorption
properties

•Ideal for auto-injectors

•No tungsten, glue or
silicone

•Ease of handling

Total Life Cycle Containment
Daikyo Crystal Zenith®

Daikyo Crystal Zenith® and Flurotec® are registered trademarks of Daikyo Seiko,
Ltd.

24

Critical Stability Issues for Biotechnology Drugs

•Aggregation

–Silicone, tungsten, glue, mfg. processing

•Adsorption - vials and syringes

–Impacts potency of large molecules

•Immunogenicity/Neurogenicity

•Polysorbate 20 and 80

–Detergents used for mitigating aggregation

–Highly unpredictable

•Too much creates aggregation

•Potential for peroxide creation

25

Comparison of protein aggregation in glass versus CZ for
a model antibody

Daikyo Crystal Zenith®

Glass

26

Our Long-term Focus

•The fundamentals matter

–Superior quality and service win business

•Margin improvement - lean manufacturing, OEE

•Continued investment for the future

–Innovation

–Geographic expansion

–Technology & product acquisitions

•Financial discipline

–Maintain strong operating cash flow

–Prudent spending: discretionary SG&A, R&D and Capex

–Maintain a strong balance sheet

–Return on Invested Capital > Weighted average cost of capital

27

Drug Packaging

(How it is contained)

Primary Container Solutions

Prefillable Syringe Systems

Drug Delivery

(How it gets into the patient)

Administration Systems

Advanced Injection Systems

Five-Year Growth Opportunity

$2 billion combined markets for safety,
prefilled and autoinjectors:

•Unit growth 6-12%, varies depending
on segment

•West 2008 sales: $170 million

•2008 OP margin: 7%

Strategic Planning Goals - Systems:

•Projected 2013 sales of $550million

•Projected 2013 OP margin 20%

$1.5 billion market for components

•Unit growth 0-8% per year depending
on segment

•West 2008 sales: $800 million

•2008 OP margin: 17.5%

Strategic Planning Goals - components:

•Projected 2013 sales of $1.05 billion

•Projected 2013 OP margin 20%

28

Summary

•Market leader

•Proprietary technology

•Regulatory expertise

•Customer base

•Global footprint

•Partnerships

–Daikyo

–Mexico

•New product pipeline

•Financial position

–Cash flow

–Balance sheet

•People

Injectable Container Solutions

Advanced
Injection
Systems

Prefillable Syringe
Systems

Safety and Administration
Systems

29

Each and every day,

more than 80 million

West products are used

to enhance the quality of

healthcare around the world.

30

Donald E. Morel, Jr., Ph.D.

Chairman and Chief Executive Officer

William J. Federici

Vice President and Chief Financial Officer

Investor Relations Contact:

Michael A. Anderson

Vice President and Treasurer

mike.anderson@westpharma.com

NYSE: WST

westpharma.com

All trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., unless noted otherwise.