West Pharmaceutical Services, Inc.

and welcome to West's third quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask your question, please press star-1-1. To remove yourself from the queue, press star-1-1 again. We ask that you please limit yourselves to one question. As a reminder, this call may be recorded. I would like to turn the call over to John Sweeney, Vice President of Best Relations. Please go ahead.

Good morning, and welcome to West's third quarter 2025 earnings conference call, which has been webcast live. With me today on the call are West CEO Eric Green and CFO Bob McMahon. Earlier today, we issued our third quarter financial results. A copy of the press release, along with today's slide presentation, containing supplement information for your reference, has been posted in the investor section of the company's website, located at investor.westfarmer.com. Later today, a replay of the webcast will also be available in the Investors section of our website. On the call, we will review our financial results and provide an update to our business and outlook for FY25. Statements made by management on the call and the accompanying presentation contain forward-looking statements within the meaning of U.S. federal securities law. These statements are based on our beliefs and assumptions, current expectations, estimates, and forecasts. The company's future results are influenced by many factors beyond the control of the company. Actual results could differ materially from past results, as well as those expressed or implied in any forward-looking statements made here. Please refer to today's press release, as well as other disclosures made by the company regarding the risks to which it is subject, including our 10-K and 10-Q statements. During the call, management will make reference to non-GAAP financial measures, including organic sales growth, adjusted operating profit, adjusted operating profit margin, free cash flow, and adjusted diluted EPS. Limitations and reconciliations for non-GAAP financial measures to the most comparable financial results prepared in conformity to GAAP are provided in this morning's earnings release. I'll now turn the call over to our CEO, Eric Green. Eric.

Thank you, John, and good morning, everyone. Thanks for joining us today. I'm pleased to report we delivered solid third quarter results with revenues, margins, and adjusted ETFs coming in above our expectations. Revenues of $805 million were up 5% on an organic basis. The adjusted operating margins were 21.1%, and adjusted EPS of $1.96, was up 6% compared to prior year. As you will hear today, our business momentum is steadily improving, and we expect this trend to continue. As a result of the strong performance, we are increasing our guidance for 2025. I want to especially thank our West team members for their efforts and continued focus in achieving these results. Before getting into the details of our Q3 performance, I want to highlight two notable appointments which further strengthened our executive leadership team. In August, a new CFO, Bob McCann, joined West. Many of you know Bob, and he has done an exceptional job transitioning into his role, already visiting several of our websites and meeting with many of you. I'm excited to have Bob on board and partner together to lead the next phase of West's growth. I'm also extremely pleased to welcome Devesh Mathur, our new Chief Technology Officer, who also joined West in August, and is tasked with accelerating our innovation and new product introductions. Our team looks forward to benefiting from his industry experience and expertise. Now back to the Q3 financial results. Let's begin with a review of the proprietary product segment. Revenues of $648 million were up 5.1% on an organic basis. These results were driven by HVP Components, our largest and most profitable business. We have a strong market position because of our trusted reputation for high quality, scale, and reliability. This business has continued to strengthen each quarter. and revenues increased 13% organically in Q3. Several factors drove the strength of HPP components. First, elastomers for GLP-1s had strong growth and now account for 9% of total company sales. We benefit from our longstanding relationships as we partner with our customers in this market, supporting them as they expand their GLP-1 franchises. We're also collaborating closely with customers who are launching a pipeline of new GLP-1 molecules and generics. And we expect this market to continue to evolve as there are a number of new early-stage trials seeking to expand the range of indications and treatments using GLP-1s. Second is biologics. We're encouraged by their underlying market demand as ordering trends are returning to normal. West's participation rate for biologics and biosimilars is trending above our historical levels year-to-date of greater than 90%. The third driver is HPP upgrades, including Annex I. Given our strong market position with our Elastomer's portfolio, we are well-positioned to benefit from what we believe is a long-term opportunity. We are tracking ahead of our expectations. and we currently have 375 ongoing Annex 1 upgrade projects. With a robust pipeline of new projects and our ability to partner with customers to convert current projects into commercial production, we anticipate Annex 1 and related HPP upgrades to deliver 200 basis points of growth this year, up from our previous expectation of 150 basis points. We expect NX1 to drive continuing demand for higher quality products as European regulators now require pharmaceutical companies to demonstrate their culture of continuous manufacturing improvement. WES is well positioned to support our customers with HVP components and technical documentation to meet those requirements. We continue to work through our constraints at our HVP manufacturing site in Germany. During the quarter, we made good progress hiring and training employees and installing new equipment to expand capacity. These efforts, in addition to product tech transfers, will allow us to further leverage our investments made in our global HPP components infrastructure and balance production across the network, enabling us to drive future growth. Moving to the HPP delivery device business, Revenues declined compared to prior year as expected, driven mainly by the $19 million incentive payment we received last year. With respect to Smart Bill 3.5, which is less than 4% of total company revenues, we're improving profitability every quarter by driving down costs and remain on track to go live with automation in early 2026. even as we continue to evaluate options to maximize the value of this business. Lastly, our standard products business increased 3.6% on an organic basis this quarter. Converting standard products to HVP components over time serves as an important funnel for our business by generating revenue and expanding margins. Turning to contract manufacturing segments, This business performed well in the quarter, delivering revenues of $157 million, growing by 4.9% organically. Moving forward, we are now utilizing our Arizona CGM footprint to consolidate operations from less efficient locations. We continue to expect the second CGM contract to conclude at the end of Q2 2026. The future available space is an attractive location with strong operating team that is resulting in a number of promising discussions with multiple customers. Turning to our Dublin site, we continue to ramp production of delivery devices for the obesity market. We are currently validating and testing the equipment installed for the commercialization of our drug handling business in early 2026. GLP-1 is in the contract manufacturing segment, accounts for 8% of total company sales. Overall, I'm very pleased with the performance of both the proprietary products and contract manufacturing segments, along with the trends that we are seeing in our business and in the markets. Now I will turn the call over to Bob. Bob?