Risk Sleuth
WST · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

West Pharmaceutical Services

24 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Largest customer (unnamed)

earns from · 15.8% or $485.9 millionnamed as a risk
Our ten largest customers accounted for 47.6% of our consolidated net sales in 2025, and one of these customers individually accounted for more than 10% of consolidated net sales, at 15.8% or $485.9 million, contributing to net sales in both the Proprietary and Contract Manufacturing reporting segments.Business (Item 1)

Also named by AEHR, AR, BF/B, BTU, CVLG, DLR, FDXF, FIX and 6 more

Suppliers

Single-source suppliers

depends onnamed as a risk
For reasons of quality assurance, sole source availability or cost effectiveness, many components and raw materials are available and/or purchased only from a single supplier.Risk factors (Item 1A)

Also named by ACHR, AMAT, BAX, BSX, BWXT, CL, DOV, EL and 11 more

Partners and platforms

Daikyo

depends onnamed as a risk
Our rights to these products and processes are licensed pursuant to agreements that expire in 2027.Risk factors (Item 1A)

Other companies

Japanese Yen

exposed to its price · JPY 17.0 billion ($130.0 million)named as a risk
As of December 31, 2025, the notional amount of the cross-currency swap is Japanese Yen ("JPY") 17.0 billion ($130.0 million) and the swap termination date is July 2, 2027.Market risk (Item 7A)

Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more

Singapore Dollar

exposed to its price · SGD 421.9named as a risk
We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany loans in Singapore Dollar ("SGD") and USD and on cross-currency intercompany demand notes in Euro ("EUR") and USD, which were executed at various times throughout 2024 and 2025.Market risk (Item 7A)

AbbVie

named as a risk
As a recent example, the Company entered into a definitive agreement to sell all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie.Risk factors (Item 1A)

Competitors

Datwyler

competes with
With our range of proprietary technologies, we compete with several companies, such as Datwyler and Aptar, across our Proprietary Products product lines.Business (Item 1)

Aptar

competes with
With our range of proprietary technologies, we compete with several companies, such as Datwyler and Aptar, across our Proprietary Products product lines.Business (Item 1)

Phillips Medisize

competes with
The competition for device manufacturing varies from smaller regional companies such as SMC Ltd. to large global assembly manufacturers such as Phillips Medisize.Business (Item 1)

Places

International markets (outside U.S.)

earns from · 56.7% of our consolidated net salesnamed as a risk
Sales outside of the U.S. accounted for 56.7% of our consolidated net sales in 2025 and we anticipate that sales from international operations will continue to represent a significant portion of our net sales in the future.Risk factors (Item 1A)

Also named by ABNB, ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX and 18 more

Commodities and inputs

Crude oil

exposed to its price · 184,075 barrels of crude oilnamed as a risk
We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices.Market risk (Item 7A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Aluminum

exposed to its pricenamed as a risk
We use three primary raw materials in the manufacture of our products: elastomers, aluminum and plastic.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Plastic

exposed to its pricenamed as a risk
For example, the prices of certain commodities, particularly petroleum-based raw materials, have in the recent past exhibited rapid changes, affecting the cost of synthetic elastomers and plastic.Risk factors (Item 1A)

Also named by FERG, WTS

Elastomers

exposed to its pricenamed as a risk
We use three basic raw materials in the manufacture of our products: elastomers (which include synthetic and natural material), aluminum and plastic.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
Historically, most medical devices that incorporate our technologies and medical devices that we produce have been subject to the FDA’s 510(k) marketing approval process, which typically lasts from six to nine months.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

European Medicines Agency

subject tonamed as a risk
For example, the design, development, manufacturing, marketing and labeling of certain of our products and our customers’ products that incorporate our products are subject to regulation by governmental authorities in the U.S., Europe and other countries, including the FDA, the European Medicines Agency and the National Medical Products Administration (China).Risk factors (Item 1A)

Also named by GEHC, GILD, INCY, KRYS, MEDP, TMO, VKTX, ZTS

National Medical Products Administration (China)

subject tonamed as a risk
For example, the design, development, manufacturing, marketing and labeling of certain of our products and our customers’ products that incorporate our products are subject to regulation by governmental authorities in the U.S., Europe and other countries, including the FDA, the European Medicines Agency and the National Medical Products Administration (China).Risk factors (Item 1A)

Also named by GEHC, SOLV

Laws and programs

Medicare

earns fromnamed as a risk
Our sales depend, in part, on the extent to which healthcare providers and facilities are reimbursed by government authorities (including Medicare, Medicaid and comparable foreign programs) and private insurers for the costs of our products.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk
For example, the EU GDPR generally restricts the transfer of personal information to countries outside of the European Economic Area without appropriate safeguards or other measures.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

Medicaid

earns fromnamed as a risk
Our sales depend, in part, on the extent to which healthcare providers and facilities are reimbursed by government authorities (including Medicare, Medicaid and comparable foreign programs) and private insurers for the costs of our products.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

PFAS regulations

subject tonamed as a risk
Such regulations restricting or banning PFAS could adversely affect our business and results of operations in the event of our non-compliance and/or our development and adoption of alternative materials in our products.Risk factors (Item 1A)

Also named by ATR, KDP, POWL, SON

EU Deforestation Regulation

subject tonamed as a risk
During 2025, our focus was navigating a dynamic compliance environment, given the increased requirements and uncertainty surrounding regulations such as the EU Deforestation Regulation, and on advancing our long-term strategic priorities.Business (Item 1)

Also named by HSY, ICE, IP, MDLZ

Technology

GLP-1 injectable drugs

earns fromnamed as a risk
Our business depends to a substantial extent on customers’ continued sales and development of products that are delivered by injection, such as GLP-1s.Risk factors (Item 1A)

Crystal Zenith

depends onnamed as a risk
In addition, the timely and adequate availability of filling capacity is essential to both conducting definitive stability trials and the timing of commercialization of customers’ products in Crystal Zenith vials, syringes and cartridges.Risk factors (Item 1A)