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) — February 13, 2006

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)

610-594-3319

(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:

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

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

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

o 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 February 13, 2006, 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 J. Federici, Chief Financial Officer will make a presentation at the USB Global Healthcare Services Conference in New York, New York on Tuesday, February 14, 2006 at 11:30 a.m. Eastern Time.
	A copy of the Company’s presentation from the conference will be available for 30 days through the Investor link at the Company’s website, http.//www.westpharma.com., and is also attached hereto as Exhibit 99.1.  A copy of the press release is attached hereto as Exhibit 99.2.  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
(c)	Exhibits

Exhibit #	Description
99.1	West Pharmaceutical Services, Inc. Conference presentation slides.
99.2	West Pharmaceutical Services, Inc. Press Release, dated February 13, 2006

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SIGNATURE

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

February 13, 2006

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EX-99.1

Exhibit 99.1

Searchable text section of graphics shown above

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Corporate Overview

Donald E. Morel, Jr., Ph.D.

Chairman and Chief Executive Officer

UBS Global Healthcare Conference

February 14, 2006

NYSE: WST

www.westpharma.com

Safe Harbor Statement

Certain statements contained in this presentation and certain statements that may be made by management of the Company orally during this presentation may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historic or current facts. They use words such as “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or condition. In particular, these include statements concerning future actions, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings and financial results.  Because actual results are affected by risks and uncertainties, the Company cautions investors that actual results may differ materially from those expressed or implied in any forward-looking statement.

It is not possible to predict or identify all such risks and uncertainties, but factors that could cause the actual results to differ materially from expected and historical results include, but are not limited to: sales demand; the timing and commercial success of customers’ products incorporating the Company’s products and services, including specifically, the Nektar inhaled insulin product; changes in medical and pharmaceutical technologies that alter the demand for injectable drug products; the Company’s ability to pass recent raw material cost increases on to customers through price increases; regulatory changes affecting the marketing, use or competitiveness of Company and customer products, the use and availability of raw materials used in the Company’s products, or the operation of the Company’s facilities; maintaining or improving production efficiencies and overhead absorption; competition from other providers; the Company’s ability to develop and market value-added products; the successful integration of acquired businesses; the average profitability, or mix, of products sold in a reporting period; financial performance of unconsolidated affiliates; the potential impact of the Medicare Prescription Drug, Improvement and Modernization Act of 2003; strength of the US dollar in relation to other currencies, particularly the Euro, UK pound, Danish Krone, Japanese Yen and Singapore Dollar; inflation; US and international interest rates and the availability of debt financing; returns on pension assets in relation to the expected returns employed in preparing the Company’s financial statements; raw material price escalation, particularly petroleum-based raw materials and energy costs; disruption in the supply of raw materials, particularly petroleum based raw materials, the production of which has been affected by recent hurricane damage in the US Gulf Coast region; exposure to product quality and safety claims; availability and pricing of materials that may be affected by vendor concerns with exposure to product-related liability.

The Company assumes no obligation to update forward-looking statements as circumstances change. Investors are advised, however, to consult any further disclosures the Company makes on related subjects in the Company’s 10-K, 10-Q and 8-K reports.

Who are we?

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Each and every day millions of West products are used to enhance healthcare around the world.

Corporate Profile

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

•Stoppers and seals for vials

•Disposable components used in syringe, IV, blood collection and diagnostic systems

•Founded in 1923

•HQ in Lionville, PA

•2005 (E) sales $700M

•Market capitalization approx $950M

Global Presence

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5,100 employees worldwide

Diverse Customer Base

Company Estimated Market Share: 70% in Pharma; 70% in Device; 95% in Biotech

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Key Company Developments

FY 2001

•Sale of Contract Manufacturing Operations

FY 2002

•New management team

•Restructuring and increased CAPEX

•Sale of OTC Research Services Group

FY 2003

•Kinston explosion

FY 2004

•Kinston restart

•2-for-1 stock split

•Divestiture of Drug Delivery

FY 2005

•Acquisition of Monarch Laboratories

•Acquisition of The Tech Group

•Acquisition of Medimop

•Sale of GFI Clinical Unit

Strong Sales Growth
2002-2005

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Business Segments

FY05E Net sales: Approx. $700 MM

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Geographic Sales Mix
(2005, based on point of sale)

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Pharmaceutical Systems Profile

	Market Size*/
	Long-Term		Our Growth	Gross Margin
	Growth Rate	Our Share	(2005-2007)	Range
Pharma Systems	$1 to $1.5 billion. Growing 2-5%	Market Leader	6-8%	25-50+%
Disposable Medical Device Components	$150 million, Growing 0-2%	Market Leader	0-2%	10-20%
Lab and Other Services	Not determined	Small	8-12%	10-50%

* Company estimates

Corporate Growth Strategy
Core Injectable Business

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

•Market segmentation

•New product innovation

•Lean manufacturing

•Geographic expansion

•Strategic acquisitions

Growth Drivers

•Global demographics

•Diabetes

Diabetes

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Components for
Traditional System
Applications
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	Components
	for Pen System Applications
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		Entire Systems

Growth Drivers

•Global demographics

•Diabetes

•Growth in biotechnology drugs

•Oncology

•Reconstitution Systems

•Medimop Medical Projects Ltd

Biotechnology/Oncology

Closures and Components for Traditional and Prefilled Systems	Closures and Components for Biotechnology and Oncology Systems
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Seals	FluroTec ® and BarrierCoatings
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Flip-Off ®Buttons	Westar® Processing
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Stoppers
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Syringe plungers, needle shields

Reconstitution Aides

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Rationale for Medimop Acquisition

•Market leader in reconstitution, transfer, mixing and administration systems for injectable drugs, including needleless systems

•Excellent engineering and technical reputation with customer base

•Strong proprietary technology position

•Focuses on design, development and innovation

•Leverages West’s market, regulatory and manufacturing expertise  (Tech)

•Strong strategic fit with West’s core injectable business

Medimop Product Portfolio

Vial Adapters	Needleless Drug Transfer and Mixing
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Growth Drivers

•Global demographics

•Diabetes

•Growth in biotechnology drugs

•Oncology

•Anti-counterfeiting needs

Growth Opportunities

Closures with built-in product tracking, authentication and anti-counterfeiting features

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West’s Competitive Edge

•Unmatched experience/expertise: drug material interface

•Ability to source components from multiple locations

•Protected IP: West’s components and systems

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

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

Corporate Growth Strategy

Device Business

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

(Company estimated market:  $4.5 BN)

•Leverage customer base

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

•Pursue selected consumer opportunities

•License or acquire innovative technologies

•Pursue strategic acquisitions

•The Tech Group

Rationale for Tech Acquisition

•West has:

•Unmatched experience/expertise: drug material interface

•Ability to source components from multiple locations

•Anticipated 3-5 year modest core business unit growth

•Consumer business that The Tech Group seeks

•The Tech Group has:

•Potential to broaden West’s customer base by open new market segments

•Credibility in the pharma device segment

•Critical European presence

•Medical device business that West seeks

Tech Complements West

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The Tech Group	West Device Group
FY04 Sales: $74.2 MM	FY04 Sales: $65.0 MM

Tech Customer Base

Pharmaceutical	Consumer
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Device
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Tech Group Profile

	Market Size*/
	Long-Term		Our Growth	Gross Margin
	Growth Rate	Our Share	(2005-2007)	Range
Healthcare	$4.5 billion.	Fragmented
Devices	Growing 5-7%	market	8-12%	18-35%
Consumer	> $20 billion,	Fragmented
Products	Growing 4-6%	market	4-6%	8-20%
Engineering
/Tooling sales	Not determined	Small	8-12%	0-10%

* Company estimates

Growth Drivers

•Organic growth

•New product launches

•Insulin delivery systems

Tech Product Portfolio

Health Care	Consumer
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Exubera^®Inhaled Insulin

•Joint development with Pfizer & Nektar

•Class III medical device part of NDA

•Recent events

•Received EMEA and FDA approval for marketing

•Initial launch targeted for mid year

•Key questions are:

•Market acceptance – doctors and patients

•Patient acceptance may expand market

•Increased patient compliance – targeted for non compliant diabetic population

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2006 – Where We Stand

•Key elements of the “Sustainable Growth” strategy are now in place:

•West’s core pharmaceutical systems business is an established global franchise

•Tech Group adds new customers, products and capabilities in the key device segment

•Medimop adds new technologies and products in the key biotechnology and oncology markets

Operating Priorities

•Execute business plan and strategy

•Retain focus on growth of core injectable business

•Capitalize on Tech and Medimop programs and opportunities

•Institutionalize “lean thinking”

•Assess expansion opportunities

•China – India – Brazil – Russia/Eastern Europe

•Continue to innovate, develop and acquire technologies

•“Adaptable” integration (e.g. TagSys – RFID)

•Product line expansion (e.g. Tech, Medimop)

•Next-generation systems (e.g. Silicone Free CZ PFS)

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Investment Considerations

Investment Highlights

•Well positioned for continued revenue growth

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

•Value-added products, technologies and services that serve current and future market needs

•Substantial market share in key segments

•High regulatory and capital barriers to entry

•Strong, diversified customer base

•Favorable market drivers

•Strong balance sheet and cash flows

•Management incentives tightly aligned with corporate performance

•Very strong corporate governance

Nine-month 2005 Results Nine

	2004									2005
($ millions,	Pharm			Tech						Pharm			Tech			Consolidated
except EPS)	Systems			Group			Consolidated			Systems			Group (1)			(1)
Net Sales	$	357		$	43		$	400		$	402		$	102		$	504
growth										12.6		%	7		%	11.5		%
Gross Profit	111			7			118			126			15			141
% sales	31.0		%	16.3		%	29.5		%	31.3		%	14.7		%	27.9		%
Operating Profit	60			3			39			72			6			53
% sales	16.9		%	6.9		%	9.9		%	17.9		%	5.9		%	10.6		%
Income from continuing Ops							26									32
EPS–contg Ops							$	.86								$	1.00

Note(1) – Includes Tech acquired business from May 2005 of $56mm. Nine month 2005 sales grew by 7% over 2004 levels excluding the Tech acquired business. The Tech acquired business grew 39% for nine months 2005 over its prior year nine month sales. Consolidated nine month sales, excluding acquisitions increased 11.5% over prior year nine month sales.

Guidance Update

Given January 12, 2006

•2005 revenue estimated at $700 million

•EPS from continuing operations: $1.35 - $1.38

•Annual: $1.35 to $1.38

•Fourth quarter: $0.35 - $0.38

•Estimates exclude fourth quarter tax charge on repatriated foreign earnings of $0.06 - $0.08

•Expect 2006 revenues of $810 - $830 million

•Earnings release, analyst call on February 21, 2006 will address:

•Details of 2005 results

•Further guidance for 2006

Financial Objectives

•              Reduce debt to total cap ratio, exclusive of any new acquisition-related debt

•              Selectively invest in innovative new products and technologies, and new geographies

•              Grow sales 6-8% before the effects of currency and acquisitions

•              Improve margins by using Lean to eliminate waste and control discretionary spending

•           Create returns on invested capital in excess of our Cost of Capital

•              Deliver on Guidance

Management Performance Metrics

•Short term (Annual)

•Corporate – EPS, cash flow

•Operations – net sales, operating profit, cash flow

•Long term

•50% restricted stock, 50% options

•Compounded annual growth rate (CAGR)

•Return on invested capital (ROIC)

•Stock ownership guidelines for all executive officers

Summary

•Core business – established, profitable, global

•Regulatory and capital barriers to entry

•Strong, diversified customer base

•West’s product development cycle mirrors new drug development timeline

•Value-added products, technologies and services that enhance growth potential

•Recent acquisitions further enhance growth potential, leverage manufacturing and industry expertise

•Market drivers favor continued growth

•Strong balance sheet

•Management incentives strongly tied to creation of shareholder value

•Strong corporate governance

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Corporate Overview

Donald E. Morel, Jr., Ph.D.

Chairman and Chief Executive Officer

UBS Global Healthcare Conference

February 14, 2006

NYSE: WST

www.westpharma.com

EX-99.2

Exhibit 99.2

Contacts:
West Pharmaceutical Services, Inc.
Michael A. Anderson
Vice President and Treasurer
(610) 594-3345 Investors/Financial Media:
Financial Dynamics
Julie Huang/Theresa Kelleher
(212) 850-5600
wst@fd-us.com

WEST PHARMACEUTICAL SERVICES TO PRESENT AT THE UBS GLOBAL HEALTHCARE SERVICES CONFERENCE

LIONVILLE, PA, February 13, 2006 – 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 be presenting at the UBS Global Healthcare Services Conference at the Grand Hyatt Hotel in New York, NY. The presentation is scheduled for Tuesday, February 14, 2006 at 11:30 a.m. (EST).

A copy of the corporate presentation and the audio portion will be available through the Investor link of the Company’s website, www.westpharma.com for 30 days.

About West Pharmaceutical Services, Inc.

West Pharmaceutical Services, Inc. is the world’s premier 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. West’s customers include the world’s leading pharmaceutical, biotechnology, generic drug and medical device producers. Headquartered in Lionville, Pennsylvania, West Pharmaceutical Services 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 http://www.westpharma.com.