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 12, 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 September 12, 2012, our management will present at the CL King 10th Annual Best Ideas Conference in New York, New York at 10:40 AM Eastern Time.

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

September 12, 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.

CL King 10th Annual Best Ideas Conference

New York, NY

September 12, 2012

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

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

3

Who We Are

A Diverse, Stable Customer Base
(representative healthcare customers)

PHARMACEUTICAL / BIOTECHNOLOGY

GENERIC

MEDICAL DEVICE

4

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

2001
$392 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

Business Segments

$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

6

2012 Q2 Overview

•Second Quarter 2012 Sales Grew 5.5% (11.3% at constant
currency)

–High-value product growth and price were key components

–Backlog still growing: longer-lead times, customers building
inventories

•Pharmaceutical Packaging 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

•Convertible Debenture Tender Offer Completed

7

Q2 Summary Results
$ millions, except per-share data

(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” (Slides 30 - 32).

8

Selected Factors Expected to Impact
Second-Half 2012 and Comparisons

See “Cautionary Statement” on slide 2.This is not an exclusive list of risks.

•Stronger US dollar impact on reported sales, profits from
international operations vs. first half and prior year

•Pricing changes vs. prior year smaller than first half 2012

•Normal seasonality: West and customer shutdowns for
summer and holiday season impact sales and production
efficiency vs. first half

•First-half sales that are not expected to recur:

–Production in response to drug shortages / regulatory constraints

–Customer new product launches

•Expectations for new products and development

9

What will drive growth?

–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

10

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

Therapeutic Category Growth Drivers

11

Packaging Segment Overview

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

12

Pharmaceutical Packaging SystemsPackaging Components for Small Volume Parenterals

Plungers, Tip caps,
Needle shields for Glass
Syringes

Plungers, lined seals
for Glass Cartridges
for Pens

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

13

Providing Solutions to a Changing Market

14

Faster Growth of High-Value ProductsPharmaceutical Packaging Systems

15

Asia-Pacific Region Operations
Strategy

Singapore

1.High-value Product
Focus

2.A-P market & special
items

3.R&D hub & technical
center

China IV Plastic

Global supply

China Elastomer:

China Market,
Efficiency focus

India Elastomers for:

1.Domestic standard
products & local support
for multi-nationals

2.Standard product for
export

16

Delivery Systems Segment Overview

$337

•Contract manufacturing base

•Customer owned IP

•Project management

•Automated assembly

•Regulated products

•Proprietary Product
Development

2011 Revenue

($ millions)

17

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

18

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

19

Tungsten residue

Breakage

Silicone oil
variability

Cosmeticdefects

Particles

Potential Glass Syringe Risk Areas

20

Action Associated with Breakage Issue	Associated Costs	Estimated 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

* Source: Company estimates

Illustrative Estimates of Recall Costs

21

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

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

22

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

Products Approved in Daikyo Crystal Zenith

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

24

SmartDose®
Electronic Patch Injector Technology Platform

Programmed by PDA or PC

Dose may be customized

Applied and activated by patient

•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

25

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

26

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

27

Pharmaceutical Packaging Systems

Pharmaceutical Delivery Systems

•Strong first half

•Established market leader

•Stability with growth potential

•New products well positioned to
meet future market needs

•The financial strength to invest

Summary

28

Non-GAAP Financial Measures(3)
Three Months Ended March 31, 2012 and 2011

(in millions, except per share data)

(3) See “Notes to Non-GAAP Financial Measures” (Slides 31-32), “Cautionary Statement” (Slide 2) 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

29

30

Non-GAAP Financial Measures(1)
Three Months Ended June 30, 2012 and 2011

(in millions, except per share data)

(1)See “Notes to Non-GAAP Financial Measures” (Slides 31-32) and “Cautionary Statement” (Slide 2) for an explanation and reconciliation of these
items.

	As Reported June 30, 2012	Restructuring, impairment & related charges	Acquisition- related contingencies	Extinguishment of debt	Non-GAAP June 30, 2012
Operating profit	$35.6	$3.7	$0.2	$-	$39.5
Loss on debt extinguishment	11.6	-	-	11.6	-
Interest expense, net	4.0	-	-	-	4.0
Income before income taxes	20.0	3.7	0.2	11.6	35.5
Income tax expense	6.5	1.4	-	1.8	9.7
Equity in net income of affiliated companies	2.1	-	-	-	2.1
Net income	$15.6	$2.3	$0.2	$9.8	$27.9
Net income per diluted share	$0.45	$0.06	$0.01	$0.27	$0.79

	As Reported June 30, 2011	Restructuring, impairment & related charges	Acquisition- related contingencies	Special separation benefits	Non-GAAP June 30, 2011
Operating profit	$27.8	$1.3	($0.7)	$2.1	$30.5
Interest expense, net	4.3	-	-	-	4.3
Income before income taxes	23.5	1.3	(0.7)	2.1	26.2
Income tax expense	5.3	0.4	(0.1)	0.8	6.4
Equity in net income of affiliated companies	1.9	-	-	-	1.9
Net income	$20.1	$0.9	($0.6)	$1.3	$21.7
Net income per diluted share	$0.57	$0.02	($0.01)	$0.04	$0.62

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

(continued on following slide)

These presentation materials and associated presentation use the following financial measures that have not been calculated in accordance with
generally accepted accounting principles (GAAP) accepted in the U.S., and therefore are referred to as non-GAAP financial measures:

·Adjusted operating profit

·Adjusted net income

·Adjusted diluted EPS

·Net debt

·Net debt to total invested capital

West believes that these non-GAAP measures of financial results provide useful information to management and investors regarding business
trends, results of operations, and the Company’s overall performance and financial position. Our executive management team uses these
financial measures to evaluate the performance of the Company in terms of profitability and efficiency, to compare operating results to prior
periods, to evaluate changes in the operating results of each segment, and to measure and allocate financial 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 these 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. In order to compensate for these limitations, non-GAAP financial measures are presented in connection with
GAAP results. We urge investors and potential investors to review the reconciliations of our non-GAAP financial measures to the comparable
GAAP financial measures, and not to rely on any single financial measure to evaluate the Company’s business.

In calculating adjusted operating profit, adjusted net income 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 accompanying tables.

The following is a description of the items excluded from adjusted operating profit, adjusted net income and adjusted diluted EPS for the three
- and six-month periods presented in the accompanying tables:

Restructuring, impairment & related charges - During the three months ended June 30, 2012, we incurred restructuring, impairment and
related charges of $3.7 million, the majority of which related to impairment charges of $3.4 million, as we concluded that the estimated fair

32

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

value of one of our product lines no longer exceeded the carrying value of the related assembly equipment and intangible asset. The
remaining charges were restructuring and related charges associated with the restructuring plan announced in December 2010, primarily for
employee severance and benefits, as well as asset transfer and facility closure costs.

Acquisition-related contingencies - During the three months ended June 30, 2012, 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, due to accretion
expense. During the three months ended June 30, 2011, we eliminated $0.8 million of contingent consideration related to our July 2009 éris
safety syringe system acquisition. This reflected our assessment that none of the contractual operating targets will be achieved over the earn-
out period, which ends in 2014. Partially offsetting this reduction was accretion expense related to the SmartDose electronic patch injector
technology acquisition.

Extinguishment of debt - During the three months ended June 30, 2012, we recognized a loss on debt extinguishment of $11.6 million
related to our repurchase of $158.4 million in aggregate principal amount of 4.00% Convertible Junior Subordinated Debentures Due 2047,
which included the purchase premium, transaction costs and a non-cash charge for unamortized debt issuance costs of the purchased
Convertible Debentures. The purchase of the Convertible Debentures results in a 2.9 million share, or 7.8%, prospective reduction in West
common shares included in the measurement of diluted earnings per share. Excluding the loss on debt extinguishment recognized in the
current quarter, the effect is expected to be accretive to earnings per diluted share going forward, after accounting for interest expense to be
incurred in connection with notes issued on July 5, 2012, the proceeds of which provided the permanent financing for the purchase of the
Convertible Debentures.

Special separation benefits - During the three months ended June 30, 2011, we incurred $2.1 million in special separation benefits related to
the retirement of our former President and Chief Operating Officer. These costs were primarily for the revaluation and acceleration of stock-
based compensation expense as a result of amendments to equity awards that allow certain of his awards to continue to vest over the original
vesting period instead of being forfeited upon separation.

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.