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) – March 13, 2012

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)

Registrant’s telephone number, including area code: 610-594-2900

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 (see General Instruction A.2. below):

¨ 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 March 13, 2012 our management will present at the Barclays Capital 2012 Global Healthcare Conference in Miami, Florida at 9:00 AM ET.

A copy of the Company’s presentation materials 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 99.1 and incorporated herein by reference.

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

Item 9.01.  Financial Statements and Exhibits

(d)	Exhibits
	Exhibit 99.1	West Pharmaceutical Services, Inc. Overview (Investor Presentation).

2

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.

/s/ John R. Gailey III

John R. Gailey III, Vice President, General

Counsel and Secretary

March 13, 2012

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	West Pharmaceutical Services, Inc. Overview (Investor Presentation).

4

EX-99.1

WEST PHARMACEUTICAL SERVICES, INC.

Solutions for Injectable Drug DeliveryNYSE:WSTwww.westpharma.com

© 2012 by West Pharmaceutical Services, Inc., Lionville, PA.

All rights reserved. This material is protected by copyright. No part of it may be reproduced, stored in a retrieval system, or transmitted in any
form or by any means, electronic, mechanical, photocopying or otherwise, without written permission of West Pharmaceutical Services, Inc.. All
trademarks and registered trademarks are property of West Pharmaceutical Services, Inc., unless noted otherwise.

Barclays Capital Global Healthcare Conference

Miami, FL

March 13, 2012

Safe Harbor Statement

2

Cautionary Statement Under the Private Securities Litigation Reform Act of 1995

This presentation and any accompanying management commentary contain “forward-looking statements”
as that term is defined in the Private Securities Litigation Reform Act of 1995.Such statements include,
but are not limited to statements about expected financial results for 2012 and future years.

Each of these estimates is based on preliminary information, and actual results could differ from these
preliminary estimates.We caution investors that the risk factors listed under “Cautionary Statement” in
our press releases, as well as those set forth under the caption "Risk Factors" in our most recent Annual
Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or
supplemented by our quarterly reports on Form 10-Q, could cause our actual results to differ materially
from those estimated or predicted in the forward-looking statements. You should evaluate any statement
in light of these important factors. Except as required by law or regulation, we undertake no obligation to
publicly update any forward-looking statements, whether as a result of new information, future events, or
otherwise.

Non-GAAP Financial Measures

Certain financial measures included in these presentation materials, and which may be referred to in
management’s discussion of the Company’s results and outlook, are Non-GAAP (Generally Accepted
Accounting Principles) financial measures. Please refer to the “Non-GAAP Financial Measures” and
“Notes to Non-GAAP Financial Measures” at the end of these materials for more information.Non-GAAP
financial measures should not be considered in isolation or as an alternative to such measures
determined in accordance with GAAP.

3

Pharmaceutical Packaging Systems

Pharmaceutical Delivery Systems

•Aglobally diverse manufacturer of
products used primarily in containing and
administering small-volume parenteral
drugs.

•Strong competitive position

–Substantial market shares

–Proprietary technology

–Diversified customer base

–Global footprint

–Preferred products for biologics

–Long-term customer relationships

•Stability with growth potential

•Proprietary Products

•Geographic Expansion

•Financial strength to invest

–Reliable operating cash flow

–Well capitalized

A Diverse, Stable Customer Base
(representative healthcare customers)

PHARMACEUTICAL / BIOTECHNOLOGY

4

GENERIC

MEDICAL DEVICE

Business Segments

5

$857

$337

2011 Revenues

($ millions)

Delivery Systems

•Contract manufacturing base

•Multi-material

•Project management

•Automated assembly

•Regulated products

•Capabilities + IP =proprietary
delivery devices

•Proprietary devices are
expected to drive growth

Packaging Systems

•Established leadership

•Designed-in revenue base

•Diverse global capabilities

•High market shares

•Steady growth in base

•Increasing unit value of products
and geographic expansion are
expected to enhance growth

2011 Highlights

•2011 results announced February 16, 2012:

–Sales increased 5.2%, excluding currency

–Gross and operating margin compressed by material costs, currency

–Mitigated by pricing actions and manufacturing savings

•Updated long-term financial targets on Q3 call

•China rubber facility under construction

•India land lease executed, approvals pending

•Vetter collaboration announced for CZ filling capacity

•Glass packaging compatibility issues generating strong interest in
alternative packaging materials, especially for biologics and other
high value drugs

6

Summary Results
$ millions, except per-share data

(1)These are Non-GAAP measures.For an explanation and reconciliation of these items, see “Non-GAAP Financial
Measures” and “Notes to Non-GAAP Financial Measures”(Slides 27 - 29) and “Cautionary Statement” (Slide 2).

Summary Balance Sheet Information
$ millions

8

2012 Outlook and Challenges

•Expect 4% to 7% revenue growth in 2012, excluding currency

•Pharmaceutical and Device markets:

–Customer’s new product pipelines showing signs of strength

–Patent cliff front and center

–Shift to large molecule products continues

–Global shift in product sourcing (e.g., India generic growth)

–More demanding regulatory environment

•Continuing Fx and commodity price volatility

–Euro, European growth and sovereign debt

–Oil and regional political, civil and military turmoil

–Less predictable demand

9

($ millions, except EPS)	Estimated 2012 Revenue(1)	Estimated Gross Profit %(1)(2)
Pharmaceutical Packaging Systems Segment	$875 - $895	33.3%
Pharmaceutical Delivery Systems Segment	$340 - $350	20.1%
Consolidated	$1,215 - $1,245	29.6%
	2012 Adjusted Diluted EPS(1)(2) Estimate
	$2.37- $2.55

(1) Guidance includes various currency exchange rate assumptions, most significantly the Euro at $1.32 for the remainder of 2012.
Actual results will vary as a result of variability of exchange rates, among other items.

What will drive growth?

1
1

–Growth in emerging markets –Escalating regulatory and
quality demands –Adding plants: China, India –Expanding Westar® and
Envision® capacity,
introducing NovaPure®
components –Growth in combination products: •safety, dosing accuracy, ease of
use, •deliver cost savings •product differentiation –Daikyo Crystal Zenith® products: •Increasing awareness of glass
quality issues –Delivery technology platforms: •SmartDose®electronic patch
injector •ConfiDose® auto-injector –Reconstitution products –Safety syringes                            

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

Packaging Systems

Delivery Systems

Category	Key Customers	Projected Growth
Diabetes		> 10 %
Oncology		> 10 %
Vaccines		> 10 %
Autoimmune		>8%
Generics		>10%

IMS April 2010 Report; Business Insights 2009; GBI Research 2009

12

Therapeutic Category Growth Drivers

Packaging Segment Overview

13

2011 Revenue

($ millions)

Packaging Systems

•Market leader

•Strong recurring revenue base

•Global manufacturing

•Steady growth in base

•Future growth will be driven by:
added value per unit sold;
geographic expansion; and
growth in key therapeutic
segments

$857

Pharmaceutical Packaging SystemsPackaging Components for Small Volume Parenterals

Plungers, Tip caps,
Needle shields for Glass
Syringes

Plungers, lined seals
for Glass Cartridges
for Pens

14

Primary packaging components (those that touch the drug) are typically
proprietary to West andare “designed into” customers’ drug products

15

StandardHigh-Value
ProductsProducts

Revenue Opportunity ($ per unit)

Plungers and
sleeve stoppers

Stoppers

Seals

RU seals

Westar® RU

Faster Growth of High-Value ProductsPharmaceutical Packaging Systems

16

Delivery Systems Segment Overview

17

$337

•Contract manufacturing base

•Customer owned IP

•Project management

•Automated assembly

•Regulated products

•Proprietary Product
Development

•West owned IP

•Multiple use platforms

•Focus on unmet needs for
biologics

2011 Revenue

($ millions)

Delivery Systems

Daikyo Crystal Zenith®
Life-cycle Containment Solutions

18

West MixJect® and
Vial2Bag®

Custom Manufacturing of
Components and Devices

Proprietary Components, Devices and Systems

West ConfiDose®
auto-injector platform
technology

SmartDose® electronic
patch injector platform
technology

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

19

Revenue per-unit

Consumer product
manufacturing

Medical
device
manufacturing

Mix2Vial®

CZ vials

CZ Syringes

Effect of Increasing Proprietary Device Sales
Contract ManufacturingProprietary Devices
Products

Auto-injector platform
technology

Electronic patch
injector technology

Concerns With Glass Syringes

•Interaction with sensitive biologics

•Protein aggregation (silicone oil)

•Residual chemicals (tungsten, glue)

•Glass flakes

•Dimensional variation

•Variable silicone distribution

•High Cost of Quality

•Breakage

•In process/handling

•Within auto-injector systems

Siliconized Glass Syringe

Crystal Zenith Syringe

20

Daikyo CZ Solution
with Daikyo Flurotec® Barrier Film

•Reduces:

–drug exposure to extractables

–risk of protein aggregation caused by silicone oil in the drug product

–returns and in-process clean-ups caused by broken glass

–risk of delamination and glass-particulate contamination

•Consistent piston release and travel forces without using silicone oil

21

Flurotec® is a registered trademark of Daikyo Seiko, Ltd.

Pharma Industry Drug Life-Cycle
Management

Phase I

Phase II

Phase III

Post-Market Life Cycle Management

8 - 10 years

2 - 3 years

2 - 3 years

Regulatory

Approval

Discovery

22

SmartDose®
Electronic Patch Injector Technology Platform

Programmed by PDA or PC

Dose may be customized

Applied and activated by patient

23

•Controlled, subcutaneous, micro-infusion delivery
of high volumes and high viscosity drugs

•Prefilled cartridge, no need for user filling

•Based on Daikyo CZ cartridge

•Compact

•Hidden needle for safety

•Single push-button operation

Prototype Operation

24

Selected Factors That Impact Margin % in 2012(3)

(3) See “Cautionary Statement” on slide 2. This is not an exclusive list of risks associated with
forward looking statements made in or in connection with these materials.

Our Long-Term Focus

•Pharmaceutical Packaging Systems

–Organic growth of 3-5% per year

–Margin expansion from efficiency, product mix

–Capital investments target enhanced quality and value

•Pharmaceutical Delivery Systems

–Deliver the potential of Daikyo CZ products

–Stronger mix of healthcare-consumable contract manufacturing

–Grow proprietary safety and delivery systems

•Financial discipline

–Operating cash flow supports R&D and capital spending

–Deliver returns (ROIC) that regularly exceed cost of capital (WACC)

–Maintain quarterly dividend

–Align incentives with financial performance and value creation

25

26

Pharmaceutical Packaging Systems

Pharmaceutical Delivery Systems

•Strong competitive position

•Stability with growth potential

•New products well positioned to
meet future market needs

•The financial strength to invest

Summary

27

	As Reported December 31, 2011	Restructuring & related charges	Acquisition- related contingenci es	Special separation benefits	Discrete tax items	Non-GAAP December 31, 2011
Operating profit	$109.6	$5.3	($0.2)	$2.9	$-	$117.6
Interest expense, net	16.9	-	-	-	-	16.9
Income before income taxes	92.7	5.3	(0.2)	2.9	-	100.7
Income tax expense	23.5	1.8	-	1.1	(1.4)	25.0
Equity in net income of affiliated companies	6.3	-	-	-	-	6.3
Net income	$75.5	$3.5	($0.2)	$1.8	$1.4	$82.0
Net income per diluted share	$2.16	$0.09	($0.01)	$0.05	$0.04	$2.33

As Reported

December 31,

2010

Restructuring
and related
charges

Acquisition-
related
contingencies

Discrete
tax items

Non-GAAP

December 31,

2010

Operating profit

$90.7

$15.9

($1.8)

$-

$104.8

Interest expense, net

16.2

-

-

-

16.2

Income before income taxes

74.5

15.9

(1.8)

-

88.6

Income tax expense

13.6

5.7

(0.2)

1.1

20.2

Equity in net income of affiliated companies

4.4

-

-

-

4.4

Net income

$65.3

$10.2

($1.6)

($1.1)

$72.8

Net income per diluted share

$1.89

$0.28

($0.04)

($0.03)

$2.10

WEST PHARMACEUTICAL SERVICES

NON-GAAP MEASURES (UNAUDITED)

(in millions, except per share data)

TWELVE MONTHS ENDED DECEMBER 31, 2011:

TWELVE MONTHS ENDED DECEMBER 31, 2010:

Please refer to the “Notes to Non-GAAP financial measures” for more information.

Non-GAAP measures are intended to explain or aid in the use of, not as a substitute for, the related GAAP financial measure.

28

For additional details, please see the attached financial schedules and Cautionary Statement.

Use of Non-GAAP Financial Measures- The preceding discussion of our results and the accompanying financial tables use non-
GAAP financial measures. West believes that these non-GAAP measures of financial results provide useful information to
management and investors regarding certain business trends relating to West’s financial condition, results of operations and the
Company’s overall performance.Our executive management team uses adjusted operating profit and adjusted diluted EPS to
evaluate the performance of the Company in terms of profitability and to compare operating results to prior periods. Adjusted
operating profit is also used to evaluate changes in the operating results of each segment and to allocate resources to our
segments.The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to
use in evaluating ongoing operating results and trends in comparing its financial measures with other companies.

Our executive management does not consider such non-GAAP measures in isolation or as an alternative to such measures
determined in accordance with GAAP.The principal limitation of such non-GAAP financial measures is that they exclude significant
expenses and income that are required by GAAP to be recorded.In addition, they are subject to inherent limitations as they reflect
the exercise of judgment by management about which items are excluded from the non-GAAP financial measures.In order to
compensate for these limitations, our executive management presents its non-GAAP financial measures in connection with its
GAAP results.We urge investors and potential investors to review the reconciliation of our non-GAAP financial measures to the
comparable GAAP financial measures, and not rely on any single financial measure to evaluate the Company’s business.

In calculating adjusted operating profit and adjusted diluted EPS, we exclude the impact of items that are not considered
representative of ongoing operations. Such items include restructuring and related costs, certain asset impairments, other
specifically identified gains or losses, and discrete income tax items. A reconciliation of these adjusted non-GAAP measures to the
comparable GAAP financial measures is included in the preceding tables.

The following is a description of the items excluded from adjusted operating profit and adjusted diluted EPS:

Restructuring and related charges:During the three and twelve months ended December 31, 2011, we incurred restructuring
and related charges of $1.0 million and $5.3 million, respectively, associated with the restructuring plan announced in December
2010. Charges associated with the plan in 2011 were primarily associated with the 2011 closure of a plant in the United States, a
reduction of operations at a manufacturing facility in England, and the elimination of certain operational and administrative functions
in other locations.

During the three and twelve months ended December 31, 2010, we incurred restructuring and related charges of $14.7 million and
$15.9 million, respectively. The majority of these charges related to the restructuring plan that our Board of Directors approved in
December 2010, which was designed to reduce our cost structure and improve operating efficiency.

(continued on next slide)

SUPPLEMENTAL INFORMATION AND NOTES TO NON-GAAP FINANCIAL MEASURES

29

	Full Year 2012 Guidance(a)
	Diluted Earnings Per Share
Adjusted guidance	$2.37 to $2.55
Restructuring, net of tax	(0.05) to (0.03)
Reported guidance	$2.32 to $2.52

(continued from prior slide)

Acquisition-related contingencies:During the three and twelve months ended December 31, 2011, we increased the liability for
contingent consideration related to our 2010 acquisition of technology used in our SmartDose™ electronic patch injector system by $0.2
million and $0.5 million, respectively. During the twelve months ended December 31, 2011, we also reduced the liability for contingent
consideration related to our July 2009 eris™ safety syringe system acquisition by $0.8 million, bringing the liability balance to zero. This
reduction reflects our assessment that none of the contractual operating targets will be achieved over the earnout period, which ends in
2014.

During the twelve months ended December 31, 2010, we reduced the liability for contingent consideration related to our July 2009 eris™
acquisition by $1.8 million to reflect our revised assessment of fair value, as affected by a reduction in the probability of attaining certain
milestones over the next four years.

Special separation benefits: During the three and twelve months ended December 31, 2011, we incurred special separation benefits of
$0.8 million and $2.9 million, respectively, related to the retirement of our former President and Chief Operating Officer. These costs
consisted primarily of stock-based compensation expense and a settlement loss related to one of our non-qualified defined benefit
pension plans. The respective equity compensation arrangements were amended to allow certain of his awards to continue to vest over
the original vesting period instead of being forfeited upon separation, resulting in a revaluation of the awards and acceleration of
expense.

Discrete tax items:During the three and twelve months ended December 31, 2011, we recognized discrete tax charges of $0.6 million
and $1.4 million, respectively, the majority of which resulted from changes in certain international tax rates that affected our deferred tax
carrying values and the finalization of prior year tax returns.

During the three and twelve months ended December 31, 2010, we recognized $1.1 million in net discrete tax benefits, the majority of
which resulted from the reversal of liabilities for unrecognized tax benefits.

•Reconciliation of 2012 Adjusted Guidance to 2012 Reported Guidance is as follows:

(a)Guidance includes various currency exchange rate assumptions, most significantly the Euro at $1.32 for 2012. Actual results will vary as a result of variability of
exchange rates.

SUPPLEMENTAL INFORMATION AND NOTES TO NON-GAAP FINANCIAL MEASURES

WEST PHARMACEUTICAL SERVICES, INC.

Solutions for Injectable Drug DeliveryNYSE:WSTwww.westpharma.com

© 2012 by West Pharmaceutical Services, Inc., Lionville, PA.

All rights reserved. This material is protected by copyright. No part of it may be reproduced, stored in a retrieval system, or transmitted in any
form or by any means, electronic, mechanical, photocopying or otherwise, without written permission of West Pharmaceutical Services, Inc.. All
trademarks and registered trademarks are property of West Pharmaceutical Services, Inc., unless noted otherwise.