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) – May 23, 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 May 23, 2012, West Pharmaceutical Services, Inc. (the “Company”) will host an Analyst and Investor Day from 8:30 to 11:30 AM EDT in New York, New York. Members of the Company’s senior management will provide an overview of the company’s current markets, operations, and growth opportunities at 9:00 AM EDT.

A copy of the Company’s presentation materials from the Investor Day 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

May 23, 2012

3

EXHIBIT INDEX

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

4

EX-99.1

Welcome and Introductions
Presentation Background and Agenda

Donald E. Morel Jr., Ph.D.

Chairman and Chief Executive Officer

© 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.

Safe Harbor Statement

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.

2

Agenda

Introductory RemarksDon Morel
Chairman and Chief Executive Officer

Pharmaceutical Markets UpdateMike SchaefersVice President, Marketing-Europe

Pharmaceutical Packaging SystemsJeff Hunt
President, Pharmaceutical Packaging Systems

Asian Growth and Expansion Warwick Bedwell
President, Asia-Pacific Region

West NovaPure® ComponentsFran DeGrazio
Vice President, Marketing and Strategic
Business Development-Americas

Pharmaceutical Delivery SystemsJohn Paproski
President, Pharmaceutical Delivery Systems

Self-Injection SystemsBart Burgess
Manager, Business Development

Daikyo Crystal Zenith®Scott Young
Director, Crystal Zenith Products

Closing RemarksDon Morel

3

Pharmaceutical Packaging Systems

Pharmaceutical Delivery Systems

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

•Strong competitive position

§Diversified customer base

§Proprietary technology

§Global footprint

§Significant barriers to entry

•Stability with growth potential

§Proprietary Products

§Geographic Expansion

•Financial strength to invest

§Reliable operating cash flow

§Well capitalized

4

Who We Are

The West Transition

•Founded in Philadelphia (1923) and listed on NYSE since 1980

•Initiated strategic transformation in 2001 to become a leading global supplier
of value-added pharmaceutical packaging systems and components

5

‘03‘04‘05‘06‘07‘08‘09‘10‘11

2002
$420 M

2011
$1.2 B

Kinston

recovery

Sale of
CCI

Sale of
Drug

Delivery

Acquired
Tech Group,
Medimop

Began

Eur/Asia
expansion

Acquired
Pharma
Pen

Acquired
Normandy

Acquired
LaModel

China
plastics
completed

Global
Quality
Initiative

China
rubber
begun

Sales and Income from Continuing Operations

$ millions

6

•Global economic conditions remain unsettled

•Global pharmaceutical revenue and unit growth will vary by region

•Further consolidation is expected

•Unknown: Status and impact of US healthcare legislation

•Tougher regulatory enforcement

•Our customers are under pressure to produce earnings growth from
merger “synergies” while key products are facing patent expiration and
new product pipelines remain thin

•Our challenge: How do we grow revenues in this environment?

Business Environment

7

Summary Results
$ millions, except per-share data

	Three Months Ended March 31,
	2012	2011
Net Sales	$ 316.3	$ 295.4
Gross Profit	101.1	88.0
Reported Operating Profit	41.7	28.8
Adjusted Operating Profit (1)	42.3	30.7
Reported Diluted EPS	$ 0.81	$ 0.56
Adjusted Diluted EPS(1)	$ 0.83	$ 0.60

(1)These are Non-GAAP measurements. For an explanation and reconciliation of these items, see “Cautionary Statement”
(Slide 2) and “Non-GAAP Financial Measures” and “Notes to Non-GAAP Financial Measures” (see slides 93 - 95)

8

Business Segments

2011 Revenues

($ millions)

Delivery Systems

Packaging Systems

•Established leadership

•High market shares

•Steady growth in base

9

$ 857

$337

Pharmaceutical Packaging
Systems

Business Unit Focus

•Small-volume parenteral packaging

•Large-volume parenteral packaging

•Prefillable syringe components

•Disposable medical device components

•Diagnostic, dental, veterinary packaging

Jeff Hunt

President

10

Our Growth Strategy

Pharmaceutical Packaging
Systems

•Generate incremental value per unit

•Leverage changing regulatory environment

•Global quality initiative

•Optimize manufacturing productivity

•Strategic acquisitions

•Geographic expansion

11

Pharmaceutical Delivery
Systems

(How drugs are administered)

Business Unit Focus

•Safety systems (B.Safe®, NovaGuard™,
Eris™)

•Reconstitution systems - Medimop

•Crystal Zenith® prefillable syringe systems

•Advanced injection systems (SmartDose®
and ConfiDose®)

•Tech Group contract manufacturing

The Eris safety syringe system is not currently available in the United States.

John Paproski

President

12

Our Growth Strategy

•Concentrate on systems for unmet market needs

•Build market share in multi-component systems
for drug administration utilizing Daikyo Crystal
Zenith as a platform technology

•Production supported by existing design, multi-
material molding, and assembly capabilities

•Expand through innovation and strategic
technology acquisitions

Pharmaceutical Delivery
Systems

13

•Our global position

•Strength of the franchise

•Key therapeutic catgeories and growth drivers

•New product pipeline and opportunities

•Risk factors

•Strong, experienced management team

•Substantial progress since 2010

Key Take-aways

14

Global Pharmaceutical Market Updates

Mike Schaefers, Ph.D.

Vice President, Marketing, Europe

15

•Global pharmaceutical revenue growth slowing down

§CAGR ‘11 - ‘15 of 3% - 6%

§Developed markets with moderate growth of 0 - 4%

§“Pharmerging markets”( BRIC, MENA) with increases of 12 - 17%

§While unit growth remains moderate

•Dynamic growth in “Pharmerging markets” fueled by

§Increase in skilled workforce and education level

§Improvements in infrastructure and access to medicines

§Lifestyle changes trigger chronic diseases

Global Pharmaceutical Market Trends

IMS, The Global Use of Medicines, May 2011, IMS Health Report 2011

16

•Globalization and consolidation of pharma industry
progressing

•Trend towards outsourcing of production to contract
manufacturer or partner in India and China

•Growing regulatory pressure and closer scrutiny of new
products

•Recent drug recalls have led to shortages of injectable drugs

•Quality by Design (QbD), combination products and CFR 820
influencing industry’s mindset

17

Global Pharmaceutical Market Trends

•Paradigm shift from batch production to small scale
manufacturing driven by diversity and clinical trial needs

•Price cuts and reimbursement restrictions in developed
markets

•Patent cliff and lack of “blockbuster” drug innovations

•M&A shaping leading pharma companies and continuing
as the new R&D

•Focus on “total cost of ownership”

18

Global Pharmaceutical Market Trends

•But growth opportunities remain, such as

•Pharmerging markets

•Generics

•BioTech, speciality drugs and biosimilars products

•Continuously expanding prefillable systems market

•Trend towards injection devices

§Enabling new treatment and application options

§Allowing home administration

§Powerful lifecycle management tools

19

Global Pharmaceutical Market Trends

•Generics

•$142 billion in global branded drug products losing patent protection
in the near future

•Significant policy changes encourage use of generics

§Affordable Care Act in US

§Drug price cuts in i.e. China, Japan, Spain, Italy

§Cost benefit evaluations of new medicines

•Generics will exceed 20% of drug spending in most developed markets

IMS, The Global Use of Medicines, May 2011, IMS Health Report 2011

20

Global Pharmaceutical Market Trends

•Sales from commercialized biotech drugs are on the rise

•Revenue CAGR of 6% - 9% over the next several years

§Strong pipelines for biologic products

§Increase in long-acting or depot injections

•Technical constraints of new biologics drive need for innovative
injectable packaging and delivery solutions

21

Global Pharmaceutical Market Trends

•Biosimilar regulations and affordability

•More and more patents of biologic drugs expire

§Major target for cost savings in health care

•Leading pharma companies such as Merck, Teva, Novartis
established biosimilar divisions

•Mature European markets for biosimilars

§Clear approval path but low adoption rates

•Strong biosimilar business in emerging markets

§Less stringent regulations

•Awaiting US legislation on biosimilars and new EU mAb legislation

•Delivery devices are key differentiator for biosimilars

22

Global Pharmaceutical Market Trends

•Parenterals continue to be important for administering
biopharmaceuticals

•Oral delivery

§Poor bioavailability due to challenges posed by the
gastrointestinal tract

•Nasal delivery

§Potential safety issues for large molecules due to need for
permeation enhancers to deliver sufficient dose

•Pulmonary delivery

§Potential safety issues with delivering through lung

§Low bioavailability

•Transdermal delivery

§Limitations in delivering the therapeutic dose through skin

23

Global Pharmaceutical Market Trends

•Extra Protection for Parenterals against Generic Threat

Scrip 100, 2011 Special Report

24

Global Pharmaceutical Market Trends

•Therapeutic areas Oncology, Diabetes, Autoimmune ( RA, MS,
etc.) and Vaccines driving parenteral growth

•High unmet medical need

•High cost burden of diseases

•New drugs enabled through biotechnology

•Innovative container and delivery systems allowing new
treatment options

•Patient access expanded

•Funding redirected from other areas where low-cost generics
will be available

25

Global Pharmaceutical Market Trends

Category	Key Customers	Projected Growth
Diabetes		4 - 7 %
Oncology		5 - 8 %
Vaccines		> 10 %
Autoimmune		6 - 9 %

•Therapeutic Category Growth Drivers

IMS, The Global Use of Medicines, May 2011, market & research.com

26

Global Pharmaceutical Market Trends

Requirements

West Solutions

•Therapeutic Targets and West Solution Portfolio - A Perfect Match

Therapeutic Targets

•Stability of demanding pharmaceuticals/
biopharmaceuticals

•Manage silicone sensitivity of proteins

•Solutions to avoid glass delamination
and breakage

•Need for lifecycle management, product
and brand differentiation

•Health care worker/ patient safety

•Human factors

•Trend towards self-administration

•Efficient and cost effective therapies

•High value pharma packaging

•In-depth understanding of container
closure and device interaction

•Proprietary, innovative delivery
systems

•Concept to commercialization solutions

•Risk assessment and risk mitigation
strategies

27

Greystone 2012 PFS Report; Market Intelligence

§Cartridge based devices gain
importance for biologic drug
delivery

28

Global Pharmaceutical Market Trends

Providing Solutions to a Changing Market

29

•Significant growth potential for generics and biosimilars
in developed countries and emerging markets

•Proactive support of lifecycle management activities at
pharma/ biotech

§Product and brand differentiation through West solutions

•Support generic and biosimilars customers globally with
differentiated product and solution offering

§Enable “Speed to Market” and compliance to stringent regulatory
requirements for developed markets

§Dedicated offerings for mid-tier and domestic emerging markets

§Biosimilars retain originator packaging

§Delivery devices are key differentiator for biosimilars

The Potential of Generics and Biosimilars

30

•West is well positioned for future growth

•Focus on strongly growing therapeutic categories diabetes/insulin,
vaccines, oncology and AIID

•Importance of parenterals and biological drugs in these categories

•Growing need for high value pharma and world class packaging

•Growth opportunities through proprietary delivery devices

•Perfect match between requirements of targeted therapeutic categories
and West´s solution portfolio

•Leveraging the potential of generic and biosimilars market

Summary

31

Pharmaceutical Packaging Systems Overview

Jeff Hunt

President

Pharmaceutical Packaging Systems

32

Pharmaceutical Packaging Systems

2011
Revenues

$857 million

Pharmaceutical Packaging Systems
2011 Operating Results

34

•Create profitable and sustainable growth platforms

•Strengthen market leadership position via innovation

•Accelerate growth through:

•Value-added products

•Geographic expansion

•Optimize global profitability

Strategic Objectives

35

Market & Growth Drivers
Pharmaceutical Systems Products

Safety

NovaGuard™

Medimop

Market Needs

Silicone-free

Daikyo CZ

PFS

Systems Solution

NovaPure®

Westar® RU

Lined seals

Ready Pack™

Regulatory

VeriSure™

CCS™

TrimTec®

Material Science

Quality

Vision inspection

cGMP

Demographics/Convenience

Auto-injectors

Electronic Patch Pump

Reconstitution

Growth Platforms

Safety & Admin Systems

Prefillable Syringe Systems

Advanced Injection Systems

Injectable Container Solutions

36

Long-Term Outlook

•Long-range plan delivers $300 million of incremental sales
and $100 million operating profit

•High-value products and prefilled syringe components

•Optimize supply chain and manufacturing operations

•Global expansion in China and India

37

Asia Pacific Region

Warwick Bedwell

President, Asia Pacific

38

Markets in Asia Pacific

•50+% of the World’s population

•Fastest growing in the World, GDP 6.7% growth in 20111

•Rising healthcare spend and urbanization

•Focus of global healthcare/pharmaceutical industry

§Large & growing population with increasing level of disposable income

§Improving access to medicines

§Aging populations e.g. China driving demand for greater healthcare investment

§Increased prevalence of chronic lifestyle diseases

§Lower cost region for manufacturing and outsourcing2,3

1 EIU Dec 20102 PWC 20103EIU Aug 2011

39

AP Pharma Markets by 2015

•Region (incl. Japan) will represent close to 1/3 global sales1

•China alone expected to bring over 1/4 global growth1

•Within APAC China, India, Indonesia and Vietnam will outpace all other
countries in growth1

•Markets look attractive for biosimilar penetration2

§Strong local industry and relatively lax regulatory systems

•Local players are strong within self pay markets while MNCs are strong
in reimbursed markets2

•Original/Branded generic products continue to comprise the majority
within most APJ markets2

1 IMS Health Market Prognosis Oct 20112 IMS Health, MIDAS MAT June 2011

40

•Annual consumption growing >15%
with India and China as market drivers

•6.5 billion IV infusions p.a.

•Emerging PFS and cartridge markets

•Est. in 2010 that globally 285 million diabetics,
over 50% in AP

§92 million in China

§51 million in India

•Highly fragmented

§60+ competing manufacturers
of stoppers

§100+ competing manufacturers
of seals

•Quality and technology improving

§Increasing regulatory requirements

§Quality segment to grow faster

Ref: IMS Report 2011, Frost & Sullivan Report 2010,
LEK 2009, Local intelligence

41

West in Asia Pacific

•Region Business Objectives -“Double+ in 5”

•Region Operations Objectives - Selectively invest for growth

Do best what
matters most
tocustomers

Market assessment
and prioritization,
WCSO/SFE and
GKAM

Core Business Strategies

42

China Strategic Rationale

•Largest global pharma market in volume and 3rd in value

§60% of total APAC injectables

§More Drugs to be reimbursed

§Foreign players are challenging domestic stronghold in generics

§Increase in alliances of domestic companies with MNCs

•Business strategy

§Defend and build share of MNCs/branded generics

§Capture market share from local players

§Best performance to price ratio

§Reduce COGs and introduce “total cost of ownership” concept

§Provide “best-in-class” service and quality

43

India Strategic Rationale

•Key location to drive growth

§Large market at USD 25b (>50% export) and 15.7% CAGR to 2015

§Generic production - Western markets

§Asia Pacific and MENA markets

•Business strategy

§Defend and build share of MNCs/branded generics

§Support generic producers with short lead times/flexible
trading terms

§Build regional capacity and enable growth in Singapore for HVPs

§Augment Singapore capacity

44

Region Operations Strategy

Singapore

1.HVP Focus

2.AP market & special items

3.R&D hub & technical center

China IV Plastic

1.Global supply

China Elastomer

2.China Market,
   Efficiency focus

India Elastomer

1.Domestic standard

   products & MNC support

2.ROW standard product

India Metal

1.AP market support

•

45

Summary
West in Asia Pacific

•Forecast mid-term market outperformance in sales and solid
operating profit

•Making the strategic investments to meet regional growth
and competition

•China and India are key to future regional and global growth

46

NovaPure® Components

Fran DeGrazio

Vice President, Marketing &

Strategic Business Development

47

Industry Challenges in Respect
to Packaging Component Issues

•Total cost of ownership is too high

•Packaging component quality is too variable

•Pharma industry understanding and perspective is needed

•Transparency of information should be improved

•Requirements by regulatory agencies are more stringent

•Biotech products have increased environmental sensitivity

•Risk must be minimized across the board

48

Revenue Opportunity ($ per unit)

Plungers and
Sleeve Stoppers

Stoppers

Seals

RU Seals

Westar® RU

Standard Products

High-Value Products

49

Industry Desires These Features

		Competitive Offerings
Process designed using QbD principles	þ	ý
Knowledge management	þ	ý
Shortened lead times	þ	ý
Global sourcing	þ	ý
Paradigm shift in quality specification	þ	ý
24/7 access to technical information	þ	ý
Minimized drug compatibility issues	þ	ý

50

Lower Filling Line Rejection Rate for
NovaPure Components

51

3.0%

0.5% - 1.0%

Typical rejection rate
at pharma company

1.5%

Westar RS +
Envision

NovaPure

Cost of Ownership Case Study
Benefit /Cost Relationship

52

Accelerating Adoption of West NovaPure Components

Drugs already on
the market

Seeding for drugs
in development

53

Expected NovaPure Growth

54

Like FluroTec, Westar and other fundamental improvements in
pharma packaging, NovaPure growth is expected to be long-
lasting and persistent

Why NovaPure Components?

Lower Total
Cost of
Ownership

Improved
Transparency

Hidden Costs

55

Pharmaceutical Delivery Systems

John Paproski

President

Pharmaceutical Delivery systems

56

Pharmaceutical Delivery Systems

2011

Revenues:

$337 million

57

Pharmaceutical Delivery Systems
2011 Operating Results

58

Contract Manufacturing

•2011 sales: $264 million

•20 million injection devices pa

•>1.3 billion plastic components for
Insulin Pens

Proprietary Products

•2011 sales: $73 million

•Reconstitution, CZ systems,
syringe safety, self-injection

•>50 million reconstitution systems

•>100 million needle safety systems

Synergies

•Marketing

•Engineering

•Project management

•Manufacturing

•Capacity

A Proven Track Record for Device Manufacture

59

Acquisition of
Medimop:
Administration
Systems

2005

Licensing of
NovaGuard™:
Safety
System

2006

Acquisition of
PharmaPen:
Auto-injector

2007

Daikyo CZ
Insert
Needle
License:
Prefillable
Syringe
Systems

2008

Acquisition
of Plastef:
Prefillable
Syringe
Safety

2009

Acquisition
of LaModel:
Electronic
Patch
Injector

2010

Marketing
agreement

Product
Development

Formation of
PDS division

Portfolio Expansion to Meet Market Needs

Acquisition
of B.safe:
Prefilled
syringe
safety

2011

60

Positioned to Respond to Market Trends

•Continuing growth in Injectable therapies

§Remains preferred route for biologics

§Prefilled systems (2.4 billion in 2011 growth of 10% p.a.)

•Growth of combination products

§Drugs with Injection device quadrupled in last decade (from 15 to 60 )

§Driven by self injection, lifecycle management, competition

•Growth in biosimilars

§Innovators: differentiation and lifecycle extension through devices

§Generic companies need a functional copy with minimal investment

*Ref: Greystone report, April 2012: Prefilled syringes to 2016

61

Biotherapeutic Drug Delivery Remains our Focus

•Proteins

•High concentrations

•Large molecules are more sensitive

•Stability tested on drug and device

•Cold chain to maintain potency

•Combination Products

•In 2010, 33% of pharmaceutical
development pipeline were biologics

•Portion of top 100 products**:

2000	2008	2012
11%	28%	50%

* Tufts study, 2010

** Evaluate Pharma, April 2010

62

Subcutaneous RA drugs: A Competitive Market

2000

2008

2002

2004

2006

2010

Enbrel®

Humira®

Simponi®

Cimzia®

Smartject®

Vial “pack”

Kineret®

PFS (extended flange) (40mg/0.8ml)

Humira® Pen

PFS 50mg (extended flange)

PFS 25 mg

SureClick™

PFS ( with optional Simpleject reusable auto-injector)

PFS (20mg/0.4ml)

Orencia®

2012

PFS - Subcutaneous

PFS / Needle Safety

Ergonomic PFS

Source: Donna French, PhD, Genentech

63

Challenges Faced by Biotech Companies

•Glass issues

§Functional, quality, breakage

§Trend towards plastics

•Increased sensitivity to various materials

§Silicone oil, tungsten, extractables

•Increased demand for high-dose biologics

§Driving drug product viscosities and dose volumes higher

§Competition within therapeutic classes making IV delivery unattractive

•Increased FDA scrutiny on combination products

§Devices considered earlier in process

**Ref: HRA survey for West at PDA, April 2012

64

Need for an Integrated Drug Delivery System

65

West Provides Integrated Solutions from Concept to Patient

Discovery

(ideation)

Concept

Development

Product &
Process
Development

Industrialization

Life cycle
management

66

Well Positioned to Partner with our Customers

•Extensive product portfolio

•Internal capabilities combined with Industry collaboration

•Building on established market position and experience

•Focus on the patient and the needs for an integrated system
approach

•Proactive support for customers’ need for combination products

CZ and SmartDose are examples to showcase these capabilities….

67

Self-Injection Systems

Bart Burgess

Principle, Business Development

68

A Platform Partner for Self-Injection Systems

•West ConfiDose®

§Auto-injector platform for delivery from 1mL long glass or CZ PFS

§Expanding system offerings to meet new identified market needs

•West SmartDose®

§Electronic patch injector system incorporating a proprietary CZ container

§Addressing the needs of high-dose biologics and high-value products

•Dose Family

§Combining device innovations and primary container expertise

§Expanding range of systems through acquisition and innovation

SmartDose® is a registered trademark of Medimop Medical Projects Ltd.

69

SmartDose® Electronic Patch Injector
Platform Technology*

§Designed for subcutaneous delivery - 2.5 mL and 3.5 mL versions in development

§Uses Daikyo CZ prefilled cartridge

§Focuses on the user experience

§Integrated needle safety

§Simple push-button operation

§Electronically controlled delivery profile

§Freedom-to-operate clearance

§Capitalizes on several emerging needs:

§Higher doses may be needed for efficacy

§New entrants to competitive therapeutic areas need self-injection convenience

*For investigational use only by our pharmaceutical and biotechnology development partners.
West markets SmartDose technology as an integrated system with drug filling and final
assembly performed by the pharmaceutical customer.

70

Self Injection Systems Portfolio

4.0

Future SmartDose
Iterations

SmartDose 3.5

SmartDose 2.5

ConfiDose 1.2mL

ConfiDose 1mL

ConfiDose 1.5mL

Additional Platform
Expansions Coming Soon…

71

An Example of a Fully Integrated System

72

Daikyo Crystal Zenith®

Scott Young, Ph.D.

Director, Crystal Zenith Products

73

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

Daikyo Crystal Zenith technology is licensed from Daikyo Seiko, Ltd.

Vials and

bulk containers

Prefillable Syringe

From drug discovery to self-injection system

Self-injection System*

Discovery

CZ Solutions Across the Product Lifecycle

*For investigational use only by our pharmaceutical or biotechnology
development partners.

74

Daikyo Crystal Zenith Product Approvals

hyaluronic acid

MRI contrast
media

bone cement

6 Contrast Media

5 MRI

2 Hyaluronic Acid

1 Calcitonin

1 Proton Pump
Inhibitor

fluconazole

oncology

anticoagulant

2 oncology

1 acyclovir

hyaluronic acid

3 oncology

API Container

Japan

MHLW

Europe

EMEA

US

FDA

Calcitonin

Bone

cement

Zometa

Hyaluronic

acid

75

•Highly break resistant

•Superior quality

§Reduced Particles vs glass

§Reduced cosmetic defects

§100% vision inspection, including needle

•No Silicone oil for system lubricity

•Tungsten and glue free

•Compatible with filling lines

•Consistent functionality

•Tight dimensional tolerances

•Maintains integrity with fill volumes >1mL

•Recent completion of extra capacity in Scottsdale AZ

76

Orange color indicates Flurotec® film coverage

Complete coverage with
inert film on drug
contact surfaces

Flurotec Film

•Patent Protection from Daikyo Seiko

•Trade Secret Molding / Processing

•Silicone-Free System

Daikyo Crystal ZenithSyringe Barrel

•Custom Formulated Resin exclusive to
Daikyo Seiko

•IP Filed on CZ 1ml-IN Process

•Other IP on packaging / designs

Daikyo Crystal Zenith Competitive Advantage

Fully laminated
piston

Inside-laminated
tip cap

Tungsten residue

Breakage

Silicone oil
variability

Auto-injector
failure

Cosmeticdefects

Particles

Potential Glass Syringe Risk Areas

78

Pharmaceutical Market View of Risk Mitigation

•FDA cautionary statement; potential results of glass particles*:

§Vascular events

§Foreign body granuloma

§Local injection site reactions

§Increased immunogenicity

•Multiple companies evaluatingCZat various phases

§In 2011 Rx360 surveyed companies and found

§28% had recalls

§They estimated industry cost of recalls at $100MM

§In a recent study, 48% of survey respondents indicated that their
company was evaluating plastic options

Source: D. Jaworski, CDER, Presentation from PDA Glass Conference, May 2011

79

Action Associated with Breakage Issue	Associated Costs	Total Cost
Investigation and inspection of issues, complaints and syringe products	·Field complaints inquiry ·Investigation and resources ·Inspection	> $50 Million
Loss of market share	Loss of sales until re-launch, and loss of 5% of share at market price post re-launch for year 1	> $50 Million
Replacement of drug product, components and delivery system after re-launch	2 million units at $100 each	> $200 Million
Pipeline Assessment: Drugs in Phase II/III clinical trials	200,000 units x approx. $100 each cost (assuming 1/10 total production)	>$20 Million
Significant impacts on product supply, market confidence, brand value		Not estimable

Illustrative Estimates of Costs Associated with Drug Recalls

80

1mL Long Insert Needle Syringe
Ready for Commercial Supply

•Validated, sterile product

•Scottsdale capability at 6 million unit per annum

§Expandable to 20+ million units in existing space

§Plans to add capacity in US and IRE as needed in future

•Vetter collaboration

§Combining expertise to establish a full service provider for
high-value biopharmaceutical drug product processing

§Installation of dedicated Crystal Zenith syringe fill and finish equipment

81

Summary

•Pharma customers and regulatory
personnel are demanding Daikyo
Crystal Zenith to reduce recalls due to
glass defects.

•Daikyo Crystal Zenith vial and syringe
systems are a global market-proven
option.

We believe that all of our major
biologic customers are evaluating
Daikyo Crystal Zenith.

Wrap-up

Don Morel

Chairman and CEO

83

2010 - Present
Strategic Execution

•Revenue and earnings growth

•Capacity investments for new markets and
products

§Envision and NovaPure components

§Daikyo Crystal Zenith and SmartDose

•Improved management bench strength

•Maintained strong balance sheet

84

Our Long-Term Focus

•Expand and strengthen packaging franchise

§The Global Quality Initiative

§Capacity expansion in key markets

§Technology and product acquisitions

•Invest to ensure proprietary product success

•Conservative Financial Management

§Operating cash flow

§Prudent spending: discretionary SG&A and Capex

§A strong balance sheet

85

Five-Year Growth Opportunity

2016 Strategic Planning Goals:

•Sales:$0.7 billion to $0.8 billion

•Operating margin: 20%

2016 Strategic Planning Goals:

•Sales of $1.0 billion to $1.1 billion

•Operating margin: 20%

Pharmaceutical

Packaging Systems

Pharmaceutical

Delivery Systems

Consolidated 2016 Strategic Planning Goals

2016 Sales: $1.7 to $1.9 billion

2016 Operating Margin: 19%

86

Selected Risk Factors

•Eurozone economic uncertainty

•Healthcare reform (U.S.)

•Supply chain stability

•Timing of new product commercialization

•Currency risk

•Regulatory risk

87

Summary

•A terrific franchise

•Significant growth potential

•The financial strength to invest

•An experienced team

Injectable Container Solutions

Advanced
Injection
Systems

Prefillable Syringe Systems

Safety and Administration
Systems

88

Each and every day

over 100 million

West products are used

to enhance the quality of

healthcare around the world

89

Q & A

90

Non-GAAP Financial Measures(1)
Three Months Ended March 31, 2012 and 2011

(in millions, except per share data)

(1)See “Notes to Non-GAAP Financial Measures” (Slides 14-15), “Cautionary Statement” (Slide 2) and seethe “Restructuring and Other Items” section and “Supplemental Information and
Notes to Non-GAAP Financial Measures” in today’s press release for an explanation and reconciliation of these items.

	As Reported March 31, 2012	Restructuring and related charges	Acquisition- related contingencies	Discrete tax items	Non-GAAP March 31, 2012
Operating profit	$41.7	$0.4	$0.2	$-	$42.3
Interest expense, net	3.9	-	-	-	3.9
Income before income taxes	37.8	0.4	0.2	-	38.4
Income tax expense	9.8	0.1	0.1	(0.3)	9.7
Equity in net income of affiliated companies	1.2	-	-	-	1.2
Net income	$29.2	$0.3	$0.1	$0.3	$29.9
Net income per diluted share	$0.81	$0.01	$-	$0.01	$0.83

	As Reported March 31, 2011	Restructuring and related charges	Discrete tax items	Non-GAAP March 31, 2011
Operating profit	$28.8	$1.9	$-	$30.7
Interest expense, net	4.5	-	-	4.5
Income before income taxes	24.3	1.9	-	26.2
Income tax expense	6.1	0.6	(0.2)	6.5
Equity in net income of affiliated companies	1.4	-	-	1.4
Net income	$19.6	$1.3	$0.2	$21.1
Net income per diluted share	$0.56	$0.04	$-	$0.60

NOTES TO NON-GAAP FINANCIAL MEASURESFor additional details, please see today’s press release and Safe Harbor Statement.

These slides 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. Reconciliations of these adjusted non-GAAP measures to the comparable GAAP financial measures are included
in the preceding (current and prior-year periods) and succeeding (2012 Guidance)slides.

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

(continued on following slide)

Restructuring and related charges:During the three months ended March 31, 2012, we incurred restructuring and related charges of $0.4 million
associated with the restructuring plan announced in December 2010. Charges associated with the plan for the three months ended March 31, 2012 were
primarily facility closure costs associated with the 2011 closure of a plant in the United States and a reduction of operations at a manufacturing facility in
England

NOTES TO NON-GAAP FINANCIAL MEASURESFor additional details, please see today’s press release and Safe Harbor Statement.